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View Annual Report WILLIAM HILL PLC WILLIAM HILL PLC ANNUAL REPORT AND ACCOUNTS 2014 TOWARDS ANNUAL REPORT AND ACCOUNTS 2014 AND REPORT ACCOUNTS ANNUAL A MORE DIVERSIFIED GAMBLING BUSINESS OUR PERFORMANCE A YEAR OF PROGRESS WILLIAM HILL IS ONE OF THE WORLD’S LEADING GAMBLINg cOMPANIES, PROVIDING BETTING AND GAMING SERVICES ACROSS MULTIPLE CHANNELS AND In mANY DIFFERENT COUNTRIES, BRINGING OUR CUSTOMERS AN EXCITING AND ENJOYABLE EXPERIENCE WHEREVER AND WHENEVER THEY WANT TO BET. 2014 WAS A RECORD YEAR FOR WILLIAM HILL WITH oPERATING PROFIT UP 11%. WE ARE SUCCESSFULLY DIVERSIFYING THE BUSINESS WITH INTERNATIONAL MARKETs iNCREASING TO 18% OF REVENUES. Find out more: Page 18 in the ‘Our key performance indicators’ section AMOUNTS WAGERED NET REVENUE1 OPERATING PROFIT2 +15% +8% +11% £8.9bn £1.6bn £372.2m £1.5bn £7.8 bn £330.6m £335.0m £1.3bn £5.9bn 2012 2013 2014 2012 2013 2014 2012 2013 2014 PROFIT BEFORE TAX BASIC, ADJUSTED EPS3 DIVIDEND PER SHARE -9% +4% +5% £ 277.7m 29.9p 12.2p 28.8p 11.6p £ 257.0 m 27.2p £233.9m 10.4p 2012 2013 2014 2012 2013 2014 2012 2013 2014 1 Net revenue is a term equivalent to the Revenue defined by the statutory accounts on page 95. 2 Operating profit/loss is defined as pre-exceptional profit/loss before interest and tax, and the amortisation of specific identified intangible assets recognised on acquisitions. 3 Basic, adjusted EPS is based on profit for the period before exceptional items and amortisation of specific identified intangible assets recognised on acquisitions and omitted from operating profit. Strategic report 01 Governance William Hill PLC Annual Report and Financial statements Accounts 2014 OUR PROMISE LEADING THE INDUSTRY WE ARE ONE OF THE MOST RECOGNISED AND RESPECTED BRANDS IN THE GAMBLING INDUSTRY AND ARE INCREASINGLY TAKING A LEADERSHIP POSITION In pROMOTING RESPONSIBLE GAMBLING. MILLIONS OF PEOPLE ENJOY OUR PRODUCTS AND SERVICES BUT WE ARE AWARE THAT, FOR A SMALL NUMBER Of pEOPLE, GAMBLING CAN BECOME A PROBLEM. WE ARE COMMITTED TO HELPING OUR CUSTOMERS GAMBLE RESPONSIBLY AND ARE CONTINUALLY IMPROVING THE TOOLS WE USE BOTH TO EMPOWER OUR CUSTOMERS AND TO REDUCE SUCH PROBLEMS. WE WORK HAND IN HAND WITH BOTH REGULATORS AND GOVERNMENT TO PROVIDE AN OPEN, FAIR AND RESPONSIBLE SERVICE WHEREVER WE OPERATE. Find out more: Find out more: Page 08 in the ‘CEO’s Q&A’ section Page 32 in the ‘Corporate responsibility’ section Throughout this report are images from ‘Together’, James Henderson’s first leadership conference following his appointment as CEO. The conference was held in December 2014 and it reflects how we are bringing together our diverse and highly experienced teams from different channels and different countries to take advantage of the opportunities we have to grow William Hill and deliver greater value for shareholders. 02 William Hill PLC Annual Report and Accounts 2014 CONTENTS THE QUICK READ… 06 HOW WE 08 18 CREATE VALUE A CHAT HOW HAVE Our business model shows how we use our 20 WE PERFORMED? REGULATION financial, human and intellectual capital and WITH JAMES our relationships within a responsible gambling Find out more about how we have delivered AND MARKETPLACE framework to drive sustainable value for HENDERSON our highest ever operating profit, grown our We outline the regulatory and market changes our stakeholders. Our new CEO, James Henderson, talks about international profile and further improved the responsible gambling measures in our that are creating opportunities and challenges where William Hill is today and the exciting for the Group. times ahead for the Group. business in 2014. THE FULL CONTENT… 01 49 85 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 03 Chairman’s statement 49 Chairman’s introduction 85 Statement of Directors’ Responsibilities 04 Our business at a glance 51 Report on Corporate Governance 86 Independent Auditor’s Report 06 Our business model 52 Board of Directors 90 Group Financial Statements 08 CEO’s Q&A 54 Statement on Corporate Governance 124 Parent Company 10 Our strategic priorities Financial Statements 59 Report of the Audit and Risk 18 Our key performance indicators Management Committee 131 Five-year summary 20 Regulation and our marketplace 62 Report of the Corporate 132 Shareholder information 24 Divisional overview Responsibility Committee 133 Abbreviations and glossary 30 Corporate responsibility 63 Report of the 134 Statement of Group Nomination Committee 42 Financial review Accounting Policies 64 Directors’ Remuneration Report 44 Managing our risks 83 Directors’ Report Pages 01 to 48 form the Strategic Report of William Hill PLC for the period ended 30 December 2014. The Strategic Report has been approved by the Board of William Hill PLC and signed on behalf of the Board by James Henderson, CEO. Strategic report 03 Governance William Hill PLC Annual Report and Financial statements Accounts 2014 CHAIRMAN’S STATEMENT: AN OVERVIEW FROM GARETh dAVIS A Business in great shaPE WE DELIVERED AN 11% INCREASE IN OPERATING PROFIT1 IN 2014, HELPED BY A RECORD- BREAKING WORLD CUP, CONTINUED GROWTH IN MOBILE REVENUES AND SUCCESSFUL INTERNATIONAL DIVERSIFICATION. DRIVEN BY OUR COMMITMENT TO RESPONSIBLE GAMBLING, WE IMPLEMENTED THE INDUSTRY’S VOLUNTARY ABB CODE AND SUPPORTED THE Gareth Davis Chairman RESPONSIBLE GAMBLING TRUST’S (RGT) GROUND- BREAKING MACHINES RESEARCH PROGRAMME, ANd WE PLan FOR FURTHER CHANGES IN 2015. A record result in a year of change Corporate responsibility Outlook and governance I am pleased to report that William Hill has Looking ahead, while we face significant continued to perform strongly in the last year The gambling industry has attracted a lot additional indirect tax costs in 2015 with the in a period of significant change for the Group of attention in recent times, particularly in introduction of the Point of Consumption Tax and challenge for the industry. relation to gaming machines and problem (POCT) and a rise in Machine Games Duty gambling. We have taken an active and (MGD) in the UK and increased race field fees We made further progress on our leading role in improving responsible gambling in Australia, we are well positioned to continue diversification strategy, with our digital measures in 2014, particularly in helping to gain share in our key markets, in particular businesses (Online and William Hill Australia) to shape the industry’s voluntary Code for as the UK online market evolves following increasing to 40% of Group net revenue2 Responsible Gambling, supporting the RGT’s the introduction of POCT. Our priorities for (2013: 36%) and with international markets two-year research programme and being a 2015 and beyond are to maximise the omni- increasing to 18% of Group net revenue2 founder member of the Senet Group as an channel potential of our UK customer base, (2013: 15%). Online’s performance benefited independent industry oversight body. to take advantage of growth opportunities from strong growth in both mobile gaming in international markets and to evolve our and sports betting net revenue. William Hill The Board continued to demonstrate good technology infrastructure to support these Australia has undergone significant change governance and during 2014 we completed growth strategies. in terms of its management, operations, a successful transition to James Henderson marketing, user experience and product as our new CEO, taking over from Ralph On behalf of the Board, I would like to record range to increase its competitiveness in Topping. James has outlined the Group’s our thanks to our William Hill colleagues this attractive market and commencing priorities for continuing our strategic evolution for their continued commitment to high rebranding as William Hill in 2015 is another which the Board fully supports. I am confident responsibility standards, to customer service key step. Retail remains resilient, with profit James’s 30 years’ experience across all parts excellence and to innovation at a time of declining only slightly despite weaker sporting of the Group gives him a unique insight as he significant change for the Group. results, with good cost control demonstrated. leads our next stage of growth. William Hill US outperformed our expectations Find out more: and we continue to watch with interest the Page 49 in the ‘Governance’ section potential for legal changes in that market. Find out more: Page 18 in the ‘Our key performance indicators’ section 1 Operating profit/loss is defined as pre-exceptional profit/loss before interest and tax, and the amortisation of specific identified intangible assets recognised on acquisitions. 2 Net revenue is a term equivalent to the Revenue defined by the statutory accounts on page 95. 04 William Hill PLC Annual Report and Accounts 2014 OUR BUSINESS AT A GLANCE THE HOME OF BETTING WE OFFER OUR CUSTOMERS A WIDE RANGE OF SPORTS BETTING AND GAMING LEISURE OPPORTUNITIES WHENEVER AND WHEREVER THEY WANT TO GAMBLE. OUR BUSINESSES retail online We are the UK’s leading operator of Licensed Betting Our Online business is the leading provider of online betting and Offices (LBOs)1 with 2,3622 of the c9,000 LBOs overseen gaming to UK customers by revenues, with 15% market share3. by the Gambling Commission. We offer both betting (49% We provide in-play and pre-match betting (48% of net revenue) of net revenue) and gaming (51% of net revenue), with the with the most popular sports being football, horseracing and tennis. key products being horseracing, football, greyhound racing We also provide gaming on casino products (45% of net revenue), and electronic gaming. poker (3%) and bingo (4%). #1 26% #1 15 % Market position UK market share by number Market position UK market share by revenue of LBOs Find out more: Find out more: Page 24 in the ‘Divisional overview’ section Page 26 in the ‘Divisional overview’ section Australia US We acquired Sportingbet, Centrebet and tomwaterhouse.com We acquired three small operators in 2012 and consolidated in 2013 and consolidated them to create William Hill Australia.
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