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2008 Annual Report Method That Might Be Available to Package to a Minimum ���� ������� ��������� ������ ��� Paddy Power plc Annual Report 2008 2008 - YES WE CAN! 2008, what an interesting year! America elects its first black president, an emphatic ‘NO’ to Lisbon from the Irish, Boris Johnson gets elected as Mayor of London and the world experiences a global banking credit crisis followed by a financial battering. The challenging economic conditions and intense competition in our markets required resolute and swift action. While we have always focused on providing the best value in the market, we took this to a new level in 2008 as our customers faced tighter times. With literally hundreds of Money-Back Specials and early payouts across sport, political and novelty betting, along with offering odds on everything from the unexpected to the downright bizarre, we continued to lead the way in providing unparalleled betting entertainment. As Barack Obama spread his message of ‘YES WE CAN’, we continued to prove that when it comes to betting there’s only one bookie worth voting for! Directors and Contents other information 2008 Group Financial Highlights 1 Directors Nigel Northridge Chairman Chairman’s Statement 2 Patrick Kennedy Chief Executive Breon Corcoran Managing Director - Non Retail and Development Chief Executive’s Statement 5 Jack Massey Finance Director Tom Grace Non-executive Director Operating & Financial Review 8 Fintan Drury Non-executive Director Stewart Kenny Non-executive Director Corporate Social Responsibility 19 Pádraig Ó Ríordáin Non-executive Director David Power Non-executive Director Board of Directors 23 Brody Sweeney Non-executive Director Directors’ Report 24 Company Secretary and Registered Office David Johnston Corporate Governance 28 Airton House, Airton Road, Tallaght, Dublin 24 Remuneration Committee Report 33 Stockbrokers Goodbody Stockbrokers Statement of Directors’ Responsibilities 35 Ballsbridge Park, Ballsbridge, Dublin 4 Independent Auditor’s Report 36 Investec 2 Gresham Street, London, EC2V 7QP Consolidated Income Statement 38 Legal advisers Consolidated Statement of Arthur Cox Recognised Income and Expense 39 Earlsfort Centre, Earlsfort Terrace, Dublin 2 Consolidated Balance Sheet 40 Auditor KPMG Consolidated Cash Flow Statement 41 1 Stokes Place, St Stephen’s Green, Dublin 2 Notes to the Consolidated Financial Statements 42 Principal bankers Allied Irish Banks plc Company Balance Sheet 79 100-101 Grafton Street, Dublin 2 Notes to the Company Financial Statements 80 Lloyds TSB plc Bailey Drive, Gillingham Business Park, Kent, ME8 0LS Five Year Financial Summary 88 Barclays Bank Additional Information for Shareholders 89 Barclays House, Victoria Street, Douglas, Isle of Man, IM99 1AJ Letter to Shareholders 92 Registrars Computershare Investor Services (Ireland) Limited Notice of Annual General Meeting 95 Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18 2008 Betting Review 96 Registered number 16956 2008 Group Financial Highlights Paddy Power plc Annual Report 2008 ���������������� ������� ��� ������������� � ��� ��������������� ������������������ ������ � � �� ����� ���������������������������� ������� ��� � �� ������������ ����� � � ��������� ������ ������������������� � * Adjusted earnings per share in 2008 is calculated excluding an exceptional gain of ���� ����������������� � ** Amounts staked by customers represents amounts received in respect of bets placed on sporting events that occurred����� during the year and net winnings, commission ������ income and fee income earned on gaming activities. Income (or ‘gross win’) represents the net gain on sports betting transactions (stake less payout) plus the gain or loss on the revaluation of open positions at year end, net winnings on fixed odds and online casino gaming activities, and commission income and tournament fees ��� earned from peer to peer games and financial spread betting. � ������������� ������ � € 2.5m post-tax. 1 Paddy Power plc Annual Report 2008 Chairman’s Statement Dear Shareholder, industry shop numbers over recent years I was honoured to take up the role of and the weaker economic conditions. Chairman on January 1st last. My five Nonetheless, our average turnover per years on the Board of Paddy Power shop in 2008 was still twice that of our convince me that the Group is well competitors and we increased our market prepared for the demands of the current share. With our leading brand and market Online environment given the strength of its position, we are well placed to continue operating profit brand, management, market positions increasing market share on foot of any and balance sheet. reduction in industry shop numbers. €43m€ In Great Britain, EBITDA per shop of 11m Despite challenging economic conditions €140,000 in 2008 highlights the attractive up and the adverse impact on profit from less investment opportunity we have in that or 34% favourable sporting results of €9m and market given a capital cost per new unit from weaker sterling of €5m, 2008 was last year of less than €300,000. another year of growth for Paddy Power. Pre-tax profit increased by €3m to €79m Notwithstanding the strength of these and earnings per share was up by 10%. online and retail market positions, the This growth was driven by an €11m or deteriorating economic conditions and 34% increase in online operating profit to intense competition in our markets €43m. This online performance was by required resolute and swift action no means surprising in that it reflects the throughout last year. While Paddy Power continued development of a proven online has always focused on providing the best � ��������������� �� business model centred on Paddy Power’s value in the market, we took this to a new unique brand, ‘best of breed’ products level as our customers faced tighter times ����� ��� ������� and great value and service for customers. over the course of 2008. We also further ������� ��� ��� Our online profits have increased every squeezed our cost base but without ������� ��� ��� reporting period since they moved into compromising the customer proposition. ������� ��� ��� ������������� profit over five years ago and accounted This limited cost growth in the second half ��������������� ������� ��� ��� ������ for over 70% of Group operating profit in of 2008 to just 6% in constant currency the second half of 2008. despite an 11% increase in average shop ������� ��� ��� numbers. This focus on costs together ������� ��� ��� Our retail business complements with previously announced non retail tax ������� ���� ���� strongly this online success. The same developments also significantly reduced ������� ���� ��� relentless emphasis on brand, product the cost of the deductions between gross ������� ���� ��� and customer service, plus over twenty win and gross profit. years retailing experience, underpin what ������� ���� ��� Paddy Power represents in its different Attention to this balance between ������� ������ ��� manifestations. In 2008, Irish Retail profits remaining the customer’s bookmaker of fell by €6m as a result of less favorable choice with a focus on efficiency of delivery sporting results and lower average in such difficult times will remain a constant turnover per shop due to the growth in for management and for your Board. ���������������� 2008 Results (€m) ���������������������������������������������� 2008 2007 % Change % Change in Constant Currency (‘CC’)* ���� ��� Amounts staked 2,101 2,028 +4% +9% ���� ��� Sportsbook gross win % 11.0% 11.5% ���� ��� Gross win 283.7 279.0 +2% +7% ���� ��� Gross profit** 253.7 242.4 +5% +9% ���� ��� Operating costs (178.0) (170.3) +5% +9% Operating profit** 75.7 72.1 +5% +11% Profit before tax** 79.0 75.8 +4% +14% ����������������������������������������������� ������������������������������������������������� EPS, adjusted basic** 140.5 cent 127.4 cent +10% Dividends 54 cent 51 cent +6% Cash balances 77 88 * Percentage changes in constant currency reflect the foreign currency content in 2007 translated at 2008 exchange rates ** Results above and throughout this statement and the Operating & Financial Review exclude an exceptional gain of €2.7m pre-tax ���������������������������� 2������������������������������ ���� ���� ���� ���� ���� � ���� �� ���� ��� �������������������������������������� ������ ��� ���� ��� ���� ��� ���� ��� ���� ��� ���� ��� ���� ������������������������������������������� ���� ��� ���� ��� ���� �� ���� ��� ���� ��� ����������������������������� ����������������� ���������������������������������������� ��������������������������������������������� ��� ��� ��� ��� ��� ��� ��� ��� �������������������� ��� ���������������������� ����������������������������� ������������������� ����������� ����������� ���������������������� �������������������� ��� ��� ��� ��� ��� ��� ��� ���� Paddy Power plc Annual Report 2008 Domestic and international politics took centre stage in 2008, so much so that we developed a bespoke political betting website, electionbetting.com. We kicked off the year by paying out on Barack Obama as the Democratic nominee in early January, a full eight months ahead of time. We also paid out on Boris Johnson as the new London Mayor on polling day and again on Obama three weeks before the American Presidential election. Mind you we didn’t always get it right, our decision to pay out early on a ‘YES’ vote in the Lisbon Treaty left us with eighty thousand euro worth of egg on our face and our early payout on Obama didn’t go down well with everyone (see actual e-mail from Todd above!). 3 Paddy Power plc Annual Report 2008 Chairman’s Statement (continued)
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