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Download Annual Report and Accounts 2017 PADDY POWER BETFAIR PLC ANNUAL REPORT & ACCOUNTS 2017 PADDY POWER BETFAIR PLC POWER BETFAIR PADDY ANNUAL REPORT & ACCOUNTS 2017 & ACCOUNTS REPORT ANNUAL Paddy Power Betfair plc Paddy Power Betfair plc a Annual Report & Accounts 2017 a Annual Report & Accounts 2017 c PB WE BRING EXCITEMENT TO LIFE Paddy Power Betfair is a leading international sports betting and gaming operator and a constituent of the FTSE 100 index of the London Stock Exchange. We run some of the world’s most exciting online sports betting and gaming brands, powered by sophisticated in-house technology, innovative products and creative marketing and sporting partnerships. We employ over 7,500 people globally, and our people are linked by their competitiveness, agility, integrity and a relentless customer focus. Across all our brands we have over five million customers worldwide and our purpose is to bring excitement to life for every single one. If you think you’ve got what it takes to join our team, check out www.paddypowerbetfair.jobs FINANCIAL HIGHLIGHTS Strategic reportStrategic “We believe the Group is very well placed to serve our customers 2 Chairman’s Statement and stakeholders and deliver profitable growth for our investors in 4 At a Glance: Our Brands and Operating Divisions 6 Chief Executive Officer’s Review an increasingly responsible and sustainable manner.” 12 The Global Market 14 Our Business Model Chairman’s Statement: pages 2 and 3 18 Our Strategy 24 Responsible Gambling & Corporate Social Responsibility 28 Our People and Culture “I joined Paddy Power Betfair because of its great brands, fantastic 36 Operating and Financial Review people and exciting prospects. It is an exceptional business 46 Understanding and Managing our Principal Risks with market-leading positions in key online and retail markets; differentiated products; and leading capabilities in technology, risk and trading and digital marketing.” Governance Chief Executive Officer’s Review: pages 6 to 9 50 Governance Overview: Chairman’s Statement 52 Board of Directors 54 Corporate Governance Framework, Roles and Responsibilities Revenue 56 2017 Board Activities Reported statutory results* 58 Director Induction, Development and Evaluation 60 Nomination Committee Report 62 Audit Committee Report 68 Risk Committee Report £1,745m £1,745m 70 Engaging with Shareholders 2016 Proforma*: £1,551m 2016: £1,501m 72 Directors’ Remuneration Report 93 Directors’ Report EBITDA** † Underlying Reported statutory results* Financial statements Financial 97 Statement of Directors’ Responsibilities £473m £466m 98 Independent Auditor’s Report † 103 Consolidated Income Statement 2016 Proforma* : £400m 2016: £264m 104 Consolidated Statement of Other Comprehensive Income Operating profit 105 Consolidated Statement of Financial Position † 106 Consolidated Statement of Cash Flows Underlying Reported statutory results* 107 Consolidated Statement of Changes in Equity 109 Notes to the Consolidated Financial Statements 156 Company Statement of Financial Position £392m £250m 157 Company Statement of Cash Flows 2016 Proforma*†: £330m 2016: £15m 158 Company Statement of Changes in Equity 160 Notes to the Company Financial Statements Full-year dividend per share Other information Other 177 Five Year Financial Summary 200p 178 Shareholder Information Interim Dividend: 65p Final Dividend (subject to shareholder approval): 135p * The merger of Paddy Power plc (“Paddy Power”) and Betfair Group plc (“Betfair”) completed on 2 February 2016 and is accounted for as an acquisition of Betfair by Paddy Power on that date (the “Merger”). The reported statutory comparative period results for year ended 31 December 2016 reflect this accounting treatment in accordance with generally accepted accounting principles (GAAP) and only include Betfair results since the merger completion on 2 February 2016. This Annual Report also includes comparative period results prepared on a “Proforma” basis (non-GAAP basis) for the Group as if Paddy Power and Betfair had always been merged, which combine the full 12 month results of Paddy Power and Betfair for year to 31 December 2016. The Directors consider that comparing the reported 2017 results against the proforma comparative period is the most appropriate information for understanding and analysing the performance of the Group. A reconciliation between the statutory and the non-GAAP proforma underlying comparative financials is included on page 43. ** EBITDA is profit before interest, tax, depreciation and amortisation expenses and is a non-GAAP measure (see page 43). † The “underlying” measures remove the effects of the Merger exceptional costs that are not part of the usual business activity of the Group and are also excluded when internally evaluating performance, which have been therefore reported as “separately disclosed items” (see Note 4 to the Consolidated Financial Statements). 1 CHAIRMAN’S STATEMENT “We believe the Group is very well placed to serve our customers and stakeholders and deliver profitable growth for our investors in an increasingly responsible and sustainable manner.” Dear Shareholder Governance and Operating responsibly I am pleased to update you on what has corporate culture Operating responsibly is essential to the been an important year for the Group. The Board believes a strong corporate sustainability of our business, and consistent culture is central to long-term business with our commitment to good governance The priority for 2017 was finishing the success and the management of business practice. Our customers, across our multiple integration of the Paddy Power and Betfair risk. We have placed an emphasis on our brands and geographies, must be able to use businesses, particularly the substantial distinct culture and ensuring that this is our products in a safe and enjoyable way, platform investment that was undertaken shared throughout the organisation and and we must continue to ensure that we to create a single technology platform across understood by all our employees. continue to raise our performance when it both brands. I am pleased to report that this comes to responsible gambling measures. is now complete, which should further unlock High standards of corporate governance The Board recognises the importance of many of the scale benefits created by the are fundamental to the way we operate this area for the business and a key remit 2016 Merger. and central to the effective oversight of of the Risk Committee is its oversight the business. Our governance framework Financially, the business saw continued and scrutiny of all key reputational issues, is described in the Governance section. good growth with revenue up on a proforma including responsible gambling and As part of ongoing engagement, I again basis by 13%* to £1,745m and underlying corporate social responsibility. met with many of our major shareholders EBITDA† up on a proforma basis by 18% during 2017 to discuss governance topics to £473m. in general, including succession, risk and responsible gambling. FURTHER INFORMATION: Responsible gambling and corporate page 24 social responsibility Our people and culture page 28 Dividends page 41 Corporate Governance page 50 Board of Directors page 52 Nomination Committee and page 60 succession planning Audit Committee page 62 Risk Committee page 68 Engagement page 70 Remuneration page 72 ] The Strategic Report on pages 2 to 49 was approved by the Board of Directors on 7 March 2018 Gary McGann Peter Jackson, Chief Executive Officer Chairman Alex Gersh, Chief Financial Officer * Results are reported on a proforma basis as if the Merger completed on 1 January 2016. Underlying EBITDA and underlying operating profit exclude separately disclosed items, such as Merger related expenses, integration costs and non-cash Merger related items, including intangible asset amortisation. † The “underlying” measures remove the effects of the Merger exceptional costs that are not part of the usual business activity of the Group and are also excluded when internally evaluating performance, which have been therefore reported as “separately disclosed items” (see Note 4 to the Consolidated Financial Statements). Paddy Power Betfair plc 2 Annual Report & Accounts 2017 3 Board composition Both Emer’s and Jan’s backgrounds and reportStrategic and leadership experience bring increased diversity and significant benefits to the Board. In August 2017, we announced that Breon Corcoran would step down as We announced on 2 March 2018 that Chief Executive Officer, having advised the Pádraig Ó Ríordáin retired as a Non-Executive Board of his decision to leave the business Director effective of that date. I would like to after 16 highly successful years with the thank Pádraig for his valuable contribution to Group and its predecessor companies. our Board over his tenure, in particular, for his We were pleased to be able to announce excellent chairmanship of the Remuneration BEHAVING RESPONSIBLY Peter Jackson as Breon’s successor. Committee. “ We are committed to Peter assumed the role on 8 January 2018, As announced on 5 March 2018, Alex Gersh with Breon continuing to lead the Group has advised the Board that he intends to operating a responsible, up until that date. step down as Chief Financial Officer once well-respected company Breon has been pivotal to the growth and a successor has been appointed. We have success of the Group and its predecessor appointed an executive search firm to assist that competes fairly companies, Paddy Power plc and Betfair with the process of appointing
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