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Annual Report 2019 2019 ANNUAL REPORT ANNUAL DIRECTORS’ DIRECTORS’ REPORT CONTENTS Operating and financial review 01 Governance 28 About Tabcorp 01 Board of Directors 28 Our purpose and vision 02 Corporate governance 30 Strategic pillars and foundations 03 Executive Leadership Team 32 Chairman’s message 04 Directors’ Report 34 Managing Director’s message 06 FY19 overview 08 Remuneration Report 42 Future priorities 09 Financial Report 73 FY19 financial performance 10 Benefits for our stakeholders 12 Independent auditor’s report 123 Lotteries and Keno business 14 At the back 128 Wagering and Media business 17 Five year review 128 Gaming Services business 20 Shareholder information 129 Corporate responsibility 23 Major announcements 131 Online shareholder services 131 Glossary 132 Company directory 133 Key dates 133 About the Annual Report Elect not to receive a hard copy Tabcorp Holdings Limited (Company or Tabcorp) publishes Shareholders can elect not to its Annual Report as a single document and on the day it receive a hard copy Annual Report releases its full year results, which provides information by updating their communications to stakeholders in a timely and efficient manner. A copy of preferences with the share the Annual Report is available, free of charge, on request. registry – go online at Current and past Annual Reports are available from the linkmarketservices.com.au Company’s website at www.tabcorp.com.au. or call 1300 665 661. This Annual Report relates to the operations of Tabcorp Notice of meeting and the consolidated entity comprising Tabcorp and its The Annual General Meeting of subsidiaries (Group or Tabcorp Group) and the Group’s Tabcorp Holdings Limited will be interests in joint arrangements and associates in respect held at 10.00am (Sydney time) on of the financial year ended 30 June 2019. Thursday 24 October 2019 at the Amora Jamison Hotel, 11 Jamison The Group’s results for the financial year ended Street, Sydney NSW. 30 June 2019 comprise the first full year contribution from Tatts Group Limited (Tatts) following the Tabcorp-Tatts combination which was implemented in December 2017 (Combination). Tabcorp Holdings Limited ABN 66 063 780 709 FINANCIAL REVIEW FINANCIAL OPERATING & & OPERATING ABOUT TABCORP The Group has three market leading business units: • The Tabcorp Group is a world-class diversified gambling entertainment group. • Lotteries and Keno • We employ more than 5,000 people and have • Wagering and Media more than 3 million registered customers. • Gaming Services • We manage iconic brands which ignite passion and excitement in millions of Australians. ® ® ® • Our goal is to build a sustainable future for gambling entertainment while making a positive impact for our stakeholders. • Each year our operations return hundreds of millions of dollars to the Australian community, the racing industry and venue partners including newsagents, hotels, clubs and TAB agents. $5.5 billion $7.2 billion $4.9 billion • FY19 is the first full year contribution from Revenues Net assets Benefits to Tatts following the Tabcorp-Tatts combination stakeholders in December 2017. 3 million+ 9,000+ 5,000+ Registered Venues, the largest Employees customers Australian retail footprint (i) For FY19 or as at 30 June 2019, as applicable. Tabcorp Annual Report 2019 01 We created a new purpose and vision in FY19 to For more than 100 years, Australians bring our people together under a shared set of have trusted us to make life more values and help focus our endeavours to deliver exciting. our strategic objectives. We enhance moments and bring people and communities together. It is Excitement with Integrity, and it is our purpose. For us, integrity goes hand-in- hand with moments that engage, surprise OUR PURPOSE OUR VISION and thrill. We balance the winning-ticket, first-past-the-post, jackpot-feeling with high standards and rigorous safeguards. You can see integrity in the collaborative, supportive partnerships that span our industry and beyond. It is in what we give back to our communities, and in our The Trusted passion for always putting our customers first. It balances out the risks of our EXCITEMENT Gambling industry and keeps our customers INTEGRITY Entertainment having fun, safely and responsibly. Company Excitement with Integrity is core to our vision to be The Trusted Gambling Entertainment Company. 02 Tabcorp Annual Report 2019 FINANCIAL REVIEW FINANCIAL OPERATING & & OPERATING Our strategy and the way we operate support the delivery of long term sustainable value for our multiple stakeholders. STRATEGIC PILLARS OUR FOUNDATIONS OUTSTANDING PEOPLE CUSTOMER LED AND TEAMS We understand our customers, engage We are the best place to work, and we with them personally and create unlock the potential of our people to products they love deliver superb customer experiences SUPERB Customers EXPERIENCES 100 Shareholders People We leverage the powerful combination of our venues, digital and live event COMMITMENT TO COMMUNITY channels to deliver amazing experiences AND INTEGRITY STAKEHOLDERS We are trusted by governments, industry partners and our communities BRILLIANT to grow responsible gambling EXECUTION sustainably We take pride in simply and efficiently delivering with excellence Government Community Industry Partners COLLABORATIVE LEADING TECHNOLOGY PARTNERSHIPS AND INNOVATION We love winning with our partners We create value through our unique through aligning our interests and deep combination of thought leadership collaboration and delivery excellence Tabcorp Annual Report 2019 03 CHAIRMAN’S MESSAGE “The performance of Tabcorp in FY19 demonstrates that the combination with Tatts was strategically positive with the benefits of our balanced portfolio already being realised.” Paula Dwyer / Chairman The 2019 financial year was the 2019 PERFORMANCE Tabcorp actively manages capital INTEGRATION CONDUCT first full year that Tabcorp and AND DIVIDEND and the Board regularly reviews DELIVERING BENEFITS AND CULTURE Tatts operated as a combined alternatives to distribute value business. The Group delivered a strong created to shareholders. We know I am extremely pleased to report The aim of the Board and net profit after tax (NPAT) result our shareholders value fully that the complex Tabcorp/Tatts management of Tabcorp is to The Board is confident that of $362.5m in FY19 reflecting franked dividends. As a result of integration program is ahead of lead an inclusive and diverse Tabcorp today is a strong and the benefits of our diversified the reliable free cashflows schedule and is clearly delivering organisation with a culture resilient business, with a portfolio business and notwithstanding the generated by our unique benefits for shareholders. In FY19 founded on our vision to be of high-quality assets and significant internal transformation portfolio of businesses, Tabcorp $64m in EBITDA synergies and The Trusted Gambling earnings, diversified across our taking place across our businesses has consistently adopted a high business improvements were Entertainment Company. businesses of Lotteries and Keno, to integrate Tatts. payout ratio policy and returned delivered, ahead of plan, and Wagering and Media, and Gaming franking credits to shareholders. expectations for the total The Board recognises it is Services. Tabcorp announced a final operational expenditure synergies accountable for ensuring dividend of 11 cents per share, The Group target dividend payout under the integration program Tabcorp has a strong executive Tabcorp has a stable of powerful fully franked, taking the full year ratio in FY20 is 100% of NPAT have been upgraded. The Group team running the Group, and consumer brands which reach dividend to 22 cents per share. before significant items, remains on track to deliver on the for overseeing a governance across the Australian market. amortisation of the Victorian upgraded total target of between framework, systems and policies The equivalent of one in three This represents a dividend payout Wagering and Betting Licence, $130m and $145m in EBITDA designed to deliver the highest adult Australians purchases a ratio of 100% of NPAT before and purchase price accounting. from synergies and business standards of responsible ticket in our biggest lottery jackpot significant items, amortisation improvements in FY21. gambling, risk management draws. And on our biggest race of the Victorian Wagering and and regulatory compliance. day – the Melbourne Cup – Betting Licence, and purchase price Tabcorp takes circa 17m individual accounting, in line with stated policy. During the year further investment bets. was made to strengthen the capability and systems of the combined Group and underpin the achievement of our vision. 04 Tabcorp Annual Report 2019 FINANCIAL REVIEW FINANCIAL OPERATING & & OPERATING “The Group delivered a strong net $362.5m 22 cents profit after tax result reflecting the NPAT Total full year dividends benefits of our diversified business.” Up >100% (cents per share fully franked) GOVERNANCE Dr Ziggy Switkowski has expressed CONCLUSION On behalf of the Board I would AND THE BOARD his intention to retire from the like to thank all our people for Board by no later than the 2020 The performance of Tabcorp their substantial efforts and During FY19 Tabcorp undertook Annual General Meeting. As part in FY19 demonstrates that the commitment during the year. an external review of the Board’s of managing this transition, from combination with Tatts was Finally, I would like to thank performance and effectiveness, 1 July 2019, Mr Steven
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