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Paddy Power Betfair Plc Annual Report & Accounts 2016

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Paddy Power Betfair Plc Annual Report & Accounts 2016 Paddy Power Betfair plc Annual Report & Accounts 2016 Paddy Power Betfair is one of the world’s leading sports betting and gaming operators, formed from the 2016 Merger of Paddy Power plc and Betfair Group plc. Today we operate four sports betting and gaming brands; Paddy Power, Betfair, Sportsbet and TVG, which bring ‘excitement to life’ for five million customers worldwide! We are online-led, mobile- led and sports-led: and our proprietary technology, unique products and innovative marketing all combine to offer a superb experience to our customers. Our spirit, talent and ambition has taken us into the FTSE 100 index of the London Stock Exchange and we now employ over 7,000 people in sixteen locations across the globe; from Dublin to Los Angeles, and London to Melbourne. If you’re interested in joining our team please contact [email protected] 2 Financial Highlights† Financial Review page 46 Proforma† Reported statutory results† Revenue +18% £1,551m £1,501m 2015: £1,318m 2015: £794m EBITDA‡ § +35% £400m £264m 2015: £296m§ 2015: £163m Operating Profit § +44% £330m £15m 2015: £229m§ 2015: £125m Full-year dividend per share¶ 165p 1st Interim Dividend: 12p 2nd Interim Dividend: 40p Final Dividend (subject to shareholder approval): 113p † The merger of Paddy Power plc and Betfair Group plc completed on 2 February 2016 and is accounted for as an acquisition of Betfair Group plc by Paddy Power plc on that date (the “Merger”). The reported statutory results reflect this accounting treatment in accordance with generally accepted accounting principles (“GAAP”) and only include Betfair Group’s results since the Merger completion on 2 February 2016 and no Betfair Group results for the 2015 comparative. This Annual Report also includes results prepared on a “Proforma” basis (non-GAAP basis) for the Group as if Paddy Power plc and Betfair Group plc had always been merged, which combines the full 12 month results of Paddy Power and Betfair for 31 December 2016 and 2015. The Directors consider that this is the most appropriate information for understanding and analysing the performance of the Group and accordingly, in the narrative, the results are discussed on a Proforma basis. A reconciliation between the statutory and the non-GAAP proforma, underlying financials is included on page 52. ‡ EBITDA is profit before interest, tax, depreciation and amortisation expenses and is a non-GAAP measure (see page 52). § 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 and page 52). ¶ The full-year dividend includes closing dividends paid on Merger relating to 1 January 2016 to 1 February 2016 (inclusive) equating to 12p per share, the interim dividend paid in September 2016 of 40p per share and the proposed final dividend of 113p per share. Paddy Power Betfair plc Annual Report & Accounts 2016 3 Contents Strategic Our Business at a Glance 6 Report Brand in Review 8 ReportStrategic Chairman’s Statement 16 Chief Executive Officer’s Review 18 Business Model 22 Our Strategy 24 Responsible Gambling 32 “2016 saw us bring together two very Corporate Social Responsibility 33 successful businesses creating a Our Culture and People 36 world-class operator with substantial Operating Review 40 scale and capabilities that leave us Financial Review 46 well-placed to serve our customers, Understanding and Managing our Principal Risks 54 stakeholders and attract and retain top-quality employees.” Governance Corporate Governance Report: Chairman’s Statement 62 Leadership 64 Chairman’s Statement Board of Directors 64 page 16 Engagement: Relations with Shareholders 69 Governance Effectiveness 70 Nomination Committee Report 73 Accountability 75 Audit Committee Report 75 Risk Committee Report 82 Remuneration: Directors’ Remuneration Report 84 Directors’ Report 110 “The completion of the Merger on Financial Statement of Directors' Responsibilities 118 2 February 2016 created a Group Statements Independent Auditor’s Report 119 with leading positions in the largest Consolidated Income Statement 124 regulated online markets as well as Consolidated Statement of Comprehensive Income 125 increasing exposure to a number Consolidated Statement of Financial Position 126 of other international markets. The Consolidated Statement of Cash Flows 127 Group has leading, differentiated Consolidated Statement of Changes in Equity 128 Statements Financial sports betting products, a portfolio Notes to the Consolidated Financial Statements 130 of distinctive, complementary Company Statement of Financial Position 194 sports-led brands, and significant Company Statement of Cash Flows 195 in-house technology and marketing Company Statement of Changes in Equity 196 capabilities.” Notes to the Company Financial Statements 198 Chief Executive Officer’s Review Other Five Year Financial Summary 222 page 18 Information Shareholder Information 223 Other Information Other 4 “2016 saw us bring together two very successful businesses creating a world-class operator with substantial scale and capabilities that leave us well-placed to serve our customers, stakeholders and attract and retain top-quality employees.” Gary McGann Chairman Paddy Power Betfair plc Annual Report & Accounts 2016 5 Strategic Report Strategic ReportStrategic Our Business at a Glance 6 Brand in Review Paddy Power 8 Betfair 10 Sportsbet 12 TVG 14 Chairman’s Statement 16 Chief Executive Officer’s Review 18 Business Model 22 Our Strategy Market 24 Where we focus 26 Our key priorities 27 Our Key Performance Indicators 31 Governance Responsible Gambling 32 Corporate Social Responsibility 33 Our Culture and People 36 Operating Review 40 Financial Review 46 Understanding and Managing our Principal Risks 54 The Strategic Report on pages 6 to 59 was approved by the Board on 7 March 2017. Breon Corcoran Alex Gersh Chief Executive Officer Chief Financial Officer Financial Statements Financial Other Information Other 6 Our Business at a Glance Paddy Power Betfair was formed in 2016 and is an international, multi-channel sports betting and gaming Business Model operator. We operate four major brands; Paddy Power, page 22 Betfair, Sportsbet and TVG. The Group currently operates across four operating divisions. Global Leader Operating Divisions Online† Proforma revenue Operating Review £853m Online page 40 2015: £748m +14% Our Online division is the leading online sports Proforma underlying EBITDA‡§ betting operator in the UK and Ireland, with a growing paddypower.com £289m presence throughout Europe. We operate two brands: 2015: £227m +27% Betfair, which appeals strongly to value-led sports bettors; and Paddy Power, which appeals to social, betfair.com Proforma underlying operating profit§ entertainment-led customers. Together, these brands £255m cover a wide cross-section of the market, and they 2015: £191m +34% form the number one sports betting operator by revenue in the UK and Ireland. Australia Revenue Operating Review £312m Australia page 42 2015: £232m +34% Our Australian division, Sportsbet, is the market-leader Underlying EBITDA‡§ in the fast-growing Australian online betting market. sportsbet.com.au £94m Sportsbet takes a fun-based approach to sports 2015: £70m +35% betting, with innovative products and disruptive marketing around national sports events. Sportsbet Underlying operating profit§ employs over 700 people across offices in Melbourne, £84m Sydney and Darwin and contributes over AUD$400m 2015: £61m +38% per annum to the Australian economy. † The merger of Paddy Power plc and Betfair Group plc completed on 2 February 2016 and is accounted for as an acquisition of Betfair Group plc by Paddy Power plc on that date (the “Merger”). The reported statutory results reflect this accounting treatment in accordance with generally accepted accounting principles (“GAAP”) and only include Betfair Group’s results since the Merger completion on 2 February 2016 and no Betfair Group results for the 2015 comparative. This Annual Report also includes results prepared on a “Proforma” basis (non-GAAP basis) for the Group as if Paddy Power plc and Betfair Group plc had always been merged, which combines the full 12 month results of Paddy Power and Betfair for 31 December 2016 and 2015. The Directors consider that this is the most appropriate information for understanding and analysing the performance of the Group and accordingly, in the narrative, the results are discussed on a Proforma basis. A reconciliation between the statutory and the non-GAAP proforma, underlying financials is included on page 52. ‡ EBITDA is profit before interest, tax, depreciation and amortisation expenses and is a non-GAAP measure (see page 52). § 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 and page 52). Paddy Power Betfair plc Annual Report & Accounts 2016 7 2016 Proforma revenue 2016 Proforma underlying operating profit§ By operating division By operating division 55% Online 66% Online 20% Australia 22% Australia 19% Retail 12% Retail 6% US 1% US Strategic ReportStrategic Retail Revenue Operating Review £295m Retail
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