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Annual Report & Accounts 2007 Annual Report & Accounts 2007 William Hill PLC Greenside House 50 Station Road Wood Green London N22 7TP Tel: 020 8918 3600 Fax: 020 8918 3775 Reg No: 4212563 England Founded in 1934, William Hill is one of the leading providers of fixed odds bookmaking services, offering odds and taking bets on a wide range of sporting and other events, as well as offering amusement with prizes machines and fixed odds betting terminals in licensed betting offices and operating online casino, poker and games sites as well as two greyhound stadia. It is a market leader in all major betting channels in the UK with an established international presence through its online business and its joint ventures in Spain and Italy. Interactive Channels : williamhill.co.uk williamhillcasino.com williamhillpoker.com williamhillskill.com williamhillgames.com williamhillbingo.com mobile.willhill.com Telephone Channels : Debit: 0800 44 40 40 Credit: 0800 289 892 Retail Channel : Nearly 2,300 shops Corporate Website : williamhillplc.co.uk Contents Financial Highlights 2 Chairman’s Statement 3 Operating and Financial Review 4 Board of Directors 12 Directors’ Report 14 Directors’ Remuneration Report 16 Statement on Corporate Governance 24 Report of the Nomination Committee 28 Report of the Audit and Risk Management Committee 29 Corporate Responsibility Report 31 Statement of Directors’ Responsibilities 37 Group Independent Auditors’ Report 38 Group Financial Statements 40 Parent Company Independent Auditors’ Report 76 Parent Company Financial Statements 77 5 Year Summary 85 Glossary 86 Shareholder Information 87 Professional Advisers 87 Financial Highlights Financial Highlights Financial Highlights include the following: • Gross win up 6% to £983.7m (2006: £931.3m) • Profit on ordinary activities before finance charges and exceptional items down 2% to £286.7m (2006: £292.2m) • Cash generated from operations before tax and interest down 1% to £310.7m (2006: £313.9m) which represents 108% of operating profit • Adjusted basic earnings per share (EPS) pre exceptionals up 4% to 47.4 pence (2006: 45.5 pence) and basic EPS post exceptionals down 2% to 44.7 pence • Total pre-tax exceptional items of £14.2m comprising NextGen non-cash impairment charge of £20.9m and sale and leaseback profits of £6.7m • Proposed final dividend up 7% to 15.5 pence per share (2006: 14.5 pence per share) payable on 5 June 2008 to shareholders on the register on 2 May 2008 • The Group has purchased 7.9m shares for £46.0m via on-market share buybacks in the period • In the seven weeks to 19 February 2008, the Group’s gross win has increased by 4%, against a strong comparative period. William Hill PLC Annual Report 2007 & Accounts Hill PLC William 2 Chairman’s Statement Statement Chairman’s During 2007, we continued to make significant appointed to the Board as Group Director, 2007 has been a challenging year for progress in developing our international Operations with responsibility for all of the the Group and the bookmaking businesses in Spain and Italy in conjunction Group’s UK based operations and supporting industry as a whole. At the start of with our joint venture partner Codere. In the marketing and IT functions. These moves the year, we estimated that we had Madrid region, we expect to be trading in reflect the substantial increase in size and to make an incremental £16m profit around 70 outlets in the first year of operations complexity of William Hill and the increasing just to match 2006’s profit once the authorities grant a licence there, importance of regulatory issues, both in the which is expected imminently. These include UK, as a result of the establishment of the performance due to the full year dedicated LBOs as well as outlets in third party Gambling Commission, and internationally. In effects of the imposition of premises. In the Basque region, we have been June, David Harding announced his intention Amusement Machine Licence Duty successful in obtaining one of the three to step down as Chief Executive and he (AMLD) and the absence of a major licences granted there and we expect to have subsequently left the Group at the end of football tournament. In the event, over 60 units trading in that jurisdiction in September. David joined as Chief Executive in the Group, helped by an extra 2008. In Italy where we have secured 55 2000 and I would like to thank him for his concessions, we have been busy searching for significant contribution in transforming William week’s trading in 2007 compared to and obtaining prime locations and fitting out Hill from private ownership to the well 2006, has produced a profit before outlets working towards having all these units established public company it is today. On finance charges and exceptional trading by September 2008. Our joint venture 21 February 2008, the Board announced the items that was only £5.5m lower licensed Italian internet site commenced appointment of Ralph Topping as Chief than last year and earnings per share trading in early February. We have approached Executive, following a thorough search process excluding exceptional items actually these investments in a cautious manner and for David’s successor. Ralph’s 35 years of increased by 4%, although this while we have allocated sufficient capital to industry experience and deep knowledge of ensure that we fully explore the possibilities, the business will allow him to build on the largely reflected one-off tax the overall pace of any further expansion will Group’s successes and drive the business movements. The Board is proposing be dictated by the results of our initial forward. to increase total dividends for the investment and our monitoring of the overall The Board is proposing a final dividend of 15.5 year by 7%, in line with the Group’s market opportunity. pence per share which combined with the policy of returning surplus capital via 2007 has also been a busy period in the field interim dividend of 7.75 pence per share dividends and share buybacks. of regulation. The 2005 Gambling Act finally results in total dividends for the year of 23.25 became enforceable in September 2007 and pence per share, a 7% increase on the total The Retail business responded well to the we welcome the establishment of a robust dividends paid in the comparable period. In challenges of the year and delivered 9% gross regulatory regime for gambling in Great addition, during 2007, the Group has returned win growth (7% excluding the effects of the Britain. We have engaged fully with the £46.0m of value to shareholders in the form of 53rd week). This was driven by product Gambling Commission during the year and share buybacks. innovation, particularly on our gaming look forward to continuing a constructive In the seven weeks to 19 February 2008, the machines, which helped to offset the effects of dialogue with the Commission going forward. Group’s gross win has increased by 4% against the smoking ban and also by the opportunity There have also recently been a number of a strong comparative period. For the year as a granted by the new gambling regulatory developments in the price we pay to support whole, we remain confident of further growth regime to keep our Licensed Betting Offices the UK horseracing industry. On 11 January in the Retail business. The Group remains (LBOs) open beyond six pm in the winter as 2008, we entered into a five-year contract with focused on cost and is confident that like for well as the summer. Disciplined cost control Amalgamated Racing Limited (trading as Turf like cost growth can continue to be contained ensured that this top-line increase was TV), for the provision of live coverage of all within the historic range of 4-6%. However, the translated into profit growth, despite the horse races taking place at those horse-race business will need to absorb incremental costs increased cost resulting from the imposition of courses for which Turf TV has exclusive rights. associated with the new Turf TV contract and AMLD and keeping the LBOs open longer. On 20 February 2008, the Government the full year impact of extended winter In contrast the Interactive channel had a announced its intention that the 47th Levy opening hours. disappointing trading period. Primarily this was scheme be settled on terms similar to those The performance of the interactive sportsbook as a result of the uncompetitive performance included in the 46th Levy scheme. We were is expected to continue to be impacted until of the internet sportsbook product due to disappointed with this outcome as we the new ORBIS platform is fully up and running technology problems. In light of the ongoing believed that bookmakers had presented a towards the end of the year. technology issues affecting the internet strong case for a reduction in the current terms sportsbook, the Board instigated an The development of our International business to reflect the incremental monies flowing to continues. Until these businesses reach scale independent review of our bespoke NextGen horseracing via Turf TV. However, we replacement technology programme in we would anticipate absorbing some welcomed the comments in the Annual Report 2007 & Accounts Hill PLC William November 2007. Following this review the operating losses, which in 2008 are expected accompanying statement that the Government to be approximately £7-8 million. Board decided to terminate this programme accepted an argument could be put forward and to implement an externally developed that bookmakers’ subscriptions to the new Turf Overall, the Board remains confident about the third party technology solution for the TV service constitute a commercially-based longer-term prospects for the business both in sportsbook.
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