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THE HOME of BETTING William Hill PLC Annual Report and Accounts 2012 CONTENTS ESSENTIAL READING

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THE HOME of BETTING William Hill PLC Annual Report and Accounts 2012 CONTENTS ESSENTIAL READING THE HOME OF BETTING William Hill PLC Annual Report and Accounts 2012 CONTENTS ESSENTIAL READING OVERVIEW William Hill at a glance 02 Our business model 04 2012 overview 06 BUSINESS REVIEW Chief Executive’s overview 08 Our marketplace 16 Divisional overview 18 06 Financial review 26 STRONG PERFORMANCE Managing our risks 28 AND GOOD STRATEGIC PROGRESS Corporate responsibility 30 GOVERNANCE Message from the Chairman 36 Board of Directors 38 Statement on Corporate Governance 40 08 Report of the Audit and Risk Management Committee 46 DELIVERING OUR STRATEGY Report of the CR Committee 48 Report of the Nomination Committee 50 Remuneration Report 51 Directors’ Report 64 FINANCIAL STATEMENTS Statement of Directors’ 30 Responsibilities 67 BEING A RESPONSIBLE Group Independent Auditor’s Report 68 BUSINESS HOME represents the way we Group Financial Statements 70 work at William Hill. Parent Company Independent The stories throughout this Auditor’s Report 111 year’s report are aligned under Parent Company Financial the four principles: Statements 113 Five-Year Summary 122 HUNGRY FOR SUCCESS Shareholder Information 123 OUTSTANDING SERVICE Abbreviations and Glossary 124 MAKING IT HAPPEN EVERYONE MATTERS 10 YEARS OF WILLIAM HILL PLC 2002 2005 2007 2008 June June September February December Floated on the London Acquired Stanley Leisure The 2005 Gambling Act Ralph Topping was Launched the new Stock Exchange at 225p. PLC’s retail bookmaking came into effect, allowing appointed Chief Executive. Sportsbook with Openbet operations totalling the gambling industry to (previously Orbis) technology. 624 shops. advertise for the first time. Overview Business review Governance Financial statements William Hill PLC Annual Report and Accounts 2012 01 THE HOME OF BETTING WILLIAM HILL IS ONE OF THE WORLD’S LEADING BETTING AND GAMING COMPANIES BY MARKET CAPITALISATION, AND ONE OF THE MOST RECOGNISED AND TRUSTED BRANDS IN THE GAMBLING INDUSTRY. ON THE HIGH STREET, ONLINE, ON THE PHONE AND ON THE MOVE, WE AIM TO PROVIDE BETTING AND GAMING SERVICES WHEREVER AND WHENEVER A CUSTOMER WANTS TO GAMBLE. 2009 2012 December April August October June December Established the Raised £350m Relocated the Issued our debut Became the first Announced William Hill Online through a 1:1 Rights Sportsbook operation corporate bond European operator proposed acquisition joint venture. Issue to restructure from the UK of £300m to diversify to be awarded a full of Sportingbet’s the balance sheet after to Gibraltar. debt facilities. gaming licence in Australian and Spanish debt refinancing. Nevada, followed businesses for a total by the formation of cash consideration William Hill US and of £460m. the acquisition of three US land-based sports betting businesses. 02 Overview AT A GLANCE WHAT WE DO AND WHERE WE DO IT WHAT WE DO WHERE WE DO IT Our business provides customers with a In the UK, we are the largest bookmaker wide range of sports betting and gaming by number of licensed betting offices opportunities, which we aim to make (LBOs) and William Hill Online is the available to customers whenever and UK’s leading online betting and gaming wherever they want to gamble. Customers business by revenue. US access our products via multiple channels, Land-based sports However, we are now an international betting in Nevada and including shops, the internet, telephone, business, with operations in eight Delaware mobile devices and text-based services. countries across the world. While our core We are best known for our sports betting business is in the UK, we are taking our expertise and we continue to expand our sports betting expertise and operational sports betting product range and to offer capabilities into other territories on a attractive pricing on high-profile events. selective and targeted basis. This benefits We also offer a full range of gaming us by diversifying our exposure to the UK products, providing customers with an economy and taxation and regulation exciting gaming experience. Although regimes, and by increasing the proportion sports betting margins can fluctuate with of revenues generated in locally licensed sporting results, gaming margins are more territories outside the UK. predictable and provide a more stable BETTING SHOPS IN THE UK In the last two years, we have launched source of revenue for the Group. locally licensed online businesses The combination of betting and gaming in the Italian and Spanish markets, also enables us to cross-sell products to and established land-based operations customers, which we believe increases in the US. As at March 2013, we are also customer value and retention. in the process of acquiring Sportingbet’s online businesses in Australia and Spain. NUUMMBEER ACTIVE ONLINE CUSTOMERS BOOKMAKER IN THE UK BY NUMBER OF BETTING SHOPS Overview Business review Governance Financial statements William Hill PLC Annual Report and Accounts 2012 03 NUUMMBER UK Market leader in retail and online Italy Locally licensed website Spain Locally licensed website ONLINE BETTING AND GAMING BUSINESS IN THE UK BY REVENUES* Bulgaria Multi-lingual customer services Gibraltar William Hill Online headquarters The Philippines Customer services Israel Online marketing EMPLOYEES IN THE UK, GIBRALTAR, ISRAEL, BULGARIA, ITALY, SPAIN, THE PHILIPPINES AND THE US TOTAL REVENUE 3 1 2 1. UK Retail £837.9m 2. Online £406.7m 3. Other £32.3m * Source: Gambling Data, European Regulated Online Markets Data Reports 2012. 04 Overview OUR BUSINESS MODEL HOW WE MAKE MONEY Retail Mobile Online Telephone Overview Business review Governance Financial statements William Hill PLC Annual Report and Accounts 2012 05 BETTING IS ABOUT INDIVIDUALS STAKING MONEY ON THEIR OPINION ON THE LIKELIHOOD OF THE OUTCOME OF ANY EVENT. OUR MULTI-CHANNEL OFFER PROVIDES CUSTOMERS WITH EASY ACCESS TO OUR PRODUCTS TO MAXIMISE OUR REVENUE. CUSTOMERS ARE PRIMARILY RECRUITED VIA SPORTS BETTING WHERE WE BUILD A MARGIN INTO THE OFFER PRICE AND MANAGE OUR BALANCE OF RISK AND REWARD. IN-PLAY SPORTS BETTING USES ALGORITHMS TO PROVIDE INSTANT ODDS AND ENABLE US TO EXTEND THE RANGE OF OUTCOMES ON WHICH CUSTOMERS CAN BET. GAMING IS CONSTANTLY AVAILABLE AND EXTENDS THE OPPORTUNITY FOR CUSTOMERS TO MAXIMISE THEIR SPEND WITH US, AT A CONSTANT c3% MARGIN. INTERNATIONALISATION, WHETHER ONLINE OR LAND-BASED, ENABLES US TO TAKE OUR PRODUCTS TO A WIDER MARKET AND LEVERAGES THE STRENGTH OF OUR BRAND TO MAXIMISE OUR INCOME. 06 Overview 2012 OVERVIEW STRONG PERFORMANCE AND GOOD STRATEGIC PROGRESS WILLIAM HILL DELIVERED A VERY POSITIVE PERFORMANCE IN 2012, UNDERPINNED BY THE RELEVANCE OF ITS MULTI-CHANNEL APPROACH, WITH STRONG PERFORMANCE IN SHOPS, ONLINE AND VIA MOBILE DEVICES. PERFORMANCE OVERVIEW Overall, the Group recorded a 12% non-restricted gaming licences by the increase in net revenue. Operating profit1 Nevada Gaming Commission. Following Our announcement on 1 March 2013 that grew by 20% to £330.6m. Pre-exceptional this, we completed the acquisitions we propose taking full control of William Hill profit before interest and tax was £325.6m, announced in 2011 of three land-based Online marks a major milestone for the up 20%. Basic adjusted earnings per sports betting businesses, American Group and rounds off a successful 12 share was 21% higher, benefitting from this Wagering, Inc., Brandywine Bookmaking months which have seen us take our first strong performance and a reduction in the LLC and the racing and sportsbook steps into the US, launch online in Spain effective tax rate. Basic earnings per share assets of Sierra Development Company, and, through the pending Sportingbet increased by 64%. The Group has a trading as Cal Neva, for approximately acquisition, lay the foundations for strong balance sheet at present with net $49m (£31m). growth in the attractive Australian market. debt to EBITDA of 1.0 times at the end of Selective international expansion is a We integrated these businesses in the the 2012 financial year. core aspect of the Group’s strategy, second half and rebranded the operations enabling diversification of the Group’s DIVIDEND as William Hill US. We now operate in 180 revenues across several locally licensed locations in Nevada, both in casino-based international territories. The Board has approved a final dividend Sports Books and in bar locations. We are of 7.8p per share (2011: 6.7p per share), also the exclusive risk manager for the At the same time, it is pleasing to report giving a total 2012 dividend of 11.2p per State of Delaware’s sports lottery and the that the team has remained highly focused share (2011: 9.6p per share). This Marriott hotel in St Kitts, provide hardware on operational matters and has delivered represents 17% growth, reflecting the and software to many of the major Nevada a strong 2012 organic performance across strong results delivered in the 2012 Sports Books and have one of the leading both Retail and Online channels. Retail has financial year and the Board’s confidence mobile wagering applications available in continued to deliver revenue and profit in Wiliam Hill’s future. the US today. growth, while William Hill Online recorded another outstanding year, particularly ACQUISITIONS We believe William Hill US combines in mobile which has significantly the operational strength of the existing outperformed our expectations and William Hill US management teams with our brand, which very much remains a high priority. As part of our strategy to expand greater financial strength and extensive internationally, we established William Hill product offering, and ensures we are US in 2012. In June, the Group and five well-placed to capitalise on potential of our senior personnel were granted regulatory changes in the US. Overview Business review Governance Financial statements William Hill PLC Annual Report and Accounts 2012 07 Sportingbet William Hill Online OUTLOOK In December 2012, we agreed with GVC William Hill Online has consistently In the Board’s view, with our well- Holdings plc and Sportingbet plc the delivered strong net revenue growth since recognised William Hill brand, strong proposed acquisition of Sportingbet’s it was formed in December 2008.
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