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Partygaming Plc Annual Report 2007

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PartyGaming Plc Annual report 2007 Push for Growth Overview 06 Strategy 02 Overview 16 Chairman’s Statement 03 Our performance 20 Chief Executive’s review 04 Our games Business review 32 Review of 2007 88 Our values – Responsibility 54 Our markets 90 Employees 64 Our business – 93 Responsible gaming Products and brands 97 Suppliers 70 Customers 98 Charity and community 78 Operations 100 Environment 84 Our risks 101 Shareholders and other providers of capital Governance 116 Remuneration report 104 Board of Directors 125 Directors’ responsibility statement 106 Directors’ report Financial statements 133 Notes to the consolidated 128 Independent auditors’ report financial statements 130 Consolidated 169 Company balance sheet income statement 170 Company statement 130 Consolidated statement of recognised income of recognised income and expense and expense 170 Company statement 131 Consolidated of cashflows balance sheet 171 Shareholder information 132 Consolidated statement 174 Notice of AGM of cashflows 177 Glossary 179 Definitions Key to our business Throughout this report we have highlighted many parts of our business using a series of buttons from our gaming console. Contents Turn over leaf to reveal contents to this document and the key to our gaming console Greater balance. Greater opportunity. PartyGaming Plc Annual report 2007 Overview 01 We have transformed PartyGaming into a more broadly-based business, one that is better positioned to take advantage of growth opportunities in a variety of markets. Through our unique operating platform, adults can enjoy a broad range of games, using multiple languages, multiple-currency options and with the tools to ensure they have fun and play within their means. In 2008, we aim to take our winning strategy and push for growth. PartyGaming Plc Annual report 2007 Overview 02 Overview In this annual report we provide an open and Some key facts about us transparent view of PartyGaming’s strategy, PartyGaming is the world’s leading business operations, market listed online gaming company environment, financial The Company listed on the London Stock Exchange in June 2005 performance and prospects. (ticker:PRTY) Regulated and licensed by the Government of Gibraltar and the Alderney Gambling Control New in 2007 Commission, the Group has over 1,200 employees Throughout this report you will see We offer a full suite of the most our star icon. If you are already popular online games including familiar with our history, this highlights poker, casino and sports betting some of the new things that have happened in 2007. New in 2007 Strong growth in revenue and Clean EBITDA Expansion of multi-lingual capability Launch of multi-currency (US$, £ and €) Two acquisitions completed and fully integrated in casino Integrated Gamebookers and PartyBets on to a single platform Improved our casino games Launched no download versions of poker and bingo Forged alliances with several ‘blue chip’ companies PartyGaming Plc Annual report 2007 Overview Our performance 03 Total revenue* Performance $m Game segmentation 2006 2007 Increase 457.8 $m $m % 325.0 Poker~ 268.4 295.0 10 Casino 51.0 146.7 188 153.2 Sports Betting 5.6 16.1 188 Total 325.0 457.8 41 05 06 07 05 06 07 Clean EBITDA# Performance $m Game segmentation 2006 2007 Increase 111.7 $m $m % Poker~ 39.1 62.4 60 Casino 15.9 43.6 174 Sports Betting (1.6) 3.4 N/A 50.9 Unallocated Corporate (2.5) 2.3 N/A 19.7 05 06 07 05 06 07 Total 50.9 111.7 119 Clean EBITDA# Total revenue Clean EBITDA# margin Clean EPS# +41% +119% 24.4% +300% $457.8m $111.7m 1.6c A full reconciliation of Clean EBITDA to operating profit can be found within the ‘Review of 2007’ on page 33. ~ Including emerging games * Revenue from Continuing operations only (excludes Discontinued operations being those located outside of the US but which relate to customers in the US and which were terminated following the enactment of the Unlawful Internet Gambling Enforcement Act (‘UIGEA’) on 13 October 2006). Excludes non-recurring adjustment to revenue # Continuing Clean EBITDA/EPS before reorganisation costs, non-recurring adjustment to revenue, charges relating to share- based payments and release of tax provision PartyGaming Plc Annual report 2007 Overview 04 Our games Poker (including emerging games) Whether you are holding, Our largest business segment folding, nudging, twisting, with key brands including spinning or rolling, we PartyPoker, EmpirePoker and have the game for you Noble Poker. on our fully integrated, Party-branded platform. Poker revenue growth in 2007 +10% 2007 % of Continuing revenue 64% % of Continuing Clean EBITDA 56% Unique active players 924,700 Average daily revenue $808,300 Poker fact file PartyPoker is available in 12 different languages but as a community game is only played in US dollars. PartyPoker is the largest online poker room operated by a listed company. Currencies 1 Languages 12 Amount wagered in 2007 $19.0bn PartyGaming Plc Annual report 2007 Overview Casino Sports Betting 05 (including bingo) Our greatest source of PartyBets and Gamebookers revenue growth in 2007, offer odds on over 30 different with over 50 different games sports as well as live betting offered on a number on up to 40 different events of different sites, including a day. PartyCasino, CasinoKing and CasinoLasVegas. Casino revenue growth in 2007 Sports Betting revenue growth in 2007 +188% +188% 2007 2007 % of Continuing revenue 32% % of Continuing revenue 4% % of Continuing Clean EBITDA 39% % of Continuing Clean EBITDA 3% Unique active players 534,600 Unique active players 168,500 Average daily revenue $402,100 Average daily revenue $44,000 Casino fact file Sports Betting fact file Following the redesign of our roulette Only 6% of the Group’s poker players product, revenue from this single game placed a bet on PartyBets in 2007 – this increased substantially in 2007. represents a major opportunity in 2008 PartyCasino is the largest online casino and beyond. in the world. Currencies 3 Currencies 3 Languages 7 Languages 9 Amount wagered in 2007 $6.5bn Amount wagered in 2007 $0.3bn PartyGaming Plc Annual report 2007 Overview 06 Proven strategy. Broader offer. Grow the player base Continue to sign-up new customers through a programme of innovative marketing and promotions as well as encouraging and rewarding the loyalty of existing players. To find out more go to page 08. PartyGaming Plc Annual report 2007 Overview 07 We remain committed to our proven strategy of growing the player base, localising the customer offer and broadening the product base, all whilst acting responsibly. Each element of the strategy, described over the following pages, is being implemented and is delivering strong growth in revenue and Clean EBITDA. Localise the customer offer Improve access to our games by making them available in different languages Act responsibly and currencies, as well as providing local promotions and customer support in local languages – all of which broaden Provide competitively-priced entertainment their appeal. for adults in a safe and secure environment To find out more go to page 10. whilst ensuring that they know their limits and that gaming does not assume too large a role in their lives. To find out more go to page 14. Broaden the product base Continue to provide new games developed internally and through licensing from third-parties to increase player activity and cross-selling across the Group’s gaming platform. To find out more go to page 12. PartyGaming Plc Annual report 2007 Overview 08 Strategy Grow the player base Recruit, retain and reactivate Recruit Television advertising and advertiser-funded programming support our customer acquisition channels and also help to keep our brands in the minds of our customers, both new and old. (extracted from our advertising campaign ‘Everyone’s playing’) How we do it How we measure it Adding players to our system is a key business Growth in new player sign-ups* metric. This is achieved through: Innovative marketing campaigns Leveraging an international affiliate network +30% Forging alliances that provide access to large customer bases Growth in unique active players* Improving player retention via promotions and loyalty programmes Continuing to add new and exciting games across all channels +53% Excellent customer service in many languages *Across all of the Group’s products 2007 vs 2006 PartyGaming Plc Annual report 2007 Overview 09 Retain Whilst currently a small part of our business, we believe that allowing players to play games on the move will help to keep them entertained and loyal to our brand. Reactivate A variety of different promotions are used to reactivate customers including bonuses as well as providing them with software CDs. How we have performed Plans for 2008 Quarterly revenue $m Improve the balance between each of our core marketing channels (online, offline, affiliates, 2005 2006 2007 tell-a-friend and alliances) 150 Drive new player sign-ups coming through casino, bingo and sports betting, as well as poker 120 Improve player conversion rates from visitors to our 90 websites in to real money players Improve player retention through better 60 loyalty programmes and an improved customer experience 30 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PartyGaming Plc Annual report 2007 Overview 10 Strategy Localise the customer offer Welcome, wilkommen, bienvenue... Removing language barriers We now offer gaming websites in 12 languages including German, French, Spanish and Russian. How we do it How we measure it We make our games attractive to international Number of accounts held in f or £ customers by: Continuing to roll-out new languages Offering the ability to hold account balances and 325,000+ play games in different currencies Offering payments solutions that are popular and recognised in each territory Percentage of European sign-ups opening Employing people that are atuned to the non-US$ accounts* cultural differences of each country Developing alliances in different markets Providing multi-lingual customer support 26% *Based on 45-day period to 25 February 2008 PartyGaming Plc Annual report 2007 Overview 11 Customer support Offering games in a different language is only part of the story.
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