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Kindred Group Plc Annual Report and Accounts 2020

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Kindred Group Plc Annual Report and Accounts 2020 Kindred Group plc Kindred Group plc Level 6, The Centre Tigne Point, Sliema TPO 0001, Malta. Tel: +356 2133 3532 Company No: C39017. Registered in Malta. Annual Report and Accounts 2020 Registered office c/o Camilleri Preziosi, Level 2, Valletta Buildings Kindred Group plc South Street, Valletta VLT 1103, Malta. Annual Report and www.kindredgroup.com Accounts 2020 Delivering value through our data-driven approach. 23090_Kindred_AR20_COVER_210318.indd 1-3 18/03/2021 12:23 Data and relationships – our keys to success Kindred prides itself on being a trusted source of entertainment to nearly 30 million customers worldwide and on contributing positively to society. Our success is built on offering a truly personal, seamless and sustainable experience to our players and the long-term relationships that flow from this approach. We use data to adapt to market changes; develop new and engaging products; and launch in new territories. Compliance and sustainability have always been core strategic enablers for us, while through operational efficiency and platform excellence, we achieve greater scalability. Strategic report Governance 01 Highlights 33 Introduction to governance 02 Kindred at a glance 34 Board of Directors 04 Chairman’s statement 36 Executive Committee 05'LMIJ)\IGYXMZI3ƾGIVƅWVIZMI[ 38 Corporate governance statement 07 Business model 41 Audit Committee report 09 Revenue model 42 Nomination Committee report 10 Customer-centred 43 General legal environment 12 Insights-led 467LEVIWERHWLEVIGETMXEP 14 Growing market 49 Remuneration Committee report 16 Key performance indicators 53 Directors’ report 187YWXEMREFMPMX]EX/MRHVIH Financial statements 247TSVXWFIXXMRKMRXIKVMX] 55 Independent auditor’s report EXɸ/MRHVIH 61 Consolidated income statement 25 Risk and risk management 61 Consolidated statement of 26 Principal risks and uncertainties comprehensive income 28 Financial review 62 Consolidated balance sheet 31 Kindred as an investment 63 Consolidated statement SJɸGLERKIWMRIUYMX] 64'SRWSPMHEXIHGEWLƽS[WXEXIQIRX 65 Notes to the consolidated ƼRERGMEPWXEXIQIRXW Other information Keep up to date online 91 Annual General Meeting www.kindredgroup.com 92 (IƼRMXMSRW This document is the English original. In the event of any discrepancy between the SVMKMREPɸ)RKPMWLɸHSGYQIRXERHXLI7[IHMWLXVERWPEXMSRXLI)RKPMWLSVMKMREPWLEPPTVIZEMP Highlights report Strategic Governance Gross winnings revenue Betting duties Strategic and TUJWFYNTSFQ࣢MNLMQNLMYX GBP GBP – 'SRXMRYIHSYV97I\TERWMSR with sportsbook launched Financial statementsFinancial in Indiana. 1,130.2m 231.0m – Launched the “Pay ‘N’ Play” +24% +13% TVSHYGX3XXS/EWMRS – The Kindred platform handled more than 60 million transactions 1 MRɸEWMRKPIɸHE]HYVMRK(IGIQFIV Marketing expenditure EBITDA 2020 (across all products). Other information Other GBP GBP Financial summary – Achieved all-time highs in +VSWWɸ[MRRMRKWVIZIRYI)&-8(% 257.2m 274.2m and earnings per share for the ƼRERGMEP]IEVXLEROWXS -1% +114% SYVWGEPEFPIFYWMRIWWQSHIP continued focus on cost control ERHKVS[XLMRɸEGXMZIGYWXSQIVW Profit before tax Earnings per share 7JXUTSXNGQJGZXNSJXX࣢MNLMQNLMYX GBP GBP – %GLMIZIHEYHMXGIVXMƼGEXMSRW EGVSWWEPPPMGIRWIHEGXMZMXMIWEW VIUYMVIHF]XLIPMGIRGIXIVQW[MXL 193.1m 0.728 RSɸJEMPYVIWMRGSQTPMERGIRSXIH – 8SKIXLIV[MXL>EJX]-RXIPPMKIRGI +188% +191% developed an app to help players monitor their gambling behaviour MRɸVIEPXMQI Free cash flow per share1 – Improved our CDP (Carbon Disclosure Project) score GBP JVSQɸ&ɸXS&MR 7JXUTSXNGQJLFRGQNSL࣢MNLMQNLMYX 1.162 – Reiterated the ambition that zero TIVɸGIRXSJSYVVIZIRYIMWHIVMZIH +451% JVSQɸLEVQJYPKEQFPMRKF]ɸ 6IEHQSVISRXLMWSRɸTEKI – 0EYRGLIH47)(7 4PE]IV Kindred Group plc Annual Report and Accounts 2020 7EJIX]Ɓ)EVP](IXIGXMSR7]WXIQ FEWIHSRɸXLIMRXIVREXMSREP Our brands diagnostic manual for mental LIEPXL(71 6IJIVXSRSXISRTEKIWɸERHJSVXLIVIGSRGMPMEXMSRSJXLI+VSYTƅWEPXIVREXMZITIVJSVQERGI QIEWYVIWXSXLIQSWXHMVIGXP]GSQTEVEFPIQIEWYVIWVITSVXIHMRɸEGGSVHERGI[MXL-*67 01 Kindred at a glance Over the last 20 years, Kindred has brought together some of Europe’s most successful online gambling brands – forming one of the largest online gambling companies in the world. We have business operations in Europe, Australia and the USA, offering nearly 30 million customers a great form of entertainment in a safe, fair and sustainable environment. Based on online revenues, Kindred is now the world’s fourth-largest online operator. Gambling macro trends (MKMXEPMWEXMSRYRPSGOWRI[STTSVXYRMXMIW Our diverse product and IJܪSNSL࣢TZW࣢KZYZWJ ;MXLXLIMRXVSHYGXMSRSJ+QSFMPI LJTLWFUMNHFQ࣢RN]UWT[NIJܫJ]NGNQNY^ The online gambling industry is part W]WXIQWMRXLI97%ERH)YVSTI Kindred is one of the world’s leading of the wider transformation of digital gambling will truly become a new form online gambling operators with IRXIVXEMRQIRXGVIEXMRKEQSVI of entertainment for a wider audience. EHMZIVWIɸKISKVETLMGEPJSSXTVMRX EGGIWWMFPIɸERHXEMPSVIHGYWXSQIV We will experience gambling in new Our customer database of nearly experience. The digitalisation of ways and probably see a new form of QMPPMSRVIKMWXIVIHTPE]IVWHMWXVMFYXIH WSGMIXMIWɸWLMJXMRKGSRWYQIVFILEZMSYV KEQMƼGEXMSRMRWSGMIX]%XXLIWEQI EGVSWWWIZIVEPGSRXMRIRXWXSKIXLIV[MXLɸSYV JVSQSƿMRIXSSRPMRIXSKIXLIV[MXLPSGEP XMQIXIGLRSPSKMGEPHIZIPSTQIRXWGER QYPXMTVSHYGXTSVXJSPMSTVSZMHIWXEFMPMX] market regulation across Europe and the LIPTQEOIKEQFPMRKWEJIVQSVIWIGYVI and lower risk exposure. Our leading 97%MWSTIRMRKYTRI[STTSVXYRMXMIW and more sustainable than ever before. position means we have the scale to for operators who have the ability to -RRSZEXMSRMRXIGLRSPSK]QEVOIXMRKERH MRZIWXMRɸXLIQEVOIXMRKERHɸXIGLRSPSK] GETMXEPMWISRERHEHETXXSXLIWIXVIRHW data offer huge opportunities to get even XLEXMWVIUYMVIHXSWYTTSVXɸKVS[XLERH closer to our customers and provide world- compliance. That scale also places A growing industry under class digital entertainment. We believe a us in a good position to participate transformation WYGGIWWJYPFYWMRIWWMWEFSYXJYXYVITVSSƼRK MRɸMRHYWXV]GSRWSPMHEXMSR The online gambling industry emerged SYVSTIVEXMSRWXSFIIGSRSQMGEPP]WSGMEPP] MRɸXLIQMHW[LIRVIXEMPWTSVXW and environmentally sustainable in the -REWE+VSYT[ILEZITVSZMHIH betting and casino games became long term. TVIKEQIERHPMZIWTSVXWFIXXMRKTVSHYGXW EZEMPEFPISRGSQTYXIVWERHXSHE]XLI GEWMRS KEQIWERHFMRKSKIRIVEXMRK online gambling market is estimated A global reach +&4QMPPMSRMR+VSWWɸ[MRRMRKW XSFIɸ1 per cent of the total global The company was founded as Unibet in VIZIRYI[LMGLVITVIWIRXWɸERRYEP gambling market. Even after almost 1997 on the principle that there is always KVS[XLɸSJTIVGIRX ɸ]IEVWXLIWLMJXJVSQSƿMRIXSSRPMRI a better way to operate in the gambling can be considered as being in its early sector to ensure a truly great experience Stepping into the US market HE]W[MXLXLISRPMRIMRHYWXV]KVS[MRK – we think of it as Kindred being run In the wake of the ruling overturning EXɸERERRYEPTEGISJETTVS\MQEXIP] F]TPE]IVWJSVTPE]IVW;ILSPHPSGEP XLI4VSJIWWMSREPERH%QEXIYV7TSVXW TIVɸGIRX[LMPIKVS[XLMRɸXLISƿMRI KEQFPMRKPMGIRGIWMR%YWXVEPME&IPKMYQ 4VSXIGXMSR%GX 4%74% MRMRXLI97% MRHYWXV]MWFVSEHP]ƽEX (IRQEVO)WXSRME*VERGI+IVQER] we have seen states begin to legalise and 7GLPIW[MK,SPWXIMR -VIPERH-XEP] VIKYPEXISRPMRIWTSVXWFIXXMRKERHGEWMRS Locally regulated markets 6SQERME7[IHIRXLI9/ERHXLI97% opening the doors to a potentially huge JSYRHEXMSRɸJSVɸPSRKXIVQTVSƼXEFMPMX] -RHMERE2I[.IVWI]ERH4IRRW]PZERME QEVOIX8SHE]/MRHVIHLSPHWPSGEPPMGIRGIW In recent years we have witnessed MR-RHMERE2I[.IVWI]ERH4IRRW]PZERME EɸQENSVWLMJXEGVSWW)YVSTIMRXIVQW 3YVXIEQSJEPQSWXIQTPS]IIW (YVMRK/MRHVIHMWTPERRMRKXSIRXIV SJɸXLIɸXVERWMXMSRJVSQHSXGSQXS representing 62 nationalities across -PPMRSMWERH-S[EERHMJWYGGIWWJYPMR HSXGSYRXV]QIERMRKXLEXQEVOIXW ɸSƾGIWLEZI[SVOIHXSKIXLIVIZIV] XLI3GXSFIVɸWTSVXWFIXXMRKXIRHIV EVIEHSTXMRKEPSGEPPMGIRGIW]WXIQ day to deliver the best and safest possible Virginia. [MXLXLIɸ2IXLIVPERHWI\TIGXIHXSFI gambling experience for our customers. XLIRI\XɸQEVOIXXSJSPPS[MR The ambitious work has continued during Kindred is well placed to capture a -RGVIEWIHJSGYWSRGSRXVSPQIGLERMWQW the COVID-19 pandemic despite the fact meaningful share of the huge potential restrictions and tighter regulation have that the vast majority of our employees SJXLI97QEVOIX;IIRXIVIHXLIQEVOIX been put in place in an attempt to curb have been working from home since in 2019 and have already established a excessive gambling. Operators have early March. strong foothold in a territory which has adapted to a new market reality and the potential to become the largest locally work with stakeholders to ensure that regulated market in the world. We know the level of channelisation – the share that we perform well under regulation of customers who choose to play with ERHɸWS[IZMI[XLI97%EWEWYFWXERXMEP locally licensed operators – remains long-term growth opportunity. high in a digital environment where the alternative is only ever one click away. 3ZIVXMQI[II\TIGXERMRGVIEWMRKWLEVI SJ/MRHVIHƅWVIZIRYIERHTVSƼXXSGSQI from locally regulated markets. kindredgroup.com 1 H2GC 1 Jan 2021. 02 Strategic report Strategic Online % share of total gross gaming revenue for 2019 60% 50% 58.8% 40% 54.7% 45.3% 30% 42.6% Governance 39.8% 39.1% 37.2% 36.1% 36.3% 34.9% 34.0% 20% 33.6% 11.7% 10.9% 26.6% 26.2% 25.8% 24.1% 23.3% 23.3% 10% 22.6% 20.4% 19.2% 19.2% 19.4% 17.8% 17.0% 15.1% 0 Strategic priorities UK Italy Spain Malta Latvia %WGEPEFPIERHIƾGMIRXFYWMRIWW Greece France Poland Cyprus Croatia Ireland Austria Estonia Finland Sweden Belgium Bulgaria Portugal Slovenia Slovakia Hungary Romania Germany QSHIPɸWYTTSVXWJYVXLIVKVS[XL Denmark
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