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The consolidated financial statements on pages 100 to 104 were
approved and authorised for issue by the Board of Directors on 26
March 2024 and were signed on its behalf by:
PER WIDERSTR\u00d6M SEAN WILKINS
Chief Executive Officer Chief Financial Officer
The notes on pages 105 to 154 form part of these consolidated
financial statements.
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"2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-373": { "value": "189400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800H84UJQYSVF9750", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-374": { "value": "256200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800H84UJQYSVF9750", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-375": { "value": "317600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-379": { "value": "GENERAL INFORMATION Company description 888 Holdings Plc (the 'Company') and its subsidiaries (together the 'Group') was founded in 1997 in the British Virgin Islands and since 17 December 2003 has been domiciled in Gibraltar (Company number 90099). On 4 October 2005, the Company listed on the London Stock Exchange. Definitions In these financial statements: The Company 888 Holdings PLC. The Group 888 Holdings PLC and its subsidiaries. Subsidiaries Companies over which the Company has control (as defined in IFRS 10 \u2014 Consolidated Financial Statements) and whose accounts are consolidated with those of the Company. Related parties As defined in IAS 24 \u2018Related Party Disclosures\u2019. Associates As defined in IAS 28 \u2018Investments in Associates and Joint Ventures\u2019", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "888 Holdings Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "British Virgin Islands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Gibraltar", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "888 Holdings PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "
1 ACCOUNTING POLICIES
The material accounting policies applied in the preparation of the consolidated financial statements are as follows:
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting
standards and in accordance with the requirements of the Gibraltar Companies Act 2014. The consolidated financial statements have been
prepared on a historical cost basis, except where certain assets or liabilities are held at amortised cost or at fair value as described in the
Group\u2019s accounting policies.
All values are rounded to the closest hundred thousand, except when otherwise indicated.
The significant accounting policies applied in the consolidated financial statements in the prior year have been applied consistently in
these consolidated financial statements, except for the amendments to accounting standards effective for the annual periods beginning
on 1 January 2023. These are described in more detail below.
As a Company incorporated in Gibraltar, 888 Holdings Plc is not required by UK law or regulation to prepare the Directors\u2019 Remuneration or
Strategic reports under regulation that applies to UK incorporated companies. However, by virtue of 888\u2019s Premium Listing on the London
Stock Exchange and reflecting the Directors' approach to good governance and investor expectation, we have prepared these reports in
line with the requirements under the UK Companies Act 2006.
The Directors\u2019 Remuneration Report, set out on pages 66 to 82, has been voluntarily prepared in accordance with sections 420 to 422
UK Companies Act 2006.
The information given in the Strategic Report, set out on pages 2 to 43, has been voluntarily prepared in accordance with section 414
UK Companies Act 2006.
Going concern
Background
The financial statements have been prepared using the going concern basis of accounting. As at the year end, the Group had net assets
of \u00a379.9m (2022: \u00a3159.2m) and incurred a statutory loss before tax of \u00a3121.3m during the year (2022: \u00a3115.7m loss). The Group also had net
current liabilities of \u00a3205.0m (2022: \u00a3209.0m).
A full description of the Group\u2019s business activities, financial position, cash flows, liquidity position, committed facilities and borrowing
position, together with the factors likely to affect its future development and performance, is set out in the Strategic Report on pages
2 to 43, and in notes 23 to 25 to these financial statements.
Business planning and performance management
The Group has robust forecasting and monitoring processes which consist of weekly monitoring and careful management of liquidity, an
annual budget and a long-term plan, which generates income statement and cash flow projections for assessment by management and
the Board. Forecasts are regularly compared with prior forecasts and current trading to identify variances and understand their future
impact so management can act where appropriate. Analysis is undertaken to review and sense check the key assumptions, including the
integration and transformation programmes, underpinning the forecasts.
Whilst there are risks to the Group\u2019s trading performance (as summarised in the Risks section of the Strategic Report on pages 30 to
41), the Group has established risk management processes to identify and mitigate risks, and such risks have been considered when
undertaking the going concern evaluation for the period to 30 June 2025.
The Group\u2019s future prospects
As highlighted in note 24 to the financial statements, the Group meets its day-to-day working capital requirements from the positive cash
flows generated by its trading activities and its available cash resources. The Group holds cash and cash equivalents excluding customer
balances and restricted cash of \u00a3128.4m as at 31 December 2023 (2022: \u00a3176.3m). In addition to this the Group has access, until 31
December 2027, to a \u00a3150m Revolving Credit Facility, which was undrawn as of 31 December 2023.
The Group entered into significant debt arrangements in the previous year to fund the acquisition of the William Hill business (also
described in note 24). Other than an annual $5.0m repayment on the TLB facility, no borrowings are due within the period of the going
concern evaluation or in the period soon after it. The next due date on the Group\u2019s debt is in 2026 and the majority is repayable in 2027-28.
The Group\u2019s Revolving Credit Facility contains a net leverage covenant which is not restrictive in the base case, downside or reverse stress
test scenarios. The remainder of the Group\u2019s debt does not contain any financial covenants.
The Group\u2019s forecasts, for the going concern evaluation period to 30 June 2025, based on reasonable assumptions including, in the base
case, a 10% increase in 2024 revenue coupled with higher marketing investment, indicate that the Group will be able to operate within the
level of its currently available and expected future facilities for this period to 30 June 2025. Under the base case forecast, the Group has
sufficient cash reserves and available facilities to enable it to meet its obligations as they fall due, for this going concern evaluation period
to 30 June 2025.
The Group has also assessed a range of downside scenarios to evaluate whether any material uncertainty exists relating to the Group\u2019s
ability to continue as a going concern. The forecasts and scenarios consider severe but plausible downsides that could impact the Group,
which are linked to the business risks identified by the Group. These scenarios, both individually and in combination, have enabled the
Directors to conclude that the Group has adequate resources to continue to operate for the foreseeable future.
Specifically, the Directors have given careful consideration to the regulatory and legal environment in which the Group operates. Downside
sensitivities have been run, individually and in aggregate, to assess the impact of the following scenarios:
\u2022 Reductions in revenue reflecting a lower return on marketing investment than budgeted;
\u2022 Reductions in profitability for the Group of 10% to reflect potential regulatory, macroeconomic and competitive pressures;
\u2022 An increase in interest expense as a result of higher interest rates on the Group\u2019s remaining floating rate debt;
\u2022 The phasing of cash outflows relating to regulatory and other provisions and accrual settlements; and
\u2022 A 10% increase in the Group\u2019s capex spend as a result of execution delays or product overspends.
Management has performed a separate reverse stress test to identify the conditions that would be required to compromise the Group\u2019s
liquidity. Having done so, management has identified further actions to conserve or generate cash to mitigate any impact of such a
scenario occurring. Management has calculated mitigating cost savings that can be implemented by reducing variable operating
expenditure to offset a reduction in cash generation resulting from lower profitability. Following these actions, the Group could withstand
a decrease in forecast adjusted EBITDA of 38%. The Board considers the likelihood of a decline of this magnitude to be remote. Other
initiatives, not directly in the Group\u2019s control at the date of approval of these financial statements, could be considered including the
disposal of non-core assets and investments.
Should a more extreme downside scenario occur, or mitigations and initiatives not be achieved, further mitigating actions that can be
executed in the necessary timeframe could be taken, such as a temporary reduction of marketing expenditures.
Conclusion
Based on the above considerations, the Directors continue to adopt the going concern basis in preparing these financial statements.
New standards, interpretations and amendments adopted by the Group
In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs
and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the
Group. Changes are detailed below:
IFRS 17
Insurance Contracts (effective 1 January 2023)
IAS 1 (amended)
Disclosure of Accounting Policies (effective 1 January 2023)
IAS 8 (amended)
Definition of Accounting Estimates (effective 1 January 2023)
IAS 12 (amended)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023)
IAS 12 (amended)
International Tax Reform \u2014 Pillar Two Model Rules (effective 1 January 2023)
Standards in issue but not effective
At the date of authorisation of the Group financial statements, the following amendments and Interpretations, which have not been applied
in these Group financial statements, were in issue but not yet effective:
Amendments and interpretations
IAS 1 (amended)
Classification of Liabilities as Current or Non-current (effective 1 January 2024)
IAS 7 and IFRS 17 (amended)
Supplier Finance Arrangements (effective 1 January 2024)
IAS 21 (amended)
Lack of Exchangeability (effective 1 January 2024)
IFRS 16 (amended)
Lease Liabilities in a Sale and Leaseback (effective 1 January 2024)
The Group does not currently consider that the adoption of these new standards or amendments would have a material effect on the
results or financial position of the Group.
Impact of climate change
The business continues to consider the impact of climate change in the consolidated and Company financial statements and recognise
that the most impactful risks are around the cancellation of sporting events due to extreme weather and the longer-term cost of energy.
Further, the Group has assessed the impact of climate change in the work on going concern, viability statement and impairment reviews
and considers that the above risks have been factored into these future forecasts. The Group constantly monitors the latest government
legislation in relation to climate-related matters. At the current time, no legislation has been passed that will impact the Group. The Group
will adjust key assumptions in value in use calculations and sensitise these calculations if a change is required.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies, which are described below, the Directors are required to make judgements, estimates
and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised where it affects only that period or in the period and future periods if it affects both current and
future periods.
Critical accounting judgements
Internally generated intangible assets
Costs relating to internally generated intangible assets are capitalised if the criteria for recognition as assets are met. The initial
capitalisation of costs is based on management\u2019s judgement that technological and economic feasibility criteria are met. In making
this judgement, management considers the progress made in each development project and its latest forecasts for each project. Other
expenditure is charged to the Consolidated Income Statement in the year in which the expenditure is incurred. Following initial recognition,
intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. For further information
see note 12.
Leases
Management considers the key judgement to be the assessment of the lease term at the point where the lessee can be reasonably certain
of its right to use the underlying asset.
Given the number of shop closures in the Retail estate historically, management determined the lease term under IFRS 16 across the Retail
estate as the next available break date, as the Group is not \u2018reasonably certain\u2019 that any lease break will not be exercised. The Group has
recognised a lease liability of \u00a387.6m at 31 December 2023 (31 December 2022: \u00a389.0m).
Exceptional and adjusted items
The Group classifies and presents certain items of income and expense as exceptional items. The Group presents adjusted performance
measures which differ from statutory measures due to exclusion of exceptional items and certain non-cash items as the Group considers
that it allows a further understanding of the underlying financial performance of the Group. These measures are described as 'adjusted'
and are used by management to measure and monitor the Group\u2019s underlying financial performance. Non-cash items that are excluded
from adjusted performance measures of underlying financial performance include amortisation of acquired intangibles, amortisation of
finance fees, share benefit charges and foreign exchange differences. Refer to Appendix 1 for further detail.
The Group considers any items of income and expense for classification as exceptional if they are one off in nature and by virtue of their
size. The items classified as exceptional (and are excluded from the adjusted measures) are described in further detail in note 3.
Significant accounting estimates
The following are the Group\u2019s major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities within the next financial year.
Impairment of goodwill
For the purposes of impairment testing under IAS 36 Impairment of Assets, CGUs are grouped to reflect the level at which goodwill is
monitored by management. The key judgement is the level at which the impairment tests are performed. Management has allocated
goodwill to Retail on a group of CGUs basis, International on a group of CGUs basis and UK&I Online as its own CGU as this is the lowest
level at which it is practical to monitor goodwill. These are the levels at which goodwill is assessed for impairment. Determining whether
goodwill is impaired requires an estimation of the value in use of the cash-generating units to which the goodwill has been allocated. The
value in use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable
discount rate in order to calculate present value. Cash flows are forecast for periods up to five years. The key assumptions used in the
model are based on historical experience and other factors that are considered to be relevant, including growth rates and discount rates.
For further information see note 12.
Provisions, contingent liabilities and regulatory matters
The Group makes a number of estimates in respect of the accounting for, and disclosure of, expenses and contingent liabilities for
customer claims. Provisions are described in further detail in note 22 and contingent liabilities in note 31.
In common with other businesses in the gambling sector the Group receives claims from customers relating to the provision of gambling
services. Claims have been received from customers in a number of (principally European) jurisdictions and allege either failure to follow
responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local
licensing regimes.
The Group has recognised a provision and contingent liability for customer claims in Austria and Germany where the business has been
subject to a particular acceleration of claims since 2020 following marketing campaigns by litigation funders in those jurisdictions.
Customers who have obtained judgement against the Group\u2019s entities in the Austrian and German courts have sought to enforce those
judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group
relating to these claims is \u00a3113.0m (2022: \u00a3112.3m), mostly related to the Mr Green brand.
The value of the provision and contingent liability are both estimates based on the number and individual size of claims received to date
and assumptions based on such observations as can be derived from those claims and include an estimate of claims the Group assesses
it probable, for the provision, and possible, for the contingent liability, that it will receive in the future. If these rates of receipt of claims were
to increase by 25% compared to the Group\u2019s expectation, the value across the provision recognised and contingent liability disclosed
would increase by \u00a37.0m before consideration of potential gaming tax reclaim.
Identification and valuation of William Hill intangible assets
In the prior year, the Group acquired the International (non-US) business of William Hill on 1 July 2022 for an enterprise value of \u00a31.73 billion.
Since the disclosure of the provisional fair values in the prior year end accounts and during the measurement period, an adjustment of
\u00a315.7m has been made to increase the fair value of provisions in relation to the customer claims in Germany, and an equivalent increase in
goodwill has been recognised. See note 16 for further details of the change.
As part of the purchase price allocation the Group recognised separately identifiable acquired intangible assets comprising brands
(\u00a3574.4m), customer relationships (\u00a3595.1m) and gambling licences (\u00a38.5m). Goodwill of \u00a3776.6m was recognised on acquisition. The
estimate of the value of each class of asset described above is based on recognised valuation methodologies such as the 'relief from
royalty' method for brands, recognised industry comparative data and the Group\u2019s industry experience and specialist knowledge and
is therefore a significant accounting estimate. A 5% increase/decrease in estimated customer churn rates would (decrease)/increase
the fair value of customer relationships by (\u00a3123.0m)/\u00a3176.0m respectively. Note that consideration of provisions and contingent liabilities
identification and valuation on acquisition are considered in the provision, contingent liabilities and regulatory matters section above. This
was an area where the Group made significant accounting estimates.
Further, the Group exercised judgement in determining the intangible assets acquired and their fair value on the William Hill business
combination, with the support of external experts to support the valuation process, where appropriate. See note 16 for additional
information. These estimates and judgements only relate to the prior year.
Basis of consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries. The subsidiaries are companies
controlled by 888 Holdings PLC. Control exists where the Company has power over an entity; exposure, or rights, to variable returns from its
involvement with an entity; and the ability to use its power over an entity to affect the amount of its returns. Subsidiaries are consolidated
from the date the Parent gained control until such time as control ceases.
The financial statements of subsidiaries are included in the consolidated financial statements using the purchase method of accounting. On
the date of the acquisition, the assets and liabilities of a subsidiary are measured at their fair values and any excess of the fair value of the
consideration over the fair values of the identifiable net assets acquired is recognised as goodwill.
Intercompany transactions and balances are eliminated on consolidation.
The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting
policies.
Revenue
Revenue is measured at the fair value of the consideration received or receivable from customers and represents amounts receivable for
goods and services that the Group is in business to provide, net of discounts, marketing inducements and VAT, as set out below.
In the case of licensed betting offices (LBO) (including gaming machines), online sportsbook and telebetting and online casino (including
games on the Online arcade and other numbers bets) revenue represents gains and losses from gambling activity in the period. This
revenue is treated as a derivative under IFRS 9 \u2018Financial Instruments\u2019 and is therefore out of scope of IFRS 15 \u2018Revenue from Contracts with
Customers\u2019. Open positions are carried at fair value, and gains and losses arising on this valuation are recognised in revenue, as well as
gains and losses realised on positions that have closed.
Revenue from the Online poker business is within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and reflects the net income
(rake) earned when a poker game is completed, which is when the performance obligation is deemed to be satisfied.
Revenue from Business to Business (B2B) is mainly comprised of services provided to business partners. B2B also includes fees from the
provision of certain gaming-related services to partners. Customer advances received are treated as deferred income within current
liabilities and released as they are earned.
For services provided to business partners through its B2B unit, the Group examines whether the nature of its promise is a performance
obligation to provide the defined goods or services itself, which means the Group is a principal and therefore recognises revenue as the
gross amount of the revenue generated from use of the Group\u2019s platform in online gaming activities with the partners\u2019 share of the revenue
charged to marketing expenses; or to arrange that another party provide the goods or services which means the Group is an agent and
therefore recognises revenue as the amount of the net commission from use of the Group\u2019s platform.
The Group is a principal when it controls the promised goods or services before their transfer to the customer. Indicators that the Group
controls the goods or services before their transfer to the customer include, inter alia, as follows: The Group is the primary obligor for
fulfilling the promises in the contract; the Group has inventory risk before the goods or services are transferred to the customer; and the
Group has discretion in setting the prices of the goods or services.
Cost of sales
Cost of sales consists primarily of gaming duties, payment service providers\u2019 commissions, chargebacks, commission and royalties payable
to third parties, all of which are recognised on an accruals basis.
Operating expenses
Operating expenses consist primarily of marketing, staff costs and corporate professional expenses, all of which are recognised on an
accruals basis.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
For defined benefit retirement schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each period end date. Actuarial remeasurements are recognised in full in the period in which they occur.
They are recognised outside profit or loss and presented in the Consolidated Statement of Comprehensive Income.
The net retirement benefit asset or obligation recognised in the Consolidated Statement of Financial Position represents the present
value of the defined benefit obligation as reduced by the fair value of scheme assets. Any net asset resulting from this calculation is not
recognised on the balance sheet as this is expected to be used to meet the costs of eventual wind-up of the plan rather than refunded to
the Company in practice.
Foreign currency
Monetary assets and liabilities denominated in currencies other than the functional currency of the relevant Company are translated into
that functional currency using year-end spot foreign exchange rates. Non-monetary assets and liabilities are translated using exchange
rates prevailing at the dates of the transactions. Exchange rate differences on foreign currency transactions are included in financial
income or financial expenses in the Consolidated Income Statement, as appropriate.
The results and financial position of all Group entities that have a functional currency different from pound sterling are translated into the
presentation currency at foreign exchange rates as set out below. Exchange differences arising, if any, are recorded in the Consolidated
Statement of Comprehensive Income as a component of other comprehensive income.
(i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and
(ii) income and expenses for each income statement are translated at an average exchange rate (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are
translated at the dates of the transactions).
Finance income
Finance income relates to interest income and is accrued on a time basis, by reference to the principal outstanding and the effective
interest rate applicable.
Finance costs
Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income
Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective
finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially
recognised and the redemption price.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the Consolidated
Income Statement because it excludes items of income or expense that are taxable or deductible in other periods, and it further excludes
items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the period end date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability
method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to
the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where
the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been
enacted at the period end date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items
charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the
implementation of the global minimum tax rules published by the Organization for Economic Cooperation and Development (OECD), so-
called Pillar Two income taxes, as required under IAS 12.
Goodwill
Goodwill represents the excess of the fair value of the consideration in a business combination over the Group\u2019s interest in the fair value
of the identifiable assets, liabilities and contingent liabilities acquired. Consideration comprises the fair value of any assets transferred,
liabilities assumed and equity instruments issued.
Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Consolidated Income Statement
and not subsequently reversed. Where the fair values of identifiable assets, liabilities and contingent liabilities exceed the fair value of
consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition. Changes in the fair value of the
contingent consideration and direct costs of acquisition are charged or credited immediately to the Consolidated Income Statement.
Intangible assets
Acquired intangible assets
Intangible assets arising on acquisitions are recorded at their fair value.
Amortisation is provided at rates calculated to write off the valuation, less estimated residual value, of each asset on a straight-line basis
over its expected useful life, as follows:
Acquired brands assessed separately for each asset, with lives ranging up to 30 years
Customer relationships between 18 months and 13 years
Bookmaking and mobile technology between three and five years
Licences 10 to 20 years
Amortisation of assets arising on acquisition is recognised as an adjusted item, please see note 3 for further information.
Internally generated intangible assets
An internally generated intangible asset arising from the Group\u2019s development of computer systems is recognised only if all of the following
conditions are met:
\u2022 an asset is created that can be identified (such as software and new processes);
\u2022 it is probable that the asset created will generate future economic benefits; and
\u2022 the development cost of the asset can be measured reliably.
Expenditure incurred on development activities of gaming platforms is capitalised only when the expenditure will lead to new or
substantially improved products or processes, the products or processes are technically and commercially feasible and the Group has
sufficient resources to complete development. All other development expenditure is expensed. Subsequent expenditure on intangible assets
is capitalised only where it clearly increases the economic benefits to be derived from the asset to which it relates. The Group estimates the
useful life of these assets as between three and five years.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation. Assets are assessed at each balance sheet date
for indicators of impairment.
Depreciation is calculated using the straight-line method, at annual rates estimated to write off the cost of the assets less their estimated
residual values over their expected useful lives. The annual depreciation rates are as follows:
Freehold buildings 50 years
Long leasehold properties 50 years
Short leasehold properties over the unexpired period of the lease
Short leasehold improvements the shorter of ten years or the unexpired period of the lease
Fixtures, fittings and equipment and motor vehicles at variable rates between three and ten years
Right-of-use asset reasonably certain lease term
Impairment of non-financial assets
An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be
impaired. At each period end date, the Group reviews the carrying amounts of its goodwill, property, plant and equipment and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not
generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to
which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future pre-tax
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. This process is described in
more detail in note 12 to the financial statements.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of
the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Other than for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit)
is increased to the revised estimate of its recoverable amount, but only to the point that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in prior periods. A reversal of an impairment loss is recognised as income immediately.
Fair value measurement
The Group measures certain financial instruments at fair value at each balance sheet date. The fair value related disclosures are included
in notes 24 and 25. Fair value is the price that would be received or paid in an orderly transaction between market participants at a
particular date, either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous
market for that asset or liability accessible to the Group.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair
value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
IFRS 13 \u2018Fair Value Measurement\u2019 emphasises that fair value is a market-based measurement, not an entity-specific measurement.
Therefore, fair value measurements under IFRS 13 should be determined based on the assumptions that market participants would use in
pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, IFRS 13 establishes a fair
value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of
the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity\u2019s own assumptions
about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
\u2022 Level 1 inputs utilise quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability
to access.
\u2022 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or
indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable
for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at
commonly quoted intervals.
\u2022 Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity\u2019s own assumptions, as there is little,
if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels
of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest
level input that is significant to the fair value measurement in its entirety. The Company\u2019s assessment of the significance of a particular
input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability.
Assets held for sale
Assets categorised as held for sale are held on the Consolidated Statement of Financial Position at the lower of the book value and fair
value less costs to sell. This assessment is carried out when assets are transferred to held for sale. The impact of any adjustment as a part
of this assessment is booked through the Consolidated Income Statement.
Cash and cash equivalents
Cash comprises cash in hand, balances with banks and on-demand deposits. Cash equivalents are short-term, highly liquid investments
that are readily convertible to known amounts of cash. They include short-term deposits originally purchased with maturities of three
months or less.
Trade receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost and principally comprise amounts
due from credit card companies and from e-payment companies. The Group has applied IFRS 9\u2019s simplified approach and has calculated
the \u2018expected credit losses\u2019 (ECLs) based on lifetime of expected credit losses. Bad debts are written off when there is objective evidence
that the full amount may not be collected.
Equity
Equity issued by the Company is recorded as the proceeds received from the issue of shares, net of direct issue costs.
Treasury shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the
carrying amount and the consideration, if reissued, is recognised in the share premium account.
Dividends
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared
by the Board of Directors and paid. In the case of final dividends, this is when approved by the shareholders at the Annual General
Meeting.
Equity-settled share benefit charges
Where the Company grants its employees or contractors shares or options, the cost of those awards, recognised in the Consolidated
Income Statement over the vesting period with a corresponding increase in equity, is measured with reference to the fair value at the date
of grant. Market performance conditions are taken into account in determining the fair value at the date of grant. Non-market performance
conditions, including service conditions, are taken into account by adjusting the number of instruments expected to vest at each balance
sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that
eventually vest.
Cash-settled transactions
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to
and including the settlement date, with changes in fair value recognised within employee benefits expenses. The fair value is expensed over
the period until the vesting date with recognition of a corresponding liability, further details of which are given in note 28. The approach
used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions.
Severance pay schemes
The Group operates two severance pay schemes:
Defined benefit severance pay scheme
The Group operates a defined benefit severance pay scheme pursuant to the Severance Pay Law in Israel. Under this scheme Group
employees are entitled to severance pay upon redundancy or retirement. The liability for termination of employment is measured using the
projected unit credit method.
Severance pay scheme surpluses and deficits are measured as:
\u2022 the fair value of plan assets at the reporting date; less
\u2022 plan liabilities calculated using the projected unit credit method, discounted to its present value using yields available for the appropriate
government bonds that have maturity dates appropriate to the terms of the liabilities.
Remeasurements of the net severance pay scheme assets and liabilities, including actuarial gains and losses on the scheme liabilities due
to changes in assumptions or experience within the scheme and any differences between the interest income and the actual return on
assets, are recognised in the Consolidated Statement of Comprehensive Income in the period in which they arise.
Defined contribution severance pay scheme
In 2017 the Group introduced a defined contribution plan pursuant to section 14 of the Severance Pay Law. Under this scheme the Group
pays fixed monthly contributions. Payments to defined contribution plans are charged as an expense as they fall due.
Borrowings
The Group records bank and other borrowings initially at fair value, which equals the proceeds received, or acquired in a business
transaction, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums
payable on settlement or redemption and direct issue costs, using the effective interest rate method.
Derivatives and hedging activities
The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate
risks.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to
their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the
derivative is designated for hedge accounting.
Hedge accounting
The Company designates certain derivatives as hedging instruments as either:
\u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions
(cash flow hedges); or
\u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges).
At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item
along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the
hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements
under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other
comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion
is recognised immediately within profit and loss.
Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is
recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised
hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability,
the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and
included in the initial measurement of the cost of the non-financial asset or non-financial liability.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the
criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or
loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the
gain or loss accumulated in equity is recognised immediately in profit or loss.
Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not
qualify for hedge accounting are recognised immediately in profit or loss and are included in finance income/expense.
Leasing
At inception of a contract, the Group considers whether the contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at
the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount
rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s
incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on the margin
requirements of the Group\u2019s revolving credit facilities as well as country specific adjustments. A right-of-use asset is also recognised equal
to the lease liability and depreciated over the period from the commencement date to the earlier of the end of the useful life of the right-
of-use asset or the lease term. The Group has assessed the lease term of properties within its retail estate to be up to the first available
contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given
the continued uncertainty surrounding the Group\u2019s retail business.
The Group has also applied the below practical expedients:
\u2022 exclude leases from measurement and recognition where the lease term ends within 12 months from the date of initial application and
account for those leases as short-term leases;
\u2022 exclude low value leases for lease values less than \u00a35,000;
\u2022 apply a single discount rate to a portfolio of leases with similar characteristics;
\u2022 use hindsight to determine the lease term if the contract contains options to extend or terminate; and
\u2022 exclude initial direct lease costs in the measurement of the right-of-use asset.
The Group has a small number of sublet properties. In these instances, leases are classified as finance leases whenever the terms of the
lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Where
the Group is an intermediate lessor, the sublease classification is assessed with reference to the head lease right-of-use asset. Amounts
due from lessees under finance leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance lease
income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental
income from operating leases is recognised on a straight-line basis over the term of the lease. IFRS 16 requires lessees to recognise right-of-
use assets and lease liabilities for most leases.
Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost.
Provisions
Provisions are recognised when the Group has a present or constructive obligation as a result of a past event from which it is probable that
it will result in an outflow of economic benefits that can be reasonably estimated.
Liabilities to customers
Liabilities to customers comprise the amounts that are credited to customers\u2019 bankroll (the Group\u2019s electronic 'wallet'), including provision
for bonuses granted by the Group, less fees and charges applied to customer accounts, along with full progressive provision for jackpots.
These amounts are repayable in accordance with the applicable terms and conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting standards and in accordance with the requirements of the Gibraltar Companies Act 2014. The consolidated financial statements have been prepared on a historical cost basis, except where certain assets or liabilities are held at amortised cost or at fair value as described in the Group\u2019s accounting policies. All values are rounded to the closest hundred thousand, except when otherwise indicated. The significant accounting policies applied in the consolidated financial statements in the prior year have been applied consistently in these consolidated financial statements, except for the amendments to accounting standards effective for the annual periods beginning on 1 January 2023. These are described in more detail below. As a Company incorporated in Gibraltar, 888 Holdings Plc is not required by UK law or regulation to prepare the Directors\u2019 Remuneration or Strategic reports under regulation that applies to UK incorporated companies. However, by virtue of 888\u2019s Premium Listing on the London Stock Exchange and reflecting the Directors' approach to good governance and investor expectation, we have prepared these reports in line with the requirements under the UK Companies Act 2006. The Directors\u2019 Remuneration Report, set out on pages 66 to 82, has been voluntarily prepared in accordance with sections 420 to 422 UK Companies Act 2006. The information given in the Strategic Report, set out on pages 2 to 43, has been voluntarily prepared in accordance with section 414 UK Companies Act 2006. Going concern Background The financial statements have been prepared using the going concern basis of accounting. As at the year end, the Group had net assets of \u00a379.9m (2022: \u00a3159.2m) and incurred a statutory loss before tax of \u00a3121.3m during the year (2022: \u00a3115.7m loss). The Group also had net current liabilities of \u00a3205.0m (2022: \u00a3209.0m). A full description of the Group\u2019s business activities, financial position, cash flows, liquidity position, committed facilities and borrowing position, together with the factors likely to affect its future development and performance, is set out in the Strategic Report on pages 2 to 43, and in notes 23 to 25 to these financial statements. Business planning and performance management The Group has robust forecasting and monitoring processes which consist of weekly monitoring and careful management of liquidity, an annual budget and a long-term plan, which generates income statement and cash flow projections for assessment by management and the Board. Forecasts are regularly compared with prior forecasts and current trading to identify variances and understand their future impact so management can act where appropriate. Analysis is undertaken to review and sense check the key assumptions, including the integration and transformation programmes, underpinning the forecasts. Whilst there are risks to the Group\u2019s trading performance (as summarised in the Risks section of the Strategic Report on pages 30 to 41), the Group has established risk management processes to identify and mitigate risks, and such risks have been considered when undertaking the going concern evaluation for the period to 30 June 2025. The Group\u2019s future prospects As highlighted in note 24 to the financial statements, the Group meets its day-to-day working capital requirements from the positive cash flows generated by its trading activities and its available cash resources. The Group holds cash and cash equivalents excluding customer balances and restricted cash of \u00a3128.4m as at 31 December 2023 (2022: \u00a3176.3m). In addition to this the Group has access, until 31 December 2027, to a \u00a3150m Revolving Credit Facility, which was undrawn as of 31 December 2023. The Group entered into significant debt arrangements in the previous year to fund the acquisition of the William Hill business (also described in note 24). Other than an annual $5.0m repayment on the TLB facility, no borrowings are due within the period of the going concern evaluation or in the period soon after it. The next due date on the Group\u2019s debt is in 2026 and the majority is repayable in 2027-28. The Group\u2019s Revolving Credit Facility contains a net leverage covenant which is not restrictive in the base case, downside or reverse stress test scenarios. The remainder of the Group\u2019s debt does not contain any financial covenants. The Group\u2019s forecasts, for the going concern evaluation period to 30 June 2025, based on reasonable assumptions including, in the base case, a 10% increase in 2024 revenue coupled with higher marketing investment, indicate that the Group will be able to operate within the level of its currently available and expected future facilities for this period to 30 June 2025. Under the base case forecast, the Group has sufficient cash reserves and available facilities to enable it to meet its obligations as they fall due, for this going concern evaluation period to 30 June 2025. The Group has also assessed a range of downside scenarios to evaluate whether any material uncertainty exists relating to the Group\u2019s ability to continue as a going concern. The forecasts and scenarios consider severe but plausible downsides that could impact the Group, which are linked to the business risks identified by the Group. These scenarios, both individually and in combination, have enabled the Directors to conclude that the Group has adequate resources to continue to operate for the foreseeable future. Specifically, the Directors have given careful consideration to the regulatory and legal environment in which the Group operates. Downside sensitivities have been run, individually and in aggregate, to assess the impact of the following scenarios: \u2022 Reductions in revenue reflecting a lower return on marketing investment than budgeted; \u2022 Reductions in profitability for the Group of 10% to reflect potential regulatory, macroeconomic and competitive pressures; \u2022 An increase in interest expense as a result of higher interest rates on the Group\u2019s remaining floating rate debt; \u2022 The phasing of cash outflows relating to regulatory and other provisions and accrual settlements; and \u2022 A 10% increase in the Group\u2019s capex spend as a result of execution delays or product overspends. Management has performed a separate reverse stress test to identify the conditions that would be required to compromise the Group\u2019s liquidity. Having done so, management has identified further actions to conserve or generate cash to mitigate any impact of such a scenario occurring. Management has calculated mitigating cost savings that can be implemented by reducing variable operating expenditure to offset a reduction in cash generation resulting from lower profitability. Following these actions, the Group could withstand a decrease in forecast adjusted EBITDA of 38%. The Board considers the likelihood of a decline of this magnitude to be remote. Other initiatives, not directly in the Group\u2019s control at the date of approval of these financial statements, could be considered including the disposal of non-core assets and investments. Should a more extreme downside scenario occur, or mitigations and initiatives not be achieved, further mitigating actions that can be executed in the necessary timeframe could be taken, such as a temporary reduction of marketing expenditures. Conclusion Based on the above considerations, the Directors continue to adopt the going concern basis in preparing these financial statements. New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below:
IFRS 17
Insurance Contracts (effective 1 January 2023)
IAS 1 (amended)
Disclosure of Accounting Policies (effective 1 January 2023)
IAS 8 (amended)
Definition of Accounting Estimates (effective 1 January 2023)
IAS 12 (amended)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023)
IAS 12 (amended)
International Tax Reform \u2014 Pillar Two Model Rules (effective 1 January 2023)
Standards in issue but not effective At the date of authorisation of the Group financial statements, the following amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: Amendments and interpretations
IAS 1 (amended)
Classification of Liabilities as Current or Non-current (effective 1 January 2024)
IAS 7 and IFRS 17 (amended)
Supplier Finance Arrangements (effective 1 January 2024)
IAS 21 (amended)
Lack of Exchangeability (effective 1 January 2024)
IFRS 16 (amended)
Lease Liabilities in a Sale and Leaseback (effective 1 January 2024)
The Group does not currently consider that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting standards and in accordance with the requirements of the Gibraltar Companies Act 2014. The consolidated financial statements have been prepared on a historical cost basis, except where certain assets or liabilities are held at amortised cost or at fair value as described in the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "All values are rounded to the closest hundred thousand, except when otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "Going concern Background The financial statements have been prepared using the going concern basis of accounting. As at the year end, the Group had net assets of \u00a379.9m (2022: \u00a3159.2m) and incurred a statutory loss before tax of \u00a3121.3m during the year (2022: \u00a3115.7m loss). The Group also had net current liabilities of \u00a3205.0m (2022: \u00a3209.0m). A full description of the Group\u2019s business activities, financial position, cash flows, liquidity position, committed facilities and borrowing position, together with the factors likely to affect its future development and performance, is set out in the Strategic Report on pages 2 to 43, and in notes 23 to 25 to these financial statements. Business planning and performance management The Group has robust forecasting and monitoring processes which consist of weekly monitoring and careful management of liquidity, an annual budget and a long-term plan, which generates income statement and cash flow projections for assessment by management and the Board. Forecasts are regularly compared with prior forecasts and current trading to identify variances and understand their future impact so management can act where appropriate. Analysis is undertaken to review and sense check the key assumptions, including the integration and transformation programmes, underpinning the forecasts. Whilst there are risks to the Group\u2019s trading performance (as summarised in the Risks section of the Strategic Report on pages 30 to 41), the Group has established risk management processes to identify and mitigate risks, and such risks have been considered when undertaking the going concern evaluation for the period to 30 June 2025. The Group\u2019s future prospects As highlighted in note 24 to the financial statements, the Group meets its day-to-day working capital requirements from the positive cash flows generated by its trading activities and its available cash resources. The Group holds cash and cash equivalents excluding customer balances and restricted cash of \u00a3128.4m as at 31 December 2023 (2022: \u00a3176.3m). In addition to this the Group has access, until 31 December 2027, to a \u00a3150m Revolving Credit Facility, which was undrawn as of 31 December 2023. The Group entered into significant debt arrangements in the previous year to fund the acquisition of the William Hill business (also described in note 24). Other than an annual $5.0m repayment on the TLB facility, no borrowings are due within the period of the going concern evaluation or in the period soon after it. The next due date on the Group\u2019s debt is in 2026 and the majority is repayable in 2027-28. The Group\u2019s Revolving Credit Facility contains a net leverage covenant which is not restrictive in the base case, downside or reverse stress test scenarios. The remainder of the Group\u2019s debt does not contain any financial covenants. The Group\u2019s forecasts, for the going concern evaluation period to 30 June 2025, based on reasonable assumptions including, in the base case, a 10% increase in 2024 revenue coupled with higher marketing investment, indicate that the Group will be able to operate within the level of its currently available and expected future facilities for this period to 30 June 2025. Under the base case forecast, the Group has sufficient cash reserves and available facilities to enable it to meet its obligations as they fall due, for this going concern evaluation period to 30 June 2025. The Group has also assessed a range of downside scenarios to evaluate whether any material uncertainty exists relating to the Group\u2019s ability to continue as a going concern. The forecasts and scenarios consider severe but plausible downsides that could impact the Group, which are linked to the business risks identified by the Group. These scenarios, both individually and in combination, have enabled the Directors to conclude that the Group has adequate resources to continue to operate for the foreseeable future. Specifically, the Directors have given careful consideration to the regulatory and legal environment in which the Group operates. Downside sensitivities have been run, individually and in aggregate, to assess the impact of the following scenarios: \u2022 Reductions in revenue reflecting a lower return on marketing investment than budgeted; \u2022 Reductions in profitability for the Group of 10% to reflect potential regulatory, macroeconomic and competitive pressures; \u2022 An increase in interest expense as a result of higher interest rates on the Group\u2019s remaining floating rate debt; \u2022 The phasing of cash outflows relating to regulatory and other provisions and accrual settlements; and \u2022 A 10% increase in the Group\u2019s capex spend as a result of execution delays or product overspends. Management has performed a separate reverse stress test to identify the conditions that would be required to compromise the Group\u2019s liquidity. Having done so, management has identified further actions to conserve or generate cash to mitigate any impact of such a scenario occurring. Management has calculated mitigating cost savings that can be implemented by reducing variable operating expenditure to offset a reduction in cash generation resulting from lower profitability. Following these actions, the Group could withstand a decrease in forecast adjusted EBITDA of 38%. The Board considers the likelihood of a decline of this magnitude to be remote. Other initiatives, not directly in the Group\u2019s control at the date of approval of these financial statements, could be considered including the disposal of non-core assets and investments. Should a more extreme downside scenario occur, or mitigations and initiatives not be achieved, further mitigating actions that can be executed in the necessary timeframe could be taken, such as a temporary reduction of marketing expenditures. Conclusion Based on the above considerations, the Directors continue to adopt the going concern basis in preparing these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below:
IFRS 17
Insurance Contracts (effective 1 January 2023)
IAS 1 (amended)
Disclosure of Accounting Policies (effective 1 January 2023)
IAS 8 (amended)
Definition of Accounting Estimates (effective 1 January 2023)
IAS 12 (amended)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023)
IAS 12 (amended)
International Tax Reform \u2014 Pillar Two Model Rules (effective 1 January 2023)
Standards in issue but not effective At the date of authorisation of the Group financial statements, the following amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: Amendments and interpretations
IAS 1 (amended)
Classification of Liabilities as Current or Non-current (effective 1 January 2024)
IAS 7 and IFRS 17 (amended)
Supplier Finance Arrangements (effective 1 January 2024)
IAS 21 (amended)
Lack of Exchangeability (effective 1 January 2024)
IFRS 16 (amended)
Lease Liabilities in a Sale and Leaseback (effective 1 January 2024)
The Group does not currently consider that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below:
IFRS 17
Insurance Contracts (effective 1 January 2023)
IAS 1 (amended)
Disclosure of Accounting Policies (effective 1 January 2023)
IAS 8 (amended)
Definition of Accounting Estimates (effective 1 January 2023)
IAS 12 (amended)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023)
IAS 12 (amended)
International Tax Reform \u2014 Pillar Two Model Rules (effective 1 January 2023)
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "Standards in issue but not effective At the date of authorisation of the Group financial statements, the following amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: Amendments and interpretations
IAS 1 (amended)
Classification of Liabilities as Current or Non-current (effective 1 January 2024)
IAS 7 and IFRS 17 (amended)
Supplier Finance Arrangements (effective 1 January 2024)
IAS 21 (amended)
Lack of Exchangeability (effective 1 January 2024)
IFRS 16 (amended)
Lease Liabilities in a Sale and Leaseback (effective 1 January 2024)
The Group does not currently consider that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "Impact of climate change The business continues to consider the impact of climate change in the consolidated and Company financial statements and recognise that the most impactful risks are around the cancellation of sporting events due to extreme weather and the longer-term cost of energy. Further, the Group has assessed the impact of climate change in the work on going concern, viability statement and impairment reviews and considers that the above risks have been factored into these future forecasts. The Group constantly monitors the latest government legislation in relation to climate-related matters. At the current time, no legislation has been passed that will impact the Group. The Group will adjust key assumptions in value in use calculations and sensitise these calculations if a change is required. ", "dimensions": { "concept": "_x0038_88holdingsplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, which are described below, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in the period and future periods if it affects both current and future periods. Critical accounting judgements Internally generated intangible assets Costs relating to internally generated intangible assets are capitalised if the criteria for recognition as assets are met. The initial capitalisation of costs is based on management\u2019s judgement that technological and economic feasibility criteria are met. In making this judgement, management considers the progress made in each development project and its latest forecasts for each project. Other expenditure is charged to the Consolidated Income Statement in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. For further information see note 12. Leases Management considers the key judgement to be the assessment of the lease term at the point where the lessee can be reasonably certain of its right to use the underlying asset. Given the number of shop closures in the Retail estate historically, management determined the lease term under IFRS 16 across the Retail estate as the next available break date, as the Group is not \u2018reasonably certain\u2019 that any lease break will not be exercised. The Group has recognised a lease liability of \u00a387.6m at 31 December 2023 (31 December 2022: \u00a389.0m). Exceptional and adjusted items The Group classifies and presents certain items of income and expense as exceptional items. The Group presents adjusted performance measures which differ from statutory measures due to exclusion of exceptional items and certain non-cash items as the Group considers that it allows a further understanding of the underlying financial performance of the Group. These measures are described as 'adjusted' and are used by management to measure and monitor the Group\u2019s underlying financial performance. Non-cash items that are excluded from adjusted performance measures of underlying financial performance include amortisation of acquired intangibles, amortisation of finance fees, share benefit charges and foreign exchange differences. Refer to Appendix 1 for further detail. The Group considers any items of income and expense for classification as exceptional if they are one off in nature and by virtue of their size. The items classified as exceptional (and are excluded from the adjusted measures) are described in further detail in note 3. Significant accounting estimates The following are the Group\u2019s major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Impairment of goodwill For the purposes of impairment testing under IAS 36 Impairment of Assets, CGUs are grouped to reflect the level at which goodwill is monitored by management. The key judgement is the level at which the impairment tests are performed. Management has allocated goodwill to Retail on a group of CGUs basis, International on a group of CGUs basis and UK&I Online as its own CGU as this is the lowest level at which it is practical to monitor goodwill. These are the levels at which goodwill is assessed for impairment. Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which the goodwill has been allocated. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Cash flows are forecast for periods up to five years. The key assumptions used in the model are based on historical experience and other factors that are considered to be relevant, including growth rates and discount rates. For further information see note 12. Provisions, contingent liabilities and regulatory matters The Group makes a number of estimates in respect of the accounting for, and disclosure of, expenses and contingent liabilities for customer claims. Provisions are described in further detail in note 22 and contingent liabilities in note 31. In common with other businesses in the gambling sector the Group receives claims from customers relating to the provision of gambling services. Claims have been received from customers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licensing regimes. The Group has recognised a provision and contingent liability for customer claims in Austria and Germany where the business has been subject to a particular acceleration of claims since 2020 following marketing campaigns by litigation funders in those jurisdictions. Customers who have obtained judgement against the Group\u2019s entities in the Austrian and German courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a3113.0m (2022: \u00a3112.3m), mostly related to the Mr Green brand. The value of the provision and contingent liability are both estimates based on the number and individual size of claims received to date and assumptions based on such observations as can be derived from those claims and include an estimate of claims the Group assesses it probable, for the provision, and possible, for the contingent liability, that it will receive in the future. If these rates of receipt of claims were to increase by 25% compared to the Group\u2019s expectation, the value across the provision recognised and contingent liability disclosed would increase by \u00a37.0m before consideration of potential gaming tax reclaim. Identification and valuation of William Hill intangible assets In the prior year, the Group acquired the International (non-US) business of William Hill on 1 July 2022 for an enterprise value of \u00a31.73 billion. Since the disclosure of the provisional fair values in the prior year end accounts and during the measurement period, an adjustment of \u00a315.7m has been made to increase the fair value of provisions in relation to the customer claims in Germany, and an equivalent increase in goodwill has been recognised. See note 16 for further details of the change. As part of the purchase price allocation the Group recognised separately identifiable acquired intangible assets comprising brands (\u00a3574.4m), customer relationships (\u00a3595.1m) and gambling licences (\u00a38.5m). Goodwill of \u00a3776.6m was recognised on acquisition. The estimate of the value of each class of asset described above is based on recognised valuation methodologies such as the 'relief from royalty' method for brands, recognised industry comparative data and the Group\u2019s industry experience and specialist knowledge and is therefore a significant accounting estimate. A 5% increase/decrease in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by (\u00a3123.0m)/\u00a3176.0m respectively. Note that consideration of provisions and contingent liabilities identification and valuation on acquisition are considered in the provision, contingent liabilities and regulatory matters section above. This was an area where the Group made significant accounting estimates. Further, the Group exercised judgement in determining the intangible assets acquired and their fair value on the William Hill business combination, with the support of external experts to support the valuation process, where appropriate. See note 16 for additional information. These estimates and judgements only relate to the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The subsidiaries are companies controlled by 888 Holdings PLC. Control exists where the Company has power over an entity; exposure, or rights, to variable returns from its involvement with an entity; and the ability to use its power over an entity to affect the amount of its returns. Subsidiaries are consolidated from the date the Parent gained control until such time as control ceases. The financial statements of subsidiaries are included in the consolidated financial statements using the purchase method of accounting. On the date of the acquisition, the assets and liabilities of a subsidiary are measured at their fair values and any excess of the fair value of the consideration over the fair values of the identifiable net assets acquired is recognised as goodwill. Intercompany transactions and balances are eliminated on consolidation. The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The subsidiaries are companies controlled by 888 Holdings PLC. Control exists where the Company has power over an entity; exposure, or rights, to variable returns from its involvement with an entity; and the ability to use its power over an entity to affect the amount of its returns. Subsidiaries are consolidated from the date the Parent gained control until such time as control ceases. The financial statements of subsidiaries are included in the consolidated financial statements using the purchase method of accounting. On the date of the acquisition, the assets and liabilities of a subsidiary are measured at their fair values and any excess of the fair value of the consideration over the fair values of the identifiable net assets acquired is recognised as goodwill. Intercompany transactions and balances are eliminated on consolidation. The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "Revenue Revenue is measured at the fair value of the consideration received or receivable from customers and represents amounts receivable for goods and services that the Group is in business to provide, net of discounts, marketing inducements and VAT, as set out below. In the case of licensed betting offices (LBO) (including gaming machines), online sportsbook and telebetting and online casino (including games on the Online arcade and other numbers bets) revenue represents gains and losses from gambling activity in the period. This revenue is treated as a derivative under IFRS 9 \u2018Financial Instruments\u2019 and is therefore out of scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019. Open positions are carried at fair value, and gains and losses arising on this valuation are recognised in revenue, as well as gains and losses realised on positions that have closed. Revenue from the Online poker business is within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and reflects the net income (rake) earned when a poker game is completed, which is when the performance obligation is deemed to be satisfied. Revenue from Business to Business (B2B) is mainly comprised of services provided to business partners. B2B also includes fees from the provision of certain gaming-related services to partners. Customer advances received are treated as deferred income within current liabilities and released as they are earned. For services provided to business partners through its B2B unit, the Group examines whether the nature of its promise is a performance obligation to provide the defined goods or services itself, which means the Group is a principal and therefore recognises revenue as the gross amount of the revenue generated from use of the Group\u2019s platform in online gaming activities with the partners\u2019 share of the revenue charged to marketing expenses; or to arrange that another party provide the goods or services which means the Group is an agent and therefore recognises revenue as the amount of the net commission from use of the Group\u2019s platform. The Group is a principal when it controls the promised goods or services before their transfer to the customer. Indicators that the Group controls the goods or services before their transfer to the customer include, inter alia, as follows: The Group is the primary obligor for fulfilling the promises in the contract; the Group has inventory risk before the goods or services are transferred to the customer; and the Group has discretion in setting the prices of the goods or services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "Cost of sales Cost of sales consists primarily of gaming duties, payment service providers\u2019 commissions, chargebacks, commission and royalties payable to third parties, all of which are recognised on an accruals basis. ", "dimensions": { "concept": "_x0038_88holdingsplc:DescriptionOfAccountingPolicyForCostOfSales", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "Operating expenses Operating expenses consist primarily of marketing, staff costs and corporate professional expenses, all of which are recognised on an accruals basis. ", "dimensions": { "concept": "_x0038_88holdingsplc:DescriptionOfAccountingPolicyForOperatingExpenses", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "Retirement benefit costs Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. For defined benefit retirement schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each period end date. Actuarial remeasurements are recognised in full in the period in which they occur. They are recognised outside profit or loss and presented in the Consolidated Statement of Comprehensive Income. The net retirement benefit asset or obligation recognised in the Consolidated Statement of Financial Position represents the present value of the defined benefit obligation as reduced by the fair value of scheme assets. Any net asset resulting from this calculation is not recognised on the balance sheet as this is expected to be used to meet the costs of eventual wind-up of the plan rather than refunded to the Company in practice. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "Foreign currency Monetary assets and liabilities denominated in currencies other than the functional currency of the relevant Company are translated into that functional currency using year-end spot foreign exchange rates. Non-monetary assets and liabilities are translated using exchange rates prevailing at the dates of the transactions. Exchange rate differences on foreign currency transactions are included in financial income or financial expenses in the Consolidated Income Statement, as appropriate. The results and financial position of all Group entities that have a functional currency different from pound sterling are translated into the presentation currency at foreign exchange rates as set out below. Exchange differences arising, if any, are recorded in the Consolidated Statement of Comprehensive Income as a component of other comprehensive income. (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and (ii) income and expenses for each income statement are translated at an average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "Finance income Finance income relates to interest income and is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable. Finance costs Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "Finance income Finance income relates to interest income and is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable. Finance costs Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "Finance costs Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other periods, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the period end date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the period end date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the implementation of the global minimum tax rules published by the Organization for Economic Cooperation and Development (OECD), so- called Pillar Two income taxes, as required under IAS 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the period end date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the implementation of the global minimum tax rules published by the Organization for Economic Cooperation and Development (OECD), so- called Pillar Two income taxes, as required under IAS 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "Goodwill Goodwill represents the excess of the fair value of the consideration in a business combination over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Consideration comprises the fair value of any assets transferred, liabilities assumed and equity instruments issued. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Consolidated Income Statement and not subsequently reversed. Where the fair values of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition. Changes in the fair value of the contingent consideration and direct costs of acquisition are charged or credited immediately to the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "Goodwill Goodwill represents the excess of the fair value of the consideration in a business combination over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Consideration comprises the fair value of any assets transferred, liabilities assumed and equity instruments issued. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Consolidated Income Statement and not subsequently reversed. Where the fair values of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition. Changes in the fair value of the contingent consideration and direct costs of acquisition are charged or credited immediately to the Consolidated Income Statement. Intangible assets Acquired intangible assets Intangible assets arising on acquisitions are recorded at their fair value. Amortisation is provided at rates calculated to write off the valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: Acquired brands assessed separately for each asset, with lives ranging up to 30 years Customer relationships between 18 months and 13 years Bookmaking and mobile technology between three and five years Licences 10 to 20 years Amortisation of assets arising on acquisition is recognised as an adjusted item, please see note 3 for further information. Internally generated intangible assets An internally generated intangible asset arising from the Group\u2019s development of computer systems is recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified (such as software and new processes); \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Expenditure incurred on development activities of gaming platforms is capitalised only when the expenditure will lead to new or substantially improved products or processes, the products or processes are technically and commercially feasible and the Group has sufficient resources to complete development. All other development expenditure is expensed. Subsequent expenditure on intangible assets is capitalised only where it clearly increases the economic benefits to be derived from the asset to which it relates. The Group estimates the useful life of these assets as between three and five years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Goodwill Goodwill represents the excess of the fair value of the consideration in a business combination over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Consideration comprises the fair value of any assets transferred, liabilities assumed and equity instruments issued. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Consolidated Income Statement and not subsequently reversed. Where the fair values of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition. Changes in the fair value of the contingent consideration and direct costs of acquisition are charged or credited immediately to the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "Intangible assets Acquired intangible assets Intangible assets arising on acquisitions are recorded at their fair value. Amortisation is provided at rates calculated to write off the valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: Acquired brands assessed separately for each asset, with lives ranging up to 30 years Customer relationships between 18 months and 13 years Bookmaking and mobile technology between three and five years Licences 10 to 20 years Amortisation of assets arising on acquisition is recognised as an adjusted item, please see note 3 for further information. Internally generated intangible assets An internally generated intangible asset arising from the Group\u2019s development of computer systems is recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified (such as software and new processes); \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Expenditure incurred on development activities of gaming platforms is capitalised only when the expenditure will lead to new or substantially improved products or processes, the products or processes are technically and commercially feasible and the Group has sufficient resources to complete development. All other development expenditure is expensed. Subsequent expenditure on intangible assets is capitalised only where it clearly increases the economic benefits to be derived from the asset to which it relates. The Group estimates the useful life of these assets as between three and five years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Assets are assessed at each balance sheet date for indicators of impairment. Depreciation is calculated using the straight-line method, at annual rates estimated to write off the cost of the assets less their estimated residual values over their expected useful lives. The annual depreciation rates are as follows: Freehold buildings 50 years Long leasehold properties 50 years Short leasehold properties over the unexpired period of the lease Short leasehold improvements the shorter of ten years or the unexpired period of the lease Fixtures, fittings and equipment and motor vehicles at variable rates between three and ten years Right-of-use asset reasonably certain lease term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Assets are assessed at each balance sheet date for indicators of impairment. Depreciation is calculated using the straight-line method, at annual rates estimated to write off the cost of the assets less their estimated residual values over their expected useful lives. The annual depreciation rates are as follows: Freehold buildings 50 years Long leasehold properties 50 years Short leasehold properties over the unexpired period of the lease Short leasehold improvements the shorter of ten years or the unexpired period of the lease Fixtures, fittings and equipment and motor vehicles at variable rates between three and ten years Right-of-use asset reasonably certain lease term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "Property, plant and equipment is stated at historical cost less accumulated depreciation. Assets are assessed at each balance sheet date for indicators of impairment. Depreciation is calculated using the straight-line method, at annual rates estimated to write off the cost of the assets less their estimated residual values over their expected useful lives. The annual depreciation rates are as follows: Freehold buildings 50 years Long leasehold properties 50 years Short leasehold properties over the unexpired period of the lease Short leasehold improvements the shorter of ten years or the unexpired period of the lease Fixtures, fittings and equipment and motor vehicles at variable rates between three and ten years Right-of-use asset reasonably certain lease term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "Impairment of non-financial assets An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. At each period end date, the Group reviews the carrying amounts of its goodwill, property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. This process is described in more detail in note 12 to the financial statements. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Other than for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the point that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior periods. A reversal of an impairment loss is recognised as income immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Impairment of non-financial assets An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. At each period end date, the Group reviews the carrying amounts of its goodwill, property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. This process is described in more detail in note 12 to the financial statements. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Other than for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the point that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior periods. A reversal of an impairment loss is recognised as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "Fair value measurement The Group measures certain financial instruments at fair value at each balance sheet date. The fair value related disclosures are included in notes 24 and 25. Fair value is the price that would be received or paid in an orderly transaction between market participants at a particular date, either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for that asset or liability accessible to the Group. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. IFRS 13 \u2018Fair Value Measurement\u2019 emphasises that fair value is a market-based measurement, not an entity-specific measurement. Therefore, fair value measurements under IFRS 13 should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, IFRS 13 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity\u2019s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). \u2022 Level 1 inputs utilise quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. \u2022 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. \u2022 Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity\u2019s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "Fair value measurement The Group measures certain financial instruments at fair value at each balance sheet date. The fair value related disclosures are included in notes 24 and 25. Fair value is the price that would be received or paid in an orderly transaction between market participants at a particular date, either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for that asset or liability accessible to the Group. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. IFRS 13 \u2018Fair Value Measurement\u2019 emphasises that fair value is a market-based measurement, not an entity-specific measurement. Therefore, fair value measurements under IFRS 13 should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, IFRS 13 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity\u2019s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). \u2022 Level 1 inputs utilise quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. \u2022 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. \u2022 Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity\u2019s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. Borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, or acquired in a business transaction, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately within profit and loss. Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in profit or loss and are included in finance income/expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "Assets held for sale Assets categorised as held for sale are held on the Consolidated Statement of Financial Position at the lower of the book value and fair value less costs to sell. This assessment is carried out when assets are transferred to held for sale. The impact of any adjustment as a part of this assessment is booked through the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "Assets held for sale Assets categorised as held for sale are held on the Consolidated Statement of Financial Position at the lower of the book value and fair value less costs to sell. This assessment is carried out when assets are transferred to held for sale. The impact of any adjustment as a part of this assessment is booked through the Consolidated Income Statement. Cash and cash equivalents Cash comprises cash in hand, balances with banks and on-demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash. They include short-term deposits originally purchased with maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "Cash and cash equivalents Cash comprises cash in hand, balances with banks and on-demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash. They include short-term deposits originally purchased with maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "Trade receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost and principally comprise amounts due from credit card companies and from e-payment companies. The Group has applied IFRS 9\u2019s simplified approach and has calculated the \u2018expected credit losses\u2019 (ECLs) based on lifetime of expected credit losses. Bad debts are written off when there is objective evidence that the full amount may not be collected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "Equity Equity issued by the Company is recorded as the proceeds received from the issue of shares, net of direct issue costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "Treasury shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "Dividends Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared by the Board of Directors and paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Equity-settled share benefit charges Where the Company grants its employees or contractors shares or options, the cost of those awards, recognised in the Consolidated Income Statement over the vesting period with a corresponding increase in equity, is measured with reference to the fair value at the date of grant. Market performance conditions are taken into account in determining the fair value at the date of grant. Non-market performance conditions, including service conditions, are taken into account by adjusting the number of instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that eventually vest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised within employee benefits expenses. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability, further details of which are given in note 28. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions. ", "dimensions": { "concept": "_x0038_88holdingsplc:DescriptionOfAccountingPolicyForCashSettledTransactions", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "Severance pay schemes The Group operates two severance pay schemes: Defined benefit severance pay scheme The Group operates a defined benefit severance pay scheme pursuant to the Severance Pay Law in Israel. Under this scheme Group employees are entitled to severance pay upon redundancy or retirement. The liability for termination of employment is measured using the projected unit credit method. Severance pay scheme surpluses and deficits are measured as: \u2022 the fair value of plan assets at the reporting date; less \u2022 plan liabilities calculated using the projected unit credit method, discounted to its present value using yields available for the appropriate government bonds that have maturity dates appropriate to the terms of the liabilities. Remeasurements of the net severance pay scheme assets and liabilities, including actuarial gains and losses on the scheme liabilities due to changes in assumptions or experience within the scheme and any differences between the interest income and the actual return on assets, are recognised in the Consolidated Statement of Comprehensive Income in the period in which they arise. Defined contribution severance pay scheme In 2017 the Group introduced a defined contribution plan pursuant to section 14 of the Severance Pay Law. Under this scheme the Group pays fixed monthly contributions. Payments to defined contribution plans are charged as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "Borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, or acquired in a business transaction, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately within profit and loss. Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in profit or loss and are included in finance income/expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately within profit and loss. Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in profit or loss and are included in finance income/expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Leasing At inception of a contract, the Group considers whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on the margin requirements of the Group\u2019s revolving credit facilities as well as country specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the earlier of the end of the useful life of the right- of-use asset or the lease term. The Group has assessed the lease term of properties within its retail estate to be up to the first available contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty surrounding the Group\u2019s retail business. The Group has also applied the below practical expedients: \u2022 exclude leases from measurement and recognition where the lease term ends within 12 months from the date of initial application and account for those leases as short-term leases; \u2022 exclude low value leases for lease values less than \u00a35,000; \u2022 apply a single discount rate to a portfolio of leases with similar characteristics; \u2022 use hindsight to determine the lease term if the contract contains options to extend or terminate; and \u2022 exclude initial direct lease costs in the measurement of the right-of-use asset. The Group has a small number of sublet properties. In these instances, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Where the Group is an intermediate lessor, the sublease classification is assessed with reference to the head lease right-of-use asset. Amounts due from lessees under finance leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a straight-line basis over the term of the lease. IFRS 16 requires lessees to recognise right-of- use assets and lease liabilities for most leases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "Trade and other payables Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "Provisions Provisions are recognised when the Group has a present or constructive obligation as a result of a past event from which it is probable that it will result in an outflow of economic benefits that can be reasonably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "Liabilities to customers Liabilities to customers comprise the amounts that are credited to customers\u2019 bankroll (the Group\u2019s electronic 'wallet'), including provision for bonuses granted by the Group, less fees and charges applied to customer accounts, along with full progressive provision for jackpots. These amounts are repayable in accordance with the applicable terms and conditions.", "dimensions": { "concept": "_x0038_88holdingsplc:DescriptionOfAccountingPolicyForLiabilitiesToCustomers", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "
2 SEGMENT INFORMATION
The Board has reviewed and confirmed the Group\u2019s reportable segments in accordance with the requirements of IFRS 8 \u2018Operating
Segments\u2019. The segments disclosed below are aligned with the reports that the Group\u2019s Chief Executive Officer and Chief Financial Officer
as Chief Operating Decision Makers review to make strategic decisions.
The Retail segment comprises all activity undertaken in LBOs including gaming machines. The UK&I Online segment comprises all online
activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within
the UK and Ireland. The International segment comprises all online activity, including sports betting, casino, poker and other gaming
products along with telephone betting services that are incurred within all territories excluding the UK and Ireland. There are no inter-
segmental sales within the Group.
Segment performance is shown on an adjusted EBITDA basis, with a reconciliation from adjusted EBITDA to statutory results for clarity.
Information for the year ended 31 December 2023 is as follows:
Retail UK&I Online International Corporate Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
535.0
658.5
517.4
\u2014
1,710.9
Gaming duties and other cost of sales
(115.4)
(246.6)
(207.2)
\u2014
(569.2)
Adjusted gross profit
419.6
411.9
310.2
\u2014
1,141.7
Marketing
(6.5)
(134.5)
(96.8)
\u2014
(237.8)
Contribution
413.1
277.4
213.4
\u2014
903.9
Operating expenses
(314.2)
(125.1)
(114.0)
(43.7)
(597.0)
Associate income
\u2014
\u2014
\u2014
1.4
1.4
Adjusted EBITDA
98.9
152.3
99.4
(42.3)
308.3
Depreciation
(46.3)
Amortisation (excluding acquired intangibles)
(67.7)
Amortisation of acquired intangibles
(114.3)
Exceptional items
(52.6)
Fair value gain on financial assets
4.1
Share benefit credit
0.5
Foreign exchange
1.0
Finance expenses
(195.3)
Finance income
41.0
Loss before tax
(121.3)
1. Revenue recognised under IFRS 9 is \u00a3535.0m in Retail, \u00a3658.5m in UK&I Online and \u00a3486.9m in International. Revenue recognised under IFRS 15 is \u00a3nil in
Retail, \u00a3nil in UK&I Online and \u00a330.5m in International.
Retail UK&I Online International Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total segment assets
516.2
1,292.4
759.3
89.4
2,657.3
Total segment liabilities
173.3
265.7
219.6
1,829.9
2,488.5
Included within total segment assets:
Goodwill
99.4
357.9
306.0
\u2014
763.3
Interests in associates
\u2014
\u2014
\u2014
33.9
33.9
Capital additions
4.6
11.2
66.3
2.2
84.3
Retail UK&I Online International Other Corporate Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
255.5
455.5
508.3
19.5
\u2014
1,238.8
Gaming duties and other cost of sales
(55.0)
(163.7)
(184.7)
(10.5)
\u2014
(413.9)
Adjusted gross profit
200.5
291.8
323.6
9.0
\u2014
824.9
Marketing
(3.3)
(148.1)
(105.2)
(2.5)
\u2014
(259.1)
Contribution
197.2
143.7
218.4
6.5
\u2014
565.8
Operating expenses
(156.0)
(82.1)
(100.1)
(4.8)
(5.2)
(348.2)
Associate income
\u2014
\u2014
\u2014
\u2014
0.3
0.3
Adjusted EBITDA
41.2
61.6
118.3
1.7
(4.9)
217.9
Depreciation
(30.8)
Amortisation (excluding acquired intangibles)
(32.8)
Amortisation of acquired intangibles
(56.7)
Exceptional items \u2014 cost of sales and operating
expenses
(93.2)
Share benefit charge
(5.2)
Foreign exchange
(4.0)
Finance expenses
(111.7)
Finance income
0.8
Loss before tax
(115.7)
2
1. Revenue recognised under IFRS 9 is \u00a3255.5m in Retail, \u00a3455.5m in UK&I Online, \u00a3502.7m in International and \u00a310.9m in Other. Revenue recognised under IFRS
15 is \u00a3nil in Retail, \u00a3nil in UK&I Online, \u00a35.6m in International and \u00a38.6m in Other.
2. \u2018Other\u2019 represents the Bingo business that was disposed of during 2022. See note 16 for further information.
Retail UK&I Online International Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total segment assets
542.6
1,394.9
973.2
11.7
2,922.4
Total segment liabilities
176.3
341.6
578.0
1,458.7
2,554.6
Included within total assets:
Goodwill
99.4
359.8
338.1
\u2014
797. 3
Interests in associates
\u2014
\u2014
\u2014
38.4
38.4
Capital additions
13.4
24.6
68.3
1.1
107.4
Geographical information
The Group\u2019s performance can also be reviewed by considering the geographical markets and geographical locations within which the
Group operates. This information is outlined below:
Revenue by geographical market (based on location of customer)
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
1,193.5
711.9
Rest of World
274.6
343.1
Italy
149.9
116.4
Spain
92.9
67.4
1,710.9
1,238.8
Non-current assets by geographical location
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
495.8
536.0
Gibraltar
1,130.5
1,194.3
Rest of World
635.2
732.9
2,261.5
2,463.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "2 SEGMENT INFORMATION The Board has reviewed and confirmed the Group\u2019s reportable segments in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. The segments disclosed below are aligned with the reports that the Group\u2019s Chief Executive Officer and Chief Financial Officer as Chief Operating Decision Makers review to make strategic decisions. The Retail segment comprises all activity undertaken in LBOs including gaming machines. The UK&I Online segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within the UK and Ireland. The International segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within all territories excluding the UK and Ireland. There are no inter- segmental sales within the Group. Segment performance is shown on an adjusted EBITDA basis, with a reconciliation from adjusted EBITDA to statutory results for clarity. Information for the year ended 31 December 2023 is as follows:
Retail UK&I Online International Corporate Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
535.0
658.5
517.4
\u2014
1,710.9
Gaming duties and other cost of sales
(115.4)
(246.6)
(207.2)
\u2014
(569.2)
Adjusted gross profit
419.6
411.9
310.2
\u2014
1,141.7
Marketing
(6.5)
(134.5)
(96.8)
\u2014
(237.8)
Contribution
413.1
277.4
213.4
\u2014
903.9
Operating expenses
(314.2)
(125.1)
(114.0)
(43.7)
(597.0)
Associate income
\u2014
\u2014
\u2014
1.4
1.4
Adjusted EBITDA
98.9
152.3
99.4
(42.3)
308.3
Depreciation
(46.3)
Amortisation (excluding acquired intangibles)
(67.7)
Amortisation of acquired intangibles
(114.3)
Exceptional items
(52.6)
Fair value gain on financial assets
4.1
Share benefit credit
0.5
Foreign exchange
1.0
Finance expenses
(195.3)
Finance income
41.0
Loss before tax
(121.3)
1. Revenue recognised under IFRS 9 is \u00a3535.0m in Retail, \u00a3658.5m in UK&I Online and \u00a3486.9m in International. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK&I Online and \u00a330.5m in International.
Retail UK&I Online International Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total segment assets
516.2
1,292.4
759.3
89.4
2,657.3
Total segment liabilities
173.3
265.7
219.6
1,829.9
2,488.5
Included within total segment assets:
Goodwill
99.4
357.9
306.0
\u2014
763.3
Interests in associates
\u2014
\u2014
\u2014
33.9
33.9
Capital additions
4.6
11.2
66.3
2.2
84.3
Retail UK&I Online International Other Corporate Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
255.5
455.5
508.3
19.5
\u2014
1,238.8
Gaming duties and other cost of sales
(55.0)
(163.7)
(184.7)
(10.5)
\u2014
(413.9)
Adjusted gross profit
200.5
291.8
323.6
9.0
\u2014
824.9
Marketing
(3.3)
(148.1)
(105.2)
(2.5)
\u2014
(259.1)
Contribution
197.2
143.7
218.4
6.5
\u2014
565.8
Operating expenses
(156.0)
(82.1)
(100.1)
(4.8)
(5.2)
(348.2)
Associate income
\u2014
\u2014
\u2014
\u2014
0.3
0.3
Adjusted EBITDA
41.2
61.6
118.3
1.7
(4.9)
217.9
Depreciation
(30.8)
Amortisation (excluding acquired intangibles)
(32.8)
Amortisation of acquired intangibles
(56.7)
Exceptional items \u2014 cost of sales and operating
expenses
(93.2)
Share benefit charge
(5.2)
Foreign exchange
(4.0)
Finance expenses
(111.7)
Finance income
0.8
Loss before tax
(115.7)
2 1. Revenue recognised under IFRS 9 is \u00a3255.5m in Retail, \u00a3455.5m in UK&I Online, \u00a3502.7m in International and \u00a310.9m in Other. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK&I Online, \u00a35.6m in International and \u00a38.6m in Other. 2. \u2018Other\u2019 represents the Bingo business that was disposed of during 2022. See note 16 for further information.
Retail UK&I Online International Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total segment assets
542.6
1,394.9
973.2
11.7
2,922.4
Total segment liabilities
176.3
341.6
578.0
1,458.7
2,554.6
Included within total assets:
Goodwill
99.4
359.8
338.1
\u2014
797. 3
Interests in associates
\u2014
\u2014
\u2014
38.4
38.4
Capital additions
13.4
24.6
68.3
1.1
107.4
Geographical information The Group\u2019s performance can also be reviewed by considering the geographical markets and geographical locations within which the Group operates. This information is outlined below: Revenue by geographical market (based on location of customer)
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
1,193.5
711.9
Rest of World
274.6
343.1
Italy
149.9
116.4
Spain
92.9
67.4
1,710.9
1,238.8
Non-current assets by geographical location
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
495.8
536.0
Gibraltar
1,130.5
1,194.3
Rest of World
635.2
732.9
2,261.5
2,463.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "2 SEGMENT INFORMATION The Board has reviewed and confirmed the Group\u2019s reportable segments in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019. The segments disclosed below are aligned with the reports that the Group\u2019s Chief Executive Officer and Chief Financial Officer as Chief Operating Decision Makers review to make strategic decisions. The Retail segment comprises all activity undertaken in LBOs including gaming machines. The UK&I Online segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within the UK and Ireland. The International segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within all territories excluding the UK and Ireland. There are no inter- segmental sales within the Group. Segment performance is shown on an adjusted EBITDA basis, with a reconciliation from adjusted EBITDA to statutory results for clarity. Information for the year ended 31 December 2023 is as follows:
Retail UK&I Online International Corporate Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
535.0
658.5
517.4
\u2014
1,710.9
Gaming duties and other cost of sales
(115.4)
(246.6)
(207.2)
\u2014
(569.2)
Adjusted gross profit
419.6
411.9
310.2
\u2014
1,141.7
Marketing
(6.5)
(134.5)
(96.8)
\u2014
(237.8)
Contribution
413.1
277.4
213.4
\u2014
903.9
Operating expenses
(314.2)
(125.1)
(114.0)
(43.7)
(597.0)
Associate income
\u2014
\u2014
\u2014
1.4
1.4
Adjusted EBITDA
98.9
152.3
99.4
(42.3)
308.3
Depreciation
(46.3)
Amortisation (excluding acquired intangibles)
(67.7)
Amortisation of acquired intangibles
(114.3)
Exceptional items
(52.6)
Fair value gain on financial assets
4.1
Share benefit credit
0.5
Foreign exchange
1.0
Finance expenses
(195.3)
Finance income
41.0
Loss before tax
(121.3)
1. Revenue recognised under IFRS 9 is \u00a3535.0m in Retail, \u00a3658.5m in UK&I Online and \u00a3486.9m in International. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK&I Online and \u00a330.5m in International.
Retail UK&I Online International Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total segment assets
516.2
1,292.4
759.3
89.4
2,657.3
Total segment liabilities
173.3
265.7
219.6
1,829.9
2,488.5
Included within total segment assets:
Goodwill
99.4
357.9
306.0
\u2014
763.3
Interests in associates
\u2014
\u2014
\u2014
33.9
33.9
Capital additions
4.6
11.2
66.3
2.2
84.3
Retail UK&I Online International Other Corporate Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1
255.5
455.5
508.3
19.5
\u2014
1,238.8
Gaming duties and other cost of sales
(55.0)
(163.7)
(184.7)
(10.5)
\u2014
(413.9)
Adjusted gross profit
200.5
291.8
323.6
9.0
\u2014
824.9
Marketing
(3.3)
(148.1)
(105.2)
(2.5)
\u2014
(259.1)
Contribution
197.2
143.7
218.4
6.5
\u2014
565.8
Operating expenses
(156.0)
(82.1)
(100.1)
(4.8)
(5.2)
(348.2)
Associate income
\u2014
\u2014
\u2014
\u2014
0.3
0.3
Adjusted EBITDA
41.2
61.6
118.3
1.7
(4.9)
217.9
Depreciation
(30.8)
Amortisation (excluding acquired intangibles)
(32.8)
Amortisation of acquired intangibles
(56.7)
Exceptional items \u2014 cost of sales and operating
expenses
(93.2)
Share benefit charge
(5.2)
Foreign exchange
(4.0)
Finance expenses
(111.7)
Finance income
0.8
Loss before tax
(115.7)
2 1. Revenue recognised under IFRS 9 is \u00a3255.5m in Retail, \u00a3455.5m in UK&I Online, \u00a3502.7m in International and \u00a310.9m in Other. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK&I Online, \u00a35.6m in International and \u00a38.6m in Other. 2. \u2018Other\u2019 represents the Bingo business that was disposed of during 2022. See note 16 for further information.
Retail UK&I Online International Corporate Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total segment assets
542.6
1,394.9
973.2
11.7
2,922.4
Total segment liabilities
176.3
341.6
578.0
1,458.7
2,554.6
Included within total assets:
Goodwill
99.4
359.8
338.1
\u2014
797. 3
Interests in associates
\u2014
\u2014
\u2014
38.4
38.4
Capital additions
13.4
24.6
68.3
1.1
107.4
Geographical information The Group\u2019s performance can also be reviewed by considering the geographical markets and geographical locations within which the Group operates. This information is outlined below: Revenue by geographical market (based on location of customer)
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
1,193.5
711.9
Rest of World
274.6
343.1
Italy
149.9
116.4
Spain
92.9
67.4
1,710.9
1,238.8
Non-current assets by geographical location
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
495.8
536.0
Gibraltar
1,130.5
1,194.3
Rest of World
635.2
732.9
2,261.5
2,463.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "Geographical information The Group\u2019s performance can also be reviewed by considering the geographical markets and geographical locations within which the Group operates. This information is outlined below: Revenue by geographical market (based on location of customer)
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
1,193.5
711.9
Rest of World
274.6
343.1
Italy
149.9
116.4
Spain
92.9
67.4
1,710.9
1,238.8
Non-current assets by geographical location
2023 2022
\u00a3m \u00a3m
United Kingdom & Ireland
495.8
536.0
Gibraltar
1,130.5
1,194.3
Rest of World
635.2
732.9
2,261.5
2,463.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "
3 EXCEPTIONAL ITEMS AND ADJUSTMENTS
In determining the classification and presentation of exceptional items we have applied consistently the guidelines issued by the Financial
Reporting Council (FRC) that primarily addressed the following:
\u2022 Consistency and even-handedness in classification and presentation;
\u2022 Guidance on whether and when recurring items should be considered as part of underlying results; and
\u2022 Clarity in presentation, explanation and disclosure of exceptional items and their relevance.
In preparing the Annual Report and Accounts, we also note the European Securities and Markets Authority (ESMA) guidance on Alternative
Performance Measures (APM), including:
\u2022 Clarity of presentation and explanation of the APM;
\u2022 Reconciliation of each APM to the most directly reconcilable financial statement caption;
\u2022 APMs should not be displayed with more prominence than statutory financials;
\u2022 APMs should be accompanied by comparatives; and
\u2022 The definition and calculation of APMs should be consistent over time.
We are satisfied that our policies and practice conform to the above guidelines.
Adjusted results
The Group reports adjusted results, both internally and externally, that differ from statutory results prepared in accordance with IFRS.
These adjusted results, which include our key metrics of adjusted EBITDA and adjusted EPS, are considered to be a useful reflection of the
underlying performance of the Group and its businesses, since they exclude items which impair visibility of the underlying activity in each
segment. More specifically, visibility can be impaired in one or both of the following instances:
\u2022 a transaction is of such a material or infrequent nature that it would obscure an understanding of underlying outcomes and trends in
revenues, costs or other components of performance (for example, a significant impairment charge); or
\u2022 a transaction that results from a corporate activity that has neither a close relationship to the Group\u2019s operations nor any associated
operational cash flows (for example, the amortisation of intangibles recognised on acquisitions).
Adjusted results are used as the primary measures of business performance within the Group and align with the results shown in
management accounts, with the key uses being:
\u2022 management and Board reviews of performance against expectations and over time, including assessments of segmental performance
(see note 2 and the Strategic Report);
\u2022 in support of business decisions by the Board and by management, encompassing both strategic and operational levels of decision-
making.
The Group\u2019s policies on adjusted measures are consistently applied over time, but they are not defined by IFRS and, therefore, may differ
from adjusted measures as used by other companies.
The Consolidated Income Statement presents adjusted results alongside statutory measures, with the reconciling items being itemised and
described below. We discriminate between two types of reconciling items: exceptional items and adjusted items.
Exceptional items
Exceptional items are those items the Directors consider to be one-off or material in nature that should be brought to the reader\u2019s attention
in understanding the Group\u2019s financial performance.
Exceptional items are as follows:
2023 2022
\u00a3m \u00a3m
Cost of sales
Retroactive duties and associated credit
\u2014
(3.9)
Exceptional items \u2014 cost of sales
\u2014
(3.9)
Operating expenses
Corporate transaction related (income)/costs
(0.1)
36.2
Integration and transformation costs
49.3
14.4
Regulatory provisions and other associated costs
3.4
\u2014
Impairment of US goodwill and other assets
\u2014
55.7
Revaluation of contingent consideration
\u2014
(9.2)
Exceptional items \u2014 operating expenses
52.6
97.1
Finance expenses
Senior Unsecured Notes early redemption fees
\u2014
14.1
Gain on settlement of Senior Unsecured Notes
\u2014
(7.1)
Exceptional items \u2014 finance expenses
\u2014
7.0
Total exceptional items before tax
52.6
100.2
Tax on exceptional items
(9.0)
2.8
Total exceptional items
43.6
103.0
Total exceptional items in the year were \u00a343.6m in 2023 compared to \u00a3103.0m in 2022.
Exceptional items are defined as those items which are considered to be one-off or material in nature to be brought to attention to better
understand the Group\u2019s financial performance. Comparatives are included even when not individually material to aid comparability. Refer
to Appendix 1 to the financial statements for further detail.
Retroactive gaming duties and associated charges
The industry in which the Group operates is subject to continuing scrutiny by regulators and other governmental authorities, which may,
in certain circumstances, lead to enforcement actions, sanctions, fines and penalties or the assertion of private litigations, claims and
damages. In 2022, a net credit of \u00a33.9m was recognised in respect to exceptional provision for retroactive duties and associated charges
following a reassessment of potential gaming duties relating to activity in prior years.
Corporate transaction related costs
The Group has incurred legal and M&A costs, including in relation to the disposal of its Latvia and Colombia businesses of \u00a30.8m. During
2023, income relating to the acquisition of William Hill was received from Caesars, amounting to \u00a32.0m. During 2022, the Group incurred
\u00a324.5m of costs associated with the acquisition of the international (non-US) business of William Hill and recognised an impairment loss of
\u00a311.7m in relation to the disposal of 888 Bingo.
Integration and transformation costs
The Group has incurred a total of \u00a349.3m of costs relating to the integration programme, including \u00a314.7m of platform integration costs,
\u00a38.3m of legal and professional costs, \u00a310.8m of redundancy costs, \u00a35.3m of relocation and HR related expenses, \u00a34.7m of employee
incentives as part of the integration of William Hill and 888, and \u00a33.8m of technology integration costs. During 2022, the Group incurred
\u00a314.4m, including \u00a35.8m of redundancy costs, \u00a33.0m of legal and consultancy fees and \u00a33.7m of platform separation and other integration
costs.
Regulatory provisions and other associated costs
The Group has paid \u00a32.9m during the period related to a regulatory settlement with the Gibraltar regulator in relation to the previously
disclosed failings that we identified in our Middle East business. Further to this there was \u00a30.5m of professional fees incurred relating to
this settlement.
Impairment of US goodwill and other assets
During the prior year, as a part of the annual impairment review, management performed a value in use calculation to assess the
recoverable amount of the Group\u2019s US business, using that business\u2019s underlying cash flow forecasts. The recoverable amount was lower
than the book value of its net assets and, as such, the Group impaired the goodwill on the US business in full, totalling \u00a325.7m. Additionally
as part of the integration, the business intends to use the existing 888 technology platform as the basis for the future platform of the Group
which led to a write off of the Unity platform, a proprietary technology system William Hill was building that is no longer needed, at a cost
of \u00a328.1m. A further \u00a31.4m of smaller technology assets were written off and \u00a30.5m of 39 freehold assets were written off when reclassified to
held for sale at the prior year end, due to the assets being tested for impairment as a result of the transfer.
Revaluation of contingent consideration
As a part of the transaction agreement with Caesars for the purchase of William Hill, an amount of up to \u00a3100.0m consideration was
contingent subject to the enlarged Group hitting specific EBITDA metrics. This was assessed at fair value on acquisition at \u00a39.6m and
revalued at 31 December 2022 to \u00a30.4m, leading to a release in this contingent consideration of \u00a39.2m in the prior period.
Senior Unsecured Notes early redemption fees
As part of the William Hill acquisition, the Group acquired certain Senior Unsecured Notes, \u00a3350.0m 4.875% due May 2023 and \u00a3350.0m
4.75% due May 2026. Subsequent to the acquisition, the \u00a3350.0m Note due May 2023 was fully redeemed as well as a partial redemption
amounting to \u00a3339.5m of the Note due May 2026. The total cost to the Group of settling the Notes consisted of \u00a312.2m in early redemption
fees together with a combined \u00a31.9m of unamortised finance fees, which were written off to the Consolidated Income Statement
immediately in the prior period on redemption of each note. All of the costs were considered as exceptional due to their one-off nature.
Gain on settlement of Senior Unsecured Notes
The Senior Unsecured Notes acquired in the acquisition of William Hill were accounted for at fair value. These Notes were settled in the prior
period, and as such the gain on settlement of these Notes of \u00a37.1m was recognised in the prior period.
Adjusted items
Adjusted items are recurring items that are excluded from internal measures of underlying performance and which are not considered by
the Directors to be exceptional. This relates to the amortisation of specific intangible assets recognised in acquisitions, amortisation of
finance fees, fair value gain of financial assets, foreign exchange and share benefit charges. These items are defined as adjusted items as it
is believed it would impair the visibility of the underlying activities across each segment as it is not closely related to the businesses\u2019 or any
associated operational cash flows. Each of these items are recurring and occur in each reporting period and will be consistently adjusted
in future periods. Adjusted items are all shown on the face of the Consolidated Income Statement in the reconciliations of adjusted EBITDA
and note 10 in the reconciliation of adjusted profit after tax.
", "dimensions": { "concept": "_x0038_88holdingsplc:DisclosureOfExceptionalItemsAndAdjustments", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "4 SHARE OF RESULTS OF ASSOCIATES 2023 2022 \u00a3m \u00a3m Share of post-tax profit of equity accounted associate 1.4 0.3 The above represents the Group\u2019s share of the results of Sports Information Services (Holdings) Limited (see note 14) for the year ended 31 December 2023 and the Group\u2019s ownership of the associate in the comparative period 1 July 2022 to 31 December 2022. ", "dimensions": { "concept": "_x0038_88holdingsplc:DisclosureOfShareOfResultsOfAssociates", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "2022. 5 OPERATING PROFIT
2023 2022
Note \u00a3m \u00a3m
Operating profit is stated after charging/(crediting):
Gaming duties
372.0
256.3
Marketing expenses
237.6
257.8
Staff costs (including Executive Directors)
6
342.3
227.4
Exceptional items \u2014 cost of sales
3
\u2014
(3.9)
Exceptional items \u2014 operating expenses
3
52.6
97.1
Depreciation (within operating expenses)
13
46.3
30.8
Amortisation (within operating expenses)
12
182.0
89.5
Auditor remuneration
2023 2022
\u00a3m \u00a3m
Audit of Company
1.1
1.0
Audit of Group
1.8
2.0
Total fees for audit services
2.9
3.0
Audit-related assurance services \u2014 half year review
0.1
0.1
Other assurance services
0.1
0.1
Total assurance services
0.2
0.2
Other non-audit services
\u2014
0.8
Total fees for non-audit services
0.2
1.0
Total fees
3.1
4.0
In the prior year, the auditor acted as reporting accountants in connection with the Company\u2019s circular and prospectus for the acquisition of William Hill International and Capital Raise that was published during Q2 2022. Total non-audit fees payable to Ernst & Young for permissible non-audit services relating to the transaction were \u00a30.8m.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "
5 OPERATING PROFIT
2023 2022
Note \u00a3m \u00a3m
Operating profit is stated after charging/(crediting):
Gaming duties
372.0
256.3
Marketing expenses
237.6
257.8
Staff costs (including Executive Directors)
6
342.3
227.4
Exceptional items \u2014 cost of sales
3
\u2014
(3.9)
Exceptional items \u2014 operating expenses
3
52.6
97.1
Depreciation (within operating expenses)
13
46.3
30.8
Amortisation (within operating expenses)
12
182.0
89.5
Auditor remuneration
2023 2022
\u00a3m \u00a3m
Audit of Company
1.1
1.0
Audit of Group
1.8
2.0
Total fees for audit services
2.9
3.0
Audit-related assurance services \u2014 half year review
0.1
0.1
Other assurance services
0.1
0.1
Total assurance services
0.2
0.2
Other non-audit services
\u2014
0.8
Total fees for non-audit services
0.2
1.0
Total fees
3.1
4.0
In the prior year, the auditor acted as reporting accountants in connection with the Company\u2019s circular and prospectus for the acquisition of William Hill International and Capital Raise that was published during Q2 2022. Total non-audit fees payable to Ernst & Young for permissible non-audit services relating to the transaction were \u00a30.8m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "
2023 2022
Note \u00a3m \u00a3m
Operating profit is stated after charging/(crediting):
Gaming duties
372.0
256.3
Marketing expenses
237.6
257.8
Staff costs (including Executive Directors)
6
342.3
227.4
Exceptional items \u2014 cost of sales
3
\u2014
(3.9)
Exceptional items \u2014 operating expenses
3
52.6
97.1
Depreciation (within operating expenses)
13
46.3
30.8
Amortisation (within operating expenses)
12
182.0
89.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "
2023 2022
Note \u00a3m \u00a3m
Operating profit is stated after charging/(crediting):
Gaming duties
372.0
256.3
Marketing expenses
237.6
257.8
Staff costs (including Executive Directors)
6
342.3
227.4
Exceptional items \u2014 cost of sales
3
\u2014
(3.9)
Exceptional items \u2014 operating expenses
3
52.6
97.1
Depreciation (within operating expenses)
13
46.3
30.8
Amortisation (within operating expenses)
12
182.0
89.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "
Auditor remuneration
2023 2022
\u00a3m \u00a3m
Audit of Company
1.1
1.0
Audit of Group
1.8
2.0
Total fees for audit services
2.9
3.0
Audit-related assurance services \u2014 half year review
0.1
0.1
Other assurance services
0.1
0.1
Total assurance services
0.2
0.2
Other non-audit services
\u2014
0.8
Total fees for non-audit services
0.2
1.0
Total fees
3.1
4.0
In the prior year, the auditor acted as reporting accountants in connection with the Company\u2019s circular and prospectus for the acquisition
of William Hill International and Capital Raise that was published during Q2 2022. Total non-audit fees payable to Ernst & Young for
permissible non-audit services relating to the transaction were \u00a30.8m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
6 STAFF COSTS
Staff costs, including Executive Directors\u2019 remuneration, comprise the following elements:
2023 2022
\u00a3m \u00a3m
Wages and salaries
287.6
196.8
Social security
26.3
17.4
Employee benefits and severance pay scheme costs
28.4
13.2
342.3
227.4
In the Consolidated Income Statement, total staff costs, including share benefit credit of \u00a30.5m (2022: charge of \u00a35.2m), are included within
operating expenses.
The average number of employees during the year was 11,634 (2022: 12,019).
Severance pay scheme \u2014 Israel
The Group has a defined contribution plan pursuant to section 14 of the Severance Pay Law under which the Group pays fixed contributions
and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient amounts to pay all
employee benefits relating to employee service at the date of their departure. The Group recognised an expense in respect of contribution
to the defined contribution plan during the year of \u00a31.3m (2022: \u00a31.9m).
The Group\u2019s employees in Israel, who are not subject to section 14 of the Severance Pay Law, are eligible to receive certain benefits from
the Group in specific circumstances on leaving the Group. As such the Group operates a defined benefit severance pay plan which requires
contributions to be made to separately administered funds. The funds are held by an independent third-party Company.
The current service cost and the present value of the defined benefit obligation are measured using the projected unit credit method.
Under this schedule, the Company contributes on a monthly basis at the rate of 8.3% of the aggregate of members\u2019 salaries.
The disclosures set out below are based on calculations carried out as at 31 December 2023 by a qualified independent actuary.
The following table summarises the employee benefits figures as included in the consolidated financial statements:
2023 2022
\u00a3m \u00a3m
Included in the Statement of Financial Position:
Severance pay liability
0.6
1.2
Included in the Income Statement:
Current service costs (within operating expenses)
1.3
1.9
Included in the Statement of Comprehensive Income:
Gain/(loss) on remeasurement of severance pay scheme liability
0.2
(2.3)
Movement in severance pay scheme assets and liabilities:
2023 2022
Severance pay scheme assets \u00a3m \u00a3m
At beginning of year
16.2
19.2
Interest income
0.7
0.6
Contributions by the Group
1.6
1.9
Benefits paid
(4.9)
(4.2)
Return on assets less interest income already recorded
(0.1)
(1.0)
Exchange differences
(1.0)
(0.3)
At end of year
12.5
16.2
2023 2022
Severance pay scheme liabilities \u00a3m \u00a3m
At beginning of year
17.4
23.0
Interest expense
0.8
0.7
Current service costs
1.2
1.8
Benefits paid
(5.2)
(4.4)
Actuarial loss/(gain) on past experience
0.3
(0.2)
Actuarial gain on changes in financial assumptions
(0.1)
(3.1)
Exchange differences
(1.3)
(0.4)
At end of year
13.1
17.4
As at 31 December 2023, the net accounting deficit of the defined benefit severance pay plan was \u00a30.6m (2022: \u00a31.2m). The scheme
is backed by substantial financial assets amounting to \u00a312.5m at 31 December 2023 (2022: \u00a316.2m).
The impact of the severance deficit on the level of distributable reserves is monitored on an ongoing basis. Monitoring enables planning
for any potential adverse volatility and helps the Group to assess the likely impact on distributable reserves.
Employees can determine individually into which type of investment their share of the plan assets are invested, therefore the Group
is unable to accurately disclose the proportions of the plan assets invested in each class of asset.
The expected contribution for 2024 is \u00a31.7m.
The main actuarial assumptions used in determining the fair value of the Group\u2019s severance pay plan are shown below:
2023 2022
% %
Discount rate (nominal)
5.9
5.5
Voluntary termination rate (range)
0-17
0-17
Inflation rates based on Israeli bonds
2.6
2.7
29 RETIREMENT BENEFIT SCHEMES
William Hill pension schemes
In the prior year, the Group acquired a number of defined contribution and defined benefit pension schemes, operated by William Hill. The
UK schemes are operated under a single trust and the assets of all the schemes are held separately from those of the Group in funds
under the control of trustees.
The respective costs of these schemes are as follows:
2023 2022
\u00a3m \u00a3m
Defined contribution schemes charged to operating profit
8.8
4.3
Defined benefit scheme charged to operating profit
2.8
1.3
Defined contribution schemes
The defined contribution schemes, to which both the Group and employees contribute to fund the benefits, are available for all eligible
employees. The only obligation of the Group with respect to these schemes is to make the specified contributions.
The total cost charged to income in respect of these schemes represents contributions payable to the schemes by the Group at rates
specified in the rules of the respective schemes. At 31 December 2023, contributions of \u00a3nil (31 December 2022: \u00a3nil) due in respect of the
current reporting period were outstanding to be paid over to the schemes.
Defined benefit scheme
The Group also operates a defined benefit scheme in the UK for eligible employees which closed to new members in 2002. Under the
scheme, employees are entitled to retirement benefits varying between 1.67% and 3.33% of final pensionable pay for each year of service
on attainment of a retirement age of 63. With effect from 1 April 2011, the defined benefit scheme was closed to future accrual but maintains
the link for benefits accrued up to 31 March 2011 with future salary increases (up to a maximum of 5% per annum). Employed members of
this scheme were automatically transferred into one of the defined contribution schemes. The costs of administering the scheme are borne
by the Group.
For the purposes of preparing the information disclosed in these accounts, a full actuarial valuation of the scheme was carried out at
30 September 2019 and updated to 31 December 2023 by a qualified independent actuary. The present values of the defined benefit
obligation and the related current service cost were measured using the projected unit credit method and by rolling forward the results
of the 30 September 2019 technical provisions using actuarial techniques, allowing for cash flows and interest over the period, differences
between the assumptions used to set the technical provisions and those selected for accounting under IAS 19.
Pension buy-in
During 2021, prior to the acquisition by the Group of William Hill, William Hill agreed a buy-in of the scheme\u2019s liabilities. On 28 June 2021,
a transaction was completed which insured the liabilities of the scheme with Rothesay Life. As a result of the transaction, the scheme
holds annuities with Rothesay Life which are qualifying insurance policies as defined in IAS 19.8 \u2018Employee Benefits\u2019. The income from these
policies exactly matches the amount and timing of benefits to those members covered under the policies. As with other bulk annuity
purchases the scheme has carried out, the change was treated as a change in investment strategy.
At the year-end date, the estimated Defined Benefit Obligation (DBO) for all insured members was \u00a3255.3m. The value of the buy-in policies
was determined to be \u00a3255.4m, as the effects of GMP equalisation were not included in the contract value of the buy-in insurance policy.
Funding valuation
The general principles adopted by the Trustees for the purposes of this funding valuation are that the assumptions used, taken as a whole,
will be sufficiently prudent for pensions already in payment to continue to be paid and to reflect the commitments which will arise from
members\u2019 accrued pension rights. The William Hill Group agreed to pay \u00a31.9m per annum in respect of the costs of insured death benefits,
expenses and levies until September 2025.
Disclosure of principal assumptions
The financial assumptions used by the actuary in determining the present value of the defined benefit scheme\u2019s liabilities were:
2023 2022
% %
Rate of increase of pensions (non-pensioner)
2.8
3.0
Rate of increase of pensions (pensioner)
3.1
3.3
Discount rate
4.5
4.7
Rate of RPI inflation (non-pensioner)
3.0
3.1
Rate of RPI inflation (pensioner)
3.3
3.4
Rate of CPI inflation
2.5
2.5
In accordance with the relevant accounting standard, the discount rate has been determined by reference to market yields at the period
end date on high-quality fixed income investments at a term consistent with the expected duration of the liabilities. Price inflation is
determined by the difference between the yields on fixed and index-linked Government bonds with an adjustment to allow for differences in
the demand for these bonds, which can distort this figure. The expected rate of salary growth and pension increases are set with reference
to the expected rate of inflation. No change has been made to the basis of inflation applied to pension increases in the scheme.
The mortality assumption is kept under review and has been updated. The current life expectancies for a member underlying the value of
the accrued liabilities are:
2023 2022
Life expectancy at age 65 Years Years
Male retiring now
21.4
21.9
Male retiring in 25 years\u2019 time
23.0
23.6
Female retiring now
23.5
23.9
Female retiring in 25 years\u2019 time
25.3
25.8
The assets in the scheme are set out in the table below.
2023 2022
\u00a3m \u00a3m
Total market value of assets
255.4
254.2
Present value of scheme liabilities
(255.3)
(255.4)
Effect of asset ceiling
(0.1)
\u2014
Asset/(deficit) in scheme at end of year
\u2014
(1.2)
Analysis of the amount charged to operating profit/(loss):
Year to 1 July to
31 December 31 December
2023 2022
\u00a3m \u00a3m
Current service cost
1.0
0.4
Administration expenses
1.8
0.9
Total operating charge
2.8
1.3
Analysis of the amounts recognised in the Consolidated Statement of Comprehensive Income:
2023 2022
\u00a3m \u00a3m
Actual return less expected return on pension scheme assets
(5.2)
36.2
Actuarial gain on demographic assumptions
(5.0)
(0.8)
Actuarial loss on experience adjustment
5.9
3.0
Actuarial loss/(gain) arising from changes in financial assumptions
2.4
(38.1)
Actuarial remeasurements
(1.9)
0.3
Change in the impact of asset ceiling
0.1
\u2014
(Income)/loss recognised as other comprehensive income
(1.8)
0.3
Movements in the present value of defined benefit obligations in the period were as follows:
2023 2022
\u00a3m \u00a3m
Opening defined benefit obligation
255.4
293.1
Current service cost
1.0
0.4
Interest cost
11.7
5.3
Actuarial loss/(gain) on financial assumptions
2.4
(38.1)
Actuarial gain on demographic assumptions
(5.0)
(0.8)
Actuarial loss on experience adjustment
5.9
3.0
Benefits paid
(15.1)
(7.1)
Insurance premium for risk benefits
(1.0)
(0.4)
At end of year
255.3
255.4
Movements in the present value of fair value of scheme assets in the period were as follows:
2023 2022
\u00a3m \u00a3m
Opening defined benefit obligation
254.2
292.7
Interest income on plan assets
11.7
5.3
Return on plan assets (excluding interest income)
5.2
(36.2)
Company contributions
1.9
0.8
Administration expenses charged to operating (loss)/profit
(1.8)
(0.9)
Benefits paid
(14.8)
(7.1)
Insurance premium for risk benefits
(1.0)
(0.4)
At end of year
255.4
254.2
Sensitivity analysis of the principal assumptions used to measure scheme liabilities
As the scheme is now fully bought-in, any changes in the value of the scheme\u2019s liabilities due to changes in the underlying assumptions
will be matched by changes in the value of the scheme\u2019s assets (which are measured in line with the obligations). There would therefore be
a nil net balance sheet impact from any changes in the principal assumptions.
Nature and extent of the risks arising from financial instruments held by the defined benefit scheme
Through the scheme, following the buy-in, the main risk that the Group has is counterparty risk, with the insurance company backing the
majority of the policies with the exception of GMP equalisation which is not included in the contract value of the buy-in insurance policy but
is considered immaterial.
Funding
Alongside the risk assessment above, on 30 September 2020, the Group agreed an ongoing funding requirement with the Trustees which
expires on 30 September 2025.
The weighted average duration of the scheme\u2019s defined benefit obligation as at 31 December 2023 is 15 years (31 December 2022: 15
years).
The undiscounted maturity profile of the defined benefit obligation between one and ten years is shown below:
2023 2022
\u00a3m \u00a3m
Less than one year
13.6
12.7
Between one and two years
14.0
13.4
Between two and five years
47.5
45.7
Between five and ten years
75.3
71.7
No allowance is made for commutation lump sums or individual transfers out due to the fluctuating nature of these payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "6 STAFF COSTS Staff costs, including Executive Directors\u2019 remuneration, comprise the following elements:
2023 2022
\u00a3m \u00a3m
Wages and salaries
287.6
196.8
Social security
26.3
17.4
Employee benefits and severance pay scheme costs
28.4
13.2
342.3
227.4
In the Consolidated Income Statement, total staff costs, including share benefit credit of \u00a30.5m (2022: charge of \u00a35.2m), are included within operating expenses. The average number of employees during the year was 11,634 (2022: 12,019). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "Severance pay scheme \u2014 Israel The Group has a defined contribution plan pursuant to section 14 of the Severance Pay Law under which the Group pays fixed contributions and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service at the date of their departure. The Group recognised an expense in respect of contribution to the defined contribution plan during the year of \u00a31.3m (2022: \u00a31.9m). The Group\u2019s employees in Israel, who are not subject to section 14 of the Severance Pay Law, are eligible to receive certain benefits from the Group in specific circumstances on leaving the Group. As such the Group operates a defined benefit severance pay plan which requires contributions to be made to separately administered funds. The funds are held by an independent third-party Company. The current service cost and the present value of the defined benefit obligation are measured using the projected unit credit method. Under this schedule, the Company contributes on a monthly basis at the rate of 8.3% of the aggregate of members\u2019 salaries. The disclosures set out below are based on calculations carried out as at 31 December 2023 by a qualified independent actuary. The following table summarises the employee benefits figures as included in the consolidated financial statements:
2023 2022
\u00a3m \u00a3m
Included in the Statement of Financial Position:
Severance pay liability
0.6
1.2
Included in the Income Statement:
Current service costs (within operating expenses)
1.3
1.9
Included in the Statement of Comprehensive Income:
Gain/(loss) on remeasurement of severance pay scheme liability
0.2
(2.3)
Movement in severance pay scheme assets and liabilities:
2023 2022
Severance pay scheme assets \u00a3m \u00a3m
At beginning of year
16.2
19.2
Interest income
0.7
0.6
Contributions by the Group
1.6
1.9
Benefits paid
(4.9)
(4.2)
Return on assets less interest income already recorded
(0.1)
(1.0)
Exchange differences
(1.0)
(0.3)
At end of year
12.5
16.2
2023 2022
Severance pay scheme liabilities \u00a3m \u00a3m
At beginning of year
17.4
23.0
Interest expense
0.8
0.7
Current service costs
1.2
1.8
Benefits paid
(5.2)
(4.4)
Actuarial loss/(gain) on past experience
0.3
(0.2)
Actuarial gain on changes in financial assumptions
(0.1)
(3.1)
Exchange differences
(1.3)
(0.4)
At end of year
13.1
17.4
As at 31 December 2023, the net accounting deficit of the defined benefit severance pay plan was \u00a30.6m (2022: \u00a31.2m). The scheme is backed by substantial financial assets amounting to \u00a312.5m at 31 December 2023 (2022: \u00a316.2m). The impact of the severance deficit on the level of distributable reserves is monitored on an ongoing basis. Monitoring enables planning for any potential adverse volatility and helps the Group to assess the likely impact on distributable reserves. Employees can determine individually into which type of investment their share of the plan assets are invested, therefore the Group is unable to accurately disclose the proportions of the plan assets invested in each class of asset. The expected contribution for 2024 is \u00a31.7m. The main actuarial assumptions used in determining the fair value of the Group\u2019s severance pay plan are shown below:
2023 2022
% %
Discount rate (nominal)
5.9
5.5
Voluntary termination rate (range)
0-17
0-17
Inflation rates based on Israeli bonds
2.6
2.7
29 RETIREMENT BENEFIT SCHEMES William Hill pension schemes In the prior year, the Group acquired a number of defined contribution and defined benefit pension schemes, operated by William Hill. The UK schemes are operated under a single trust and the assets of all the schemes are held separately from those of the Group in funds under the control of trustees. The respective costs of these schemes are as follows:
2023 2022
\u00a3m \u00a3m
Defined contribution schemes charged to operating profit
8.8
4.3
Defined benefit scheme charged to operating profit
2.8
1.3
Defined contribution schemes The defined contribution schemes, to which both the Group and employees contribute to fund the benefits, are available for all eligible employees. The only obligation of the Group with respect to these schemes is to make the specified contributions. The total cost charged to income in respect of these schemes represents contributions payable to the schemes by the Group at rates specified in the rules of the respective schemes. At 31 December 2023, contributions of \u00a3nil (31 December 2022: \u00a3nil) due in respect of the current reporting period were outstanding to be paid over to the schemes. Defined benefit scheme The Group also operates a defined benefit scheme in the UK for eligible employees which closed to new members in 2002. Under the scheme, employees are entitled to retirement benefits varying between 1.67% and 3.33% of final pensionable pay for each year of service on attainment of a retirement age of 63. With effect from 1 April 2011, the defined benefit scheme was closed to future accrual but maintains the link for benefits accrued up to 31 March 2011 with future salary increases (up to a maximum of 5% per annum). Employed members of this scheme were automatically transferred into one of the defined contribution schemes. The costs of administering the scheme are borne by the Group. For the purposes of preparing the information disclosed in these accounts, a full actuarial valuation of the scheme was carried out at 30 September 2019 and updated to 31 December 2023 by a qualified independent actuary. The present values of the defined benefit obligation and the related current service cost were measured using the projected unit credit method and by rolling forward the results of the 30 September 2019 technical provisions using actuarial techniques, allowing for cash flows and interest over the period, differences between the assumptions used to set the technical provisions and those selected for accounting under IAS 19. Pension buy-in During 2021, prior to the acquisition by the Group of William Hill, William Hill agreed a buy-in of the scheme\u2019s liabilities. On 28 June 2021, a transaction was completed which insured the liabilities of the scheme with Rothesay Life. As a result of the transaction, the scheme holds annuities with Rothesay Life which are qualifying insurance policies as defined in IAS 19.8 \u2018Employee Benefits\u2019. The income from these policies exactly matches the amount and timing of benefits to those members covered under the policies. As with other bulk annuity purchases the scheme has carried out, the change was treated as a change in investment strategy. At the year-end date, the estimated Defined Benefit Obligation (DBO) for all insured members was \u00a3255.3m. The value of the buy-in policies was determined to be \u00a3255.4m, as the effects of GMP equalisation were not included in the contract value of the buy-in insurance policy. Funding valuation The general principles adopted by the Trustees for the purposes of this funding valuation are that the assumptions used, taken as a whole, will be sufficiently prudent for pensions already in payment to continue to be paid and to reflect the commitments which will arise from members\u2019 accrued pension rights. The William Hill Group agreed to pay \u00a31.9m per annum in respect of the costs of insured death benefits, expenses and levies until September 2025. Disclosure of principal assumptions The financial assumptions used by the actuary in determining the present value of the defined benefit scheme\u2019s liabilities were:
2023 2022
% %
Rate of increase of pensions (non-pensioner)
2.8
3.0
Rate of increase of pensions (pensioner)
3.1
3.3
Discount rate
4.5
4.7
Rate of RPI inflation (non-pensioner)
3.0
3.1
Rate of RPI inflation (pensioner)
3.3
3.4
Rate of CPI inflation
2.5
2.5
In accordance with the relevant accounting standard, the discount rate has been determined by reference to market yields at the period end date on high-quality fixed income investments at a term consistent with the expected duration of the liabilities. Price inflation is determined by the difference between the yields on fixed and index-linked Government bonds with an adjustment to allow for differences in the demand for these bonds, which can distort this figure. The expected rate of salary growth and pension increases are set with reference to the expected rate of inflation. No change has been made to the basis of inflation applied to pension increases in the scheme. The mortality assumption is kept under review and has been updated. The current life expectancies for a member underlying the value of the accrued liabilities are:
2023 2022
Life expectancy at age 65 Years Years
Male retiring now
21.4
21.9
Male retiring in 25 years\u2019 time
23.0
23.6
Female retiring now
23.5
23.9
Female retiring in 25 years\u2019 time
25.3
25.8
The assets in the scheme are set out in the table below.
2023 2022
\u00a3m \u00a3m
Total market value of assets
255.4
254.2
Present value of scheme liabilities
(255.3)
(255.4)
Effect of asset ceiling
(0.1)
\u2014
Asset/(deficit) in scheme at end of year
\u2014
(1.2)
Analysis of the amount charged to operating profit/(loss):
Year to 1 July to
31 December 31 December
2023 2022
\u00a3m \u00a3m
Current service cost
1.0
0.4
Administration expenses
1.8
0.9
Total operating charge
2.8
1.3
Analysis of the amounts recognised in the Consolidated Statement of Comprehensive Income:
2023 2022
\u00a3m \u00a3m
Actual return less expected return on pension scheme assets
(5.2)
36.2
Actuarial gain on demographic assumptions
(5.0)
(0.8)
Actuarial loss on experience adjustment
5.9
3.0
Actuarial loss/(gain) arising from changes in financial assumptions
2.4
(38.1)
Actuarial remeasurements
(1.9)
0.3
Change in the impact of asset ceiling
0.1
\u2014
(Income)/loss recognised as other comprehensive income
(1.8)
0.3
Movements in the present value of defined benefit obligations in the period were as follows:
2023 2022
\u00a3m \u00a3m
Opening defined benefit obligation
255.4
293.1
Current service cost
1.0
0.4
Interest cost
11.7
5.3
Actuarial loss/(gain) on financial assumptions
2.4
(38.1)
Actuarial gain on demographic assumptions
(5.0)
(0.8)
Actuarial loss on experience adjustment
5.9
3.0
Benefits paid
(15.1)
(7.1)
Insurance premium for risk benefits
(1.0)
(0.4)
At end of year
255.3
255.4
Movements in the present value of fair value of scheme assets in the period were as follows:
2023 2022
\u00a3m \u00a3m
Opening defined benefit obligation
254.2
292.7
Interest income on plan assets
11.7
5.3
Return on plan assets (excluding interest income)
5.2
(36.2)
Company contributions
1.9
0.8
Administration expenses charged to operating (loss)/profit
(1.8)
(0.9)
Benefits paid
(14.8)
(7.1)
Insurance premium for risk benefits
(1.0)
(0.4)
At end of year
255.4
254.2
Sensitivity analysis of the principal assumptions used to measure scheme liabilities As the scheme is now fully bought-in, any changes in the value of the scheme\u2019s liabilities due to changes in the underlying assumptions will be matched by changes in the value of the scheme\u2019s assets (which are measured in line with the obligations). There would therefore be a nil net balance sheet impact from any changes in the principal assumptions. Nature and extent of the risks arising from financial instruments held by the defined benefit scheme Through the scheme, following the buy-in, the main risk that the Group has is counterparty risk, with the insurance company backing the majority of the policies with the exception of GMP equalisation which is not included in the contract value of the buy-in insurance policy but is considered immaterial. Funding Alongside the risk assessment above, on 30 September 2020, the Group agreed an ongoing funding requirement with the Trustees which expires on 30 September 2025. The weighted average duration of the scheme\u2019s defined benefit obligation as at 31 December 2023 is 15 years (31 December 2022: 15 years). The undiscounted maturity profile of the defined benefit obligation between one and ten years is shown below:
2023 2022
\u00a3m \u00a3m
Less than one year
13.6
12.7
Between one and two years
14.0
13.4
Between two and five years
47.5
45.7
Between five and ten years
75.3
71.7
No allowance is made for commutation lump sums or individual transfers out due to the fluctuating nature of these payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "The Group has a defined contribution plan pursuant to section 14 of the Severance Pay Law under which the Group pays fixed contributions and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service at the date of their departure. The Group recognised an expense in respect of contribution to the defined contribution plan during the year of \u00a31.3m (2022: \u00a31.9m). The Group\u2019s employees in Israel, who are not subject to section 14 of the Severance Pay Law, are eligible to receive certain benefits from the Group in specific circumstances on leaving the Group. As such the Group operates a defined benefit severance pay plan which requires contributions to be made to separately administered funds. The funds are held by an independent third-party Company. The current service cost and the present value of the defined benefit obligation are measured using the projected unit credit method. Under this schedule, the Company contributes on a monthly basis at the rate of 8.3% of the aggregate of members\u2019 salaries. Defined contribution schemes The defined contribution schemes, to which both the Group and employees contribute to fund the benefits, are available for all eligible employees. The only obligation of the Group with respect to these schemes is to make the specified contributions. The total cost charged to income in respect of these schemes represents contributions payable to the schemes by the Group at rates specified in the rules of the respective schemes. At 31 December 2023, contributions of \u00a3nil (31 December 2022: \u00a3nil) due in respect of the current reporting period were outstanding to be paid over to the schemes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
7 FINANCE INCOME
2023 2022
\u00a3m \u00a3m
Interest income
4.6
0.8
Foreign exchange on financing activities
36.4
\u2014
Total finance income
41.0
0.8
Foreign exchange on financing activities of \u00a336.4m relates to the foreign exchange movement on the unhedged element of the Group\u2019s
debt. In 2022, a loss of \u00a322.7m was included in note 8.
8 FINANCE EXPENSES
2023 2022
Note \u00a3m \u00a3m
Interest expenses related to lease liabilities
6.9
3.0
Bank loans and bonds
175.8
74.9
Amortisation of finance fees
\u2014
0.1
Hedging activities
12.1
3.3
Foreign exchange on financing activities
\u2014
22.7
Other finance charges and fees
0.5
0.7
Finance expenses \u2014 underlying
195.3
104.7
Senior Unsecured Notes early redemption fees
3
\u2014
14.1
Gain on settlement of Senior Unsecured notes
3
\u2014
(7.1)
Finance expenses \u2014 exceptional
\u2014
7.0
Total finance expenses
195.3
111.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "7 FINANCE INCOME
2023 2022
\u00a3m \u00a3m
Interest income
4.6
0.8
Foreign exchange on financing activities
36.4
\u2014
Total finance income
41.0
0.8
Foreign exchange on financing activities of \u00a336.4m relates to the foreign exchange movement on the unhedged element of the Group\u2019s debt. In 2022, a loss of \u00a322.7m was included in note 8. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "7 FINANCE INCOME
2023 2022
\u00a3m \u00a3m
Interest income
4.6
0.8
Foreign exchange on financing activities
36.4
\u2014
Total finance income
41.0
0.8
Foreign exchange on financing activities of \u00a336.4m relates to the foreign exchange movement on the unhedged element of the Group\u2019s debt. In 2022, a loss of \u00a322.7m was included in note 8. 8 FINANCE EXPENSES
2023 2022
Note \u00a3m \u00a3m
Interest expenses related to lease liabilities
6.9
3.0
Bank loans and bonds
175.8
74.9
Amortisation of finance fees
\u2014
0.1
Hedging activities
12.1
3.3
Foreign exchange on financing activities
\u2014
22.7
Other finance charges and fees
0.5
0.7
Finance expenses \u2014 underlying
195.3
104.7
Senior Unsecured Notes early redemption fees
3
\u2014
14.1
Gain on settlement of Senior Unsecured notes
3
\u2014
(7.1)
Finance expenses \u2014 exceptional
\u2014
7.0
Total finance expenses
195.3
111.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "7 FINANCE INCOME
2023 2022
\u00a3m \u00a3m
Interest income
4.6
0.8
Foreign exchange on financing activities
36.4
\u2014
Total finance income
41.0
0.8
Foreign exchange on financing activities of \u00a336.4m relates to the foreign exchange movement on the unhedged element of the Group\u2019s debt. In 2022, a loss of \u00a322.7m was included in note 8. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "8 FINANCE EXPENSES
2023 2022
Note \u00a3m \u00a3m
Interest expenses related to lease liabilities
6.9
3.0
Bank loans and bonds
175.8
74.9
Amortisation of finance fees
\u2014
0.1
Hedging activities
12.1
3.3
Foreign exchange on financing activities
\u2014
22.7
Other finance charges and fees
0.5
0.7
Finance expenses \u2014 underlying
195.3
104.7
Senior Unsecured Notes early redemption fees
3
\u2014
14.1
Gain on settlement of Senior Unsecured notes
3
\u2014
(7.1)
Finance expenses \u2014 exceptional
\u2014
7.0
Total finance expenses
195.3
111.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "8 FINANCE EXPENSES
2023 2022
Note \u00a3m \u00a3m
Interest expenses related to lease liabilities
6.9
3.0
Bank loans and bonds
175.8
74.9
Amortisation of finance fees
\u2014
0.1
Hedging activities
12.1
3.3
Foreign exchange on financing activities
\u2014
22.7
Other finance charges and fees
0.5
0.7
Finance expenses \u2014 underlying
195.3
104.7
Senior Unsecured Notes early redemption fees
3
\u2014
14.1
Gain on settlement of Senior Unsecured notes
3
\u2014
(7.1)
Finance expenses \u2014 exceptional
\u2014
7.0
Total finance expenses
195.3
111.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "
9 TAXATION
Corporate taxes
2023
\u00a3m
Current taxation
UK corporation tax charge at 23.5%
0.7
Other jurisdictions taxation
22.0
Adjustments in respect of prior years
(21.0)
1.7
Deferred taxation
Origination and reversal of temporary differences
(37.7)
Recognition of previously unrecognised deductible temporary differences
(30.2)
Adjustments in respect of prior years
1.3
(66.6)
Taxation credit
(64.9)
Deferred taxation related to items recognised in OCI
Remeasurement of severance pay liability
\u2014
2022
\u00a3m
Current taxation
UK corporation tax charge at 19.0%
6.5
Other jurisdictions taxation
17.8
Adjustments in respect of prior years
1.3
25.6
Deferred taxation
Origination and reversal of temporary differences
(3.0)
Adjustments in respect of prior years
(17.7)
(20.7)
Taxation expense
4.9
Deferred taxation related to items recognised in OCI
Remeasurement of severance pay liability
0.6
The UK tax rate increased from 19% to 25% on 1 April 2023 giving an average UK tax rate for the year of 23.5%.
The effective tax rate in respect of ordinary activities before exceptional items for the year ended 31 December 2023 is 81.4% (2022: 20.0%).
The effective tax rate in respect of ordinary activities after exceptional items is 53.5% (2022: -4.2%).
Pillar Two legislation has been enacted, or substantively enacted, in certain jurisdictions in which the Group operates. The legislation will be
effective for the Group\u2019s financial year beginning 1 January 2024. The Group is in scope of the enacted or substantively enacted legislation
and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes.
The assessment of the potential exposure to Pillar Two income taxes is based on the information available regarding the financial performance of the constituent entities in the Group for the year ended 31 December 2023 and forecasts for the year ended 31 December 2024. Based on the assessment, the Group has identified potential exposure to Pillar Two income taxes in respect of profits earned in Gibraltar, Malta, and Spain. The potential exposure comes from the constituent entities (mainly licensed operating subsidiaries) in these jurisdictions where the expected Pillar Two effective tax rate is below 15%. The Pillar Two effective tax rate is lower in these jurisdictions due to the Group being subject to tax at effective rates lower than 15% in those countries (Gibraltar at 12.5%, Spain at 12.5%, and Malta at 5% after the distribution of profits). Had the Pillar Two legislation been effective for the current year ending 31 December 2023, the restated effective tax rate under IFRS would be approximately 49.5-51.5% which would have been 2-4% lower than the reported effective rate under IFRS of 53.5%. The rate would be lower because the Group reports a tax credit on a loss and the tax credit would be reduced due to the Pillar Two income tax charge. The impact on the effective tax rate under IFRS for the Group is mainly driven by top up taxes arising on profits earned in Gibraltar, Malta, and Spain where the Pillar Two effective tax rate is lower than 15%. The impact on the effective tax rate in 2024 will depend on factors such as revenues and costs. The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the (loss)/profit before tax is as follows:
2023
\u00a3m
Loss before taxation
(121.3)
Standard tax rate in UK (23.5%)
(28.5)
Difference in effective tax rate in other jurisdictions
(15.4)
Expenses not allowed for taxation
13.6
Accrual of liabilities for uncertain tax positions
(1.8)
Deferred tax not recognised
26.5
Recognition of previously unrecognised deductible temporary differences
(30.3)
Difference in current and deferred tax rate
0.2
Tax on share of result of associate
(0.3)
Non-taxable income
(8.8)
Adjustments to prior years\u2019 tax charges
(19.7)
Losses utilised previously not recognised for deferred tax
(0.4)
Total tax credit for the year
(64.9)
2022
\u00a3m
Loss before taxation
(115.7)
Standard tax rate in UK (19.0%)
(22.0)
Difference in effective tax rate in other jurisdictions
2.5
Expenses not allowed for taxation
32.9
Accrual of liabilities for uncertain tax positions
5.2
Tax on share of result of associate
0.1
Deferred tax not recognised
0.4
Difference in current and deferred tax rate
5.1
Non-taxable income
(2.9)
Adjustments to prior years\u2019 tax charges
(16.4)
Total tax charge for the year
4.9
The difference in effective tax rates in other jurisdictions primarily reflects the lower effective tax rate in Gibraltar, Spain and Malta. Expenses not allowed for tax purposes mainly relate to reduced availability of tax relief arising on costs incurred in the period. Deferred tax not recognised mainly relates to restricted interest in the UK in respect of which no deferred tax asset can be recognised. Recognition of previously unrecognised deductible temporary differences relates to recognition of a deferred tax asset for the Group's intangible assets. See note 26 for further details. The prior year adjustments mainly relate to additional claims being made for tax allowances in Gibraltar for 2021. Non-taxable income mainly relates to fair value and accounting gains not taxable in Gibraltar and the UK.
26 DEFERRED TAX
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes. The Group\u2019s deferred tax assets and liabilities resulting from
temporary differences, some of which are expected to be settled on a net basis, are as follows:
As at Credit/ Arising on As at
1 January Prior year (charge) business 31 December
2023 adjustments Transfers Disposals to income combinations 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary differences
(1.1)
4.6
\u2014
\u2014
3.5
\u2014
7.0
Intangible assets
(231.2)
(2.9)
(9.0)
3.6
58.0
\u2014
(181.5)
Other temporary differences
3.1
(2.2)
9.0
0.7
0.9
20.3
31.8
Restricted interest
14.4
\u2014
\u2014
\u2014
3.1
\u2014
17.5
Tax losses
4.0
(0.8)
\u2014
\u2014
2.1
\u2014
5.3
Total
(210.8)
(1.3)
\u2014
4.3
67.6
20.3
(119.9)
Exceptional Exceptional
As at Credit/ credit/ credit/ As at
1 January Acquisition of Prior year Exchange (charge) (charge) to (charge) to 31 December
2022 William Hill adjustments differences to income income OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary
differences
1.6
0.6
3.0
0.3
(6.6)
\u2014
\u2014
(1.1)
Intangible assets
(2.7)
(252.2)
1.9
0.7
12.7
8.4
\u2014
(231.2)
Other temporary differences
1.4
8.1
(0.8)
(0.1)
(4.9)
\u2014
(0.6)
3.1
Restricted interest
\u2014
11.6
13.1
\u2014
(10.3)
\u2014
\u2014
14.4
Tax credits
\u2014
\u2014
0.4
(0.2)
(0.2)
\u2014
\u2014
\u2014
Tax losses
\u2014
0.1
\u2014
\u2014
3.9
\u2014
\u2014
4.0
Total
0.3
(231.8)
17.6
0.7
(5.4)
8.4
(0.6)
(210.8)
2023 2022
\u00a3m \u00a3m
Reflected in the Statement of Financial Position as follows:
Deferred tax assets
37.0
5.2
Deferred tax liabilities
(156.9)
(216.0)
Restatement
Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to
increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This
adjustment has been made after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further
details.
Arising on business combinations
In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which
were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures,
as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s
covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition
goodwill.
Deferred tax assets on unamortised tax allowances on intangible assets in Ireland
As at 31 December 2023 the Group has recognised a deferred tax asset of \u00a332.9m (2022: \u00a32.7m) in relation to unused tax allowances of
\u00a3236.5m (2022: \u00a3263.4m) in the Group\u2019s wholly owned Irish subsidiary.
The Directors have concluded that there is convincing evidence that the Irish subsidiary will continue to generate taxable profits in the
future, against which taxable allowances can be fully utilised. The allowances initially arose from the transfer of intellectual property rights
from 888 Group companies to the Group\u2019s Irish subsidiary in 2022.
As part of the Group restructuring programme, a Board decision was taken in 2023 to confirm the retention of corporate activity in Ireland,
which was previously uncertain. The recovery of the deferred tax asset in Ireland is supported by the receipt of recurring revenue streams
from royalty payments paid from other Group companies.
The Directors have reviewed the latest forecast for the Group member companies in their operating markets, including their ability to
continue to generate revenues and therefore pay royalty fees into the future. This includes consideration of the commercial plans under the
Group\u2019s control, the future corporate structure of the Group and current licensing activity.
The Directors believe there is convincing evidence that the deferred tax asset will unwind over a period of 29 years and as such have fully
recognised the deferred tax asset as at 31 December 2023. If forecast royalty revenues paid to the Group\u2019s Irish subsidiary are 10% lower
than forecasted, the recovery of the deferred tax asset would be extended to 38 years.
Tax rates
The enacted future rate of UK corporation tax of 25.0% (2022: 25%), the Gibraltar statutory income tax rate of 12.5% (2022: 12.5%), the
Maltese effective tax rate of 35.0% (2022: 35%) and the Irish effective tax rate of 12.5% (2022: 12.5%) have been used to calculate the
amount of deferred tax.
Tax losses
The Group has recognised \u00a337.0m (2022: \u00a35.2m) of deferred tax assets, including \u00a37.3m (2022: \u00a34.0m) in respect of unutilised tax losses
which are available in companies which are anticipated to make future profits. The losses mainly relate to the UK and are expected to be
utilised in the foreseeable future. All losses and tax credits, recognised and unrecognised, may be carried forward indefinitely.
Management have based their assessment of the recognition of deferred tax assets on unused tax losses of \u00a346.3m (2022: \u00a363.8m) at the
period end on the forecast also used for the impairment review.
Restricted interest
Restricted interest represents a deferred tax asset of \u00a317.5m (2022: \u00a314.4m) in relation to interest restrictions for which an asset has been
recognised to the extent that sufficient taxable temporary differences exist at the balance sheet date.
Pillar Two income taxes
The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the
implementation of Pillar Two income taxes, as required under IAS 12.
Unrecognised deferred tax attributes
Deferred tax is not recognised in respect of the value of the Group\u2019s investments in subsidiaries and interests in joint ventures where we are
able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the future.
The amount of such temporary differences for which deferred tax has not been recognised was \u00a3110.5m (and tax thereon of \u00a32.5m) (2022:
\u00a317.2m (and tax thereon \u00a31.5m)).
The Group has unutilised tax losses of \u00a338.9m (31 December 2022: \u00a363.8m) in entities which are not anticipated to make profits in the
foreseeable future and for which no deferred tax has been recognised. The Group has carried forward restricted interest in the UK of
\u00a3112.5m (2022: \u00a3nil) for which no deferred tax asset has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "
10 EARNINGS PER SHARE
Basic earnings per share
Basic earnings per share (EPS) has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average
number of shares in issue and outstanding during the year.
Diluted earnings per share
The weighted average number of shares for diluted earnings per share takes into account all potentially dilutive equity instruments granted,
which are not included in the number of shares for basic earnings per share. Potential ordinary shares are excluded from the weighted
average diluted number of shares when calculating IFRS diluted loss per share because they are anti-dilutive. The number of equity
instruments included in the diluted EPS calculation consist of 2,789,783 Ordinary Shares (2022: 6,235,340) and no market-value options
(2022: nil).
The number of equity instruments excluded from the diluted EPS calculation is 2,294,080 (2022: 1,986,155).
2023
2022
Loss for the period attributable to equity holders of the Parent (\u00a3m)
(56.4)
(120.5)
Weighted average number of Ordinary Shares in issue and outstanding
448,166,792
426,536,392
Effect of dilutive Ordinary Shares and share options
2,789,783
6,235,340
Weighted average number of dilutive Ordinary Shares
450,956,575
432,771,732
Basic loss per share (pence)
(12.6)
(28.3)
Diluted loss per share (pence)
(12.6)
(28.3)
The diluted loss per share in the current and prior year is the same as the basic loss per share as the potentially dilutive share options are
considered antidilutive as they would reduce the loss per share and therefore, they are disregarded in the calculation.
Adjusted earnings per share
The Directors believe that EPS excluding exceptional and adjusted items, tax on exceptional and adjusted items ('Adjusted EPS') allows
for a further understanding of the underlying performance of the business and assists in providing a clearer view of the performance
of the Group.
2023
2022
Adjusted profit after tax (\u00a3m)
48.1
64.2
Weighted average number of Ordinary Shares in issue
448,166,792
426,536,392
Weighted average number of dilutive Ordinary Shares
450,956,575
432,771,732
Adjusted basic earnings per share (pence)
10.7
15.1
Adjusted diluted earnings per share (pence)
10.7
14.8
An explanation of adjusted profit after tax is provided in Appendix 1.
The table below highlights the measures used to achieve Adjusted profit after tax:
2023 2022
Note \u00a3m \u00a3m
Adjusted profit after tax
48.1
64.2
Exceptional items \u2014 cost of sales and operating expenses
3
(52.6)
(93.2)
Exceptional items \u2014 finance expenses
3,8
\u2014
(7.0)
Fair value gain on financial assets
25
4.1
\u2014
Amortisation of finance fees
(17.2)
(7.4)
Amortisation of acquired intangibles
(114.3)
(56.7)
Tax on exceptional and adjusted items
37.4
11.4
Foreign exchange gains/(losses)
37.6
(26.7)
Share benefit credit/(charge)
28
0.5
(5.2)
Loss attributable to non-controlling interests
\u2014
0.1
Loss after tax
(56.4)
(120.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "
11 DIVIDENDS
The Board of Directors does not recommend a final dividend to be paid in respect of the year ended 31 December 2023. No final dividend
was recommended as at 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "
12 GOODWILL AND OTHER INTANGIBLES
Brands,
customer
relationships
Goodwill and licences Software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 31 December 2022
823.0
1,230.8
403.3
2,457.1
Acquisition related adjustment
(20.3)
\u2014
\u2014
(20.3)
Additions
\u2014
2.0
58.9
60.9
Disposals
(13.7)
(10.7)
\u2014
(24.4)
Effect of foreign exchange rates
\u2014
(3.0)
(10.4)
(13.4)
At 31 December 2023
789.0
1,219.1
451.8
2,459.9
Amortisation and impairments:
At 31 December 2022
25.7
73.5
149.6
248.8
Amortisation charge for the year
\u2014
90.8
91.2
182.0
Impairment charge for the year
\u2014
\u2014
0.6
0.6
Disposals
\u2014
(1.3)
\u2014
(1.3)
Effect of foreign exchange rates
\u2014
(1.6)
(6.9)
(8.5)
At 31 December 2023
25.7
161.4
234.5
421.6
Carrying amounts
At 31 December 2023
763.3
1,057.7
217.3
2,038.3
At 31 December 2022
797. 3
1,157.3
253.7
2,208.3
1
2
1. Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to increase the
fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This adjustment has been made
after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further details.
2. In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at
acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or
loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have
been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill.
Goodwill
Including the adjustment made in the current year, goodwill recognised on the acquisition of William Hill was \u00a3776.6m, as outlined
in note 16. Based on the estimated synergies from the combination, management has allocated this goodwill between Retail (\u00a399.4m),
UK&I Online (\u00a3357.9m) and International (\u00a3319.3m). This represents the lowest level at which goodwill is monitored for internal management
purposes.
Brands, customer relationships and licences
This category of assets includes brands, customer relationships and licences primarily recognised in business combinations. As outlined
in note 16, in 2022 the Group acquired William Hill and recognised brands of \u00a3574.4m, customer relationships of \u00a3595.1m and licences of
\u00a38.5m. These assets are being amortised over 20-30 years for brands, 7-13 years for customer relationships and 20 years for licences.
Software
This category relates to the cost of both acquired software, through purchase or acquisition, as well as the capitalisation of internally
developed software where the recognition criteria are met. Capitalised costs on projects that are works in progress amount to \u00a344.8m at
year end (2022: \u00a342.0m). On the acquisition of William Hill, the Group acquired software with a fair value of \u00a3226.2m. The software acquired
primarily consisted of proprietary software platforms owned by William Hill. Subsequent to the acquisition, the decision was made to
migrate a number of William Hill platforms onto the existing 888 platforms, resulting in an asset impairment of \u00a329.5m in 2022. These assets
are being amortised over 3-5 years.
Impairment reviews
The Group performs an annual impairment review for goodwill, by comparing the carrying amount of goodwill and other relevant assets
with their recoverable amount. This is an area where the Directors exercise judgement and estimation, as noted on pages 125 and 126.
For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by
management. In the prior year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business, which
changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is
monitored in line with the Group\u2019s segments, being Retail, UK&I Online and International.
Testing is carried out by allocating the carrying value of the assets to CGUs or group of CGUs and determining the recoverable amount
of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets
are considered as not impaired. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit
forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise.
The principal assumptions underlying our cash flow forecasts are as follows:
\u2022 management assumes that the underlying business model will continue to operate on a comparable basis, as adjusted for known
regulatory or tax changes and planned business initiatives; this does not include any capex projects or the benefits that arise from them
in line with IAS 36;
\u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as
adjusted for changes in our business model or expected changes in the wider industry or economy;
\u2022 management assumes that the Group will achieve its target sports betting gross win margins as set for each territory, which
management bases upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in
the short term but revert to a norm over a longer term; and
\u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee
remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category,
with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in
line with agreed contractual rates.
The Board approved the 2024 budget for each segment in January 2024. Management prepared a three-year strategic forecast covering
years 2025 to 2027 using the same basis as the four-year strategic forecast covering years 2024 to 2027 that was approved by the
Board in the prior year. Additionally, management has prepared a separate forecast for the year 2028, incorporating long-term growth
projections based on the year 2027. These five years form the basis of our value in use calculation.
Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately.
The other assumptions incorporated into the Group\u2019s impairment reviews are those relating to discount rates and long-term growth
assumptions, as noted below separately for each CGU or group of CGUs:
2023 2023 2022 2022
Discount Long-term Discount Long-term
rate growth rate rate growth rate
CGUs % % % %
Retail
13.0
0.0
13.3
0.0
UK&I Online
13.0
2.5
12.1
2.5
International
14.7
5.0
13.8
5.0
Discount rates are applied to each CGU or group of CGUs\u2019 cash flows that reflect both the time value of money and the risks that apply to
the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on
the CGU\u2019s or group of CGUs\u2019 leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed
gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of
CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk
profile of the specific CGU or the group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax
basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are
pre-tax discount rates.
The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU
or group of CGUs.
Results of impairment reviews
The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review
performed at 31 December 2023 for each CGU or group of CGUs are as follows:
2023 2022 2022
Recoverable 2023 Recoverable Headroom/
amount Headroom amount (impairment)
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
559.4
71.1
668.6
165.5
UK&I Online
1,551.8
419.6
1,534.5
359.3
International
1,119.0
493.6
1,725.2
996.2
US B2C
n/a
n/a
19.4
(25.7)
Within the US CGU, specifically in the US B2C business, there is goodwill from a previous acquisition in the 888 Group, however this was fully
impaired in the previous financial year and therefore no longer requires an impairment assessment.
Sensitivity of impairment reviews
For the Retail group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated
would lead to the following changes in the recoverable amount of the CGU or group of CGUs:
10% fall in cash flows
1% increase in discount rate
Reduction in Reduction in
recoverable Remaining recoverable Remaining
amount headroom amount headroom
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
(55.9)
15.1
(37.1)
34.0
Retail cash flows would have to fall by more than 12.7% before the value in use fell below the CGU carrying value. For the UK&I Online
and International groups of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the
recoverable amount was estimated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "12 GOODWILL AND OTHER INTANGIBLES
Brands,
customer
relationships
Goodwill and licences Software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 31 December 2022
823.0
1,230.8
403.3
2,457.1
Acquisition related adjustment
(20.3)
\u2014
\u2014
(20.3)
Additions
\u2014
2.0
58.9
60.9
Disposals
(13.7)
(10.7)
\u2014
(24.4)
Effect of foreign exchange rates
\u2014
(3.0)
(10.4)
(13.4)
At 31 December 2023
789.0
1,219.1
451.8
2,459.9
Amortisation and impairments:
At 31 December 2022
25.7
73.5
149.6
248.8
Amortisation charge for the year
\u2014
90.8
91.2
182.0
Impairment charge for the year
\u2014
\u2014
0.6
0.6
Disposals
\u2014
(1.3)
\u2014
(1.3)
Effect of foreign exchange rates
\u2014
(1.6)
(6.9)
(8.5)
At 31 December 2023
25.7
161.4
234.5
421.6
Carrying amounts
At 31 December 2023
763.3
1,057.7
217.3
2,038.3
At 31 December 2022
797. 3
1,157.3
253.7
2,208.3
1 2 1. Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This adjustment has been made after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further details. 2. In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Goodwill Including the adjustment made in the current year, goodwill recognised on the acquisition of William Hill was \u00a3776.6m, as outlined in note 16. Based on the estimated synergies from the combination, management has allocated this goodwill between Retail (\u00a399.4m), UK&I Online (\u00a3357.9m) and International (\u00a3319.3m). This represents the lowest level at which goodwill is monitored for internal management purposes. Brands, customer relationships and licences This category of assets includes brands, customer relationships and licences primarily recognised in business combinations. As outlined in note 16, in 2022 the Group acquired William Hill and recognised brands of \u00a3574.4m, customer relationships of \u00a3595.1m and licences of \u00a38.5m. These assets are being amortised over 20-30 years for brands, 7-13 years for customer relationships and 20 years for licences. Software This category relates to the cost of both acquired software, through purchase or acquisition, as well as the capitalisation of internally developed software where the recognition criteria are met. Capitalised costs on projects that are works in progress amount to \u00a344.8m at year end (2022: \u00a342.0m). On the acquisition of William Hill, the Group acquired software with a fair value of \u00a3226.2m. The software acquired primarily consisted of proprietary software platforms owned by William Hill. Subsequent to the acquisition, the decision was made to migrate a number of William Hill platforms onto the existing 888 platforms, resulting in an asset impairment of \u00a329.5m in 2022. These assets are being amortised over 3-5 years. Impairment reviews The Group performs an annual impairment review for goodwill, by comparing the carrying amount of goodwill and other relevant assets with their recoverable amount. This is an area where the Directors exercise judgement and estimation, as noted on pages 125 and 126. For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by management. In the prior year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business, which changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is monitored in line with the Group\u2019s segments, being Retail, UK&I Online and International. Testing is carried out by allocating the carrying value of the assets to CGUs or group of CGUs and determining the recoverable amount of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets are considered as not impaired. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise. The principal assumptions underlying our cash flow forecasts are as follows: \u2022 management assumes that the underlying business model will continue to operate on a comparable basis, as adjusted for known regulatory or tax changes and planned business initiatives; this does not include any capex projects or the benefits that arise from them in line with IAS 36; \u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as adjusted for changes in our business model or expected changes in the wider industry or economy; \u2022 management assumes that the Group will achieve its target sports betting gross win margins as set for each territory, which management bases upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in the short term but revert to a norm over a longer term; and \u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category, with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in line with agreed contractual rates. The Board approved the 2024 budget for each segment in January 2024. Management prepared a three-year strategic forecast covering years 2025 to 2027 using the same basis as the four-year strategic forecast covering years 2024 to 2027 that was approved by the Board in the prior year. Additionally, management has prepared a separate forecast for the year 2028, incorporating long-term growth projections based on the year 2027. These five years form the basis of our value in use calculation. Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately. The other assumptions incorporated into the Group\u2019s impairment reviews are those relating to discount rates and long-term growth assumptions, as noted below separately for each CGU or group of CGUs:
2023 2023 2022 2022
Discount Long-term Discount Long-term
rate growth rate rate growth rate
CGUs % % % %
Retail
13.0
0.0
13.3
0.0
UK&I Online
13.0
2.5
12.1
2.5
International
14.7
5.0
13.8
5.0
Discount rates are applied to each CGU or group of CGUs\u2019 cash flows that reflect both the time value of money and the risks that apply to the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on the CGU\u2019s or group of CGUs\u2019 leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk profile of the specific CGU or the group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are pre-tax discount rates. The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU or group of CGUs. Results of impairment reviews The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review performed at 31 December 2023 for each CGU or group of CGUs are as follows:
2023 2022 2022
Recoverable 2023 Recoverable Headroom/
amount Headroom amount (impairment)
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
559.4
71.1
668.6
165.5
UK&I Online
1,551.8
419.6
1,534.5
359.3
International
1,119.0
493.6
1,725.2
996.2
US B2C
n/a
n/a
19.4
(25.7)
Within the US CGU, specifically in the US B2C business, there is goodwill from a previous acquisition in the 888 Group, however this was fully impaired in the previous financial year and therefore no longer requires an impairment assessment. Sensitivity of impairment reviews For the Retail group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated would lead to the following changes in the recoverable amount of the CGU or group of CGUs:
10% fall in cash flows
1% increase in discount rate
Reduction in Reduction in
recoverable Remaining recoverable Remaining
amount headroom amount headroom
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
(55.9)
15.1
(37.1)
34.0
Retail cash flows would have to fall by more than 12.7% before the value in use fell below the CGU carrying value. For the UK&I Online and International groups of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the recoverable amount was estimated.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "12 GOODWILL AND OTHER INTANGIBLES
Brands,
customer
relationships
Goodwill and licences Software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 31 December 2022
823.0
1,230.8
403.3
2,457.1
Acquisition related adjustment
(20.3)
\u2014
\u2014
(20.3)
Additions
\u2014
2.0
58.9
60.9
Disposals
(13.7)
(10.7)
\u2014
(24.4)
Effect of foreign exchange rates
\u2014
(3.0)
(10.4)
(13.4)
At 31 December 2023
789.0
1,219.1
451.8
2,459.9
Amortisation and impairments:
At 31 December 2022
25.7
73.5
149.6
248.8
Amortisation charge for the year
\u2014
90.8
91.2
182.0
Impairment charge for the year
\u2014
\u2014
0.6
0.6
Disposals
\u2014
(1.3)
\u2014
(1.3)
Effect of foreign exchange rates
\u2014
(1.6)
(6.9)
(8.5)
At 31 December 2023
25.7
161.4
234.5
421.6
Carrying amounts
At 31 December 2023
763.3
1,057.7
217.3
2,038.3
At 31 December 2022
797. 3
1,157.3
253.7
2,208.3
1 2 1. Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This adjustment has been made after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further details. 2. In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Goodwill Including the adjustment made in the current year, goodwill recognised on the acquisition of William Hill was \u00a3776.6m, as outlined in note 16. Based on the estimated synergies from the combination, management has allocated this goodwill between Retail (\u00a399.4m), UK&I Online (\u00a3357.9m) and International (\u00a3319.3m). This represents the lowest level at which goodwill is monitored for internal management purposes. Brands, customer relationships and licences This category of assets includes brands, customer relationships and licences primarily recognised in business combinations. As outlined in note 16, in 2022 the Group acquired William Hill and recognised brands of \u00a3574.4m, customer relationships of \u00a3595.1m and licences of \u00a38.5m. These assets are being amortised over 20-30 years for brands, 7-13 years for customer relationships and 20 years for licences. Software This category relates to the cost of both acquired software, through purchase or acquisition, as well as the capitalisation of internally developed software where the recognition criteria are met. Capitalised costs on projects that are works in progress amount to \u00a344.8m at year end (2022: \u00a342.0m). On the acquisition of William Hill, the Group acquired software with a fair value of \u00a3226.2m. The software acquired primarily consisted of proprietary software platforms owned by William Hill. Subsequent to the acquisition, the decision was made to migrate a number of William Hill platforms onto the existing 888 platforms, resulting in an asset impairment of \u00a329.5m in 2022. These assets are being amortised over 3-5 years. Impairment reviews The Group performs an annual impairment review for goodwill, by comparing the carrying amount of goodwill and other relevant assets with their recoverable amount. This is an area where the Directors exercise judgement and estimation, as noted on pages 125 and 126. For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by management. In the prior year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business, which changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is monitored in line with the Group\u2019s segments, being Retail, UK&I Online and International. Testing is carried out by allocating the carrying value of the assets to CGUs or group of CGUs and determining the recoverable amount of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets are considered as not impaired. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise. The principal assumptions underlying our cash flow forecasts are as follows: \u2022 management assumes that the underlying business model will continue to operate on a comparable basis, as adjusted for known regulatory or tax changes and planned business initiatives; this does not include any capex projects or the benefits that arise from them in line with IAS 36; \u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as adjusted for changes in our business model or expected changes in the wider industry or economy; \u2022 management assumes that the Group will achieve its target sports betting gross win margins as set for each territory, which management bases upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in the short term but revert to a norm over a longer term; and \u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category, with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in line with agreed contractual rates. The Board approved the 2024 budget for each segment in January 2024. Management prepared a three-year strategic forecast covering years 2025 to 2027 using the same basis as the four-year strategic forecast covering years 2024 to 2027 that was approved by the Board in the prior year. Additionally, management has prepared a separate forecast for the year 2028, incorporating long-term growth projections based on the year 2027. These five years form the basis of our value in use calculation. Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately. The other assumptions incorporated into the Group\u2019s impairment reviews are those relating to discount rates and long-term growth assumptions, as noted below separately for each CGU or group of CGUs:
2023 2023 2022 2022
Discount Long-term Discount Long-term
rate growth rate rate growth rate
CGUs % % % %
Retail
13.0
0.0
13.3
0.0
UK&I Online
13.0
2.5
12.1
2.5
International
14.7
5.0
13.8
5.0
Discount rates are applied to each CGU or group of CGUs\u2019 cash flows that reflect both the time value of money and the risks that apply to the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on the CGU\u2019s or group of CGUs\u2019 leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk profile of the specific CGU or the group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are pre-tax discount rates. The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU or group of CGUs. Results of impairment reviews The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review performed at 31 December 2023 for each CGU or group of CGUs are as follows:
2023 2022 2022
Recoverable 2023 Recoverable Headroom/
amount Headroom amount (impairment)
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
559.4
71.1
668.6
165.5
UK&I Online
1,551.8
419.6
1,534.5
359.3
International
1,119.0
493.6
1,725.2
996.2
US B2C
n/a
n/a
19.4
(25.7)
Within the US CGU, specifically in the US B2C business, there is goodwill from a previous acquisition in the 888 Group, however this was fully impaired in the previous financial year and therefore no longer requires an impairment assessment. Sensitivity of impairment reviews For the Retail group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated would lead to the following changes in the recoverable amount of the CGU or group of CGUs:
10% fall in cash flows
1% increase in discount rate
Reduction in Reduction in
recoverable Remaining recoverable Remaining
amount headroom amount headroom
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
(55.9)
15.1
(37.1)
34.0
Retail cash flows would have to fall by more than 12.7% before the value in use fell below the CGU carrying value. For the UK&I Online and International groups of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the recoverable amount was estimated.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "Impairment reviews The Group performs an annual impairment review for goodwill, by comparing the carrying amount of goodwill and other relevant assets with their recoverable amount. This is an area where the Directors exercise judgement and estimation, as noted on pages 125 and 126. For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by management. In the prior year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business, which changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is monitored in line with the Group\u2019s segments, being Retail, UK&I Online and International. Testing is carried out by allocating the carrying value of the assets to CGUs or group of CGUs and determining the recoverable amount of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets are considered as not impaired. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise. The principal assumptions underlying our cash flow forecasts are as follows: \u2022 management assumes that the underlying business model will continue to operate on a comparable basis, as adjusted for known regulatory or tax changes and planned business initiatives; this does not include any capex projects or the benefits that arise from them in line with IAS 36; \u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as adjusted for changes in our business model or expected changes in the wider industry or economy; \u2022 management assumes that the Group will achieve its target sports betting gross win margins as set for each territory, which management bases upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in the short term but revert to a norm over a longer term; and \u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category, with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in line with agreed contractual rates. The Board approved the 2024 budget for each segment in January 2024. Management prepared a three-year strategic forecast covering years 2025 to 2027 using the same basis as the four-year strategic forecast covering years 2024 to 2027 that was approved by the Board in the prior year. Additionally, management has prepared a separate forecast for the year 2028, incorporating long-term growth projections based on the year 2027. These five years form the basis of our value in use calculation. Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately. The other assumptions incorporated into the Group\u2019s impairment reviews are those relating to discount rates and long-term growth assumptions, as noted below separately for each CGU or group of CGUs:
2023 2023 2022 2022
Discount Long-term Discount Long-term
rate growth rate rate growth rate
CGUs % % % %
Retail
13.0
0.0
13.3
0.0
UK&I Online
13.0
2.5
12.1
2.5
International
14.7
5.0
13.8
5.0
Discount rates are applied to each CGU or group of CGUs\u2019 cash flows that reflect both the time value of money and the risks that apply to the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on the CGU\u2019s or group of CGUs\u2019 leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk profile of the specific CGU or the group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are pre-tax discount rates. The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU or group of CGUs. Results of impairment reviews The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review performed at 31 December 2023 for each CGU or group of CGUs are as follows:
2023 2022 2022
Recoverable 2023 Recoverable Headroom/
amount Headroom amount (impairment)
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
559.4
71.1
668.6
165.5
UK&I Online
1,551.8
419.6
1,534.5
359.3
International
1,119.0
493.6
1,725.2
996.2
US B2C
n/a
n/a
19.4
(25.7)
Within the US CGU, specifically in the US B2C business, there is goodwill from a previous acquisition in the 888 Group, however this was fully impaired in the previous financial year and therefore no longer requires an impairment assessment. Sensitivity of impairment reviews For the Retail group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated would lead to the following changes in the recoverable amount of the CGU or group of CGUs:
10% fall in cash flows
1% increase in discount rate
Reduction in Reduction in
recoverable Remaining recoverable Remaining
amount headroom amount headroom
CGUs \u00a3m \u00a3m \u00a3m \u00a3m
Retail
(55.9)
15.1
(37.1)
34.0
Retail cash flows would have to fall by more than 12.7% before the value in use fell below the CGU carrying value. For the UK&I Online and International groups of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the recoverable amount was estimated.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "
13 PROPERTY, PLANT AND EQUIPMENT
Fixtures,
Land and fittings and Right-of-use
buildings equipment assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 31 December 2022
36.6
130.4
113.4
280.4
Additions
1.6
5.8
23.5
30.9
Disposals
(10.2)
(3.9)
\u2014
(14.1)
Effect of foreign exchange rates
\u2014
(0.4)
(0.8)
(1.2)
At 31 December 2023
28.0
131.9
136.1
296.0
Accumulated depreciation
At 31 December 2022
15.2
41.4
31.5
88.1
Charge for the period
2.4
17.1
26.8
46.3
Disposals
(5.7)
(1.8)
\u2014
(7.5)
Effect of foreign exchange rates
\u2014
(0.4)
(0.2)
(0.6)
At 31 December 2023
11.9
56.3
58.1
126.3
Carrying amounts
At 31 December 2023
16.1
75.6
78.0
169.7
At 31 December 2022
21.4
89.0
81.9
192.3
During the year, the Group sold a number of freehold properties for a total of \u00a322.6m in sale and leaseback transactions, resulting in a
gain on disposal of \u00a34.6m. At 31 December 2022 the Group held \u00a36.9m of land and buildings as assets held for sale in relation to these
transactions.
The net book value of land and buildings comprises:
2023 2022
\u00a3m \u00a3m
Freehold
1.5
3.7
Long leasehold improvements
4.8
5.9
Short leasehold improvements
9.8
11.8
16.1
21.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "
14 INTEREST IN ASSOCIATE
The Group holds an associate interest in Sports Information Services (Holdings) Limited (SIS). The Group uses the equity method of
accounting for associates. The following table shows the aggregate movement in the Group\u2019s interests in its associate:
\u00a3m
At 31 December 2022
38.4
Share of results before interest and taxation
1.7
Share of interest
0.3
Share of taxation
(0.6)
Dividend received
(5.9)
At 31 December 2023
33.9
SIS
At 31 December 2023, William Hill Organization Limited, a principal subsidiary of the Company, held an investment of 19.5% of the ordinary
share capital of SIS, a Company incorporated in Great Britain. The Group is able to exert significant influence over SIS by way of its 19.5%
holding and its seat on the Board of Directors.
The SIS group of companies provides real time, pre-event information and results, as well as live coverage of horseracing, greyhound racing
and other sporting activities and events via satellite. The statutory financial statements of SIS are prepared to the year ending 31 March.
The results recognised are based on statutory accounts to March 2023 and management accounts thereafter.
The following financial information relates to SIS as at and for the year ended 31 December 2023:
\u00a3m
Total assets
85.0
Total liabilities
(52.1)
Total revenue
241.6
Total profit after tax
8.7
33 RELATED UNDERTAKINGS
The consolidated financial statements include the following principal subsidiaries of 888 Holdings Plc:
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
888 (Ireland) Limited
Malta
100%
Holds Irish online betting licence
888
Acquisitions Limited
Gibraltar
100%
Acquisition vehicle for the William Hill purchase
888
Acquisitions LLC
Delaware
100%
Dormant company
888
Atlantic Limited
Gibraltar
100%
Holds an online supplier licence in Michigan
888
Cayman Finance Limited
Cayman Islands
98.6%
Holding company
888
UK Interactive Holdings Limited
United Kingdom
100%
Holding company
888
CZ Limited
Gibraltar
100%
Dormant company
888
Denmark Limited
Malta
100%
Holds Danish online gaming licence
888
France Limited
Malta
100%
Dormant company
888
Germany Limited
Malta
100%
Holds German online gaming licences
888
Italia Ltd
Malta
100%
Holds Italian online gaming licence
888
Liberty Ltd
Gibraltar
100%
Holds Delaware CSIE licence
888
Netherlands Limited
Malta
100%
Netherlands licence application entity, currently dormant
888
Online Games Espa\u00f1a, S.A.
Ceuta
100%
Holds Spanish online gaming licence
888
Portugal Ltd
Malta
100%
Holds Portuguese online gaming licence
888
Romania Limited
Malta
100%
Holds Romanian online gaming licence
888
Sweden Limited
Malta
100%
Holds Swedish online gaming licence
888
UK Limited
Gibraltar
100%
Holds UK&I Online gaming licence
888
US Holdings Inc.
Delaware
100%
Holding company
888
US Inc.
Delaware
100%
Holding company
888
US Ltd
Gibraltar
100%
Holds Nevada IGSP licence
888
US Services Inc.
Delaware
100%
Employs New Jersey based personnel and hold servers/IT
equipment in the US.
888
VHL UK Holdings Limited
United Kingdom
100%
Holding company
A.J.Schofield Limited (in liquidation)
United Kingdom
In liquidation
AAPN Holdings LLC
Delaware
100%
Holding company
AAPN New Jersey LLC
New Jersey
100%
Dormant company
Ad-Gency Limited (in liquidation)
Israel
In liquidation
Admar Services (Gibraltar) Limited
Gibraltar
100%
Provide provision of marketing services to other companies
within the Group.
Admar Services (Malta) Limited
Malta
100%
Provides the provision of marketing services to other
companies within the Group
Alfabet S.A.S. (sold in year)
Colombia
90%
Colombian operations
Arena Racing Limited
United Kingdom
100%
Dormant company
B.B.O\u2019Connor (Lottery) Limited
Jersey
100%
Dormant company
B.J.O\u2019Connor Holdings Limited
Jersey
100%
Property investment and management
B.J.O\u2019Connor Limited
Jersey
100%
Holds Class 1 bookmakers licence in Jersey.
Baseflame Limited (in liquidation)
United Kingdom
In liquidation
Bradlow Limited
United Kingdom
100%
Dormant company
Brigend Limited
Gibraltar
100%
Dormant company
Brooke Bookmakers Limited
United Kingdom
100%
Dormant company
Camec (Scotland) Limited
United Kingdom
100%
Dormant company
Camec (Southern) Limited
United Kingdom
In liquidation
(in liquidation)
Camec Limited
United Kingdom
100%
Dormant company
Cassava Enterprises (Gibraltar) Ltd
Gibraltar
100%
Dormant company
Cassava Holdings Limited
Antigua &
100%
Dormant company, previously held lease of Antigua offices
Barbuda
Cellpoint Investments Limited
Cyprus
100%
Dormant company
City Tote Limited (in liquidation)
United Kingdom
In liquidation
Concession Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Dansk Underholdning Limited
Malta
100%
Dormant company
Deluxe Online Limited (in liquidation)
United Kingdom
In liquidation
Deviceguide Limited
United Kingdom
100%
Dormant company
Dixie Operations Limited
Antigua &
100%
Dormant company
Barbuda
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
Entertainment Ventures Europe 2019
Malta
100%
Dormant company
Limited
Evenmedia Limited (In liquidation)
United Kingdom
In liquidation
Evoke Gaming Ltd
Malta
100%
Operates remote gaming licences
Fordart Limited
Gibraltar
100%
Enters into B2B contracts pursuant to Gibraltar licence and
general commercial business activities
Fred Parkinson Management Limited
United Kingdom
100%
Dormant company
Gaming Ventures Europe 2019 Limited
Malta
100%
Dormant company
Gisland Limited
Gibraltar
100%
Payment transmission services
Goodfigure Limited (in liquidation)
United Kingdom
In liquidation
Grand Parade Limited
United Kingdom
100%
Contract software development
Grand Parade Sp. z o.o.
Poland
100%
Software writing and maintenance and project
management
Green Gaming Group PLC
Malta
100%
Holding company
GUS Carter (Cash) Limited
United Kingdom
100%
Dormant company
GUS Carter Limited
United Kingdom
100%
Dormant company
Ivy Lodge Limited
Guernsey
100%
Property holding company
James Lane (Bookmaker) Limited
United Kingdom
100%
Dormant company
James Lane (Turf Accountants) Limited
United Kingdom
100%
Dormant company
James Lane Group Limited
United Kingdom
100%
Dormant company
Laystall Limited
United Kingdom
100%
Dormant company
Live 5 Holdings Limited
United Kingdom
100%
Holding company
Live 5 Limited
United Kingdom
100%
Games studio. Licensed and regulated entity
by the GB Gambling Commission
Matsbest Limited
United Kingdom
100%
Dormant company
Matsgood Limited
United Kingdom
100%
Dormant company
Mr Green & CO AB
Sweden
100%
Dormant company
Mr Green & Co Optionsbarare AB
Sweden
100%
Dormant company
Mr Green Consultancy Services Ltd.
United Kingdom
100%
Dormant company
Mr Green Consulting AB
Sweden
100%
Dormant company
Mr Green Limited
Malta
100%
Holds online gaming licence
MRG IP Limited
Malta
100%
Holds certain IP for the Group
MRG Spain PLC
Malta
100%
Holds a licence in Spain
New Wave Virtual Ventures
Gibraltar
100%
Holds mobile gaming applications
Nimverge Tech India Private Limited
India
100%
Dormant company \u2013 assets sold in year
Online Entertainment Limited
Gibraltar
100%
Held domains, presently dormant
Phonethread Limited
United Kingdom
100%
Dormant company
Random Logic Limited
Israel
100%
Research, development and marketing service company
Random Logic Ventures Limited
Israel
100%
Holding company
Regency Bookmakers (Midlands) Limited
United Kingdom
100%
Dormant company
Selwyn Demmy (Racing) Limited
United Kingdom
100%
Dormant company
SIA Mr Green Latvia (sold in year)
Latvia
100%
Gaming entity regulated by the Latvian regulator and
servicing the Latvian (Mr Green) market
Sparkware Technologies SRL
Romania
100%
Software development
Spectate Limited
Ireland
100%
Research & development centre in Ireland and holds
Romania and Michigan gaming licences
St James Place Limited
Guernsey
100%
Property holding company.
T H Jennings (Harlow Pools) Limited
United Kingdom
100%
Dormant company
Trackcycle Limited
United Kingdom
100%
Dormant company
VDSL (International) Limited
Gibraltar
100%
Operator of the gaming sites pursuant to Virtual Global
Digital Services Limited\u2019s Gibraltar licence for Canadian
customers
VHL America, LLC
Delaware
95%
Holding company for US B2C
VHL Colorado, LLC
Colorado
100%
Holds Colorado online gaming licence
VHL Financing (Malta) Limited
Malta
100%
Dormant company
VHL Financing Limited
Gibraltar
100%
Holding company
VHL Indiana, LLC
Indianapolis
100%
Dormant company
VHL Iowa, LLC
Iowa
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
VHL Louisiana, LLC
Louisiana
100%
Dormant company
VHL Maryland, LLC
Maryland
90%
Provides lottery services and holds a gaming licence in
Maryland
VHL Massachusetts LLC
Massachusetts
100%
Dormant company
VHL Michigan, LLC
Michigan
100%
Holds online gaming and sports wagering licences in
Michigan
VHL Missouri, LLC
Missouri
100%
Dormant company
VHL New Jersey
New Jersey
100%
Holds New Jersey online gaming licence
VHL Ohio, LLC
Ohio
100%
Dormant company
VHL Ontario Limited
Gibraltar
100%
Holds Ontario online gaming licence
VHL Virginia, LLC
Virginia
90%
Holds Virginia online gaming licence
Vickers Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Virtual Digital Services Limited
Malta
100%
Holds gaming licence
Virtual Emerging Entertainment Limited
Gibraltar
100%
Licensing of brands for emerging markets
Virtual Global Digital Services Limited
Gibraltar
100%
Holds Gibraltar gaming licence
Virtual Internet Services Latam S.L.U.
Ceuta
100%
Dormant company
(Dissolved in year)
Virtual Internet Services Limited
Gibraltar
100%
Procurement of internet and bandwidth services for the
Group, holds Gibraltar office lease and employs Gibraltar
personnel
Virtual IP Assets Limited
Antigua &
100%
IP company
Barbuda
Virtual Marketing Services
Gibraltar
100%
Group marketing acquisition company
(Gibraltar) Limited
Virtual Marketing Services
Ireland
100%
Marketing and other services company
(Ireland) Limited
Virtual Marketing Services (UK) Limited
England & Wales
100%
Marketing and other services company
Virtual Share Services Limited
Gibraltar
100%
Holding of shares to satisfy vesting of equity awards
Vynplex Limited (In liquidation)
United Kingdom
In liquidation
WHG (International) Limited
Gibraltar
100%
Holds gaming licence and operates UK sports betting
activity
WHG (Malta) Limited
Malta
100%
Dormant and non-trading company. Denmark licence
applicant
WHG Customer Services Philippines, INC
Philippines
100%
Operating entity of Philippines shared service centre
WHG IP Licensing Limited
Gibraltar
100%
Dormant company
WHG ITALIA SrL
Italy
100%
Payroll-related expenses of employees in Italy
Trading entity that receives income
via intercompany recharge
WHG Online Marketing Spain S.A.
Spain
100%
Provision of marketing services to other Group companies
WHG Services (Bulgaria) Limited EOOD
Bulgaria
100%
The provision of consulting and technical support
WHG Services (Philippines) Limited
Gibraltar
100%
Dormant company
WHG Services Limited
United Kingdom
100%
Providing technical development services for online
business
WHG Spain PLC
Malta
100%
Operates a Spanish remote gaming licence.
WHG Trading Limited
Gibraltar
100%
Dormant company
Will Hill Limited
United Kingdom
100%
Holding company
William Hill (Alba) Limited
United Kingdom
100%
Dormant company
William Hill (Caledonian) Limited
United Kingdom
100%
Dormant company
William Hill (Course) Limited (in liquidation)
United Kingdom
In liquidation
William Hill (Edgeware Road) Limited
United Kingdom
100%
Dormant company
William Hill (Effects) Limited
United Kingdom
100%
Dormant company
William Hill (Essex) Limited
United Kingdom
100%
Dormant company
William Hill (Football) Limited
United Kingdom
100%
Dormant company
William Hill (Goods) Limited
United Kingdom
100%
Dormant company
William Hill (IOM) No. 3 Limited
Isle of Man
100%
Dormant company
William Hill (London) Limited
United Kingdom
100%
Dormant company
William Hill (Malta) Limited
Malta
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
William Hill (Midlands) Limited
United Kingdom
100%
Dormant company
William Hill (North Eastern) Limited
United Kingdom
100%
Dormant company
William Hill (North Western) Limited
United Kingdom
100%
Dormant company
William Hill (Northern) Limited
United Kingdom
In liquidation
(in liquidation)
William Hill (Products) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Resources) Limited
United Kingdom
100%
Dormant company
William Hill (Scotland) Limited
United Kingdom
100%
Dormant company
William Hill (Southern) Limited
United Kingdom
100%
Dormant company
William Hill (Strathclyde) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Supplies) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Wares) Limited
United Kingdom
100%
Dormant company
William Hill (Western) Limited
United Kingdom
100%
Dormant company
William Hill Bookmakers (Ireland) Limited
Ireland
100%
Dormant company
William Hill Call Centre Limited
Ireland
100%
Dormant company
William Hill Cayman Holdings Limited
Cayman Islands
100%
Holding company
William Hill Credit Limited
United Kingdom
100%
Dormant company
William Hill Employee Shares Trustee
United Kingdom
100%
Dormant company
Limited
William Hill Finance Limited
United Kingdom
100%
Holding company
William Hill Gametek AB
Sweden
100%
Provides technical and support services
William Hill Global PLC
Malta
100%
Holds sports and gaming licence in Malta
William Hill Holdings Limited
United Kingdom
100%
Holding company
William Hill Investments Limited
United Kingdom
100%
Holding company
William Hill Latvia SIA (sold in year)
Latvia
90%
Main licence holder in Latvia.
William Hill Limited
United Kingdom
100%
Previously listed WH Group operating company
William Hill Malta PLC
Malta
100%
Holds gaming licence for Malta, Italy and Ireland
William Hill Offshore Limited
Ireland
100%
Dormant company
William Hill Organization Limited
United Kingdom
100%
Operation of Licensed Betting Offices (LBOs), and main UK
employing entity
William Hill Steeplechase Limited
Gibraltar
100%
Dormant company
William Hill Trustee Limited
United Kingdom
100%
Acting as Trustee to the William Hill Pension Scheme
Willstan Properties Limited
United Kingdom
100%
Property investment and management in Northern Ireland
Willstan Racing (Ireland) Limited
Ireland
100%
Dormant company
Willstan Racing Holdings Limited
United Kingdom
100%
Dormant company
Willstan Racing Limited
United Kingdom
100%
Dormant company
Windsors (Sporting Investments) Limited
United Kingdom
100%
Dormant company
Wise Entertainment DK ApS
Denmark
100%
In liquidation
Wizard\u2019s Hat Limited
Malta
100%
Dormant company
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "14 INTEREST IN ASSOCIATE The Group holds an associate interest in Sports Information Services (Holdings) Limited (SIS). The Group uses the equity method of accounting for associates. The following table shows the aggregate movement in the Group\u2019s interests in its associate:
\u00a3m
At 31 December 2022
38.4
Share of results before interest and taxation
1.7
Share of interest
0.3
Share of taxation
(0.6)
Dividend received
(5.9)
At 31 December 2023
33.9
SIS At 31 December 2023, William Hill Organization Limited, a principal subsidiary of the Company, held an investment of 19.5% of the ordinary share capital of SIS, a Company incorporated in Great Britain. The Group is able to exert significant influence over SIS by way of its 19.5% holding and its seat on the Board of Directors. The SIS group of companies provides real time, pre-event information and results, as well as live coverage of horseracing, greyhound racing and other sporting activities and events via satellite. The statutory financial statements of SIS are prepared to the year ending 31 March. The results recognised are based on statutory accounts to March 2023 and management accounts thereafter. The following financial information relates to SIS as at and for the year ended 31 December 2023:
\u00a3m
Total assets
85.0
Total liabilities
(52.1)
Total revenue
241.6
Total profit after tax
8.7
15 INVESTMENTS Good Luck Have Fun Group AB (\u2018GLHF Group\u2019) shares On 1 July 2022, as a part of the acquisition of William Hill, the Group obtained an investment in Good Luck Have Fun Group AB. The Group has a 4.3% holding in the equity in GLHF Group and it is held as a financial asset and designated as fair value through other comprehensive income, in line with the previous William Hill designation. Subsequent to the acquisition, and as a result of updates in the strategy by the GLHF Group management team, the Group considered the recoverability of the investment. As a part of this assessment of recoverability, the Group wrote off the investment of \u00a31.0m in its entirety through other comprehensive income in the prior period. At 31 December 2023, the Group holds \u00a3nil value in this investment (2022: \u00a3nil) 33 RELATED UNDERTAKINGS The consolidated financial statements include the following principal subsidiaries of 888 Holdings Plc:
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
888 (Ireland) Limited
Malta
100%
Holds Irish online betting licence
888
Acquisitions Limited
Gibraltar
100%
Acquisition vehicle for the William Hill purchase
888
Acquisitions LLC
Delaware
100%
Dormant company
888
Atlantic Limited
Gibraltar
100%
Holds an online supplier licence in Michigan
888
Cayman Finance Limited
Cayman Islands
98.6%
Holding company
888
UK Interactive Holdings Limited
United Kingdom
100%
Holding company
888
CZ Limited
Gibraltar
100%
Dormant company
888
Denmark Limited
Malta
100%
Holds Danish online gaming licence
888
France Limited
Malta
100%
Dormant company
888
Germany Limited
Malta
100%
Holds German online gaming licences
888
Italia Ltd
Malta
100%
Holds Italian online gaming licence
888
Liberty Ltd
Gibraltar
100%
Holds Delaware CSIE licence
888
Netherlands Limited
Malta
100%
Netherlands licence application entity, currently dormant
888
Online Games Espa\u00f1a, S.A.
Ceuta
100%
Holds Spanish online gaming licence
888
Portugal Ltd
Malta
100%
Holds Portuguese online gaming licence
888
Romania Limited
Malta
100%
Holds Romanian online gaming licence
888
Sweden Limited
Malta
100%
Holds Swedish online gaming licence
888
UK Limited
Gibraltar
100%
Holds UK&I Online gaming licence
888
US Holdings Inc.
Delaware
100%
Holding company
888
US Inc.
Delaware
100%
Holding company
888
US Ltd
Gibraltar
100%
Holds Nevada IGSP licence
888
US Services Inc.
Delaware
100%
Employs New Jersey based personnel and hold servers/IT
equipment in the US.
888
VHL UK Holdings Limited
United Kingdom
100%
Holding company
A.J.Schofield Limited (in liquidation)
United Kingdom
In liquidation
AAPN Holdings LLC
Delaware
100%
Holding company
AAPN New Jersey LLC
New Jersey
100%
Dormant company
Ad-Gency Limited (in liquidation)
Israel
In liquidation
Admar Services (Gibraltar) Limited
Gibraltar
100%
Provide provision of marketing services to other companies
within the Group.
Admar Services (Malta) Limited
Malta
100%
Provides the provision of marketing services to other
companies within the Group
Alfabet S.A.S. (sold in year)
Colombia
90%
Colombian operations
Arena Racing Limited
United Kingdom
100%
Dormant company
B.B.O\u2019Connor (Lottery) Limited
Jersey
100%
Dormant company
B.J.O\u2019Connor Holdings Limited
Jersey
100%
Property investment and management
B.J.O\u2019Connor Limited
Jersey
100%
Holds Class 1 bookmakers licence in Jersey.
Baseflame Limited (in liquidation)
United Kingdom
In liquidation
Bradlow Limited
United Kingdom
100%
Dormant company
Brigend Limited
Gibraltar
100%
Dormant company
Brooke Bookmakers Limited
United Kingdom
100%
Dormant company
Camec (Scotland) Limited
United Kingdom
100%
Dormant company
Camec (Southern) Limited
United Kingdom
In liquidation
(in liquidation)
Camec Limited
United Kingdom
100%
Dormant company
Cassava Enterprises (Gibraltar) Ltd
Gibraltar
100%
Dormant company
Cassava Holdings Limited
Antigua &
100%
Dormant company, previously held lease of Antigua offices
Barbuda
Cellpoint Investments Limited
Cyprus
100%
Dormant company
City Tote Limited (in liquidation)
United Kingdom
In liquidation
Concession Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Dansk Underholdning Limited
Malta
100%
Dormant company
Deluxe Online Limited (in liquidation)
United Kingdom
In liquidation
Deviceguide Limited
United Kingdom
100%
Dormant company
Dixie Operations Limited
Antigua &
100%
Dormant company
Barbuda
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
Entertainment Ventures Europe 2019
Malta
100%
Dormant company
Limited
Evenmedia Limited (In liquidation)
United Kingdom
In liquidation
Evoke Gaming Ltd
Malta
100%
Operates remote gaming licences
Fordart Limited
Gibraltar
100%
Enters into B2B contracts pursuant to Gibraltar licence and
general commercial business activities
Fred Parkinson Management Limited
United Kingdom
100%
Dormant company
Gaming Ventures Europe 2019 Limited
Malta
100%
Dormant company
Gisland Limited
Gibraltar
100%
Payment transmission services
Goodfigure Limited (in liquidation)
United Kingdom
In liquidation
Grand Parade Limited
United Kingdom
100%
Contract software development
Grand Parade Sp. z o.o.
Poland
100%
Software writing and maintenance and project
management
Green Gaming Group PLC
Malta
100%
Holding company
GUS Carter (Cash) Limited
United Kingdom
100%
Dormant company
GUS Carter Limited
United Kingdom
100%
Dormant company
Ivy Lodge Limited
Guernsey
100%
Property holding company
James Lane (Bookmaker) Limited
United Kingdom
100%
Dormant company
James Lane (Turf Accountants) Limited
United Kingdom
100%
Dormant company
James Lane Group Limited
United Kingdom
100%
Dormant company
Laystall Limited
United Kingdom
100%
Dormant company
Live 5 Holdings Limited
United Kingdom
100%
Holding company
Live 5 Limited
United Kingdom
100%
Games studio. Licensed and regulated entity
by the GB Gambling Commission
Matsbest Limited
United Kingdom
100%
Dormant company
Matsgood Limited
United Kingdom
100%
Dormant company
Mr Green & CO AB
Sweden
100%
Dormant company
Mr Green & Co Optionsbarare AB
Sweden
100%
Dormant company
Mr Green Consultancy Services Ltd.
United Kingdom
100%
Dormant company
Mr Green Consulting AB
Sweden
100%
Dormant company
Mr Green Limited
Malta
100%
Holds online gaming licence
MRG IP Limited
Malta
100%
Holds certain IP for the Group
MRG Spain PLC
Malta
100%
Holds a licence in Spain
New Wave Virtual Ventures
Gibraltar
100%
Holds mobile gaming applications
Nimverge Tech India Private Limited
India
100%
Dormant company \u2013 assets sold in year
Online Entertainment Limited
Gibraltar
100%
Held domains, presently dormant
Phonethread Limited
United Kingdom
100%
Dormant company
Random Logic Limited
Israel
100%
Research, development and marketing service company
Random Logic Ventures Limited
Israel
100%
Holding company
Regency Bookmakers (Midlands) Limited
United Kingdom
100%
Dormant company
Selwyn Demmy (Racing) Limited
United Kingdom
100%
Dormant company
SIA Mr Green Latvia (sold in year)
Latvia
100%
Gaming entity regulated by the Latvian regulator and
servicing the Latvian (Mr Green) market
Sparkware Technologies SRL
Romania
100%
Software development
Spectate Limited
Ireland
100%
Research & development centre in Ireland and holds
Romania and Michigan gaming licences
St James Place Limited
Guernsey
100%
Property holding company.
T H Jennings (Harlow Pools) Limited
United Kingdom
100%
Dormant company
Trackcycle Limited
United Kingdom
100%
Dormant company
VDSL (International) Limited
Gibraltar
100%
Operator of the gaming sites pursuant to Virtual Global
Digital Services Limited\u2019s Gibraltar licence for Canadian
customers
VHL America, LLC
Delaware
95%
Holding company for US B2C
VHL Colorado, LLC
Colorado
100%
Holds Colorado online gaming licence
VHL Financing (Malta) Limited
Malta
100%
Dormant company
VHL Financing Limited
Gibraltar
100%
Holding company
VHL Indiana, LLC
Indianapolis
100%
Dormant company
VHL Iowa, LLC
Iowa
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
VHL Louisiana, LLC
Louisiana
100%
Dormant company
VHL Maryland, LLC
Maryland
90%
Provides lottery services and holds a gaming licence in
Maryland
VHL Massachusetts LLC
Massachusetts
100%
Dormant company
VHL Michigan, LLC
Michigan
100%
Holds online gaming and sports wagering licences in
Michigan
VHL Missouri, LLC
Missouri
100%
Dormant company
VHL New Jersey
New Jersey
100%
Holds New Jersey online gaming licence
VHL Ohio, LLC
Ohio
100%
Dormant company
VHL Ontario Limited
Gibraltar
100%
Holds Ontario online gaming licence
VHL Virginia, LLC
Virginia
90%
Holds Virginia online gaming licence
Vickers Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Virtual Digital Services Limited
Malta
100%
Holds gaming licence
Virtual Emerging Entertainment Limited
Gibraltar
100%
Licensing of brands for emerging markets
Virtual Global Digital Services Limited
Gibraltar
100%
Holds Gibraltar gaming licence
Virtual Internet Services Latam S.L.U.
Ceuta
100%
Dormant company
(Dissolved in year)
Virtual Internet Services Limited
Gibraltar
100%
Procurement of internet and bandwidth services for the
Group, holds Gibraltar office lease and employs Gibraltar
personnel
Virtual IP Assets Limited
Antigua &
100%
IP company
Barbuda
Virtual Marketing Services
Gibraltar
100%
Group marketing acquisition company
(Gibraltar) Limited
Virtual Marketing Services
Ireland
100%
Marketing and other services company
(Ireland) Limited
Virtual Marketing Services (UK) Limited
England & Wales
100%
Marketing and other services company
Virtual Share Services Limited
Gibraltar
100%
Holding of shares to satisfy vesting of equity awards
Vynplex Limited (In liquidation)
United Kingdom
In liquidation
WHG (International) Limited
Gibraltar
100%
Holds gaming licence and operates UK sports betting
activity
WHG (Malta) Limited
Malta
100%
Dormant and non-trading company. Denmark licence
applicant
WHG Customer Services Philippines, INC
Philippines
100%
Operating entity of Philippines shared service centre
WHG IP Licensing Limited
Gibraltar
100%
Dormant company
WHG ITALIA SrL
Italy
100%
Payroll-related expenses of employees in Italy
Trading entity that receives income
via intercompany recharge
WHG Online Marketing Spain S.A.
Spain
100%
Provision of marketing services to other Group companies
WHG Services (Bulgaria) Limited EOOD
Bulgaria
100%
The provision of consulting and technical support
WHG Services (Philippines) Limited
Gibraltar
100%
Dormant company
WHG Services Limited
United Kingdom
100%
Providing technical development services for online
business
WHG Spain PLC
Malta
100%
Operates a Spanish remote gaming licence.
WHG Trading Limited
Gibraltar
100%
Dormant company
Will Hill Limited
United Kingdom
100%
Holding company
William Hill (Alba) Limited
United Kingdom
100%
Dormant company
William Hill (Caledonian) Limited
United Kingdom
100%
Dormant company
William Hill (Course) Limited (in liquidation)
United Kingdom
In liquidation
William Hill (Edgeware Road) Limited
United Kingdom
100%
Dormant company
William Hill (Effects) Limited
United Kingdom
100%
Dormant company
William Hill (Essex) Limited
United Kingdom
100%
Dormant company
William Hill (Football) Limited
United Kingdom
100%
Dormant company
William Hill (Goods) Limited
United Kingdom
100%
Dormant company
William Hill (IOM) No. 3 Limited
Isle of Man
100%
Dormant company
William Hill (London) Limited
United Kingdom
100%
Dormant company
William Hill (Malta) Limited
Malta
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
William Hill (Midlands) Limited
United Kingdom
100%
Dormant company
William Hill (North Eastern) Limited
United Kingdom
100%
Dormant company
William Hill (North Western) Limited
United Kingdom
100%
Dormant company
William Hill (Northern) Limited
United Kingdom
In liquidation
(in liquidation)
William Hill (Products) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Resources) Limited
United Kingdom
100%
Dormant company
William Hill (Scotland) Limited
United Kingdom
100%
Dormant company
William Hill (Southern) Limited
United Kingdom
100%
Dormant company
William Hill (Strathclyde) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Supplies) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Wares) Limited
United Kingdom
100%
Dormant company
William Hill (Western) Limited
United Kingdom
100%
Dormant company
William Hill Bookmakers (Ireland) Limited
Ireland
100%
Dormant company
William Hill Call Centre Limited
Ireland
100%
Dormant company
William Hill Cayman Holdings Limited
Cayman Islands
100%
Holding company
William Hill Credit Limited
United Kingdom
100%
Dormant company
William Hill Employee Shares Trustee
United Kingdom
100%
Dormant company
Limited
William Hill Finance Limited
United Kingdom
100%
Holding company
William Hill Gametek AB
Sweden
100%
Provides technical and support services
William Hill Global PLC
Malta
100%
Holds sports and gaming licence in Malta
William Hill Holdings Limited
United Kingdom
100%
Holding company
William Hill Investments Limited
United Kingdom
100%
Holding company
William Hill Latvia SIA (sold in year)
Latvia
90%
Main licence holder in Latvia.
William Hill Limited
United Kingdom
100%
Previously listed WH Group operating company
William Hill Malta PLC
Malta
100%
Holds gaming licence for Malta, Italy and Ireland
William Hill Offshore Limited
Ireland
100%
Dormant company
William Hill Organization Limited
United Kingdom
100%
Operation of Licensed Betting Offices (LBOs), and main UK
employing entity
William Hill Steeplechase Limited
Gibraltar
100%
Dormant company
William Hill Trustee Limited
United Kingdom
100%
Acting as Trustee to the William Hill Pension Scheme
Willstan Properties Limited
United Kingdom
100%
Property investment and management in Northern Ireland
Willstan Racing (Ireland) Limited
Ireland
100%
Dormant company
Willstan Racing Holdings Limited
United Kingdom
100%
Dormant company
Willstan Racing Limited
United Kingdom
100%
Dormant company
Windsors (Sporting Investments) Limited
United Kingdom
100%
Dormant company
Wise Entertainment DK ApS
Denmark
100%
In liquidation
Wizard\u2019s Hat Limited
Malta
100%
Dormant company
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "14 INTEREST IN ASSOCIATE The Group holds an associate interest in Sports Information Services (Holdings) Limited (SIS). The Group uses the equity method of accounting for associates. The following table shows the aggregate movement in the Group\u2019s interests in its associate:
\u00a3m
At 31 December 2022
38.4
Share of results before interest and taxation
1.7
Share of interest
0.3
Share of taxation
(0.6)
Dividend received
(5.9)
At 31 December 2023
33.9
SIS At 31 December 2023, William Hill Organization Limited, a principal subsidiary of the Company, held an investment of 19.5% of the ordinary share capital of SIS, a Company incorporated in Great Britain. The Group is able to exert significant influence over SIS by way of its 19.5% holding and its seat on the Board of Directors. The SIS group of companies provides real time, pre-event information and results, as well as live coverage of horseracing, greyhound racing and other sporting activities and events via satellite. The statutory financial statements of SIS are prepared to the year ending 31 March. The results recognised are based on statutory accounts to March 2023 and management accounts thereafter. The following financial information relates to SIS as at and for the year ended 31 December 2023:
\u00a3m
Total assets
85.0
Total liabilities
(52.1)
Total revenue
241.6
Total profit after tax
8.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "15 INVESTMENTS Good Luck Have Fun Group AB (\u2018GLHF Group\u2019) shares On 1 July 2022, as a part of the acquisition of William Hill, the Group obtained an investment in Good Luck Have Fun Group AB. The Group has a 4.3% holding in the equity in GLHF Group and it is held as a financial asset and designated as fair value through other comprehensive income, in line with the previous William Hill designation. Subsequent to the acquisition, and as a result of updates in the strategy by the GLHF Group management team, the Group considered the recoverability of the investment. As a part of this assessment of recoverability, the Group wrote off the investment of \u00a31.0m in its entirety through other comprehensive income in the prior period. At 31 December 2023, the Group holds \u00a3nil value in this investment (2022: \u00a3nil) .", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "
16 ACQUISITIONS & DISPOSALS
Acquisitions
On 1 July 2022, the Group acquired all of the equity interests in William Hill. Total consideration for the transaction was \u00a3554.3m, consisting
of \u00a3544.7m cash consideration and up to \u00a3100.0m of contingent consideration, fair valued on acquisition date at \u00a39.6m.
Identifiable assets acquired and liabilities assumed
Final
fair value
Intangible assets
1,404.2
Property, plant and equipment
109.5
Right-of-use assets
72.3
Investment in sublease
1.4
Investments and investments in associates
40.0
Cash and cash equivalents
157.9
Trade and other receivables
32.9
Income tax asset
10.8
Assets held for sale
0.2
Trade and other payables
(399.3)
Provisions and contingent liabilities
1
 (194.5)
Derivative financial instruments
(3.5)
Lease liabilities
(76.6)
Retirement benefit liability
(0.4)
Deferred tax liabilities
(211.5)
Long-term debt
(1,165.7)
Total net identifiable liabilities
(222.3)
Goodwill
776.6
Consideration transferred
554.3
1. Since the disclosure of the provisional fair values in the 31 December 2022 year end accounts, and during the measurement period, an adjustment of \u00a315.7m
has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill.
In the current year but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at
acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or
loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have
been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill.
Intangible assets
Acquired identifiable intangible assets include \u00a3574.4m in respect of brands, \u00a3595.1m in respect of customer relationships and \u00a38.5m in
respect of licences. Software and technology of \u00a3226.2m, inclusive of a fair value uplift of \u00a370.6m, has also been recognised on acquisition
in the prior year. Management considers the residual goodwill of \u00a3776.6m to represent a number of factors including the future growth of
the William Hill business and the potential to achieve buyer-specific synergies and workforce.
The fair value of the brand assets was assessed by considering the benefit to the Group\u2019s future revenue of the acquired brand and
assessing the royalty costs that would be incurred in deriving the same benefit. The key assumptions in the assessments are the forecast
revenue growth and royalty cost applied. A royalty cost of 5.0% of revenue was applied. The fair value of the customer relationships was
assessed using the multi-period excess earnings methodology. The key assumption in the assessments is customer retention rates. The
fair value of the licences has been derived by calculating a replacement cost for each individual licence. A 5% increase/(decrease) in
estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively.
Provisions and contingent liabilities
A contingent liability with a fair value of \u00a380.6m has been recognised in the prior year on acquisition to reflect the possible future economic
outflow resulting from customer claims in Austria. The contingent liability has been fair valued in line with IFRS 3 based on the expected
cash outflow of settled claims and recognised on the basis that it is a possible future liability. Additional provisions of \u00a3115.2m have been
recognised based on pre-existing provisions within William Hill. The carrying amount at acquisition was assessed to be the fair value. Refer
to note 22 for further details on these acquired provisions.
Following receipt of updated advice, the development of case law in Germany indicates that the courts may apply a more customer-
friendly approach to the application of the three-year limitation period and link the commencement of the limitation period to the player\u2019s
first positive knowledge of a claim to recover his gambling losses. The law permits a maximum limitation period of 10 years in this scenario.
As such, during 2023 and within the purchase price accounting measurement period, we have re-assessed the value of the provision for
customer claims in Germany as at the acquisition date. This has led to an increase in the provision of \u00a315.7m to a total value of \u00a323.4m.
This has been recognised through the opening balance sheet on acquisition, leading to an equivalent increase in goodwill on acquisition.
Other fair value adjustments
A fair value uplift of \u00a31.1m has been recognised on property, plant and equipment, representing the depreciated replacement cost of the
assets in comparison to their pre-acquisition net book value.
A fair value uplift of \u00a30.8m has been recognised on the acquired right-of-use assets, representing favourable market positions on William
Hill\u2019s portfolio of leases. This has been offset by a \u00a36.8m reduction to the right-of-use asset and \u00a36.4m reduction to the lease liability that
reflects matching the right-of-use asset to the new fair value of the lease liability, based on a new discount rate for the liability at the
acquisition date.
The fair value of the Group\u2019s investment in SIS (refer to note 14) was increased by \u00a327.4m to a fair value of \u00a339.0m, reflecting the Group\u2019s
holding and the estimated market value of the entity at the acquisition date.
The fair value of the Group\u2019s outstanding listed debt was increased by \u00a37.1m, reflecting the current market price of the debt at acquisition
date.
Deferred tax liabilities of \u00a3192.2m have been recognised on the resultant fair value uplifts to assets.
The fair value of all other assets and liabilities acquired are considered to be equal to their net book value as at the acquisition date.
Disposals
2023
On 22 May 2023, the Group agreed to sell its Latvian business to Paf Consulting Abp. On 13 June 2023, the deal with Paf Consulting Abp
completed. The cash consideration for the Latvian business was \u00a319.5m, of which \u00a30.9m is a working capital adjustment. As a part of the
deal, the Group agreed an earn out with Paf Consulting Abp, under which the Group would receive further consideration of up to \u20ac4.25m.
As this is deemed to hold a fair value of \u00a3nil this has not been recorded in these financial statements. The Group sold net assets totalling
\u00a320.2m, leading to a loss on disposal of \u00a30.7m. These net assets were made up of goodwill and other intangible assets of \u00a323.1m, other net
assets totalling \u00a31.0m, non-controlling interests of \u00a30.5m offset by deferred tax liabilities totalling \u00a34.4m.
On 1 August 2023, the Group sold its 90% holding in its Colombian business Alfabet S.A.S. to Vivo Aladdin Online S.A.S. for \u00a30.6m,
recognising a gain of \u00a30.4m on disposal.
2022
On 7 July 2022, the Group disposed of its entire Bingo business to Saphalata Holdings Ltd., a member of the Broadway Gaming group, for
a total cash consideration of \u00a337.4m (US$45.25m), out of which \u00a335.7m was paid on completion and a further \u00a31.7m will unconditionally
be paid in one year. As at 30 June 2022, the Group reclassified the Bingo business assets and liabilities as \u2018held for sale\u2019, at which time an
impairment loss of \u00a311.2m was recognised on the Bingo goodwill, representing the difference between the carrying value of the business's
net assets and the fair value at the date of reclassification to held for sale.
\u00a3m
Consideration received
35.7
Deferred consideration
1.7
Less:
Cash disposed of
(3.2)
Net proceeds on disposal
34.2
Less:
Net assets disposed of (excluding cash):
Intangible assets
(37.6)
Trade and other receivables
(0.5)
Trade and other payables
3.3
Net assets disposed of (excluding cash)
(34.7)
Loss on disposal
(0.5)
17 ASSETS HELD FOR SALE
In the prior year, the Group had freehold properties amounting to \u00a36.9m classified as assets held for sale as they were in the process of
being auctioned as part of a sale and leaseback transaction. In the current year all the properties that were held for sale have been sold
and as such there are no assets classified as held for sale at the year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "16 ACQUISITIONS & DISPOSALS Acquisitions On 1 July 2022, the Group acquired all of the equity interests in William Hill. Total consideration for the transaction was \u00a3554.3m, consisting of \u00a3544.7m cash consideration and up to \u00a3100.0m of contingent consideration, fair valued on acquisition date at \u00a39.6m. Identifiable assets acquired and liabilities assumed
Final
fair value
Intangible assets
1,404.2
Property, plant and equipment
109.5
Right-of-use assets
72.3
Investment in sublease
1.4
Investments and investments in associates
40.0
Cash and cash equivalents
157.9
Trade and other receivables
32.9
Income tax asset
10.8
Assets held for sale
0.2
Trade and other payables
(399.3)
Provisions and contingent liabilities
1
 (194.5)
Derivative financial instruments
(3.5)
Lease liabilities
(76.6)
Retirement benefit liability
(0.4)
Deferred tax liabilities
(211.5)
Long-term debt
(1,165.7)
Total net identifiable liabilities
(222.3)
Goodwill
776.6
Consideration transferred
554.3
1. Since the disclosure of the provisional fair values in the 31 December 2022 year end accounts, and during the measurement period, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. In the current year but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Intangible assets Acquired identifiable intangible assets include \u00a3574.4m in respect of brands, \u00a3595.1m in respect of customer relationships and \u00a38.5m in respect of licences. Software and technology of \u00a3226.2m, inclusive of a fair value uplift of \u00a370.6m, has also been recognised on acquisition in the prior year. Management considers the residual goodwill of \u00a3776.6m to represent a number of factors including the future growth of the William Hill business and the potential to achieve buyer-specific synergies and workforce. The fair value of the brand assets was assessed by considering the benefit to the Group\u2019s future revenue of the acquired brand and assessing the royalty costs that would be incurred in deriving the same benefit. The key assumptions in the assessments are the forecast revenue growth and royalty cost applied. A royalty cost of 5.0% of revenue was applied. The fair value of the customer relationships was assessed using the multi-period excess earnings methodology. The key assumption in the assessments is customer retention rates. The fair value of the licences has been derived by calculating a replacement cost for each individual licence. A 5% increase/(decrease) in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively. Provisions and contingent liabilities A contingent liability with a fair value of \u00a380.6m has been recognised in the prior year on acquisition to reflect the possible future economic outflow resulting from customer claims in Austria. The contingent liability has been fair valued in line with IFRS 3 based on the expected cash outflow of settled claims and recognised on the basis that it is a possible future liability. Additional provisions of \u00a3115.2m have been recognised based on pre-existing provisions within William Hill. The carrying amount at acquisition was assessed to be the fair value. Refer to note 22 for further details on these acquired provisions. Following receipt of updated advice, the development of case law in Germany indicates that the courts may apply a more customer- friendly approach to the application of the three-year limitation period and link the commencement of the limitation period to the player\u2019s first positive knowledge of a claim to recover his gambling losses. The law permits a maximum limitation period of 10 years in this scenario. As such, during 2023 and within the purchase price accounting measurement period, we have re-assessed the value of the provision for customer claims in Germany as at the acquisition date. This has led to an increase in the provision of \u00a315.7m to a total value of \u00a323.4m. This has been recognised through the opening balance sheet on acquisition, leading to an equivalent increase in goodwill on acquisition. Other fair value adjustments A fair value uplift of \u00a31.1m has been recognised on property, plant and equipment, representing the depreciated replacement cost of the assets in comparison to their pre-acquisition net book value. A fair value uplift of \u00a30.8m has been recognised on the acquired right-of-use assets, representing favourable market positions on William Hill\u2019s portfolio of leases. This has been offset by a \u00a36.8m reduction to the right-of-use asset and \u00a36.4m reduction to the lease liability that reflects matching the right-of-use asset to the new fair value of the lease liability, based on a new discount rate for the liability at the acquisition date. The fair value of the Group\u2019s investment in SIS (refer to note 14) was increased by \u00a327.4m to a fair value of \u00a339.0m, reflecting the Group\u2019s holding and the estimated market value of the entity at the acquisition date. The fair value of the Group\u2019s outstanding listed debt was increased by \u00a37.1m, reflecting the current market price of the debt at acquisition date. Deferred tax liabilities of \u00a3192.2m have been recognised on the resultant fair value uplifts to assets. The fair value of all other assets and liabilities acquired are considered to be equal to their net book value as at the acquisition date. Disposals 2023 On 22 May 2023, the Group agreed to sell its Latvian business to Paf Consulting Abp. On 13 June 2023, the deal with Paf Consulting Abp completed. The cash consideration for the Latvian business was \u00a319.5m, of which \u00a30.9m is a working capital adjustment. As a part of the deal, the Group agreed an earn out with Paf Consulting Abp, under which the Group would receive further consideration of up to \u20ac4.25m. As this is deemed to hold a fair value of \u00a3nil this has not been recorded in these financial statements. The Group sold net assets totalling \u00a320.2m, leading to a loss on disposal of \u00a30.7m. These net assets were made up of goodwill and other intangible assets of \u00a323.1m, other net assets totalling \u00a31.0m, non-controlling interests of \u00a30.5m offset by deferred tax liabilities totalling \u00a34.4m. On 1 August 2023, the Group sold its 90% holding in its Colombian business Alfabet S.A.S. to Vivo Aladdin Online S.A.S. for \u00a30.6m, recognising a gain of \u00a30.4m on disposal. 2022 On 7 July 2022, the Group disposed of its entire Bingo business to Saphalata Holdings Ltd., a member of the Broadway Gaming group, for a total cash consideration of \u00a337.4m (US$45.25m), out of which \u00a335.7m was paid on completion and a further \u00a31.7m will unconditionally be paid in one year. As at 30 June 2022, the Group reclassified the Bingo business assets and liabilities as \u2018held for sale\u2019, at which time an impairment loss of \u00a311.2m was recognised on the Bingo goodwill, representing the difference between the carrying value of the business's net assets and the fair value at the date of reclassification to held for sale.
\u00a3m
Consideration received
35.7
Deferred consideration
1.7
Less:
Cash disposed of
(3.2)
Net proceeds on disposal
34.2
Less:
Net assets disposed of (excluding cash):
Intangible assets
(37.6)
Trade and other receivables
(0.5)
Trade and other payables
3.3
Net assets disposed of (excluding cash)
(34.7)
Loss on disposal
(0.5)
", "dimensions": { "concept": "_x0038_88holdingsplc:DisclosureOfAcquisitionDisposals", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "16 ACQUISITIONS & DISPOSALS Acquisitions On 1 July 2022, the Group acquired all of the equity interests in William Hill. Total consideration for the transaction was \u00a3554.3m, consisting of \u00a3544.7m cash consideration and up to \u00a3100.0m of contingent consideration, fair valued on acquisition date at \u00a39.6m. Identifiable assets acquired and liabilities assumed
Final
fair value
Intangible assets
1,404.2
Property, plant and equipment
109.5
Right-of-use assets
72.3
Investment in sublease
1.4
Investments and investments in associates
40.0
Cash and cash equivalents
157.9
Trade and other receivables
32.9
Income tax asset
10.8
Assets held for sale
0.2
Trade and other payables
(399.3)
Provisions and contingent liabilities
1
 (194.5)
Derivative financial instruments
(3.5)
Lease liabilities
(76.6)
Retirement benefit liability
(0.4)
Deferred tax liabilities
(211.5)
Long-term debt
(1,165.7)
Total net identifiable liabilities
(222.3)
Goodwill
776.6
Consideration transferred
554.3
1. Since the disclosure of the provisional fair values in the 31 December 2022 year end accounts, and during the measurement period, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. In the current year but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Intangible assets Acquired identifiable intangible assets include \u00a3574.4m in respect of brands, \u00a3595.1m in respect of customer relationships and \u00a38.5m in respect of licences. Software and technology of \u00a3226.2m, inclusive of a fair value uplift of \u00a370.6m, has also been recognised on acquisition in the prior year. Management considers the residual goodwill of \u00a3776.6m to represent a number of factors including the future growth of the William Hill business and the potential to achieve buyer-specific synergies and workforce. The fair value of the brand assets was assessed by considering the benefit to the Group\u2019s future revenue of the acquired brand and assessing the royalty costs that would be incurred in deriving the same benefit. The key assumptions in the assessments are the forecast revenue growth and royalty cost applied. A royalty cost of 5.0% of revenue was applied. The fair value of the customer relationships was assessed using the multi-period excess earnings methodology. The key assumption in the assessments is customer retention rates. The fair value of the licences has been derived by calculating a replacement cost for each individual licence. A 5% increase/(decrease) in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively. Provisions and contingent liabilities A contingent liability with a fair value of \u00a380.6m has been recognised in the prior year on acquisition to reflect the possible future economic outflow resulting from customer claims in Austria. The contingent liability has been fair valued in line with IFRS 3 based on the expected cash outflow of settled claims and recognised on the basis that it is a possible future liability. Additional provisions of \u00a3115.2m have been recognised based on pre-existing provisions within William Hill. The carrying amount at acquisition was assessed to be the fair value. Refer to note 22 for further details on these acquired provisions. Following receipt of updated advice, the development of case law in Germany indicates that the courts may apply a more customer- friendly approach to the application of the three-year limitation period and link the commencement of the limitation period to the player\u2019s first positive knowledge of a claim to recover his gambling losses. The law permits a maximum limitation period of 10 years in this scenario. As such, during 2023 and within the purchase price accounting measurement period, we have re-assessed the value of the provision for customer claims in Germany as at the acquisition date. This has led to an increase in the provision of \u00a315.7m to a total value of \u00a323.4m. This has been recognised through the opening balance sheet on acquisition, leading to an equivalent increase in goodwill on acquisition. Other fair value adjustments A fair value uplift of \u00a31.1m has been recognised on property, plant and equipment, representing the depreciated replacement cost of the assets in comparison to their pre-acquisition net book value. A fair value uplift of \u00a30.8m has been recognised on the acquired right-of-use assets, representing favourable market positions on William Hill\u2019s portfolio of leases. This has been offset by a \u00a36.8m reduction to the right-of-use asset and \u00a36.4m reduction to the lease liability that reflects matching the right-of-use asset to the new fair value of the lease liability, based on a new discount rate for the liability at the acquisition date. The fair value of the Group\u2019s investment in SIS (refer to note 14) was increased by \u00a327.4m to a fair value of \u00a339.0m, reflecting the Group\u2019s holding and the estimated market value of the entity at the acquisition date. The fair value of the Group\u2019s outstanding listed debt was increased by \u00a37.1m, reflecting the current market price of the debt at acquisition date. Deferred tax liabilities of \u00a3192.2m have been recognised on the resultant fair value uplifts to assets. The fair value of all other assets and liabilities acquired are considered to be equal to their net book value as at the acquisition date. Disposals 2023 On 22 May 2023, the Group agreed to sell its Latvian business to Paf Consulting Abp. On 13 June 2023, the deal with Paf Consulting Abp completed. The cash consideration for the Latvian business was \u00a319.5m, of which \u00a30.9m is a working capital adjustment. As a part of the deal, the Group agreed an earn out with Paf Consulting Abp, under which the Group would receive further consideration of up to \u20ac4.25m. As this is deemed to hold a fair value of \u00a3nil this has not been recorded in these financial statements. The Group sold net assets totalling \u00a320.2m, leading to a loss on disposal of \u00a30.7m. These net assets were made up of goodwill and other intangible assets of \u00a323.1m, other net assets totalling \u00a31.0m, non-controlling interests of \u00a30.5m offset by deferred tax liabilities totalling \u00a34.4m. On 1 August 2023, the Group sold its 90% holding in its Colombian business Alfabet S.A.S. to Vivo Aladdin Online S.A.S. for \u00a30.6m, recognising a gain of \u00a30.4m on disposal. 2022 On 7 July 2022, the Group disposed of its entire Bingo business to Saphalata Holdings Ltd., a member of the Broadway Gaming group, for a total cash consideration of \u00a337.4m (US$45.25m), out of which \u00a335.7m was paid on completion and a further \u00a31.7m will unconditionally be paid in one year. As at 30 June 2022, the Group reclassified the Bingo business assets and liabilities as \u2018held for sale\u2019, at which time an impairment loss of \u00a311.2m was recognised on the Bingo goodwill, representing the difference between the carrying value of the business's net assets and the fair value at the date of reclassification to held for sale.
\u00a3m
Consideration received
35.7
Deferred consideration
1.7
Less:
Cash disposed of
(3.2)
Net proceeds on disposal
34.2
Less:
Net assets disposed of (excluding cash):
Intangible assets
(37.6)
Trade and other receivables
(0.5)
Trade and other payables
3.3
Net assets disposed of (excluding cash)
(34.7)
Loss on disposal
(0.5)
17 ASSETS HELD FOR SALE In the prior year, the Group had freehold properties amounting to \u00a36.9m classified as assets held for sale as they were in the process of being auctioned as part of a sale and leaseback transaction. In the current year all the properties that were held for sale have been sold and as such there are no assets classified as held for sale at the year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "16 ACQUISITIONS & DISPOSALS Acquisitions On 1 July 2022, the Group acquired all of the equity interests in William Hill. Total consideration for the transaction was \u00a3554.3m, consisting of \u00a3544.7m cash consideration and up to \u00a3100.0m of contingent consideration, fair valued on acquisition date at \u00a39.6m. Identifiable assets acquired and liabilities assumed
Final
fair value
Intangible assets
1,404.2
Property, plant and equipment
109.5
Right-of-use assets
72.3
Investment in sublease
1.4
Investments and investments in associates
40.0
Cash and cash equivalents
157.9
Trade and other receivables
32.9
Income tax asset
10.8
Assets held for sale
0.2
Trade and other payables
(399.3)
Provisions and contingent liabilities
1
 (194.5)
Derivative financial instruments
(3.5)
Lease liabilities
(76.6)
Retirement benefit liability
(0.4)
Deferred tax liabilities
(211.5)
Long-term debt
(1,165.7)
Total net identifiable liabilities
(222.3)
Goodwill
776.6
Consideration transferred
554.3
1. Since the disclosure of the provisional fair values in the 31 December 2022 year end accounts, and during the measurement period, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. In the current year but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Intangible assets Acquired identifiable intangible assets include \u00a3574.4m in respect of brands, \u00a3595.1m in respect of customer relationships and \u00a38.5m in respect of licences. Software and technology of \u00a3226.2m, inclusive of a fair value uplift of \u00a370.6m, has also been recognised on acquisition in the prior year. Management considers the residual goodwill of \u00a3776.6m to represent a number of factors including the future growth of the William Hill business and the potential to achieve buyer-specific synergies and workforce. The fair value of the brand assets was assessed by considering the benefit to the Group\u2019s future revenue of the acquired brand and assessing the royalty costs that would be incurred in deriving the same benefit. The key assumptions in the assessments are the forecast revenue growth and royalty cost applied. A royalty cost of 5.0% of revenue was applied. The fair value of the customer relationships was assessed using the multi-period excess earnings methodology. The key assumption in the assessments is customer retention rates. The fair value of the licences has been derived by calculating a replacement cost for each individual licence. A 5% increase/(decrease) in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively. Provisions and contingent liabilities A contingent liability with a fair value of \u00a380.6m has been recognised in the prior year on acquisition to reflect the possible future economic outflow resulting from customer claims in Austria. The contingent liability has been fair valued in line with IFRS 3 based on the expected cash outflow of settled claims and recognised on the basis that it is a possible future liability. Additional provisions of \u00a3115.2m have been recognised based on pre-existing provisions within William Hill. The carrying amount at acquisition was assessed to be the fair value. Refer to note 22 for further details on these acquired provisions. Following receipt of updated advice, the development of case law in Germany indicates that the courts may apply a more customer- friendly approach to the application of the three-year limitation period and link the commencement of the limitation period to the player\u2019s first positive knowledge of a claim to recover his gambling losses. The law permits a maximum limitation period of 10 years in this scenario. As such, during 2023 and within the purchase price accounting measurement period, we have re-assessed the value of the provision for customer claims in Germany as at the acquisition date. This has led to an increase in the provision of \u00a315.7m to a total value of \u00a323.4m. This has been recognised through the opening balance sheet on acquisition, leading to an equivalent increase in goodwill on acquisition. Other fair value adjustments A fair value uplift of \u00a31.1m has been recognised on property, plant and equipment, representing the depreciated replacement cost of the assets in comparison to their pre-acquisition net book value. A fair value uplift of \u00a30.8m has been recognised on the acquired right-of-use assets, representing favourable market positions on William Hill\u2019s portfolio of leases. This has been offset by a \u00a36.8m reduction to the right-of-use asset and \u00a36.4m reduction to the lease liability that reflects matching the right-of-use asset to the new fair value of the lease liability, based on a new discount rate for the liability at the acquisition date. The fair value of the Group\u2019s investment in SIS (refer to note 14) was increased by \u00a327.4m to a fair value of \u00a339.0m, reflecting the Group\u2019s holding and the estimated market value of the entity at the acquisition date. The fair value of the Group\u2019s outstanding listed debt was increased by \u00a37.1m, reflecting the current market price of the debt at acquisition date. Deferred tax liabilities of \u00a3192.2m have been recognised on the resultant fair value uplifts to assets. The fair value of all other assets and liabilities acquired are considered to be equal to their net book value as at the acquisition date. Disposals 2023 On 22 May 2023, the Group agreed to sell its Latvian business to Paf Consulting Abp. On 13 June 2023, the deal with Paf Consulting Abp completed. The cash consideration for the Latvian business was \u00a319.5m, of which \u00a30.9m is a working capital adjustment. As a part of the deal, the Group agreed an earn out with Paf Consulting Abp, under which the Group would receive further consideration of up to \u20ac4.25m. As this is deemed to hold a fair value of \u00a3nil this has not been recorded in these financial statements. The Group sold net assets totalling \u00a320.2m, leading to a loss on disposal of \u00a30.7m. These net assets were made up of goodwill and other intangible assets of \u00a323.1m, other net assets totalling \u00a31.0m, non-controlling interests of \u00a30.5m offset by deferred tax liabilities totalling \u00a34.4m. On 1 August 2023, the Group sold its 90% holding in its Colombian business Alfabet S.A.S. to Vivo Aladdin Online S.A.S. for \u00a30.6m, recognising a gain of \u00a30.4m on disposal. 2022 On 7 July 2022, the Group disposed of its entire Bingo business to Saphalata Holdings Ltd., a member of the Broadway Gaming group, for a total cash consideration of \u00a337.4m (US$45.25m), out of which \u00a335.7m was paid on completion and a further \u00a31.7m will unconditionally be paid in one year. As at 30 June 2022, the Group reclassified the Bingo business assets and liabilities as \u2018held for sale\u2019, at which time an impairment loss of \u00a311.2m was recognised on the Bingo goodwill, representing the difference between the carrying value of the business's net assets and the fair value at the date of reclassification to held for sale.
\u00a3m
Consideration received
35.7
Deferred consideration
1.7
Less:
Cash disposed of
(3.2)
Net proceeds on disposal
34.2
Less:
Net assets disposed of (excluding cash):
Intangible assets
(37.6)
Trade and other receivables
(0.5)
Trade and other payables
3.3
Net assets disposed of (excluding cash)
(34.7)
Loss on disposal
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "
18 LEASES
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date,
discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can
be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which
is determined based on a series of inputs including a risk-free rate based on our debt portfolio as well as country-specific adjustments.
A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the lease term.
The Group has assessed the lease term of properties within its Retail estate to be up to the first available contractual break within the
lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty
surrounding the Retail business.
The Group note that leases not included due to either being low value or having a term of less than 12 months are deemed immaterial.
The Group has a small number of sublet properties which have been assessed in accordance with IFRS 16 and have been deemed
immaterial. The accounting policy applied to these small number of sublet properties can be seen on page 114.
The Group will continue to monitor both the above scenarios and disclose these if they are deemed material to users of the Annual Report
and Accounts.
A reconciliation of the movement in lease liabilities is as follows:
\u00a3m
As at 31 December 2022
89.0
Additions
24.5
Interest expense
6.9
Payment of lease liabilities
(31.8)
Foreign exchange
(1.0)
As at 31 December 2023
87.6
A maturity analysis of the contractual undiscounted cash flows is as follows:
2023 2022
\u00a3m \u00a3m
Due within one year
29.7
29.4
Due between one and two years
22.8
23.0
Due between two and three years
17.3
17.3
Due between three and four years
11.3
13.4
Due between four and five years
6.1
7.5
Due beyond five years
10.5
8.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "18 LEASES The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on a series of inputs including a risk-free rate based on our debt portfolio as well as country-specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the lease term. The Group has assessed the lease term of properties within its Retail estate to be up to the first available contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty surrounding the Retail business. The Group note that leases not included due to either being low value or having a term of less than 12 months are deemed immaterial. The Group has a small number of sublet properties which have been assessed in accordance with IFRS 16 and have been deemed immaterial. The accounting policy applied to these small number of sublet properties can be seen on page 114. The Group will continue to monitor both the above scenarios and disclose these if they are deemed material to users of the Annual Report and Accounts. A reconciliation of the movement in lease liabilities is as follows:
\u00a3m
As at 31 December 2022
89.0
Additions
24.5
Interest expense
6.9
Payment of lease liabilities
(31.8)
Foreign exchange
(1.0)
As at 31 December 2023
87.6
A maturity analysis of the contractual undiscounted cash flows is as follows:
2023 2022
\u00a3m \u00a3m
Due within one year
29.7
29.4
Due between one and two years
22.8
23.0
Due between two and three years
17.3
17.3
Due between three and four years
11.3
13.4
Due between four and five years
6.1
7.5
Due beyond five years
10.5
8.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "A maturity analysis of the contractual undiscounted cash flows is as follows:
2023 2022
\u00a3m \u00a3m
Due within one year
29.7
29.4
Due between one and two years
22.8
23.0
Due between two and three years
17.3
17.3
Due between three and four years
11.3
13.4
Due between four and five years
6.1
7.5
Due beyond five years
10.5
8.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "
19 TRADE AND OTHER RECEIVABLES
2023 2022
\u00a3m \u00a3m
Trade receivables
64.0
56.7
Other receivables
13.0
18.4
Loans receivable
1.5
3.9
Prepayments
36.9
32.1
Restricted short-term deposits
22.6
21.6
Current trade and other receivables
138.0
132.7
Non-current prepayments
2.8
6.2
Total trade and other receivables
140.8
138.9
Restricted short-term deposits represent amounts held by banks primarily to support guarantees in respect of regulated markets licence
requirements and office leases.
Non-current prepayments refer to prepayment to partners in relation to costs and certain fees to be recognised over a period longer than
12 months. Any discounting on the timing of these prepayments is immaterial.
The carrying value of trade receivables and other receivables are net of expected credit losses which approximates to their fair value,
due to the short-term nature of the receivables they are not subject to ongoing fluctuations in market rates. Note 24 provides credit risk
disclosures on trade and other receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "19 TRADE AND OTHER RECEIVABLES
2023 2022
\u00a3m \u00a3m
Trade receivables
64.0
56.7
Other receivables
13.0
18.4
Loans receivable
1.5
3.9
Prepayments
36.9
32.1
Restricted short-term deposits
22.6
21.6
Current trade and other receivables
138.0
132.7
Non-current prepayments
2.8
6.2
Total trade and other receivables
140.8
138.9
Restricted short-term deposits represent amounts held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. Non-current prepayments refer to prepayment to partners in relation to costs and certain fees to be recognised over a period longer than 12 months. Any discounting on the timing of these prepayments is immaterial. The carrying value of trade receivables and other receivables are net of expected credit losses which approximates to their fair value, due to the short-term nature of the receivables they are not subject to ongoing fluctuations in market rates. Note 24 provides credit risk disclosures on trade and other receivables. 26 DEFERRED TAX Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group\u2019s deferred tax assets and liabilities resulting from temporary differences, some of which are expected to be settled on a net basis, are as follows:
As at Credit/ Arising on As at
1 January Prior year (charge) business 31 December
2023 adjustments Transfers Disposals to income combinations 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary differences
(1.1)
4.6
\u2014
\u2014
3.5
\u2014
7.0
Intangible assets
(231.2)
(2.9)
(9.0)
3.6
58.0
\u2014
(181.5)
Other temporary differences
3.1
(2.2)
9.0
0.7
0.9
20.3
31.8
Restricted interest
14.4
\u2014
\u2014
\u2014
3.1
\u2014
17.5
Tax losses
4.0
(0.8)
\u2014
\u2014
2.1
\u2014
5.3
Total
(210.8)
(1.3)
\u2014
4.3
67.6
20.3
(119.9)
Exceptional Exceptional
As at Credit/ credit/ credit/ As at
1 January Acquisition of Prior year Exchange (charge) (charge) to (charge) to 31 December
2022 William Hill adjustments differences to income income OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary
differences
1.6
0.6
3.0
0.3
(6.6)
\u2014
\u2014
(1.1)
Intangible assets
(2.7)
(252.2)
1.9
0.7
12.7
8.4
\u2014
(231.2)
Other temporary differences
1.4
8.1
(0.8)
(0.1)
(4.9)
\u2014
(0.6)
3.1
Restricted interest
\u2014
11.6
13.1
\u2014
(10.3)
\u2014
\u2014
14.4
Tax credits
\u2014
\u2014
0.4
(0.2)
(0.2)
\u2014
\u2014
\u2014
Tax losses
\u2014
0.1
\u2014
\u2014
3.9
\u2014
\u2014
4.0
Total
0.3
(231.8)
17.6
0.7
(5.4)
8.4
(0.6)
(210.8)
2023 2022
\u00a3m \u00a3m
Reflected in the Statement of Financial Position as follows:
Deferred tax assets
37.0
5.2
Deferred tax liabilities
(156.9)
(216.0)
Restatement Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This adjustment has been made after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further details. Arising on business combinations In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Deferred tax assets on unamortised tax allowances on intangible assets in Ireland As at 31 December 2023 the Group has recognised a deferred tax asset of \u00a332.9m (2022: \u00a32.7m) in relation to unused tax allowances of \u00a3236.5m (2022: \u00a3263.4m) in the Group\u2019s wholly owned Irish subsidiary. The Directors have concluded that there is convincing evidence that the Irish subsidiary will continue to generate taxable profits in the future, against which taxable allowances can be fully utilised. The allowances initially arose from the transfer of intellectual property rights from 888 Group companies to the Group\u2019s Irish subsidiary in 2022. As part of the Group restructuring programme, a Board decision was taken in 2023 to confirm the retention of corporate activity in Ireland, which was previously uncertain. The recovery of the deferred tax asset in Ireland is supported by the receipt of recurring revenue streams from royalty payments paid from other Group companies. The Directors have reviewed the latest forecast for the Group member companies in their operating markets, including their ability to continue to generate revenues and therefore pay royalty fees into the future. This includes consideration of the commercial plans under the Group\u2019s control, the future corporate structure of the Group and current licensing activity. The Directors believe there is convincing evidence that the deferred tax asset will unwind over a period of 29 years and as such have fully recognised the deferred tax asset as at 31 December 2023. If forecast royalty revenues paid to the Group\u2019s Irish subsidiary are 10% lower than forecasted, the recovery of the deferred tax asset would be extended to 38 years. Tax rates The enacted future rate of UK corporation tax of 25.0% (2022: 25%), the Gibraltar statutory income tax rate of 12.5% (2022: 12.5%), the Maltese effective tax rate of 35.0% (2022: 35%) and the Irish effective tax rate of 12.5% (2022: 12.5%) have been used to calculate the amount of deferred tax. Tax losses The Group has recognised \u00a337.0m (2022: \u00a35.2m) of deferred tax assets, including \u00a37.3m (2022: \u00a34.0m) in respect of unutilised tax losses which are available in companies which are anticipated to make future profits. The losses mainly relate to the UK and are expected to be utilised in the foreseeable future. All losses and tax credits, recognised and unrecognised, may be carried forward indefinitely. Management have based their assessment of the recognition of deferred tax assets on unused tax losses of \u00a346.3m (2022: \u00a363.8m) at the period end on the forecast also used for the impairment review. Restricted interest Restricted interest represents a deferred tax asset of \u00a317.5m (2022: \u00a314.4m) in relation to interest restrictions for which an asset has been recognised to the extent that sufficient taxable temporary differences exist at the balance sheet date. Pillar Two income taxes The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the implementation of Pillar Two income taxes, as required under IAS 12. Unrecognised deferred tax attributes Deferred tax is not recognised in respect of the value of the Group\u2019s investments in subsidiaries and interests in joint ventures where we are able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the future. The amount of such temporary differences for which deferred tax has not been recognised was \u00a3110.5m (and tax thereon of \u00a32.5m) (2022: \u00a317.2m (and tax thereon \u00a31.5m)). The Group has unutilised tax losses of \u00a338.9m (31 December 2022: \u00a363.8m) in entities which are not anticipated to make profits in the foreseeable future and for which no deferred tax has been recognised. The Group has carried forward restricted interest in the UK of \u00a3112.5m (2022: \u00a3nil) for which no deferred tax asset has been recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "19 TRADE AND OTHER RECEIVABLES
2023 2022
\u00a3m \u00a3m
Trade receivables
64.0
56.7
Other receivables
13.0
18.4
Loans receivable
1.5
3.9
Prepayments
36.9
32.1
Restricted short-term deposits
22.6
21.6
Current trade and other receivables
138.0
132.7
Non-current prepayments
2.8
6.2
Total trade and other receivables
140.8
138.9
Restricted short-term deposits represent amounts held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. Non-current prepayments refer to prepayment to partners in relation to costs and certain fees to be recognised over a period longer than 12 months. Any discounting on the timing of these prepayments is immaterial. The carrying value of trade receivables and other receivables are net of expected credit losses which approximates to their fair value, due to the short-term nature of the receivables they are not subject to ongoing fluctuations in market rates. Note 24 provides credit risk disclosures on trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "19 TRADE AND OTHER RECEIVABLES
2023 2022
\u00a3m \u00a3m
Trade receivables
64.0
56.7
Other receivables
13.0
18.4
Loans receivable
1.5
3.9
Prepayments
36.9
32.1
Restricted short-term deposits
22.6
21.6
Current trade and other receivables
138.0
132.7
Non-current prepayments
2.8
6.2
Total trade and other receivables
140.8
138.9
Restricted short-term deposits represent amounts held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. Non-current prepayments refer to prepayment to partners in relation to costs and certain fees to be recognised over a period longer than 12 months. Any discounting on the timing of these prepayments is immaterial. The carrying value of trade receivables and other receivables are net of expected credit losses which approximates to their fair value, due to the short-term nature of the receivables they are not subject to ongoing fluctuations in market rates. Note 24 provides credit risk disclosures on trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "19 TRADE AND OTHER RECEIVABLES
2023 2022
\u00a3m \u00a3m
Trade receivables
64.0
56.7
Other receivables
13.0
18.4
Loans receivable
1.5
3.9
Prepayments
36.9
32.1
Restricted short-term deposits
22.6
21.6
Current trade and other receivables
138.0
132.7
Non-current prepayments
2.8
6.2
Total trade and other receivables
140.8
138.9
Restricted short-term deposits represent amounts held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. Non-current prepayments refer to prepayment to partners in relation to costs and certain fees to be recognised over a period longer than 12 months. Any discounting on the timing of these prepayments is immaterial. The carrying value of trade receivables and other receivables are net of expected credit losses which approximates to their fair value, due to the short-term nature of the receivables they are not subject to ongoing fluctuations in market rates. Note 24 provides credit risk disclosures on trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "
20 CASH AND CASH EQUIVALENTS
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents
256.2
317.6
Less:
Customer deposits
127.8
141.3
Cash (excluding customer balances)
128.4
176.3
Customer deposits represent bank deposits matched by liabilities to customers of an equal value (see note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "
21 TRADE AND OTHER PAYABLES AND CUSTOMER DEPOSITS
2023 2022
\u00a3m \u00a3m
Trade payables
83.2
61.1
Accrued expenses
211.2
208.0
Other payables
80.3
98.9
Total trade and other payables
374.7
368.0
The carrying value of trade and other payables approximates to their fair value given the short maturity date of these balances.
Customer deposits of \u00a3127.8m (2022: \u00a3141.3m) represents deposits received from customers, customer winnings and progressive prize pools.
This is offset by an equivalent or greater amount of cash held, which is included in cash and cash equivalents (see note 20). Due to the
material nature of this balance it is disclosed separate to trade and other payables in the Statement of Financial Position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "21 TRADE AND OTHER PAYABLES AND CUSTOMER DEPOSITS
2023 2022
\u00a3m \u00a3m
Trade payables
83.2
61.1
Accrued expenses
211.2
208.0
Other payables
80.3
98.9
Total trade and other payables
374.7
368.0
The carrying value of trade and other payables approximates to their fair value given the short maturity date of these balances. Customer deposits of \u00a3127.8m (2022: \u00a3141.3m) represents deposits received from customers, customer winnings and progressive prize pools. This is offset by an equivalent or greater amount of cash held, which is included in cash and cash equivalents (see note 20). Due to the material nature of this balance it is disclosed separate to trade and other payables in the Statement of Financial Position. 26 DEFERRED TAX Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group\u2019s deferred tax assets and liabilities resulting from temporary differences, some of which are expected to be settled on a net basis, are as follows:
As at Credit/ Arising on As at
1 January Prior year (charge) business 31 December
2023 adjustments Transfers Disposals to income combinations 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary differences
(1.1)
4.6
\u2014
\u2014
3.5
\u2014
7.0
Intangible assets
(231.2)
(2.9)
(9.0)
3.6
58.0
\u2014
(181.5)
Other temporary differences
3.1
(2.2)
9.0
0.7
0.9
20.3
31.8
Restricted interest
14.4
\u2014
\u2014
\u2014
3.1
\u2014
17.5
Tax losses
4.0
(0.8)
\u2014
\u2014
2.1
\u2014
5.3
Total
(210.8)
(1.3)
\u2014
4.3
67.6
20.3
(119.9)
Exceptional Exceptional
As at Credit/ credit/ credit/ As at
1 January Acquisition of Prior year Exchange (charge) (charge) to (charge) to 31 December
2022 William Hill adjustments differences to income income OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary
differences
1.6
0.6
3.0
0.3
(6.6)
\u2014
\u2014
(1.1)
Intangible assets
(2.7)
(252.2)
1.9
0.7
12.7
8.4
\u2014
(231.2)
Other temporary differences
1.4
8.1
(0.8)
(0.1)
(4.9)
\u2014
(0.6)
3.1
Restricted interest
\u2014
11.6
13.1
\u2014
(10.3)
\u2014
\u2014
14.4
Tax credits
\u2014
\u2014
0.4
(0.2)
(0.2)
\u2014
\u2014
\u2014
Tax losses
\u2014
0.1
\u2014
\u2014
3.9
\u2014
\u2014
4.0
Total
0.3
(231.8)
17.6
0.7
(5.4)
8.4
(0.6)
(210.8)
2023 2022
\u00a3m \u00a3m
Reflected in the Statement of Financial Position as follows:
Deferred tax assets
37.0
5.2
Deferred tax liabilities
(156.9)
(216.0)
Restatement Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This adjustment has been made after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further details. Arising on business combinations In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Deferred tax assets on unamortised tax allowances on intangible assets in Ireland As at 31 December 2023 the Group has recognised a deferred tax asset of \u00a332.9m (2022: \u00a32.7m) in relation to unused tax allowances of \u00a3236.5m (2022: \u00a3263.4m) in the Group\u2019s wholly owned Irish subsidiary. The Directors have concluded that there is convincing evidence that the Irish subsidiary will continue to generate taxable profits in the future, against which taxable allowances can be fully utilised. The allowances initially arose from the transfer of intellectual property rights from 888 Group companies to the Group\u2019s Irish subsidiary in 2022. As part of the Group restructuring programme, a Board decision was taken in 2023 to confirm the retention of corporate activity in Ireland, which was previously uncertain. The recovery of the deferred tax asset in Ireland is supported by the receipt of recurring revenue streams from royalty payments paid from other Group companies. The Directors have reviewed the latest forecast for the Group member companies in their operating markets, including their ability to continue to generate revenues and therefore pay royalty fees into the future. This includes consideration of the commercial plans under the Group\u2019s control, the future corporate structure of the Group and current licensing activity. The Directors believe there is convincing evidence that the deferred tax asset will unwind over a period of 29 years and as such have fully recognised the deferred tax asset as at 31 December 2023. If forecast royalty revenues paid to the Group\u2019s Irish subsidiary are 10% lower than forecasted, the recovery of the deferred tax asset would be extended to 38 years. Tax rates The enacted future rate of UK corporation tax of 25.0% (2022: 25%), the Gibraltar statutory income tax rate of 12.5% (2022: 12.5%), the Maltese effective tax rate of 35.0% (2022: 35%) and the Irish effective tax rate of 12.5% (2022: 12.5%) have been used to calculate the amount of deferred tax. Tax losses The Group has recognised \u00a337.0m (2022: \u00a35.2m) of deferred tax assets, including \u00a37.3m (2022: \u00a34.0m) in respect of unutilised tax losses which are available in companies which are anticipated to make future profits. The losses mainly relate to the UK and are expected to be utilised in the foreseeable future. All losses and tax credits, recognised and unrecognised, may be carried forward indefinitely. Management have based their assessment of the recognition of deferred tax assets on unused tax losses of \u00a346.3m (2022: \u00a363.8m) at the period end on the forecast also used for the impairment review. Restricted interest Restricted interest represents a deferred tax asset of \u00a317.5m (2022: \u00a314.4m) in relation to interest restrictions for which an asset has been recognised to the extent that sufficient taxable temporary differences exist at the balance sheet date. Pillar Two income taxes The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the implementation of Pillar Two income taxes, as required under IAS 12. Unrecognised deferred tax attributes Deferred tax is not recognised in respect of the value of the Group\u2019s investments in subsidiaries and interests in joint ventures where we are able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the future. The amount of such temporary differences for which deferred tax has not been recognised was \u00a3110.5m (and tax thereon of \u00a32.5m) (2022: \u00a317.2m (and tax thereon \u00a31.5m)). The Group has unutilised tax losses of \u00a338.9m (31 December 2022: \u00a363.8m) in entities which are not anticipated to make profits in the foreseeable future and for which no deferred tax has been recognised. The Group has carried forward restricted interest in the UK of \u00a3112.5m (2022: \u00a3nil) for which no deferred tax asset has been recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "21 TRADE AND OTHER PAYABLES AND CUSTOMER DEPOSITS
2023 2022
\u00a3m \u00a3m
Trade payables
83.2
61.1
Accrued expenses
211.2
208.0
Other payables
80.3
98.9
Total trade and other payables
374.7
368.0
The carrying value of trade and other payables approximates to their fair value given the short maturity date of these balances. Customer deposits of \u00a3127.8m (2022: \u00a3141.3m) represents deposits received from customers, customer winnings and progressive prize pools. This is offset by an equivalent or greater amount of cash held, which is included in cash and cash equivalents (see note 20). Due to the material nature of this balance it is disclosed separate to trade and other payables in the Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "
22 PROVISIONS
Other
Indirect tax Legal and Shop closure restructuring
provision regulatory provision costs Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2022
61.7
143.2
4.8
3.7
213.4
Charged/(credited) to income statement
Additional provisions recognised
5.1
8.9
1.3
\u2014
15.3
Provisions released to income statement
\u2014
(3.8)
\u2014
\u2014
(3.8)
Utilised during the year
(2.3)
(27.8)
(2.5)
(1.3)
(33.9)
Transfers to trade and other payables
\u2014
(3.6)
\u2014
(1.9)
(5.5)
Foreign exchange differences
(1.7)
(0.5)
\u2014
\u2014
(2.2)
At 31 December 2023
62.8
116.4
3.6
0.5
183.3
1
2
1. Since the disclosure of the provisional fair values in the 31 December 2022 year end financial statements and during the measurement period, an
adjustment of \u00a315.7m has been made to increase the fair value of provisions, and an equivalent increase in goodwill.
2. During the year, a \u00a31.9m provision which was previously categorised as other restructuring costs and a provision of \u00a33.6m within legal and regulatory have
been transferred to accruals to better reflect the nature of the liability.
Customer claims provisions of \u00a3104.8m (2022: \u00a3101.9m) within legal and regulatory are classified as non-current. The remaining provisions
are all classified as current.
Indirect tax provision
As part of the acquisition of William Hill, the Group acquired a provision relating to a gaming tax liability in Austria, where the Austrian
tax authority believes that foreign gaming companies should be liable to pay gaming taxes in Austria. Post-acquisition, the Group has
continued to provide for the gaming taxes including interest, as management considers that an outflow is probable. The Group is in
constructive discussions with the Austrian tax authority over the timing of settlement.
Legal and regulatory provisions
The Group has recorded a provision in respect of legal and regulatory matters, including customer claims, and updated it to reflect
the Group\u2019s revised assessment of these risks in light of developments arising during 2023 such that this represents management\u2019s best
estimate of probable cash outflows related to these matters.
The industry in which the Group operates is subject to continuing scrutiny by regulators and other governmental authorities, which may,
in certain circumstances, lead to enforcement actions, sanctions, fines and penalties or the assertion of private litigations, claims and
damages. Within the opening provision, there is a provision acquired relating to a periodic compliance assessment undertaken by the
UK Gambling Commission (UKGC) in July and August 2021 of the William Hill business. William Hill has been subject to an ongoing licence
review and has addressed certain action points raised by the UKGC in relation to William Hill\u2019s social responsibility and anti-money
laundering obligations. The Group has agreed a regulatory settlement of \u00a319.2m, including divestments of \u00a30.7m. This provision was
acquired at 1 July 2022 and was settled during the year.
In common with other businesses in the gambling sector, the Group receives claims from consumers relating to the provision of gambling
services. Claims have been received from consumers in a number of (principally European) jurisdictions and allege either failure to follow
responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local
licencing regimes.
Consumers who have obtained judgement against the Group\u2019s entities in the Austrian courts have sought to enforce those judgements in
Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these
claims is \u00a386.2m, which includes a provision of \u00a380.6m relating to the William Hill and Mr Green brands and \u00a35.6m relating to 888.
The calculation of the customer claims liability includes provision for both legal fees and interest but does not include any gaming taxes
that have already been paid on these revenues. Management have assessed that it is probable as opposed to virtually certain that the
tax will be reclaimed and therefore a contingent asset of up to \u00a328.0m has been disclosed but not recognised for the tax reclaims.
The timing and amount of the outflows is ultimately determined by the settlement reached with the relevant authority.
Following receipt of updated advice, the development of case law in Germany indicates that the courts may apply a more customer-
friendly approach to the application of the three-year limitation period and link the commencement of the limitation period to the player's
first positive knowledge of a claim to recover his gambling losses. The law permits a maximum limitation period of 10 years in this scenario.
As such, during 2023 and within the purchase price accounting measurement period, we have re-assessed the value of the provision for
customer claims in Germany as at the acquisition date. This has led to an increase in the provision of \u00a315.7m to a total value on acquisition
of \u00a323.4m. This has been recognised through the opening balance sheet on acquisition, leading to an equivalent increase in goodwill on
acquisition.
During the year, the Group has utilised \u00a33.5m of the overall provision as claims have been settled. In addition, a further charge of \u00a36.2m has
been recognised to reflect the receipt of new claims.
Shop closure provisions
The Group holds provisions relating to the associated costs of closure of 713 shops in 2019, 119 shops in 2020, and certain shops that
ceased to trade as part of normal trading activities.
Other restructuring costs
The Group has recognised certain provisions for staff severance as a result of restructuring announced during the current and prior year.
31 CONTINGENT ASSETS AND LIABILITIES Legal claims As at 31 December 2023, potential legal claims of \u00a34.5m related to the Austria and Germany provisions (see note 22 for further details) are deemed to give rise to a possible future cash outflow, as such no provision was required at the balance sheet date. The calculation of the customer claims liability includes provision for both legal fees and interest but does not include any gaming taxes that have already been paid on these revenues. Management have assessed that it is probable as opposed to virtually certain that the tax will be reclaimed and therefore a contingent asset of up to \u00a328.0m (2022: \u00a324.3m) has been disclosed for the tax reclaims. Refer to note 22 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "22 PROVISIONS
Other
Indirect tax Legal and Shop closure restructuring
provision regulatory provision costs Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2022
61.7
143.2
4.8
3.7
213.4
Charged/(credited) to income statement
Additional provisions recognised
5.1
8.9
1.3
\u2014
15.3
Provisions released to income statement
\u2014
(3.8)
\u2014
\u2014
(3.8)
Utilised during the year
(2.3)
(27.8)
(2.5)
(1.3)
(33.9)
Transfers to trade and other payables
\u2014
(3.6)
\u2014
(1.9)
(5.5)
Foreign exchange differences
(1.7)
(0.5)
\u2014
\u2014
(2.2)
At 31 December 2023
62.8
116.4
3.6
0.5
183.3
1 2 1. Since the disclosure of the provisional fair values in the 31 December 2022 year end financial statements and during the measurement period, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, and an equivalent increase in goodwill. 2. During the year, a \u00a31.9m provision which was previously categorised as other restructuring costs and a provision of \u00a33.6m within legal and regulatory have been transferred to accruals to better reflect the nature of the liability. Customer claims provisions of \u00a3104.8m (2022: \u00a3101.9m) within legal and regulatory are classified as non-current. The remaining provisions are all classified as current. Indirect tax provision As part of the acquisition of William Hill, the Group acquired a provision relating to a gaming tax liability in Austria, where the Austrian tax authority believes that foreign gaming companies should be liable to pay gaming taxes in Austria. Post-acquisition, the Group has continued to provide for the gaming taxes including interest, as management considers that an outflow is probable. The Group is in constructive discussions with the Austrian tax authority over the timing of settlement. Legal and regulatory provisions The Group has recorded a provision in respect of legal and regulatory matters, including customer claims, and updated it to reflect the Group\u2019s revised assessment of these risks in light of developments arising during 2023 such that this represents management\u2019s best estimate of probable cash outflows related to these matters. The industry in which the Group operates is subject to continuing scrutiny by regulators and other governmental authorities, which may, in certain circumstances, lead to enforcement actions, sanctions, fines and penalties or the assertion of private litigations, claims and damages. Within the opening provision, there is a provision acquired relating to a periodic compliance assessment undertaken by the UK Gambling Commission (UKGC) in July and August 2021 of the William Hill business. William Hill has been subject to an ongoing licence review and has addressed certain action points raised by the UKGC in relation to William Hill\u2019s social responsibility and anti-money laundering obligations. The Group has agreed a regulatory settlement of \u00a319.2m, including divestments of \u00a30.7m. This provision was acquired at 1 July 2022 and was settled during the year. In common with other businesses in the gambling sector, the Group receives claims from consumers relating to the provision of gambling services. Claims have been received from consumers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. Consumers who have obtained judgement against the Group\u2019s entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, which includes a provision of \u00a380.6m relating to the William Hill and Mr Green brands and \u00a35.6m relating to 888. The calculation of the customer claims liability includes provision for both legal fees and interest but does not include any gaming taxes that have already been paid on these revenues. Management have assessed that it is probable as opposed to virtually certain that the tax will be reclaimed and therefore a contingent asset of up to \u00a328.0m has been disclosed but not recognised for the tax reclaims. The timing and amount of the outflows is ultimately determined by the settlement reached with the relevant authority. Following receipt of updated advice, the development of case law in Germany indicates that the courts may apply a more customer- friendly approach to the application of the three-year limitation period and link the commencement of the limitation period to the player's first positive knowledge of a claim to recover his gambling losses. The law permits a maximum limitation period of 10 years in this scenario. As such, during 2023 and within the purchase price accounting measurement period, we have re-assessed the value of the provision for customer claims in Germany as at the acquisition date. This has led to an increase in the provision of \u00a315.7m to a total value on acquisition of \u00a323.4m. This has been recognised through the opening balance sheet on acquisition, leading to an equivalent increase in goodwill on acquisition. During the year, the Group has utilised \u00a33.5m of the overall provision as claims have been settled. In addition, a further charge of \u00a36.2m has been recognised to reflect the receipt of new claims. Shop closure provisions The Group holds provisions relating to the associated costs of closure of 713 shops in 2019, 119 shops in 2020, and certain shops that ceased to trade as part of normal trading activities. Other restructuring costs The Group has recognised certain provisions for staff severance as a result of restructuring announced during the current and prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "
23 BORROWINGS
Interest rate 2023 2022
%
Maturity
\u00a3m \u00a3m
Borrowings at amortised cost
Bank facilities
\u20ac473.5m term loan facility
EURIBOR + 5.25%
2028
385.6
392.6
$575.0m term loan facility
CME term SOFR + 5.35%
2028
401.6
420.7
\u00a3150.0m Equivalent Multi-Currency Revolving Credit Facility
Benchmark rate + 3.5%
2028
\u2014
\u2014
Loan Notes
\u20ac582.0m Senior Secured Fixed Rate Notes
7.56
2027
489.6
498.6
\u20ac450.0m Senior Secured Floating Rate Notes
EURIBOR + 5.5%
2028
373.8
379.9
\u00a3350.0m Senior Unsecured Notes
4.75
2026
10.5
10.5
Total Borrowings
1,661.1
1,702.3
Less: Borrowings as due for settlement in 12 months
3.9
4.8
Total Borrowings as due for settlement after 12 months
1,657.2
1,697.5
Bank facilities
Term loan facilities
In July 2022, the Group entered into a Senior Facilities Agreement in connection with the William Hill Group acquisition, under which the
following term loan facilities were made available:
\u2022 a six-year euro-denominated bullet term facility of \u20ac473.5m, of which \u20ac6.4m was repaid in September 2022.
\u2022 a six-year sterling-denominated delayed-draw bullet term facility of \u00a3351.8m which was partially drawn in September 2022 ('GBP Term
Loan') and used to partially prepay the William Hill Group\u2019s \u00a3350m 4.75% Senior Unsecured Notes due 2026 and partially prepay the
Group\u2019s euro-denominated bullet term facility.
\u2022 a six-year US Dollar-denominated term facility of $500.0m.
In December 2022, the GBP Term Loan was repaid and partially replaced with an increase of $75.0m under the Group\u2019s six-year US Dollar-
denominated term facility, with the remaining amount replaced with Senior Secured Note issuances.
At 31 December 2023, the following amounts were outstanding under the term facilities made available to the Group under the Senior
Facilities Agreement:
\u2022 \u20ac467.1m (2022: \u20ac467.1m) under the Group\u2019s six-year euro-denominated term facility.
\u2022 $568.8m (2022: $573.5m) under the Group\u2019s six-year US Dollar-denominated term facility.
Loan notes
Senior Secured Notes
(i) \u20ac582m 7.558% Senior Secured Fixed Rate Notes due July 2027
In July 2022, as part of the William Hill Group acquisition funding, the Group issued \u20ac400m of guaranteed Senior Secured Fixed Rate Notes
and used the net proceeds to finance the William Hill Group acquisition. The notes, which are guaranteed by certain members of the Group
and certain of the Group\u2019s operating subsidiaries, mature in July 2027.
In December 2022, a further \u20ac182m in principal amount was issued under the same terms as the initial \u20ac400m issuance and used to
partially refinance the GBP Term Loan.
(ii) \u20ac450m Senior Secured Floating Rate Notes due July 2028
In July 2022, the Group issued \u20ac300m of guaranteed Senior Secured Floating Rate Notes and used the net proceeds to partially finance
the William Hill Group acquisition. The notes, which are guaranteed by certain members of the Group and certain of the Group\u2019s operating
subsidiaries, mature in July 2028.
In December 2022, a further \u20ac150m in principal amount was issued under the same terms as the initial \u20ac300m issuance to partially
refinance the GBP Term Loan.
Senior Unsecured Notes
\u00a3350m 4.875% Senior Unsecured Fixed Rate Notes due 2023 & \u00a3350m 4.75% Senior Unsecured Fixed Rate Notes due 2026
The Group acquired two separate listed Senior Unsecured Notes, due 2023 and 2026 respectively as at 1 July 2022. The acquisition
triggered a change in control and the exercise of a put option by a number of Noteholders (refer below). The \u00a3350m 4.875% Senior
Unsecured Notes due 2023 were settled in full and, on 22 September 2022, Noteholders of \u00a3339.5m out of \u00a3350.0m 4.75% Senior Unsecured
Notes due 2026 took the option to exercise. As a result, this reduced the \u00a3350.0m 4.75% Senior Unsecured Notes due 2026 to \u00a310.5m at
31 December 2023 (2022: \u00a310.5m). The cash purchase price of both notes was equal to 101% of the principal amount together with the
interest accrued.
Finance fees and associated costs incurred on the issue of both Notes were held in the William Hill Statement of Financial Position at
acquisition, which were subsequently fair valued which led to an increase of \u00a37.1m, reflecting the current market price of the debt at
acquisition date. This is being amortised over the life of the respective notes using the effective interest rate method. On redemption of the
Notes, any unamortised fees were written off to the Income Statement as exceptional costs in the 2022 financial year (see note 3).
Change of control
Following the occurrence of a change of control, either (i) each lender under the Senior Facilities Agreement shall be entitled to require
prepayment of outstanding amounts and cancellation of its commitments within a prescribed time period or (ii) the Group may elect that
all outstanding undrawn commitments of each lender shall be cancelled and outstanding drawn commitments shall become due and
payable.
In addition, the Group will be required to make an offer to purchase all of the Fixed Rate Notes, the Floating Rate Notes and the 4.75%
Senior Unsecured Notes due 2026 as a result of such change of control at a price in cash equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest.
Undrawn credit facilities
At 31 December 2023, the Group had the following undrawn credit facilities:
\u00a3150m Equivalent Multi-Currency Revolving Credit Facility
In July 2022, as part of the William Hill Group acquisition, the Group entered into a new Senior Facilities Agreement under which its \u00a350m
Revolving Credit Facility was replaced with a Multi-Currency Revolving Credit Facility. The replacement facility has an aggregate principal
amount of \u00a3150m with a five-and-a-half-year maturity (maturing in January 2028). The drawn balance on this facility at 31 December 2023
was \u00a3nil (2022: \u00a3nil).
Financial covenant
The Revolving Credit Facilities are subject to a Senior Facilities Agreement whereby any applicable revolving Incremental Senior Facilities
(together the 'Financial Covenant Facilities') are tested at every reporting period to ensure that they do not exceed a pre-agreed threshold
to be agreed with the Mandated Lead Arrangers prior to the entry into the Senior Facilities Agreement.
There are no other covenants on the Group debt, therefore the Directors are satisfied that, at the year-end, the net leverage ratio has not
exceeded the pre-agreed threshold and, as a consequence, the financial covenants have not been breached.
Overdraft facility
In July 2022, as part of the William Hill Group acquisition, the Group acquired an overdraft facility with National Westminster Bank plc of
\u00a35.0m. The balance on this facility at 31 December 2023 was \u00a3nil (2022: \u00a3nil).
Weighted average interest rates
The weighted average interest rates paid, including commitment fees, were as follows:
2023 2022
% %
\u20ac473.5m term loan facility
10.01
7.25
$575.0m term loan facility
13.49
11.47
\u20ac582.0m Senior Secured Fixed Rate Notes
8.44
8.47
\u20ac450.0m Senior Secured Floating Rate Notes
9.95
7.58
\u00a3350.0m Senior Unsecured Fixed Rate Notes
4.75
4.75
Borrowings reconciliation
2023:
Opening Repayments Non-cash FX Total
Debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Senior Unsecured Notes
10.5
\u2014
\u2014
\u2014
10.5
\u20ac473.5m term loan facility
392.6
\u2014
2.9
(9.8)
385.7
$575.0m term loan facility
420.6
(4.0)
7.4
(22.3)
401.7
\u20ac582.0m Senior Secured Fixed Rate Notes
498.7
\u2014
2.9
(12.4)
489.2
\u20ac450.0m Senior Secured Floating Rate Notes
379.9
\u2014
3.6
(9.5)
374.0
1,702.3
(4.0)
16.8
(54.0)
1,661.1
2022:
Fees on FV
Opening Inflows Acquired Repayments debt Non-cash adjustment FX Total
Debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Senior Unsecured Notes
\u2014
\u2014
352.3
(349.0)
\u2014
\u2014
(3.3)
\u2014
\u2014
2026
Senior Unsecured Notes
\u2014
\u2014
351.9
(339.0)
\u2014
\u2014
(2.4)
\u2014
10.5
\u00a3358.1 term loan facility
\u2014
347.0
\u2014
(347.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u00a3461.5m asset bridge loan
\u2014
\u2014
461.5
(461.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u20ac473.5m term loan facility
\u2014
420.4
\u2014
(5.7)
(23.5)
1.7
\u2014
(0.3)
392.6
$575.0m term loan facility
\u2014
479.1
\u2014
(1.0)
(57.4)
3.5
\u2014
(3.6)
420.6
\u20ac582.0m Senior Secured
Fixed Rate Notes
\u2014
517.0
\u2014
\u2014
(18.9)
0.9
\u2014
(0.3)
498.7
\u20ac450.0m Senior Secured
Floating Rate Notes
\u2014
399.6
\u2014
\u2014
(20.3)
0.9
\u2014
(0.3)
379.9
\u2014
2,163.1
1,165.7
(1,503.2)
(120.1)
7.0
(5.7)
(4.5)
1,702.3
24 FINANCIAL RISK MANAGEMENT
The Group\u2019s activities expose it to a variety of financial risks. Financial risk management is primarily carried out by the Group\u2019s Treasurer
with reference to risk management policies approved by the Board and supervised by the Chief Financial Officer. The Board approves
written principles for risk management. The principal financial risks faced by the Group comprise liquidity risk, refinancing risk, credit risk,
interest rate risk, currency risk and pensions risk. These risks are managed as described below.
The main financial instruments used by the Group, on which financial risk arises, are as follows:
\u2022 Cash and cash equivalents;
\u2022 Trade and other receivables;
\u2022 Investment in associates;
\u2022 Trade and other payables;
\u2022 Customer deposits;
\u2022 Lease liabilities;
\u2022 Borrowings;
\u2022 Derivative financial instruments.
Detailed analysis of these financial instruments is as follows:
2023 2022
\u00a3m \u00a3m
Assets at amortised cost
Investment in associates (note 14)
33.9
38.4
Cash and cash equivalents (note 20)
256.2
317.6
Trade and other receivables (note 19)
101.1
100.6
Derivative assets held at fair value through the Income Statement
888
Africa convertible loan (note 25)
11.3
\u2014
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
6.1
17.7
\u2014 Interest rate swaps
\u2014
0.9
Total financial assets
408.6
475.2
Non-financial assets
2,339.0
2,487.6
Total assets
2,747.6
2,962.8
Liabilities held at fair value through the Income Statement
Ante post bets (note 25)
7.0
7.8
Liabilities at amortised cost
Borrowings (note 23)
1,661.1
1,702.3
Trade and other payables (note 21)
163.5
160.0
Customer deposits (note 21)
127.8
141.3
Lease liabilities (note 18)
87.6
89.0
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
45.0
30.4
\u2014 Interest rate swaps
1.4
\u2014
Total financial liabilities
2,093.4
2,130.8
Non-financial liabilities
574.3
672.8
Total liabilities
2,667.7
2,803.6
Net assets
79.9
159.2
Capital management and financing risk
The Group seeks to maintain an appropriate capital structure which enables it to continue as a going concern, supports its business
strategy and takes into account the wider economic environment. The Group\u2019s capital comprises equity and debt finance, and these
elements are managed to balance the requirements of the Group and the interests of debt providers. The Group manages its capital
structure through cash flows from operations, the raising or repayment of debt and the raising of equity capital from investors.
Financing risk is the risk that the Group is unable to access sufficient finance to refinance its debt obligations as they fall due. The Group
manages this risk by maintaining a balance between different funding sources including equity and debt. It seeks to mitigate its debt
financing risk by diversifying its sources of debt capital. The Board also seeks to mitigate the Group\u2019s refinancing risk by having an
appropriately balanced debt maturity profile.
Credit risk The Group is exposed to credit risk from counterparties defaulting on their obligations, resulting in financial loss to the Group. It arises in relation to transactions with commercial counterparties and financial institutions. It also arises from customers who have been granted access to credit facilities. The Group manages its counterparty risk by closely monitoring and, where appropriate, limiting the amount that can be deposited or accumulated with any one counterparty. The Group will only deposit funds with pre-approved financial institutions with specified minimum credit ratings or strong balance sheet. The Group\u2019s policy is to mitigate its credit risk with respect to derivative transactions by using a number of different counterparties for material transactions. Trade receivables The Group\u2019s credit risk on trade receivables arises mainly from balances held with the Group\u2019s payment service providers (PSPs). These are third-party companies that facilitate deposits and withdrawals of funds to and from customers\u2019 virtual wallets with the Group. These are mainly intermediaries that transact on behalf of debit card companies. The risk is that a PSP would fail to discharge its obligation with regard to the balance owed to the Group. The Group reduces this credit risk by: \u2022 Monitoring balances with PSPs on a regular basis; \u2022 Arranging for the shortest possible cash settlement intervals; \u2022 Replacing rolling reserve requirements, where they exist, with a Letter of Credit by a reputable financial institution; \u2022 Ensuring a new PSP is only contracted following various due diligence and 'Know Your Customer' procedures; and \u2022 Ensuring policies are in place to reduce dependency on any specific PSP and to limit any concentration of risk. The Group considers that based on the factors above and on extensive past experience, the PSP receivables are of good credit quality and there is a low level of potential bad debt as at the year-end amounting to \u00a30.4m arising from a PSP failing to discharge its obligation (2022: \u00a30.4m). This has been charged to the Consolidated Income Statement. An additional credit risk the Group faces relates to customers disputing charges made to their credit cards ('chargebacks') or any other funding method they have used in respect of the services provided by the Group. Customers may fail to fulfil their obligation to pay, which will result in funds not being collected. These chargebacks and uncollected deposits, when occurring, will be deducted at source by the PSPs from any amount due to the Group. As such the Group provides for these eventualities by way of an expected credit loss provision based on analysis of past transactions. This provision is set off against trade receivables and at 31 December 2023 was \u00a30.6m (2022: \u00a31.0m). The Group\u2019s in-house Fraud and Risk Management department carefully monitors deposits and withdrawals by following prevention and verification procedures using internally-developed bespoke systems integrated with commercially-available third-party measures. Cash and cash equivalents Excess cash is centralised in accounts held by the Group\u2019s Gibraltar headquartered holding and funding companies. Subsidiaries in its other main locations maintain minimal cash balances as required for their operations. Cash settlement proceeds from PSPs, as described above, are paid into bank accounts controlled by the Treasury function. The Group holds the majority of its funds with highly reputable financial institutions and will not hold funds with financial institutions with a low credit rating save for limited balances for specific operational needs. The Group maintains its cash reserves in highly liquid deposits and regularly monitors interest rates in order to maximise yield. Customer deposits Customer deposits are matched by a corresponding liability and progressive prize pools of an equal value. Restricted short-term deposits Restricted short-term deposits are short-term deposits held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. The Group\u2019s maximum exposure to credit risk is the amount of financial assets presented above, totalling \u00a3408.6m (2022: \u00a3475.2m) .
Liquidity risk
Liquidity risk is the risk that the Group has insufficient funds available to settle its liabilities as they fall due. The Group generates strong
operating cash flows and aims to maintain sufficient cash balances to meet its anticipated working capital requirements based on regularly
updated cash flow forecasts. Liquidity requirements that cannot be met from operational cash flow or existing cash resources would be
satisfied by drawings under the Group\u2019s Revolving Credit Facility and overdraft facility.
The following table details the contractual maturity analysis of the Group\u2019s financial liabilities (undiscounted payments):
2023
More
On Less than 1 to 5 than
demand 1 year years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
\u2014
163.5
\u2014
\u2014
163.5
Customer deposits
127.8
\u2014
\u2014
\u2014
127.8
Borrowings
\u2014
130.6
2,136.9
\u2014
2,267.5
Derivatives and embedded derivatives
7.0
14.7
41.7
\u2014
63.4
Lease liabilities
\u2014
29.7
57.5
10.5
97.7
134.8
338.5
2,236.1
10.5
2,719.9
2022
On Less than 1 to 5 More than
demand 1 year years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
\u2014
160.0
\u2014
\u2014
160.0
Customer deposits
141.3
\u2014
\u2014
\u2014
141.3
Borrowings
\u2014
129.9
1,062.7
1,319.5
2,512.1
Derivatives and embedded derivatives
7.8
14.2
273.3
\u2014
295.3
Lease liabilities
\u2014
29.4
61.0
8.7
99.1
149.1
333.5
1,397.0
1,328.2
3,207.8
Market risk
Currency risk
A substantial part of the Group\u2019s customer deposits and revenues are held and generated in Pounds Sterling (GBP) and Euro (EUR) with
a smaller portion denominated in other currencies. Operating expenses are largely incurred in local currencies, primarily GBP, EUR, Israeli
New Shekel (ILS), US Dollar (USD), Canadian Dollar (CAD) and Romanian Leu (RON), with incremental exposure to operating expenses in
Swedish Krona and Polish Z\u0142oty (PLN). The Group has USD and EUR debt servicing costs with a significant proportion swapped to GBP
via cross-currency interest rate swaps, whereby approximately 49% of borrowings are effectively denominated in EUR, 43% denominated
in GBP and 8% denominated in USD. As a result of this, the Group is exposed to the impact of foreign currency fluctuations. The Group
mitigates its exposure to the impact of foreign exchange fluctuations on its cost base by adopting policies to hedge certain exposures.
During 2022, the Group entered into FX and cross-currency swaps in order to hedge its ongoing USD and EUR exposure under the Senior
Facilities Agreement and its ongoing EUR exposure under the Existing Notes and Additional Notes. However, there can be no assurance
that such hedging will eliminate the potentially material adverse effect of such fluctuations.
The Group\u2019s financial risk arising from exchange rate fluctuations is mainly attributed to:
\u2022 Translation of EUR and USD denominated borrowings in the Group\u2019s balance sheet.
\u2022 Mismatches between customer deposits, which are predominantly denominated in GBP, and the net receipts from customers, which are
settled in the currency of the customer\u2019s choice.
\u2022 Mismatches between reported revenue, which is mainly generated in GBP (the Group\u2019s reporting currency and the functional currency
of the majority of its subsidiaries), and a significant portion of deposits settled in local currencies.
\u2022 Expenses that are denominated in a currency other than the functional currency of the relevant entity.
The Group continually monitors the foreign currency risk and takes steps, where practical, to ensure that the net exposure is kept to an
acceptable level. This includes the potential use of foreign exchange forward contracts designed to fix the economic impact of known
exposures when considered appropriate.
The tables below detail the monetary assets and liabilities by currency:
2023
EUR USD Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
84.2
29.1
142.9
256.2
Trade and other receivables
53.5
12.8
34.8
101.1
Derivatives and embedded derivatives
4.4
1.1
11.9
17.4
Monetary assets
142.1
43.0
189.6
374.7
Trade and other payables
(14.2)
(9.0)
(140.3)
(163.5)
Customer deposits
(46.7)
(23.6)
(57.5)
(127.8)
Borrowings
(1,247.9)
(402.1)
(11.1)
(1,661.1)
Derivatives and embedded derivatives
(10.0)
(36.7)
(6.7)
(53.4)
Lease liabilities \u2014 IFRS 16
(7.5)
(0.3)
(79.8)
(87.6)
Monetary liabilities
(1,326.3)
(471.7)
(295.4)
(2,093.4)
Net financial position
(1,184.2)
(428.7)
(105.8)
(1,718.7)
2022
EUR USD Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
119.2
55.1
143.3
317.6
Trade and other receivables
47.7
12.3
40.6
100.6
Derivatives and embedded derivatives
15.4
3.2
\u2014
18.6
Monetary assets
182.3
70.6
183.9
436.8
Trade and other payables
(70.2)
(43.1)
(46.7)
(160.0)
Customer deposits
(43.0)
(50.5)
(47. 8)
(141.3)
Borrowings
(1,271.1)
(420.7)
(10.5)
(1,702.3)
Derivatives and embedded derivatives
(10.5)
(21.0)
(6.7)
(38.2)
Lease liabilities \u2014 IFRS 16
(7.5)
(0.5)
(81.0)
(89.0)
Monetary liabilities
(1,402.3)
(535.8)
(192.7)
(2,130.8)
Net financial position
(1,220.0)
(465.2)
(8.8)
(1,694.0)
Sensitivity analysis
The table below details the effect on profit before tax of a 10% strengthening (and weakening) in the GBP exchange rate at the balance
sheet date for balance sheet items denominated in Euros:
2023
EUR
10% strengthening
21.2
10% weakening
(21.2)
2022
EUR
10% strengthening
28.9
10% weakening
(28.9)
Interest rate risk
The Group\u2019s exposure to interest rate risk relates mostly to cash interest costs on unhedged borrowings where market rate increases lead
to both higher interest charges to the Group and less freely available cash, with some limited exposure to interest income on surplus funds
held. Changes in market interest rates also impact the fair value of the Group\u2019s swaps portfolio.
The Group\u2019s policy is to maintain a minimum of 50% of its debt at fixed interest rates in order to protect cash flow commitments against
rising interest rates while also maintaining flexibility to incur lower interest in a decreasing rates environment. As at 31 December 2023,
70% of the Group\u2019s outstanding borrowings was at fixed rates (2022: 70%).
The Group\u2019s current approach for surplus funds is to centralise and invest in interest bearing bank accounts held with its principal bankers
to maximise availability for working capital use.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings
affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings,
as follows:
2023
Increase of Decrease of
100 basis 100 basis
points points
\u00a3m \u00a3m
Increase/(decrease) in profit
(5.5)
5.5
Increase/(decrease) in equity reserves
(5.5)
5.5
2022
Increase of Decrease of
100 basis 100 basis
points points
\u00a3m \u00a3m
Increase/(decrease) in profit
(3.4)
3.4
Increase/(decrease) in equity reserves
(3.4)
3.4
Cross-currency swaps and interest rate swaps
The Group has executed a series of USD to GBP and EUR to GBP cross-currency interest rate swaps to provide increased certainty around
its interest cash flow commitments and better align the currency of interest costs to the currency of earnings.
As at 31 December 2023, the Group had cross-currency interest rate swaps with total principal of US$407.0m (2022: US$407.0m) and
\u20ac482.0m (2022: \u20ac482.0m) in place to hedge both currency and interest rate risk. In addition, at 31 December 2023, the Group had an
interest rate swap of \u20ac150.0m (2022: \u20ac150.0m) to hedge Euro interest rate risk.
25 FINANCIAL INSTRUMENTS
On acquisition, under IFRS 3 \u2018Business Combinations\u2019, the assets and liabilities of William Hill were recorded at fair value. Refer to note 16 for
details of values and valuation methods used.
The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December
2023 was as follows:
Contractual/
notional
amount Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
888
Africa convertible loan
6.8
\u2014
\u2014
11.3
Cross-currency swaps
385.9
\u2014
6.1
\u2014
Interest rate swaps
130.1
\u2014
\u2014
\u2014
522.8
\u2014
6.1
11.3
Financial liabilities
Cross-currency swaps
351.9
\u2014
45.0
\u2014
Interest rate swaps
\u2014
\u2014
1.4
\u2014
Ante post bet liabilities
\u2014
\u2014
\u2014
7.0
351.9
\u2014
46.4
7.0
The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December
2022 was as follows:
Contractual/
notional
amount Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cross-currency swaps
397.1
\u2014
17.7
\u2014
Interest rate swaps
132.2
\u2014
0.9
\u2014
529.3
\u2014
18.6
\u2014
Financial liabilities
Cross-currency swaps
365.3
\u2014
45.0
\u2014
Ante post bet liabilities
\u2014
\u2014
\u2014
7.8
Contingent consideration (note 16)
100.0
\u2014
\u2014
0.4
465.3
45.0
8.2
Ante post bets
Ante post bets are a liability arising from an open position at the period end date in accordance with the Group\u2019s accounting policy for
derivative financial instruments. Ante post bets at the period end totalled \u00a37.0m (2022: \u00a37.8m) and are classified as current liabilities.
Ante post bet liabilities are valued using methods and inputs that are not based upon observable market data and all fair value
movements are recognised in revenue in the Income Statement. Although the final value will be determined by future betting outcomes,
there are no reasonably possible changes to assumptions or inputs that would lead to material changes in the fair value determined. The
principal assumptions relate to the Group\u2019s historical gross win margins by betting markets and segments. Although these margins vary
across markets and segments, they are expected to stay broadly consistent over time, only varying in the short term. The gross win margins
are reviewed annually at period end. As at 31 December 2023, the gross win margins ranged from 2%-25%.
A reconciliation of movements in the ante post bets liability in the year is provided below.
Ante post
bet liabilities
\u00a3m
At 31 December 2022
7.8
Movement through Income Statement
(0.8)
At 31 December 2023
7.0
888 Africa convertible loan
On 22 March 2022 the Group entered into a joint venture agreement as 19.9% owners of 888 Africa Limited ('888 Africa').
Whilst the Group\u2019s equity contribution was not material, as part of the joint venture shareholder agreement, the Group agreed to lend 888
Africa $8.0m (\u00a37.2m) as a senior secured convertible loan that can be converted into 60.1% of 888 Africa issued and outstanding shares
at the Group\u2019s discretion. Because of the conversion option, the loan is deemed to be a derivative financial asset under IFRS 9 \u2018Financial
Instruments\u2019 and is held at fair value through profit and loss.
As at 31 December 2023 the convertible loan has been fair valued using the market approach based on forecast 2024 revenue in proven
African markets. The non-cash, fair value uplift of \u00a34.1m is recorded within operating profit in the Consolidated Income Statement. In the
prior year fair value was deemed approximate to the carrying value of the convertible loan due to the early stage of the investment.
Hedging activities
The table below illustrates the effects of hedge accounting on the Consolidated Statement of Financial Position and Consolidated Income
Statement by disclosing separately by risk category each type of hedge and the details of the associated hedging instrument and hedge
item. These are for items designated as in a cash flow hedging relationship.
31 December 2023
Change in
fair value Cash Change in
in period for settlements fair value Cash
calculating and accruals in period for settlements
ineffectiveness in the period calculating and accruals Hedge
Carrying (hedging (hedging ineffectiveness in the period ineffectiveness
amount instrument) instrument) (hedged item) (hedged item) in the period
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
EUR trades
(0.8)
(1.7)
0.3
(1.7)
0.3
\u2014
Total
(0.8)
(1.7)
0.3
(1.7)
0.3
\u2014
Cross-currency swaps
EUR trades
(4.7)
(9.8)
(9.1)
(9.8)
(9.1)
\u2014
USD trades
(34.8)
(17.0)
(2.0)
(17.0)
(2.0)
\u2014
Total
(39.5)
(26.8)
(11.1)
(26.8)
(11.1)
\u2014
31 December 2022
Change in fair Cash
value in period settlements Change in fair Cash
for calculating and accruals value in period settlements
ineffectiveness in the period for calculating and accruals Hedge
Carrying (hedging (hedging ineffectiveness in the period ineffectiveness
amount instrument) instrument) (hedged item) (hedged item) in the period
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
EUR trades
1.0
1.0
\u2014
0.9
(0.1)
Total
1.0
1.0
\u2014
0.9
(0.1)
Cross-currency swaps
EUR trades
5.1
5.1
(1.4)
4.7
(1.4)
(0.4)
USD trades
(17.8)
(17.8)
(2.3)
(18.7)
(2.3)
(0.9)
Total
(12.7)
(12.7)
(3.7)
(14.0)
(3.7)
(1.3)
Contractual maturity analysis
The tables below analyse the Group\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities for net and
gross settled derivative financial instruments.
The amounts disclosed in the table are the contractual undiscounted cash flows:
31 December 2023
On Less than 1 to 5 More than
demand 1 year years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
\u2014
0.8
(1.5)
\u2014
(0.7)
Cross-currency swaps
EUR trades
\u2014
(8.2)
(7.7)
\u2014
(15.9)
USD trades
\u2014
(6.6)
(30.7)
\u2014
(37.3)
Total
\u2014
(14.0)
(39.9)
\u2014
(53.9)
31 December 2022
On Less than 1 to 5 More than
demand 1 year years 5 years Total
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
Cross-currency swaps
EUR trades
\u2014
(6.2)
316.9
\u2014
310.7
USD trades
\u2014
(8.0)
(43.6)
\u2014
(51.6)
Total
\u2014
(14.2)
273.3
\u2014
259.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "23 BORROWINGS
Interest rate 2023 2022
%
Maturity
\u00a3m \u00a3m
Borrowings at amortised cost
Bank facilities
\u20ac473.5m term loan facility
EURIBOR + 5.25%
2028
385.6
392.6
$575.0m term loan facility
CME term SOFR + 5.35%
2028
401.6
420.7
\u00a3150.0m Equivalent Multi-Currency Revolving Credit Facility
Benchmark rate + 3.5%
2028
\u2014
\u2014
Loan Notes
\u20ac582.0m Senior Secured Fixed Rate Notes
7.56
2027
489.6
498.6
\u20ac450.0m Senior Secured Floating Rate Notes
EURIBOR + 5.5%
2028
373.8
379.9
\u00a3350.0m Senior Unsecured Notes
4.75
2026
10.5
10.5
Total Borrowings
1,661.1
1,702.3
Less: Borrowings as due for settlement in 12 months
3.9
4.8
Total Borrowings as due for settlement after 12 months
1,657.2
1,697.5
Bank facilities Term loan facilities In July 2022, the Group entered into a Senior Facilities Agreement in connection with the William Hill Group acquisition, under which the following term loan facilities were made available: \u2022 a six-year euro-denominated bullet term facility of \u20ac473.5m, of which \u20ac6.4m was repaid in September 2022. \u2022 a six-year sterling-denominated delayed-draw bullet term facility of \u00a3351.8m which was partially drawn in September 2022 ('GBP Term Loan') and used to partially prepay the William Hill Group\u2019s \u00a3350m 4.75% Senior Unsecured Notes due 2026 and partially prepay the Group\u2019s euro-denominated bullet term facility. \u2022 a six-year US Dollar-denominated term facility of $500.0m. In December 2022, the GBP Term Loan was repaid and partially replaced with an increase of $75.0m under the Group\u2019s six-year US Dollar- denominated term facility, with the remaining amount replaced with Senior Secured Note issuances. At 31 December 2023, the following amounts were outstanding under the term facilities made available to the Group under the Senior Facilities Agreement: \u2022 \u20ac467.1m (2022: \u20ac467.1m) under the Group\u2019s six-year euro-denominated term facility. \u2022 $568.8m (2022: $573.5m) under the Group\u2019s six-year US Dollar-denominated term facility. Loan notes Senior Secured Notes (i) \u20ac582m 7.558% Senior Secured Fixed Rate Notes due July 2027 In July 2022, as part of the William Hill Group acquisition funding, the Group issued \u20ac400m of guaranteed Senior Secured Fixed Rate Notes and used the net proceeds to finance the William Hill Group acquisition. The notes, which are guaranteed by certain members of the Group and certain of the Group\u2019s operating subsidiaries, mature in July 2027. In December 2022, a further \u20ac182m in principal amount was issued under the same terms as the initial \u20ac400m issuance and used to partially refinance the GBP Term Loan. (ii) \u20ac450m Senior Secured Floating Rate Notes due July 2028 In July 2022, the Group issued \u20ac300m of guaranteed Senior Secured Floating Rate Notes and used the net proceeds to partially finance the William Hill Group acquisition. The notes, which are guaranteed by certain members of the Group and certain of the Group\u2019s operating subsidiaries, mature in July 2028. In December 2022, a further \u20ac150m in principal amount was issued under the same terms as the initial \u20ac300m issuance to partially refinance the GBP Term Loan. Senior Unsecured Notes \u00a3350m 4.875% Senior Unsecured Fixed Rate Notes due 2023 & \u00a3350m 4.75% Senior Unsecured Fixed Rate Notes due 2026 The Group acquired two separate listed Senior Unsecured Notes, due 2023 and 2026 respectively as at 1 July 2022. The acquisition triggered a change in control and the exercise of a put option by a number of Noteholders (refer below). The \u00a3350m 4.875% Senior Unsecured Notes due 2023 were settled in full and, on 22 September 2022, Noteholders of \u00a3339.5m out of \u00a3350.0m 4.75% Senior Unsecured Notes due 2026 took the option to exercise. As a result, this reduced the \u00a3350.0m 4.75% Senior Unsecured Notes due 2026 to \u00a310.5m at 31 December 2023 (2022: \u00a310.5m). The cash purchase price of both notes was equal to 101% of the principal amount together with the interest accrued. Finance fees and associated costs incurred on the issue of both Notes were held in the William Hill Statement of Financial Position at acquisition, which were subsequently fair valued which led to an increase of \u00a37.1m, reflecting the current market price of the debt at acquisition date. This is being amortised over the life of the respective notes using the effective interest rate method. On redemption of the Notes, any unamortised fees were written off to the Income Statement as exceptional costs in the 2022 financial year (see note 3). Change of control Following the occurrence of a change of control, either (i) each lender under the Senior Facilities Agreement shall be entitled to require prepayment of outstanding amounts and cancellation of its commitments within a prescribed time period or (ii) the Group may elect that all outstanding undrawn commitments of each lender shall be cancelled and outstanding drawn commitments shall become due and payable. In addition, the Group will be required to make an offer to purchase all of the Fixed Rate Notes, the Floating Rate Notes and the 4.75% Senior Unsecured Notes due 2026 as a result of such change of control at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest. Undrawn credit facilities At 31 December 2023, the Group had the following undrawn credit facilities: \u00a3150m Equivalent Multi-Currency Revolving Credit Facility In July 2022, as part of the William Hill Group acquisition, the Group entered into a new Senior Facilities Agreement under which its \u00a350m Revolving Credit Facility was replaced with a Multi-Currency Revolving Credit Facility. The replacement facility has an aggregate principal amount of \u00a3150m with a five-and-a-half-year maturity (maturing in January 2028). The drawn balance on this facility at 31 December 2023 was \u00a3nil (2022: \u00a3nil). Financial covenant The Revolving Credit Facilities are subject to a Senior Facilities Agreement whereby any applicable revolving Incremental Senior Facilities (together the 'Financial Covenant Facilities') are tested at every reporting period to ensure that they do not exceed a pre-agreed threshold to be agreed with the Mandated Lead Arrangers prior to the entry into the Senior Facilities Agreement. There are no other covenants on the Group debt, therefore the Directors are satisfied that, at the year-end, the net leverage ratio has not exceeded the pre-agreed threshold and, as a consequence, the financial covenants have not been breached. Overdraft facility In July 2022, as part of the William Hill Group acquisition, the Group acquired an overdraft facility with National Westminster Bank plc of \u00a35.0m. The balance on this facility at 31 December 2023 was \u00a3nil (2022: \u00a3nil). Weighted average interest rates The weighted average interest rates paid, including commitment fees, were as follows:
2023 2022
% %
\u20ac473.5m term loan facility
10.01
7.25
$575.0m term loan facility
13.49
11.47
\u20ac582.0m Senior Secured Fixed Rate Notes
8.44
8.47
\u20ac450.0m Senior Secured Floating Rate Notes
9.95
7.58
\u00a3350.0m Senior Unsecured Fixed Rate Notes
4.75
4.75
Borrowings reconciliation
2023:
Opening Repayments Non-cash FX Total
Debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
Senior Unsecured Notes
10.5
\u2014
\u2014
\u2014
10.5
\u20ac473.5m term loan facility
392.6
\u2014
2.9
(9.8)
385.7
$575.0m term loan facility
420.6
(4.0)
7.4
(22.3)
401.7
\u20ac582.0m Senior Secured Fixed Rate Notes
498.7
\u2014
2.9
(12.4)
489.2
\u20ac450.0m Senior Secured Floating Rate Notes
379.9
\u2014
3.6
(9.5)
374.0
1,702.3
(4.0)
16.8
(54.0)
1,661.1
2022:
Fees on FV
Opening Inflows Acquired Repayments debt Non-cash adjustment FX Total
Debt \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Senior Unsecured Notes
\u2014
\u2014
352.3
(349.0)
\u2014
\u2014
(3.3)
\u2014
\u2014
2026
Senior Unsecured Notes
\u2014
\u2014
351.9
(339.0)
\u2014
\u2014
(2.4)
\u2014
10.5
\u00a3358.1 term loan facility
\u2014
347.0
\u2014
(347.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u00a3461.5m asset bridge loan
\u2014
\u2014
461.5
(461.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u20ac473.5m term loan facility
\u2014
420.4
\u2014
(5.7)
(23.5)
1.7
\u2014
(0.3)
392.6
$575.0m term loan facility
\u2014
479.1
\u2014
(1.0)
(57.4)
3.5
\u2014
(3.6)
420.6
\u20ac582.0m Senior Secured
Fixed Rate Notes
\u2014
517.0
\u2014
\u2014
(18.9)
0.9
\u2014
(0.3)
498.7
\u20ac450.0m Senior Secured
Floating Rate Notes
\u2014
399.6
\u2014
\u2014
(20.3)
0.9
\u2014
(0.3)
379.9
\u2014
2,163.1
1,165.7
(1,503.2)
(120.1)
7.0
(5.7)
(4.5)
1,702.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "24 FINANCIAL RISK MANAGEMENT The Group\u2019s activities expose it to a variety of financial risks. Financial risk management is primarily carried out by the Group\u2019s Treasurer with reference to risk management policies approved by the Board and supervised by the Chief Financial Officer. The Board approves written principles for risk management. The principal financial risks faced by the Group comprise liquidity risk, refinancing risk, credit risk, interest rate risk, currency risk and pensions risk. These risks are managed as described below. The main financial instruments used by the Group, on which financial risk arises, are as follows: \u2022 Cash and cash equivalents; \u2022 Trade and other receivables; \u2022 Investment in associates; \u2022 Trade and other payables; \u2022 Customer deposits; \u2022 Lease liabilities; \u2022 Borrowings; \u2022 Derivative financial instruments. Detailed analysis of these financial instruments is as follows:
2023 2022
\u00a3m \u00a3m
Assets at amortised cost
Investment in associates (note 14)
33.9
38.4
Cash and cash equivalents (note 20)
256.2
317.6
Trade and other receivables (note 19)
101.1
100.6
Derivative assets held at fair value through the Income Statement
888
Africa convertible loan (note 25)
11.3
\u2014
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
6.1
17.7
\u2014 Interest rate swaps
\u2014
0.9
Total financial assets
408.6
475.2
Non-financial assets
2,339.0
2,487.6
Total assets
2,747.6
2,962.8
Liabilities held at fair value through the Income Statement
Ante post bets (note 25)
7.0
7.8
Liabilities at amortised cost
Borrowings (note 23)
1,661.1
1,702.3
Trade and other payables (note 21)
163.5
160.0
Customer deposits (note 21)
127.8
141.3
Lease liabilities (note 18)
87.6
89.0
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
45.0
30.4
\u2014 Interest rate swaps
1.4
\u2014
Total financial liabilities
2,093.4
2,130.8
Non-financial liabilities
574.3
672.8
Total liabilities
2,667.7
2,803.6
Net assets
79.9
159.2
Capital management and financing risk The Group seeks to maintain an appropriate capital structure which enables it to continue as a going concern, supports its business strategy and takes into account the wider economic environment. The Group\u2019s capital comprises equity and debt finance, and these elements are managed to balance the requirements of the Group and the interests of debt providers. The Group manages its capital structure through cash flows from operations, the raising or repayment of debt and the raising of equity capital from investors. Financing risk is the risk that the Group is unable to access sufficient finance to refinance its debt obligations as they fall due. The Group manages this risk by maintaining a balance between different funding sources including equity and debt. It seeks to mitigate its debt financing risk by diversifying its sources of debt capital. The Board also seeks to mitigate the Group\u2019s refinancing risk by having an appropriately balanced debt maturity profile. Credit risk The Group is exposed to credit risk from counterparties defaulting on their obligations, resulting in financial loss to the Group. It arises in relation to transactions with commercial counterparties and financial institutions. It also arises from customers who have been granted access to credit facilities. The Group manages its counterparty risk by closely monitoring and, where appropriate, limiting the amount that can be deposited or accumulated with any one counterparty. The Group will only deposit funds with pre-approved financial institutions with specified minimum credit ratings or strong balance sheet. The Group\u2019s policy is to mitigate its credit risk with respect to derivative transactions by using a number of different counterparties for material transactions. Trade receivables The Group\u2019s credit risk on trade receivables arises mainly from balances held with the Group\u2019s payment service providers (PSPs). These are third-party companies that facilitate deposits and withdrawals of funds to and from customers\u2019 virtual wallets with the Group. These are mainly intermediaries that transact on behalf of debit card companies. The risk is that a PSP would fail to discharge its obligation with regard to the balance owed to the Group. The Group reduces this credit risk by: \u2022 Monitoring balances with PSPs on a regular basis; \u2022 Arranging for the shortest possible cash settlement intervals; \u2022 Replacing rolling reserve requirements, where they exist, with a Letter of Credit by a reputable financial institution; \u2022 Ensuring a new PSP is only contracted following various due diligence and 'Know Your Customer' procedures; and \u2022 Ensuring policies are in place to reduce dependency on any specific PSP and to limit any concentration of risk. The Group considers that based on the factors above and on extensive past experience, the PSP receivables are of good credit quality and there is a low level of potential bad debt as at the year-end amounting to \u00a30.4m arising from a PSP failing to discharge its obligation (2022: \u00a30.4m). This has been charged to the Consolidated Income Statement. An additional credit risk the Group faces relates to customers disputing charges made to their credit cards ('chargebacks') or any other funding method they have used in respect of the services provided by the Group. Customers may fail to fulfil their obligation to pay, which will result in funds not being collected. These chargebacks and uncollected deposits, when occurring, will be deducted at source by the PSPs from any amount due to the Group. As such the Group provides for these eventualities by way of an expected credit loss provision based on analysis of past transactions. This provision is set off against trade receivables and at 31 December 2023 was \u00a30.6m (2022: \u00a31.0m). The Group\u2019s in-house Fraud and Risk Management department carefully monitors deposits and withdrawals by following prevention and verification procedures using internally-developed bespoke systems integrated with commercially-available third-party measures. Cash and cash equivalents Excess cash is centralised in accounts held by the Group\u2019s Gibraltar headquartered holding and funding companies. Subsidiaries in its other main locations maintain minimal cash balances as required for their operations. Cash settlement proceeds from PSPs, as described above, are paid into bank accounts controlled by the Treasury function. The Group holds the majority of its funds with highly reputable financial institutions and will not hold funds with financial institutions with a low credit rating save for limited balances for specific operational needs. The Group maintains its cash reserves in highly liquid deposits and regularly monitors interest rates in order to maximise yield. Customer deposits Customer deposits are matched by a corresponding liability and progressive prize pools of an equal value. Restricted short-term deposits Restricted short-term deposits are short-term deposits held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. The Group\u2019s maximum exposure to credit risk is the amount of financial assets presented above, totalling \u00a3408.6m (2022: \u00a3475.2m) . Liquidity risk Liquidity risk is the risk that the Group has insufficient funds available to settle its liabilities as they fall due. The Group generates strong operating cash flows and aims to maintain sufficient cash balances to meet its anticipated working capital requirements based on regularly updated cash flow forecasts. Liquidity requirements that cannot be met from operational cash flow or existing cash resources would be satisfied by drawings under the Group\u2019s Revolving Credit Facility and overdraft facility. The following table details the contractual maturity analysis of the Group\u2019s financial liabilities (undiscounted payments):
2023
More
On Less than 1 to 5 than
demand 1 year years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
\u2014
163.5
\u2014
\u2014
163.5
Customer deposits
127.8
\u2014
\u2014
\u2014
127.8
Borrowings
\u2014
130.6
2,136.9
\u2014
2,267.5
Derivatives and embedded derivatives
7.0
14.7
41.7
\u2014
63.4
Lease liabilities
\u2014
29.7
57.5
10.5
97.7
134.8
338.5
2,236.1
10.5
2,719.9
2022
On Less than 1 to 5 More than
demand 1 year years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
\u2014
160.0
\u2014
\u2014
160.0
Customer deposits
141.3
\u2014
\u2014
\u2014
141.3
Borrowings
\u2014
129.9
1,062.7
1,319.5
2,512.1
Derivatives and embedded derivatives
7.8
14.2
273.3
\u2014
295.3
Lease liabilities
\u2014
29.4
61.0
8.7
99.1
149.1
333.5
1,397.0
1,328.2
3,207.8
Market risk Currency risk A substantial part of the Group\u2019s customer deposits and revenues are held and generated in Pounds Sterling (GBP) and Euro (EUR) with a smaller portion denominated in other currencies. Operating expenses are largely incurred in local currencies, primarily GBP, EUR, Israeli New Shekel (ILS), US Dollar (USD), Canadian Dollar (CAD) and Romanian Leu (RON), with incremental exposure to operating expenses in Swedish Krona and Polish Z\u0142oty (PLN). The Group has USD and EUR debt servicing costs with a significant proportion swapped to GBP via cross-currency interest rate swaps, whereby approximately 49% of borrowings are effectively denominated in EUR, 43% denominated in GBP and 8% denominated in USD. As a result of this, the Group is exposed to the impact of foreign currency fluctuations. The Group mitigates its exposure to the impact of foreign exchange fluctuations on its cost base by adopting policies to hedge certain exposures. During 2022, the Group entered into FX and cross-currency swaps in order to hedge its ongoing USD and EUR exposure under the Senior Facilities Agreement and its ongoing EUR exposure under the Existing Notes and Additional Notes. However, there can be no assurance that such hedging will eliminate the potentially material adverse effect of such fluctuations. The Group\u2019s financial risk arising from exchange rate fluctuations is mainly attributed to: \u2022 Translation of EUR and USD denominated borrowings in the Group\u2019s balance sheet. \u2022 Mismatches between customer deposits, which are predominantly denominated in GBP, and the net receipts from customers, which are settled in the currency of the customer\u2019s choice. \u2022 Mismatches between reported revenue, which is mainly generated in GBP (the Group\u2019s reporting currency and the functional currency of the majority of its subsidiaries), and a significant portion of deposits settled in local currencies. \u2022 Expenses that are denominated in a currency other than the functional currency of the relevant entity. The Group continually monitors the foreign currency risk and takes steps, where practical, to ensure that the net exposure is kept to an acceptable level. This includes the potential use of foreign exchange forward contracts designed to fix the economic impact of known exposures when considered appropriate. The tables below detail the monetary assets and liabilities by currency:
2023
EUR USD Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
84.2
29.1
142.9
256.2
Trade and other receivables
53.5
12.8
34.8
101.1
Derivatives and embedded derivatives
4.4
1.1
11.9
17.4
Monetary assets
142.1
43.0
189.6
374.7
Trade and other payables
(14.2)
(9.0)
(140.3)
(163.5)
Customer deposits
(46.7)
(23.6)
(57.5)
(127.8)
Borrowings
(1,247.9)
(402.1)
(11.1)
(1,661.1)
Derivatives and embedded derivatives
(10.0)
(36.7)
(6.7)
(53.4)
Lease liabilities \u2014 IFRS 16
(7.5)
(0.3)
(79.8)
(87.6)
Monetary liabilities
(1,326.3)
(471.7)
(295.4)
(2,093.4)
Net financial position
(1,184.2)
(428.7)
(105.8)
(1,718.7)
2022
EUR USD Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
119.2
55.1
143.3
317.6
Trade and other receivables
47.7
12.3
40.6
100.6
Derivatives and embedded derivatives
15.4
3.2
\u2014
18.6
Monetary assets
182.3
70.6
183.9
436.8
Trade and other payables
(70.2)
(43.1)
(46.7)
(160.0)
Customer deposits
(43.0)
(50.5)
(47. 8)
(141.3)
Borrowings
(1,271.1)
(420.7)
(10.5)
(1,702.3)
Derivatives and embedded derivatives
(10.5)
(21.0)
(6.7)
(38.2)
Lease liabilities \u2014 IFRS 16
(7.5)
(0.5)
(81.0)
(89.0)
Monetary liabilities
(1,402.3)
(535.8)
(192.7)
(2,130.8)
Net financial position
(1,220.0)
(465.2)
(8.8)
(1,694.0)
Sensitivity analysis The table below details the effect on profit before tax of a 10% strengthening (and weakening) in the GBP exchange rate at the balance sheet date for balance sheet items denominated in Euros:
2023
EUR
10% strengthening
21.2
10% weakening
(21.2)
2022
EUR
10% strengthening
28.9
10% weakening
(28.9)
Interest rate risk The Group\u2019s exposure to interest rate risk relates mostly to cash interest costs on unhedged borrowings where market rate increases lead to both higher interest charges to the Group and less freely available cash, with some limited exposure to interest income on surplus funds held. Changes in market interest rates also impact the fair value of the Group\u2019s swaps portfolio. The Group\u2019s policy is to maintain a minimum of 50% of its debt at fixed interest rates in order to protect cash flow commitments against rising interest rates while also maintaining flexibility to incur lower interest in a decreasing rates environment. As at 31 December 2023, 70% of the Group\u2019s outstanding borrowings was at fixed rates (2022: 70%). The Group\u2019s current approach for surplus funds is to centralise and invest in interest bearing bank accounts held with its principal bankers to maximise availability for working capital use. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:
2023
Increase of Decrease of
100 basis 100 basis
points points
\u00a3m \u00a3m
Increase/(decrease) in profit
(5.5)
5.5
Increase/(decrease) in equity reserves
(5.5)
5.5
2022
Increase of Decrease of
100 basis 100 basis
points points
\u00a3m \u00a3m
Increase/(decrease) in profit
(3.4)
3.4
Increase/(decrease) in equity reserves
(3.4)
3.4
Cross-currency swaps and interest rate swaps The Group has executed a series of USD to GBP and EUR to GBP cross-currency interest rate swaps to provide increased certainty around its interest cash flow commitments and better align the currency of interest costs to the currency of earnings. As at 31 December 2023, the Group had cross-currency interest rate swaps with total principal of US$407.0m (2022: US$407.0m) and \u20ac482.0m (2022: \u20ac482.0m) in place to hedge both currency and interest rate risk. In addition, at 31 December 2023, the Group had an interest rate swap of \u20ac150.0m (2022: \u20ac150.0m) to hedge Euro interest rate risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "
2023 2022
\u00a3m \u00a3m
Assets at amortised cost
Investment in associates (note 14)
33.9
38.4
Cash and cash equivalents (note 20)
256.2
317.6
Trade and other receivables (note 19)
101.1
100.6
Derivative assets held at fair value through the Income Statement
888
Africa convertible loan (note 25)
11.3
\u2014
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
6.1
17.7
\u2014 Interest rate swaps
\u2014
0.9
Total financial assets
408.6
475.2
Non-financial assets
2,339.0
2,487.6
Total assets
2,747.6
2,962.8
Liabilities held at fair value through the Income Statement
Ante post bets (note 25)
7.0
7.8
Liabilities at amortised cost
Borrowings (note 23)
1,661.1
1,702.3
Trade and other payables (note 21)
163.5
160.0
Customer deposits (note 21)
127.8
141.3
Lease liabilities (note 18)
87.6
89.0
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
45.0
30.4
\u2014 Interest rate swaps
1.4
\u2014
Total financial liabilities
2,093.4
2,130.8
Non-financial liabilities
574.3
672.8
Total liabilities
2,667.7
2,803.6
Net assets
79.9
159.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "
2023 2022
\u00a3m \u00a3m
Assets at amortised cost
Investment in associates (note 14)
33.9
38.4
Cash and cash equivalents (note 20)
256.2
317.6
Trade and other receivables (note 19)
101.1
100.6
Derivative assets held at fair value through the Income Statement
888
Africa convertible loan (note 25)
11.3
\u2014
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
6.1
17.7
\u2014 Interest rate swaps
\u2014
0.9
Total financial assets
408.6
475.2
Non-financial assets
2,339.0
2,487.6
Total assets
2,747.6
2,962.8
Liabilities held at fair value through the Income Statement
Ante post bets (note 25)
7.0
7.8
Liabilities at amortised cost
Borrowings (note 23)
1,661.1
1,702.3
Trade and other payables (note 21)
163.5
160.0
Customer deposits (note 21)
127.8
141.3
Lease liabilities (note 18)
87.6
89.0
Designated cash flow hedging relationships
Derivative assets designated and effective as cash flow hedging instruments: (note 25):
\u2014 Cross-currency swaps
45.0
30.4
\u2014 Interest rate swaps
1.4
\u2014
Total financial liabilities
2,093.4
2,130.8
Non-financial liabilities
574.3
672.8
Total liabilities
2,667.7
2,803.6
Net assets
79.9
159.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "Capital management and financing risk The Group seeks to maintain an appropriate capital structure which enables it to continue as a going concern, supports its business strategy and takes into account the wider economic environment. The Group\u2019s capital comprises equity and debt finance, and these elements are managed to balance the requirements of the Group and the interests of debt providers. The Group manages its capital structure through cash flows from operations, the raising or repayment of debt and the raising of equity capital from investors. Financing risk is the risk that the Group is unable to access sufficient finance to refinance its debt obligations as they fall due. The Group manages this risk by maintaining a balance between different funding sources including equity and debt. It seeks to mitigate its debt financing risk by diversifying its sources of debt capital. The Board also seeks to mitigate the Group\u2019s refinancing risk by having an appropriately balanced debt maturity profile.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "Credit risk The Group is exposed to credit risk from counterparties defaulting on their obligations, resulting in financial loss to the Group. It arises in relation to transactions with commercial counterparties and financial institutions. It also arises from customers who have been granted access to credit facilities. The Group manages its counterparty risk by closely monitoring and, where appropriate, limiting the amount that can be deposited or accumulated with any one counterparty. The Group will only deposit funds with pre-approved financial institutions with specified minimum credit ratings or strong balance sheet. The Group\u2019s policy is to mitigate its credit risk with respect to derivative transactions by using a number of different counterparties for material transactions. Trade receivables The Group\u2019s credit risk on trade receivables arises mainly from balances held with the Group\u2019s payment service providers (PSPs). These are third-party companies that facilitate deposits and withdrawals of funds to and from customers\u2019 virtual wallets with the Group. These are mainly intermediaries that transact on behalf of debit card companies. The risk is that a PSP would fail to discharge its obligation with regard to the balance owed to the Group. The Group reduces this credit risk by: \u2022 Monitoring balances with PSPs on a regular basis; \u2022 Arranging for the shortest possible cash settlement intervals; \u2022 Replacing rolling reserve requirements, where they exist, with a Letter of Credit by a reputable financial institution; \u2022 Ensuring a new PSP is only contracted following various due diligence and 'Know Your Customer' procedures; and \u2022 Ensuring policies are in place to reduce dependency on any specific PSP and to limit any concentration of risk. The Group considers that based on the factors above and on extensive past experience, the PSP receivables are of good credit quality and there is a low level of potential bad debt as at the year-end amounting to \u00a30.4m arising from a PSP failing to discharge its obligation (2022: \u00a30.4m). This has been charged to the Consolidated Income Statement. An additional credit risk the Group faces relates to customers disputing charges made to their credit cards ('chargebacks') or any other funding method they have used in respect of the services provided by the Group. Customers may fail to fulfil their obligation to pay, which will result in funds not being collected. These chargebacks and uncollected deposits, when occurring, will be deducted at source by the PSPs from any amount due to the Group. As such the Group provides for these eventualities by way of an expected credit loss provision based on analysis of past transactions. This provision is set off against trade receivables and at 31 December 2023 was \u00a30.6m (2022: \u00a31.0m). The Group\u2019s in-house Fraud and Risk Management department carefully monitors deposits and withdrawals by following prevention and verification procedures using internally-developed bespoke systems integrated with commercially-available third-party measures. Cash and cash equivalents Excess cash is centralised in accounts held by the Group\u2019s Gibraltar headquartered holding and funding companies. Subsidiaries in its other main locations maintain minimal cash balances as required for their operations. Cash settlement proceeds from PSPs, as described above, are paid into bank accounts controlled by the Treasury function. The Group holds the majority of its funds with highly reputable financial institutions and will not hold funds with financial institutions with a low credit rating save for limited balances for specific operational needs. The Group maintains its cash reserves in highly liquid deposits and regularly monitors interest rates in order to maximise yield. Customer deposits Customer deposits are matched by a corresponding liability and progressive prize pools of an equal value. Restricted short-term deposits Restricted short-term deposits are short-term deposits held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. The Group\u2019s maximum exposure to credit risk is the amount of financial assets presented above, totalling \u00a3408.6m (2022: \u00a3475.2m) ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "
The Group\u2019s maximum exposure to credit risk is the amount of financial assets presented above, totalling \u00a3408.6m (2022: \u00a3475.2m) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "Liquidity risk Liquidity risk is the risk that the Group has insufficient funds available to settle its liabilities as they fall due. The Group generates strong operating cash flows and aims to maintain sufficient cash balances to meet its anticipated working capital requirements based on regularly updated cash flow forecasts. Liquidity requirements that cannot be met from operational cash flow or existing cash resources would be satisfied by drawings under the Group\u2019s Revolving Credit Facility and overdraft facility. The following table details the contractual maturity analysis of the Group\u2019s financial liabilities (undiscounted payments):
2023
More
On Less than 1 to 5 than
demand 1 year years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
\u2014
163.5
\u2014
\u2014
163.5
Customer deposits
127.8
\u2014
\u2014
\u2014
127.8
Borrowings
\u2014
130.6
2,136.9
\u2014
2,267.5
Derivatives and embedded derivatives
7.0
14.7
41.7
\u2014
63.4
Lease liabilities
\u2014
29.7
57.5
10.5
97.7
134.8
338.5
2,236.1
10.5
2,719.9
2022
On Less than 1 to 5 More than
demand 1 year years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
\u2014
160.0
\u2014
\u2014
160.0
Customer deposits
141.3
\u2014
\u2014
\u2014
141.3
Borrowings
\u2014
129.9
1,062.7
1,319.5
2,512.1
Derivatives and embedded derivatives
7.8
14.2
273.3
\u2014
295.3
Lease liabilities
\u2014
29.4
61.0
8.7
99.1
149.1
333.5
1,397.0
1,328.2
3,207.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "Market risk Currency risk A substantial part of the Group\u2019s customer deposits and revenues are held and generated in Pounds Sterling (GBP) and Euro (EUR) with a smaller portion denominated in other currencies. Operating expenses are largely incurred in local currencies, primarily GBP, EUR, Israeli New Shekel (ILS), US Dollar (USD), Canadian Dollar (CAD) and Romanian Leu (RON), with incremental exposure to operating expenses in Swedish Krona and Polish Z\u0142oty (PLN). The Group has USD and EUR debt servicing costs with a significant proportion swapped to GBP via cross-currency interest rate swaps, whereby approximately 49% of borrowings are effectively denominated in EUR, 43% denominated in GBP and 8% denominated in USD. As a result of this, the Group is exposed to the impact of foreign currency fluctuations. The Group mitigates its exposure to the impact of foreign exchange fluctuations on its cost base by adopting policies to hedge certain exposures. During 2022, the Group entered into FX and cross-currency swaps in order to hedge its ongoing USD and EUR exposure under the Senior Facilities Agreement and its ongoing EUR exposure under the Existing Notes and Additional Notes. However, there can be no assurance that such hedging will eliminate the potentially material adverse effect of such fluctuations. The Group\u2019s financial risk arising from exchange rate fluctuations is mainly attributed to: \u2022 Translation of EUR and USD denominated borrowings in the Group\u2019s balance sheet. \u2022 Mismatches between customer deposits, which are predominantly denominated in GBP, and the net receipts from customers, which are settled in the currency of the customer\u2019s choice. \u2022 Mismatches between reported revenue, which is mainly generated in GBP (the Group\u2019s reporting currency and the functional currency of the majority of its subsidiaries), and a significant portion of deposits settled in local currencies. \u2022 Expenses that are denominated in a currency other than the functional currency of the relevant entity. The Group continually monitors the foreign currency risk and takes steps, where practical, to ensure that the net exposure is kept to an acceptable level. This includes the potential use of foreign exchange forward contracts designed to fix the economic impact of known exposures when considered appropriate. The tables below detail the monetary assets and liabilities by currency:
2023
EUR USD Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
84.2
29.1
142.9
256.2
Trade and other receivables
53.5
12.8
34.8
101.1
Derivatives and embedded derivatives
4.4
1.1
11.9
17.4
Monetary assets
142.1
43.0
189.6
374.7
Trade and other payables
(14.2)
(9.0)
(140.3)
(163.5)
Customer deposits
(46.7)
(23.6)
(57.5)
(127.8)
Borrowings
(1,247.9)
(402.1)
(11.1)
(1,661.1)
Derivatives and embedded derivatives
(10.0)
(36.7)
(6.7)
(53.4)
Lease liabilities \u2014 IFRS 16
(7.5)
(0.3)
(79.8)
(87.6)
Monetary liabilities
(1,326.3)
(471.7)
(295.4)
(2,093.4)
Net financial position
(1,184.2)
(428.7)
(105.8)
(1,718.7)
2022
EUR USD Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
119.2
55.1
143.3
317.6
Trade and other receivables
47.7
12.3
40.6
100.6
Derivatives and embedded derivatives
15.4
3.2
\u2014
18.6
Monetary assets
182.3
70.6
183.9
436.8
Trade and other payables
(70.2)
(43.1)
(46.7)
(160.0)
Customer deposits
(43.0)
(50.5)
(47. 8)
(141.3)
Borrowings
(1,271.1)
(420.7)
(10.5)
(1,702.3)
Derivatives and embedded derivatives
(10.5)
(21.0)
(6.7)
(38.2)
Lease liabilities \u2014 IFRS 16
(7.5)
(0.5)
(81.0)
(89.0)
Monetary liabilities
(1,402.3)
(535.8)
(192.7)
(2,130.8)
Net financial position
(1,220.0)
(465.2)
(8.8)
(1,694.0)
Sensitivity analysis The table below details the effect on profit before tax of a 10% strengthening (and weakening) in the GBP exchange rate at the balance sheet date for balance sheet items denominated in Euros:
2023
EUR
10% strengthening
21.2
10% weakening
(21.2)
2022
EUR
10% strengthening
28.9
10% weakening
(28.9)
Interest rate risk The Group\u2019s exposure to interest rate risk relates mostly to cash interest costs on unhedged borrowings where market rate increases lead to both higher interest charges to the Group and less freely available cash, with some limited exposure to interest income on surplus funds held. Changes in market interest rates also impact the fair value of the Group\u2019s swaps portfolio. The Group\u2019s policy is to maintain a minimum of 50% of its debt at fixed interest rates in order to protect cash flow commitments against rising interest rates while also maintaining flexibility to incur lower interest in a decreasing rates environment. As at 31 December 2023, 70% of the Group\u2019s outstanding borrowings was at fixed rates (2022: 70%). The Group\u2019s current approach for surplus funds is to centralise and invest in interest bearing bank accounts held with its principal bankers to maximise availability for working capital use. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:
2023
Increase of Decrease of
100 basis 100 basis
points points
\u00a3m \u00a3m
Increase/(decrease) in profit
(5.5)
5.5
Increase/(decrease) in equity reserves
(5.5)
5.5
2022
Increase of Decrease of
100 basis 100 basis
points points
\u00a3m \u00a3m
Increase/(decrease) in profit
(3.4)
3.4
Increase/(decrease) in equity reserves
(3.4)
3.4
Cross-currency swaps and interest rate swaps The Group has executed a series of USD to GBP and EUR to GBP cross-currency interest rate swaps to provide increased certainty around its interest cash flow commitments and better align the currency of interest costs to the currency of earnings. As at 31 December 2023, the Group had cross-currency interest rate swaps with total principal of US$407.0m (2022: US$407.0m) and \u20ac482.0m (2022: \u20ac482.0m) in place to hedge both currency and interest rate risk. In addition, at 31 December 2023, the Group had an interest rate swap of \u20ac150.0m (2022: \u20ac150.0m) to hedge Euro interest rate risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "Sensitivity analysis The table below details the effect on profit before tax of a 10% strengthening (and weakening) in the GBP exchange rate at the balance sheet date for balance sheet items denominated in Euros:
2023
EUR
10% strengthening
21.2
10% weakening
(21.2)
2022
EUR
10% strengthening
28.9
10% weakening
(28.9)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "On acquisition, under IFRS 3 \u2018Business Combinations\u2019, the assets and liabilities of William Hill were recorded at fair value. Refer to note 16 for details of values and valuation methods used. The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December 2023 was as follows:
Contractual/
notional
amount Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
888
Africa convertible loan
6.8
\u2014
\u2014
11.3
Cross-currency swaps
385.9
\u2014
6.1
\u2014
Interest rate swaps
130.1
\u2014
\u2014
\u2014
522.8
\u2014
6.1
11.3
Financial liabilities
Cross-currency swaps
351.9
\u2014
45.0
\u2014
Interest rate swaps
\u2014
\u2014
1.4
\u2014
Ante post bet liabilities
\u2014
\u2014
\u2014
7.0
351.9
\u2014
46.4
7.0
The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December 2022 was as follows:
Contractual/
notional
amount Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cross-currency swaps
397.1
\u2014
17.7
\u2014
Interest rate swaps
132.2
\u2014
0.9
\u2014
529.3
\u2014
18.6
\u2014
Financial liabilities
Cross-currency swaps
365.3
\u2014
45.0
\u2014
Ante post bet liabilities
\u2014
\u2014
\u2014
7.8
Contingent consideration (note 16)
100.0
\u2014
\u2014
0.4
465.3
45.0
8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "On acquisition, under IFRS 3 \u2018Business Combinations\u2019, the assets and liabilities of William Hill were recorded at fair value. Refer to note 16 for details of values and valuation methods used. The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December 2023 was as follows:
Contractual/
notional
amount Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
888
Africa convertible loan
6.8
\u2014
\u2014
11.3
Cross-currency swaps
385.9
\u2014
6.1
\u2014
Interest rate swaps
130.1
\u2014
\u2014
\u2014
522.8
\u2014
6.1
11.3
Financial liabilities
Cross-currency swaps
351.9
\u2014
45.0
\u2014
Interest rate swaps
\u2014
\u2014
1.4
\u2014
Ante post bet liabilities
\u2014
\u2014
\u2014
7.0
351.9
\u2014
46.4
7.0
The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December 2022 was as follows:
Contractual/
notional
amount Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cross-currency swaps
397.1
\u2014
17.7
\u2014
Interest rate swaps
132.2
\u2014
0.9
\u2014
529.3
\u2014
18.6
\u2014
Financial liabilities
Cross-currency swaps
365.3
\u2014
45.0
\u2014
Ante post bet liabilities
\u2014
\u2014
\u2014
7.8
Contingent consideration (note 16)
100.0
\u2014
\u2014
0.4
465.3
45.0
8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "Hedging activities The table below illustrates the effects of hedge accounting on the Consolidated Statement of Financial Position and Consolidated Income Statement by disclosing separately by risk category each type of hedge and the details of the associated hedging instrument and hedge item. These are for items designated as in a cash flow hedging relationship.
31 December 2023
Change in
fair value Cash Change in
in period for settlements fair value Cash
calculating and accruals in period for settlements
ineffectiveness in the period calculating and accruals Hedge
Carrying (hedging (hedging ineffectiveness in the period ineffectiveness
amount instrument) instrument) (hedged item) (hedged item) in the period
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
EUR trades
(0.8)
(1.7)
0.3
(1.7)
0.3
\u2014
Total
(0.8)
(1.7)
0.3
(1.7)
0.3
\u2014
Cross-currency swaps
EUR trades
(4.7)
(9.8)
(9.1)
(9.8)
(9.1)
\u2014
USD trades
(34.8)
(17.0)
(2.0)
(17.0)
(2.0)
\u2014
Total
(39.5)
(26.8)
(11.1)
(26.8)
(11.1)
\u2014
31 December 2022
Change in fair Cash
value in period settlements Change in fair Cash
for calculating and accruals value in period settlements
ineffectiveness in the period for calculating and accruals Hedge
Carrying (hedging (hedging ineffectiveness in the period ineffectiveness
amount instrument) instrument) (hedged item) (hedged item) in the period
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
EUR trades
1.0
1.0
\u2014
0.9
(0.1)
Total
1.0
1.0
\u2014
0.9
(0.1)
Cross-currency swaps
EUR trades
5.1
5.1
(1.4)
4.7
(1.4)
(0.4)
USD trades
(17.8)
(17.8)
(2.3)
(18.7)
(2.3)
(0.9)
Total
(12.7)
(12.7)
(3.7)
(14.0)
(3.7)
(1.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "Hedging activities The table below illustrates the effects of hedge accounting on the Consolidated Statement of Financial Position and Consolidated Income Statement by disclosing separately by risk category each type of hedge and the details of the associated hedging instrument and hedge item. These are for items designated as in a cash flow hedging relationship.
31 December 2023
Change in
fair value Cash Change in
in period for settlements fair value Cash
calculating and accruals in period for settlements
ineffectiveness in the period calculating and accruals Hedge
Carrying (hedging (hedging ineffectiveness in the period ineffectiveness
amount instrument) instrument) (hedged item) (hedged item) in the period
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
EUR trades
(0.8)
(1.7)
0.3
(1.7)
0.3
\u2014
Total
(0.8)
(1.7)
0.3
(1.7)
0.3
\u2014
Cross-currency swaps
EUR trades
(4.7)
(9.8)
(9.1)
(9.8)
(9.1)
\u2014
USD trades
(34.8)
(17.0)
(2.0)
(17.0)
(2.0)
\u2014
Total
(39.5)
(26.8)
(11.1)
(26.8)
(11.1)
\u2014
31 December 2022
Change in fair Cash
value in period settlements Change in fair Cash
for calculating and accruals value in period settlements
ineffectiveness in the period for calculating and accruals Hedge
Carrying (hedging (hedging ineffectiveness in the period ineffectiveness
amount instrument) instrument) (hedged item) (hedged item) in the period
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
EUR trades
1.0
1.0
\u2014
0.9
(0.1)
Total
1.0
1.0
\u2014
0.9
(0.1)
Cross-currency swaps
EUR trades
5.1
5.1
(1.4)
4.7
(1.4)
(0.4)
USD trades
(17.8)
(17.8)
(2.3)
(18.7)
(2.3)
(0.9)
Total
(12.7)
(12.7)
(3.7)
(14.0)
(3.7)
(1.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "26 DEFERRED TAX Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group\u2019s deferred tax assets and liabilities resulting from temporary differences, some of which are expected to be settled on a net basis, are as follows:
As at Credit/ Arising on As at
1 January Prior year (charge) business 31 December
2023 adjustments Transfers Disposals to income combinations 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary differences
(1.1)
4.6
\u2014
\u2014
3.5
\u2014
7.0
Intangible assets
(231.2)
(2.9)
(9.0)
3.6
58.0
\u2014
(181.5)
Other temporary differences
3.1
(2.2)
9.0
0.7
0.9
20.3
31.8
Restricted interest
14.4
\u2014
\u2014
\u2014
3.1
\u2014
17.5
Tax losses
4.0
(0.8)
\u2014
\u2014
2.1
\u2014
5.3
Total
(210.8)
(1.3)
\u2014
4.3
67.6
20.3
(119.9)
Exceptional Exceptional
As at Credit/ credit/ credit/ As at
1 January Acquisition of Prior year Exchange (charge) (charge) to (charge) to 31 December
2022 William Hill adjustments differences to income income OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary
differences
1.6
0.6
3.0
0.3
(6.6)
\u2014
\u2014
(1.1)
Intangible assets
(2.7)
(252.2)
1.9
0.7
12.7
8.4
\u2014
(231.2)
Other temporary differences
1.4
8.1
(0.8)
(0.1)
(4.9)
\u2014
(0.6)
3.1
Restricted interest
\u2014
11.6
13.1
\u2014
(10.3)
\u2014
\u2014
14.4
Tax credits
\u2014
\u2014
0.4
(0.2)
(0.2)
\u2014
\u2014
\u2014
Tax losses
\u2014
0.1
\u2014
\u2014
3.9
\u2014
\u2014
4.0
Total
0.3
(231.8)
17.6
0.7
(5.4)
8.4
(0.6)
(210.8)
2023 2022
\u00a3m \u00a3m
Reflected in the Statement of Financial Position as follows:
Deferred tax assets
37.0
5.2
Deferred tax liabilities
(156.9)
(216.0)
Restatement Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This adjustment has been made after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further details. Arising on business combinations In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Deferred tax assets on unamortised tax allowances on intangible assets in Ireland As at 31 December 2023 the Group has recognised a deferred tax asset of \u00a332.9m (2022: \u00a32.7m) in relation to unused tax allowances of \u00a3236.5m (2022: \u00a3263.4m) in the Group\u2019s wholly owned Irish subsidiary. The Directors have concluded that there is convincing evidence that the Irish subsidiary will continue to generate taxable profits in the future, against which taxable allowances can be fully utilised. The allowances initially arose from the transfer of intellectual property rights from 888 Group companies to the Group\u2019s Irish subsidiary in 2022. As part of the Group restructuring programme, a Board decision was taken in 2023 to confirm the retention of corporate activity in Ireland, which was previously uncertain. The recovery of the deferred tax asset in Ireland is supported by the receipt of recurring revenue streams from royalty payments paid from other Group companies. The Directors have reviewed the latest forecast for the Group member companies in their operating markets, including their ability to continue to generate revenues and therefore pay royalty fees into the future. This includes consideration of the commercial plans under the Group\u2019s control, the future corporate structure of the Group and current licensing activity. The Directors believe there is convincing evidence that the deferred tax asset will unwind over a period of 29 years and as such have fully recognised the deferred tax asset as at 31 December 2023. If forecast royalty revenues paid to the Group\u2019s Irish subsidiary are 10% lower than forecasted, the recovery of the deferred tax asset would be extended to 38 years. Tax rates The enacted future rate of UK corporation tax of 25.0% (2022: 25%), the Gibraltar statutory income tax rate of 12.5% (2022: 12.5%), the Maltese effective tax rate of 35.0% (2022: 35%) and the Irish effective tax rate of 12.5% (2022: 12.5%) have been used to calculate the amount of deferred tax. Tax losses The Group has recognised \u00a337.0m (2022: \u00a35.2m) of deferred tax assets, including \u00a37.3m (2022: \u00a34.0m) in respect of unutilised tax losses which are available in companies which are anticipated to make future profits. The losses mainly relate to the UK and are expected to be utilised in the foreseeable future. All losses and tax credits, recognised and unrecognised, may be carried forward indefinitely. Management have based their assessment of the recognition of deferred tax assets on unused tax losses of \u00a346.3m (2022: \u00a363.8m) at the period end on the forecast also used for the impairment review. Restricted interest Restricted interest represents a deferred tax asset of \u00a317.5m (2022: \u00a314.4m) in relation to interest restrictions for which an asset has been recognised to the extent that sufficient taxable temporary differences exist at the balance sheet date. Pillar Two income taxes The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the implementation of Pillar Two income taxes, as required under IAS 12. Unrecognised deferred tax attributes Deferred tax is not recognised in respect of the value of the Group\u2019s investments in subsidiaries and interests in joint ventures where we are able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the future. The amount of such temporary differences for which deferred tax has not been recognised was \u00a3110.5m (and tax thereon of \u00a32.5m) (2022: \u00a317.2m (and tax thereon \u00a31.5m)). The Group has unutilised tax losses of \u00a338.9m (31 December 2022: \u00a363.8m) in entities which are not anticipated to make profits in the foreseeable future and for which no deferred tax has been recognised. The Group has carried forward restricted interest in the UK of \u00a3112.5m (2022: \u00a3nil) for which no deferred tax asset has been recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "26 DEFERRED TAX Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group\u2019s deferred tax assets and liabilities resulting from temporary differences, some of which are expected to be settled on a net basis, are as follows:
As at Credit/ Arising on As at
1 January Prior year (charge) business 31 December
2023 adjustments Transfers Disposals to income combinations 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary differences
(1.1)
4.6
\u2014
\u2014
3.5
\u2014
7.0
Intangible assets
(231.2)
(2.9)
(9.0)
3.6
58.0
\u2014
(181.5)
Other temporary differences
3.1
(2.2)
9.0
0.7
0.9
20.3
31.8
Restricted interest
14.4
\u2014
\u2014
\u2014
3.1
\u2014
17.5
Tax losses
4.0
(0.8)
\u2014
\u2014
2.1
\u2014
5.3
Total
(210.8)
(1.3)
\u2014
4.3
67.6
20.3
(119.9)
Exceptional Exceptional
As at Credit/ credit/ credit/ As at
1 January Acquisition of Prior year Exchange (charge) (charge) to (charge) to 31 December
2022 William Hill adjustments differences to income income OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed asset temporary
differences
1.6
0.6
3.0
0.3
(6.6)
\u2014
\u2014
(1.1)
Intangible assets
(2.7)
(252.2)
1.9
0.7
12.7
8.4
\u2014
(231.2)
Other temporary differences
1.4
8.1
(0.8)
(0.1)
(4.9)
\u2014
(0.6)
3.1
Restricted interest
\u2014
11.6
13.1
\u2014
(10.3)
\u2014
\u2014
14.4
Tax credits
\u2014
\u2014
0.4
(0.2)
(0.2)
\u2014
\u2014
\u2014
Tax losses
\u2014
0.1
\u2014
\u2014
3.9
\u2014
\u2014
4.0
Total
0.3
(231.8)
17.6
0.7
(5.4)
8.4
(0.6)
(210.8)
2023 2022
\u00a3m \u00a3m
Reflected in the Statement of Financial Position as follows:
Deferred tax assets
37.0
5.2
Deferred tax liabilities
(156.9)
(216.0)
Restatement Since the disclosure of the provisional fair values for the acquisition of William Hill on 1 July 2022, an adjustment of \u00a315.7m has been made to increase the fair value of provisions, with a related \u00a34.4m reduction in deferred tax liabilities, and an equivalent movement in goodwill. This adjustment has been made after the 31 December 2022 year end accounts and during the measurement period. See note 16 for further details. Arising on business combinations In the current year, but outside of the measurement period, management has identified \u00a320.3m of additional deferred tax balances which were present at acquisition. Management has deemed the adjustment to be qualitatively immaterial for restatement of prior year figures, as it does not impact the profit or loss, net assets, cash flow, remuneration, the Group\u2019s key performance indicators or any of the Group\u2019s covenants. As such, the deferred tax balances have been adjusted in the current year, with a corresponding adjustment to the acquisition goodwill. Deferred tax assets on unamortised tax allowances on intangible assets in Ireland As at 31 December 2023 the Group has recognised a deferred tax asset of \u00a332.9m (2022: \u00a32.7m) in relation to unused tax allowances of \u00a3236.5m (2022: \u00a3263.4m) in the Group\u2019s wholly owned Irish subsidiary. The Directors have concluded that there is convincing evidence that the Irish subsidiary will continue to generate taxable profits in the future, against which taxable allowances can be fully utilised. The allowances initially arose from the transfer of intellectual property rights from 888 Group companies to the Group\u2019s Irish subsidiary in 2022. As part of the Group restructuring programme, a Board decision was taken in 2023 to confirm the retention of corporate activity in Ireland, which was previously uncertain. The recovery of the deferred tax asset in Ireland is supported by the receipt of recurring revenue streams from royalty payments paid from other Group companies. The Directors have reviewed the latest forecast for the Group member companies in their operating markets, including their ability to continue to generate revenues and therefore pay royalty fees into the future. This includes consideration of the commercial plans under the Group\u2019s control, the future corporate structure of the Group and current licensing activity. The Directors believe there is convincing evidence that the deferred tax asset will unwind over a period of 29 years and as such have fully recognised the deferred tax asset as at 31 December 2023. If forecast royalty revenues paid to the Group\u2019s Irish subsidiary are 10% lower than forecasted, the recovery of the deferred tax asset would be extended to 38 years. Tax rates The enacted future rate of UK corporation tax of 25.0% (2022: 25%), the Gibraltar statutory income tax rate of 12.5% (2022: 12.5%), the Maltese effective tax rate of 35.0% (2022: 35%) and the Irish effective tax rate of 12.5% (2022: 12.5%) have been used to calculate the amount of deferred tax. Tax losses The Group has recognised \u00a337.0m (2022: \u00a35.2m) of deferred tax assets, including \u00a37.3m (2022: \u00a34.0m) in respect of unutilised tax losses which are available in companies which are anticipated to make future profits. The losses mainly relate to the UK and are expected to be utilised in the foreseeable future. All losses and tax credits, recognised and unrecognised, may be carried forward indefinitely. Management have based their assessment of the recognition of deferred tax assets on unused tax losses of \u00a346.3m (2022: \u00a363.8m) at the period end on the forecast also used for the impairment review. Restricted interest Restricted interest represents a deferred tax asset of \u00a317.5m (2022: \u00a314.4m) in relation to interest restrictions for which an asset has been recognised to the extent that sufficient taxable temporary differences exist at the balance sheet date. Pillar Two income taxes The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities arising from the implementation of Pillar Two income taxes, as required under IAS 12. Unrecognised deferred tax attributes Deferred tax is not recognised in respect of the value of the Group\u2019s investments in subsidiaries and interests in joint ventures where we are able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the future. The amount of such temporary differences for which deferred tax has not been recognised was \u00a3110.5m (and tax thereon of \u00a32.5m) (2022: \u00a317.2m (and tax thereon \u00a31.5m)). The Group has unutilised tax losses of \u00a338.9m (31 December 2022: \u00a363.8m) in entities which are not anticipated to make profits in the foreseeable future and for which no deferred tax has been recognised. The Group has carried forward restricted interest in the UK of \u00a3112.5m (2022: \u00a3nil) for which no deferred tax asset has been recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "
27 SHARE CAPITAL
Share capital comprises the following:
Authorised
31 December 31 December 31 December 31 December
2023 2022 2023 2022
Number Number \u00a3m \u00a3m
Ordinary Shares of \u00a30.005 each
1,026,387,500
1,026,387,500
5.1
5.1
1
1. Including 297,501 treasury shares held by the Group as at 31 December 2023 (2022: 447,020).
Allotted, called up and fully paid
31 December 31 December 31 December 31 December
2023 2022 2023 2022
Number Number \u00a3m \u00a3m
Ordinary Shares of \u00a30.005 each at beginning of year
446,331,656
372,759,202
2.2
1.9
Issue of Ordinary Shares of \u00a30.005 each
2,713,601
73,572,454
\u2014
0.3
Ordinary Shares of \u00a30.005 each at end of year
449,045,257
446,331,656
2.2
2.2
The narrative below includes details on issue of Ordinary Shares of \u00a30.005 each as part of the Group\u2019s employee share option plan during
2023 and 2022.
On 7 April 2022 the Company issued 70.8m new ordinary shares to partly fund the acquisition of the international (non-US) business of
William Hill, representing approximately 19% of its issued capital, at \u00a32.30 per share. After issue costs of \u00a34.3m, the net proceeds were
\u00a3158.5m. Issue costs directly attributable to the transaction were accounted for as a deduction from share premium in the prior period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "27 SHARE CAPITAL Share capital comprises the following:
Authorised
31 December 31 December 31 December 31 December
2023 2022 2023 2022
Number Number \u00a3m \u00a3m
Ordinary Shares of \u00a30.005 each
1,026,387,500
1,026,387,500
5.1
5.1
1 1. Including 297,501 treasury shares held by the Group as at 31 December 2023 (2022: 447,020).
Allotted, called up and fully paid
31 December 31 December 31 December 31 December
2023 2022 2023 2022
Number Number \u00a3m \u00a3m
Ordinary Shares of \u00a30.005 each at beginning of year
446,331,656
372,759,202
2.2
1.9
Issue of Ordinary Shares of \u00a30.005 each
2,713,601
73,572,454
\u2014
0.3
Ordinary Shares of \u00a30.005 each at end of year
449,045,257
446,331,656
2.2
2.2
The narrative below includes details on issue of Ordinary Shares of \u00a30.005 each as part of the Group\u2019s employee share option plan during 2023 and 2022. On 7 April 2022 the Company issued 70.8m new ordinary shares to partly fund the acquisition of the international (non-US) business of William Hill, representing approximately 19% of its issued capital, at \u00a32.30 per share. After issue costs of \u00a34.3m, the net proceeds were \u00a3158.5m. Issue costs directly attributable to the transaction were accounted for as a deduction from share premium in the prior period.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "
28 SHARE BASED PAYMENTS
Equity-settled share benefit charges
As of 31 December 2023, the Group has equity-settled employee shares and share options granted under three equity-settled employee
share incentive plans. The 888 Long-Term Incentive Plan 2015, which was adopted at the Extraordinary General Meeting on 29 September
2015, is open to all employees (including Executive Directors) and full-time consultants of the Group, at the discretion of the Remuneration
Committee. Awards under this scheme will vest in instalments over a fixed period of at least three years subject to the relevant individuals
remaining in service. Certain of these awards are subject to additional performance conditions imposed by the Remuneration Committee
at the dates of grant, further details of which are given in the Directors\u2019 Remuneration Report.
The second is the 888 Holdings Plc Long-Term Incentive Plan 2023, which was adopted by shareholders at the Annual General Meeting
on 23 May 2023. As a result of this no further awards have been granted under the 888 Long-Term Incentive Plan 2015. The 888 Holdings
Plc Long-Term Incentive Plan 2023 is also open to all employees (including Executive Directors), with awards vesting over a period to be
determined by the Remuneration Committee at the time of grant. Awards may or may not be subject to additional performance conditions
imposed by the Remuneration Committee.
In addition, on 8 May 2017, the Board adopted a Deferred Share Bonus Plan (DSBP) in order to allow the Company to comply with the
deferral requirement previously contained in its Directors' Remuneration Policy. As a result of the deferral requirement set out in the
new Directors' Remuneration Policy no further awards have been granted under the DSBP. Further details are set out in the Directors'
Remuneration Report.
In 2023 the Group awarded options under the 888 Holdings Plc SAYE Option Plan, which was adopted by shareholders at the Annual
General Meeting on 15 June 2022; and the 888 Holdings Plc 2023 International SAYE Option Plan established pursuant to the authority of the
Directors of the Company conferred by shareholders at the same Annual General Meeting.
Details of equity-settled shares as part of the AEP, the LTIP and the DSBP are set out below:
Ordinary Shares granted (without performance conditions)
2023 2022
Number Number
Outstanding future vesting equity awards at the beginning of the year
6,553,595
5,446,420
Future vesting equity awards granted during the year
562,177
3,269,343
Future vesting equity awards lapsed during the year
(2,119,657)
(821,961)
Shares issued upon vesting during the year
(2,713,601)
(1,340,207)
Outstanding future vesting equity awards at the end of the year
2,282,514
6,553,595
Averaged remaining life until vesting
1.25 years
1.27 years
The outstanding future vesting equity awards at the end of the year are set out below:
Deferred Share Bonus Plan
2023 2022
Number Number
Outstanding future vesting equity awards at the beginning of the year
310,268
307,422
Future vesting equity awards granted during the year
\u2014
220,225
Future vesting equity awards lapsed during the year
(122,691)
\u2014
Shares exercised during the year
(149,519)
(217, 379)
Outstanding future vesting equity awards at the end of the year
38,058
310,268
Averaged remaining life until vesting
0.67 years
0.81 years
Ordinary Shares granted for future vesting are valued at the share price at grant date, which the Group considers approximates to the fair
value. The Group recognised the following as treasury shares as of 31 December 2023:
(i) 11 March 2022, the Group purchased 356,977 shares on the open market at an average price of 193.0\u00a2 per share;
(ii) 22 March 2021, the Group purchased 220,225 shares on the open market at an average price of 362.0\u00a2 per share; and
(iii) 29 April 2020, the Group purchased 130,796 shares on the open market at an average price of 143.7\u00a2 per share.
Ordinary shares granted (subject to performance conditions)
2023 2022
Number Number
Outstanding at the beginning of the year
2,435,321
3,208,384
Shares granted during the year
5,056,071
1,006,013
Lapsed future vesting shares
(3,056,648)
(353,333)
Shares issued upon vesting during the year
\u2014
(1,425,743)
Outstanding at the end of the year
4,434,744
2,435,321
Averaged remaining life until vesting
2.16 years
1.28 years
The Group granted 3,651,071 shares on 17 April 2023 and 1,405,000 shares on 9 May 2023 (2022: 1,006,013). The share prices at the grant
date were 74.8\u00a2 and 78.4\u00a2 respectively. Shares outstanding at the end of the year consist of 4,434,744 shares subject to 50% EPS growth
target, and 50% total shareholder return (TSR).
Further details of performance conditions that have to be satisfied on these awards are set out in the Directors\u2019 Remuneration Report. The
EPS growth target is taken into account when determining the number of shares expected to vest at each reporting date, and the TSR
target is taken into account when calculating the fair value of the share grant.
Valuation information \u2014 shares granted under TSR condition:
Shares granted during the year:
2023
2022
Share pricing model used
Monte Carlo
Monte Carlo
Determined fair value
\u00a30.41
\u00a31.15
Number of shares granted
5,056,071
503,007
Average risk-free interest rate
3.68%
0.1%
Average standard deviation
49.4%
46.0%
Average standard deviation of peer group
42.5%
53.0%
Valuation information \u2014 shares granted
2023
2022
Without With Without With
performance performance performance performance
conditions conditions conditions conditions
Weighted average share price at grant date
\u00a30.92
\u00a30.75
\u00a31.55
\u00a31.87
Weighted average share price at issue of shares
\u00a30.75
\u00a30.84
\u00a32.08
\u00a31.95
Ordinary shares granted for future vesting with EPS growth performance conditions are valued at the share price at grant date, which the
Group considers approximates to the fair value. The restrictions on the shares during the vesting period, primarily relating to non-receipt of
dividends are considered to have an immaterial effect on the share option charge.
In accordance with IFRS 2 a charge to the Consolidated Income Statement in respect of any shares or options granted under the above
schemes is recognised and spread over the vesting period of the shares or options based on the fair value of the shares or options at the
grant date, adjusted for changes in vesting conditions at each balance sheet date. These charges have no cash impact.
Share benefit charges
2023 2022
\u00a3m \u00a3m
Equity-settled (credit)/charge for the year
(0.5)
7.9
Cash-settled charge for the year
\u2014
(2.7)
Total share benefit (credit)/charge
(0.5)
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "
30 RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note. Transactions between the Group and its associate are disclosed below.
Trading transactions
Associates and joint ventures
As part of the William Hill acquisition in the prior year, the Group acquired Sports Information Services (Holdings) Limited, an associate of
the William Hill Group. For the year to 31 December 2023, the Group made purchases of \u00a336.6m (1 July 2022 to 31 December 2022: \u00a315.8m)
from Sports Information Services Limited, a subsidiary of Sports Information Services (Holdings) Limited. At 31 December 2023, the amount
payable to Sports Information Services Limited by the Group was \u00a3nil (31 December 2022: \u00a3nil).
During the year the Group made loans totalling \u00a32.4m (2022: \u00a34.5m) to 888 Africa as part of the joint venture shareholder agreement.
These loans incur interest at 12% per annum. For the year ended 31 December 2023 the Group received \u00a30.7m in revenue from 888 Africa
for the use of the 888 brand. During the year the Group also made loans totalling \u00a31.8m to 888 Emerging Limited, a joint venture of the
Group.
Remuneration of key management personnel
The aggregate amounts payable to key management personnel, as well as their share benefit charges, are set out below:
2023 2022
\u00a3m \u00a3m
Short-term benefits
1.6
2.9
Post-employment benefits
0.3
0.1
Share benefit charges \u2014 equity-settled
0.1
2.4
2.0
5.4
Further details on Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "30 RELATED PARTY TRANSACTIONS Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associate are disclosed below. Trading transactions Associates and joint ventures As part of the William Hill acquisition in the prior year, the Group acquired Sports Information Services (Holdings) Limited, an associate of the William Hill Group. For the year to 31 December 2023, the Group made purchases of \u00a336.6m (1 July 2022 to 31 December 2022: \u00a315.8m) from Sports Information Services Limited, a subsidiary of Sports Information Services (Holdings) Limited. At 31 December 2023, the amount payable to Sports Information Services Limited by the Group was \u00a3nil (31 December 2022: \u00a3nil). During the year the Group made loans totalling \u00a32.4m (2022: \u00a34.5m) to 888 Africa as part of the joint venture shareholder agreement. These loans incur interest at 12% per annum. For the year ended 31 December 2023 the Group received \u00a30.7m in revenue from 888 Africa for the use of the 888 brand. During the year the Group also made loans totalling \u00a31.8m to 888 Emerging Limited, a joint venture of the Group. Remuneration of key management personnel The aggregate amounts payable to key management personnel, as well as their share benefit charges, are set out below:
2023 2022
\u00a3m \u00a3m
Short-term benefits
1.6
2.9
Post-employment benefits
0.3
0.1
Share benefit charges \u2014 equity-settled
0.1
2.4
2.0
5.4
Further details on Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "Remuneration of key management personnel The aggregate amounts payable to key management personnel, as well as their share benefit charges, are set out below:
2023 2022
\u00a3m \u00a3m
Short-term benefits
1.6
2.9
Post-employment benefits
0.3
0.1
Share benefit charges \u2014 equity-settled
0.1
2.4
2.0
5.4
Further details on Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "
31 CONTINGENT ASSETS AND LIABILITIES
Legal claims
As at 31 December 2023, potential legal claims of \u00a34.5m related to the Austria and Germany provisions (see note 22 for further details) are
deemed to give rise to a possible future cash outflow, as such no provision was required at the balance sheet date.
The calculation of the customer claims liability includes provision for both legal fees and interest but does not include any gaming taxes
that have already been paid on these revenues. Management have assessed that it is probable as opposed to virtually certain that the tax
will be reclaimed and therefore a contingent asset of up to \u00a328.0m (2022: \u00a324.3m) has been disclosed for the tax reclaims. Refer to note 22
for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "31 CONTINGENT ASSETS AND LIABILITIES Legal claims As at 31 December 2023, potential legal claims of \u00a34.5m related to the Austria and Germany provisions (see note 22 for further details) are deemed to give rise to a possible future cash outflow, as such no provision was required at the balance sheet date. The calculation of the customer claims liability includes provision for both legal fees and interest but does not include any gaming taxes that have already been paid on these revenues. Management have assessed that it is probable as opposed to virtually certain that the tax will be reclaimed and therefore a contingent asset of up to \u00a328.0m (2022: \u00a324.3m) has been disclosed for the tax reclaims. Refer to note 22 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "
32 EVENTS AFTER THE REPORTING DATE
On 6 March 2024, the Group announced its decision to conclude its partnership with Authentic Brands Group as part of the strategic review
of its B2C business. This partnership had granted exclusive use of the Sports Illustrated brand for online betting and gaming. As part of the
termination agreement, the Group has agreed to pay a total termination fee of $50.0m, $25.0m of which will be paid upfront in cash from
available resources. The remaining $25.0m will be paid between 2027 and 2029.
On 22 March 2024, the GB Gambling Commission (GBGC) informed the Group that it had concluded its review into the Group\u2019s operating
licences that was announced by the Group on 14 July 2023. The GBGC concluded the review without imposing any licence conditions,
financial penalties or other remedies on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "33 RELATED UNDERTAKINGS The consolidated financial statements include the following principal subsidiaries of 888 Holdings Plc:
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
888 (Ireland) Limited
Malta
100%
Holds Irish online betting licence
888
Acquisitions Limited
Gibraltar
100%
Acquisition vehicle for the William Hill purchase
888
Acquisitions LLC
Delaware
100%
Dormant company
888
Atlantic Limited
Gibraltar
100%
Holds an online supplier licence in Michigan
888
Cayman Finance Limited
Cayman Islands
98.6%
Holding company
888
UK Interactive Holdings Limited
United Kingdom
100%
Holding company
888
CZ Limited
Gibraltar
100%
Dormant company
888
Denmark Limited
Malta
100%
Holds Danish online gaming licence
888
France Limited
Malta
100%
Dormant company
888
Germany Limited
Malta
100%
Holds German online gaming licences
888
Italia Ltd
Malta
100%
Holds Italian online gaming licence
888
Liberty Ltd
Gibraltar
100%
Holds Delaware CSIE licence
888
Netherlands Limited
Malta
100%
Netherlands licence application entity, currently dormant
888
Online Games Espa\u00f1a, S.A.
Ceuta
100%
Holds Spanish online gaming licence
888
Portugal Ltd
Malta
100%
Holds Portuguese online gaming licence
888
Romania Limited
Malta
100%
Holds Romanian online gaming licence
888
Sweden Limited
Malta
100%
Holds Swedish online gaming licence
888
UK Limited
Gibraltar
100%
Holds UK&I Online gaming licence
888
US Holdings Inc.
Delaware
100%
Holding company
888
US Inc.
Delaware
100%
Holding company
888
US Ltd
Gibraltar
100%
Holds Nevada IGSP licence
888
US Services Inc.
Delaware
100%
Employs New Jersey based personnel and hold servers/IT
equipment in the US.
888
VHL UK Holdings Limited
United Kingdom
100%
Holding company
A.J.Schofield Limited (in liquidation)
United Kingdom
In liquidation
AAPN Holdings LLC
Delaware
100%
Holding company
AAPN New Jersey LLC
New Jersey
100%
Dormant company
Ad-Gency Limited (in liquidation)
Israel
In liquidation
Admar Services (Gibraltar) Limited
Gibraltar
100%
Provide provision of marketing services to other companies
within the Group.
Admar Services (Malta) Limited
Malta
100%
Provides the provision of marketing services to other
companies within the Group
Alfabet S.A.S. (sold in year)
Colombia
90%
Colombian operations
Arena Racing Limited
United Kingdom
100%
Dormant company
B.B.O\u2019Connor (Lottery) Limited
Jersey
100%
Dormant company
B.J.O\u2019Connor Holdings Limited
Jersey
100%
Property investment and management
B.J.O\u2019Connor Limited
Jersey
100%
Holds Class 1 bookmakers licence in Jersey.
Baseflame Limited (in liquidation)
United Kingdom
In liquidation
Bradlow Limited
United Kingdom
100%
Dormant company
Brigend Limited
Gibraltar
100%
Dormant company
Brooke Bookmakers Limited
United Kingdom
100%
Dormant company
Camec (Scotland) Limited
United Kingdom
100%
Dormant company
Camec (Southern) Limited
United Kingdom
In liquidation
(in liquidation)
Camec Limited
United Kingdom
100%
Dormant company
Cassava Enterprises (Gibraltar) Ltd
Gibraltar
100%
Dormant company
Cassava Holdings Limited
Antigua &
100%
Dormant company, previously held lease of Antigua offices
Barbuda
Cellpoint Investments Limited
Cyprus
100%
Dormant company
City Tote Limited (in liquidation)
United Kingdom
In liquidation
Concession Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Dansk Underholdning Limited
Malta
100%
Dormant company
Deluxe Online Limited (in liquidation)
United Kingdom
In liquidation
Deviceguide Limited
United Kingdom
100%
Dormant company
Dixie Operations Limited
Antigua &
100%
Dormant company
Barbuda
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
Entertainment Ventures Europe 2019
Malta
100%
Dormant company
Limited
Evenmedia Limited (In liquidation)
United Kingdom
In liquidation
Evoke Gaming Ltd
Malta
100%
Operates remote gaming licences
Fordart Limited
Gibraltar
100%
Enters into B2B contracts pursuant to Gibraltar licence and
general commercial business activities
Fred Parkinson Management Limited
United Kingdom
100%
Dormant company
Gaming Ventures Europe 2019 Limited
Malta
100%
Dormant company
Gisland Limited
Gibraltar
100%
Payment transmission services
Goodfigure Limited (in liquidation)
United Kingdom
In liquidation
Grand Parade Limited
United Kingdom
100%
Contract software development
Grand Parade Sp. z o.o.
Poland
100%
Software writing and maintenance and project
management
Green Gaming Group PLC
Malta
100%
Holding company
GUS Carter (Cash) Limited
United Kingdom
100%
Dormant company
GUS Carter Limited
United Kingdom
100%
Dormant company
Ivy Lodge Limited
Guernsey
100%
Property holding company
James Lane (Bookmaker) Limited
United Kingdom
100%
Dormant company
James Lane (Turf Accountants) Limited
United Kingdom
100%
Dormant company
James Lane Group Limited
United Kingdom
100%
Dormant company
Laystall Limited
United Kingdom
100%
Dormant company
Live 5 Holdings Limited
United Kingdom
100%
Holding company
Live 5 Limited
United Kingdom
100%
Games studio. Licensed and regulated entity
by the GB Gambling Commission
Matsbest Limited
United Kingdom
100%
Dormant company
Matsgood Limited
United Kingdom
100%
Dormant company
Mr Green & CO AB
Sweden
100%
Dormant company
Mr Green & Co Optionsbarare AB
Sweden
100%
Dormant company
Mr Green Consultancy Services Ltd.
United Kingdom
100%
Dormant company
Mr Green Consulting AB
Sweden
100%
Dormant company
Mr Green Limited
Malta
100%
Holds online gaming licence
MRG IP Limited
Malta
100%
Holds certain IP for the Group
MRG Spain PLC
Malta
100%
Holds a licence in Spain
New Wave Virtual Ventures
Gibraltar
100%
Holds mobile gaming applications
Nimverge Tech India Private Limited
India
100%
Dormant company \u2013 assets sold in year
Online Entertainment Limited
Gibraltar
100%
Held domains, presently dormant
Phonethread Limited
United Kingdom
100%
Dormant company
Random Logic Limited
Israel
100%
Research, development and marketing service company
Random Logic Ventures Limited
Israel
100%
Holding company
Regency Bookmakers (Midlands) Limited
United Kingdom
100%
Dormant company
Selwyn Demmy (Racing) Limited
United Kingdom
100%
Dormant company
SIA Mr Green Latvia (sold in year)
Latvia
100%
Gaming entity regulated by the Latvian regulator and
servicing the Latvian (Mr Green) market
Sparkware Technologies SRL
Romania
100%
Software development
Spectate Limited
Ireland
100%
Research & development centre in Ireland and holds
Romania and Michigan gaming licences
St James Place Limited
Guernsey
100%
Property holding company.
T H Jennings (Harlow Pools) Limited
United Kingdom
100%
Dormant company
Trackcycle Limited
United Kingdom
100%
Dormant company
VDSL (International) Limited
Gibraltar
100%
Operator of the gaming sites pursuant to Virtual Global
Digital Services Limited\u2019s Gibraltar licence for Canadian
customers
VHL America, LLC
Delaware
95%
Holding company for US B2C
VHL Colorado, LLC
Colorado
100%
Holds Colorado online gaming licence
VHL Financing (Malta) Limited
Malta
100%
Dormant company
VHL Financing Limited
Gibraltar
100%
Holding company
VHL Indiana, LLC
Indianapolis
100%
Dormant company
VHL Iowa, LLC
Iowa
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
VHL Louisiana, LLC
Louisiana
100%
Dormant company
VHL Maryland, LLC
Maryland
90%
Provides lottery services and holds a gaming licence in
Maryland
VHL Massachusetts LLC
Massachusetts
100%
Dormant company
VHL Michigan, LLC
Michigan
100%
Holds online gaming and sports wagering licences in
Michigan
VHL Missouri, LLC
Missouri
100%
Dormant company
VHL New Jersey
New Jersey
100%
Holds New Jersey online gaming licence
VHL Ohio, LLC
Ohio
100%
Dormant company
VHL Ontario Limited
Gibraltar
100%
Holds Ontario online gaming licence
VHL Virginia, LLC
Virginia
90%
Holds Virginia online gaming licence
Vickers Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Virtual Digital Services Limited
Malta
100%
Holds gaming licence
Virtual Emerging Entertainment Limited
Gibraltar
100%
Licensing of brands for emerging markets
Virtual Global Digital Services Limited
Gibraltar
100%
Holds Gibraltar gaming licence
Virtual Internet Services Latam S.L.U.
Ceuta
100%
Dormant company
(Dissolved in year)
Virtual Internet Services Limited
Gibraltar
100%
Procurement of internet and bandwidth services for the
Group, holds Gibraltar office lease and employs Gibraltar
personnel
Virtual IP Assets Limited
Antigua &
100%
IP company
Barbuda
Virtual Marketing Services
Gibraltar
100%
Group marketing acquisition company
(Gibraltar) Limited
Virtual Marketing Services
Ireland
100%
Marketing and other services company
(Ireland) Limited
Virtual Marketing Services (UK) Limited
England & Wales
100%
Marketing and other services company
Virtual Share Services Limited
Gibraltar
100%
Holding of shares to satisfy vesting of equity awards
Vynplex Limited (In liquidation)
United Kingdom
In liquidation
WHG (International) Limited
Gibraltar
100%
Holds gaming licence and operates UK sports betting
activity
WHG (Malta) Limited
Malta
100%
Dormant and non-trading company. Denmark licence
applicant
WHG Customer Services Philippines, INC
Philippines
100%
Operating entity of Philippines shared service centre
WHG IP Licensing Limited
Gibraltar
100%
Dormant company
WHG ITALIA SrL
Italy
100%
Payroll-related expenses of employees in Italy
Trading entity that receives income
via intercompany recharge
WHG Online Marketing Spain S.A.
Spain
100%
Provision of marketing services to other Group companies
WHG Services (Bulgaria) Limited EOOD
Bulgaria
100%
The provision of consulting and technical support
WHG Services (Philippines) Limited
Gibraltar
100%
Dormant company
WHG Services Limited
United Kingdom
100%
Providing technical development services for online
business
WHG Spain PLC
Malta
100%
Operates a Spanish remote gaming licence.
WHG Trading Limited
Gibraltar
100%
Dormant company
Will Hill Limited
United Kingdom
100%
Holding company
William Hill (Alba) Limited
United Kingdom
100%
Dormant company
William Hill (Caledonian) Limited
United Kingdom
100%
Dormant company
William Hill (Course) Limited (in liquidation)
United Kingdom
In liquidation
William Hill (Edgeware Road) Limited
United Kingdom
100%
Dormant company
William Hill (Effects) Limited
United Kingdom
100%
Dormant company
William Hill (Essex) Limited
United Kingdom
100%
Dormant company
William Hill (Football) Limited
United Kingdom
100%
Dormant company
William Hill (Goods) Limited
United Kingdom
100%
Dormant company
William Hill (IOM) No. 3 Limited
Isle of Man
100%
Dormant company
William Hill (London) Limited
United Kingdom
100%
Dormant company
William Hill (Malta) Limited
Malta
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
William Hill (Midlands) Limited
United Kingdom
100%
Dormant company
William Hill (North Eastern) Limited
United Kingdom
100%
Dormant company
William Hill (North Western) Limited
United Kingdom
100%
Dormant company
William Hill (Northern) Limited
United Kingdom
In liquidation
(in liquidation)
William Hill (Products) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Resources) Limited
United Kingdom
100%
Dormant company
William Hill (Scotland) Limited
United Kingdom
100%
Dormant company
William Hill (Southern) Limited
United Kingdom
100%
Dormant company
William Hill (Strathclyde) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Supplies) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Wares) Limited
United Kingdom
100%
Dormant company
William Hill (Western) Limited
United Kingdom
100%
Dormant company
William Hill Bookmakers (Ireland) Limited
Ireland
100%
Dormant company
William Hill Call Centre Limited
Ireland
100%
Dormant company
William Hill Cayman Holdings Limited
Cayman Islands
100%
Holding company
William Hill Credit Limited
United Kingdom
100%
Dormant company
William Hill Employee Shares Trustee
United Kingdom
100%
Dormant company
Limited
William Hill Finance Limited
United Kingdom
100%
Holding company
William Hill Gametek AB
Sweden
100%
Provides technical and support services
William Hill Global PLC
Malta
100%
Holds sports and gaming licence in Malta
William Hill Holdings Limited
United Kingdom
100%
Holding company
William Hill Investments Limited
United Kingdom
100%
Holding company
William Hill Latvia SIA (sold in year)
Latvia
90%
Main licence holder in Latvia.
William Hill Limited
United Kingdom
100%
Previously listed WH Group operating company
William Hill Malta PLC
Malta
100%
Holds gaming licence for Malta, Italy and Ireland
William Hill Offshore Limited
Ireland
100%
Dormant company
William Hill Organization Limited
United Kingdom
100%
Operation of Licensed Betting Offices (LBOs), and main UK
employing entity
William Hill Steeplechase Limited
Gibraltar
100%
Dormant company
William Hill Trustee Limited
United Kingdom
100%
Acting as Trustee to the William Hill Pension Scheme
Willstan Properties Limited
United Kingdom
100%
Property investment and management in Northern Ireland
Willstan Racing (Ireland) Limited
Ireland
100%
Dormant company
Willstan Racing Holdings Limited
United Kingdom
100%
Dormant company
Willstan Racing Limited
United Kingdom
100%
Dormant company
Windsors (Sporting Investments) Limited
United Kingdom
100%
Dormant company
Wise Entertainment DK ApS
Denmark
100%
In liquidation
Wizard\u2019s Hat Limited
Malta
100%
Dormant company
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "33 RELATED UNDERTAKINGS The consolidated financial statements include the following principal subsidiaries of 888 Holdings Plc:
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
888 (Ireland) Limited
Malta
100%
Holds Irish online betting licence
888
Acquisitions Limited
Gibraltar
100%
Acquisition vehicle for the William Hill purchase
888
Acquisitions LLC
Delaware
100%
Dormant company
888
Atlantic Limited
Gibraltar
100%
Holds an online supplier licence in Michigan
888
Cayman Finance Limited
Cayman Islands
98.6%
Holding company
888
UK Interactive Holdings Limited
United Kingdom
100%
Holding company
888
CZ Limited
Gibraltar
100%
Dormant company
888
Denmark Limited
Malta
100%
Holds Danish online gaming licence
888
France Limited
Malta
100%
Dormant company
888
Germany Limited
Malta
100%
Holds German online gaming licences
888
Italia Ltd
Malta
100%
Holds Italian online gaming licence
888
Liberty Ltd
Gibraltar
100%
Holds Delaware CSIE licence
888
Netherlands Limited
Malta
100%
Netherlands licence application entity, currently dormant
888
Online Games Espa\u00f1a, S.A.
Ceuta
100%
Holds Spanish online gaming licence
888
Portugal Ltd
Malta
100%
Holds Portuguese online gaming licence
888
Romania Limited
Malta
100%
Holds Romanian online gaming licence
888
Sweden Limited
Malta
100%
Holds Swedish online gaming licence
888
UK Limited
Gibraltar
100%
Holds UK&I Online gaming licence
888
US Holdings Inc.
Delaware
100%
Holding company
888
US Inc.
Delaware
100%
Holding company
888
US Ltd
Gibraltar
100%
Holds Nevada IGSP licence
888
US Services Inc.
Delaware
100%
Employs New Jersey based personnel and hold servers/IT
equipment in the US.
888
VHL UK Holdings Limited
United Kingdom
100%
Holding company
A.J.Schofield Limited (in liquidation)
United Kingdom
In liquidation
AAPN Holdings LLC
Delaware
100%
Holding company
AAPN New Jersey LLC
New Jersey
100%
Dormant company
Ad-Gency Limited (in liquidation)
Israel
In liquidation
Admar Services (Gibraltar) Limited
Gibraltar
100%
Provide provision of marketing services to other companies
within the Group.
Admar Services (Malta) Limited
Malta
100%
Provides the provision of marketing services to other
companies within the Group
Alfabet S.A.S. (sold in year)
Colombia
90%
Colombian operations
Arena Racing Limited
United Kingdom
100%
Dormant company
B.B.O\u2019Connor (Lottery) Limited
Jersey
100%
Dormant company
B.J.O\u2019Connor Holdings Limited
Jersey
100%
Property investment and management
B.J.O\u2019Connor Limited
Jersey
100%
Holds Class 1 bookmakers licence in Jersey.
Baseflame Limited (in liquidation)
United Kingdom
In liquidation
Bradlow Limited
United Kingdom
100%
Dormant company
Brigend Limited
Gibraltar
100%
Dormant company
Brooke Bookmakers Limited
United Kingdom
100%
Dormant company
Camec (Scotland) Limited
United Kingdom
100%
Dormant company
Camec (Southern) Limited
United Kingdom
In liquidation
(in liquidation)
Camec Limited
United Kingdom
100%
Dormant company
Cassava Enterprises (Gibraltar) Ltd
Gibraltar
100%
Dormant company
Cassava Holdings Limited
Antigua &
100%
Dormant company, previously held lease of Antigua offices
Barbuda
Cellpoint Investments Limited
Cyprus
100%
Dormant company
City Tote Limited (in liquidation)
United Kingdom
In liquidation
Concession Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Dansk Underholdning Limited
Malta
100%
Dormant company
Deluxe Online Limited (in liquidation)
United Kingdom
In liquidation
Deviceguide Limited
United Kingdom
100%
Dormant company
Dixie Operations Limited
Antigua &
100%
Dormant company
Barbuda
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
Entertainment Ventures Europe 2019
Malta
100%
Dormant company
Limited
Evenmedia Limited (In liquidation)
United Kingdom
In liquidation
Evoke Gaming Ltd
Malta
100%
Operates remote gaming licences
Fordart Limited
Gibraltar
100%
Enters into B2B contracts pursuant to Gibraltar licence and
general commercial business activities
Fred Parkinson Management Limited
United Kingdom
100%
Dormant company
Gaming Ventures Europe 2019 Limited
Malta
100%
Dormant company
Gisland Limited
Gibraltar
100%
Payment transmission services
Goodfigure Limited (in liquidation)
United Kingdom
In liquidation
Grand Parade Limited
United Kingdom
100%
Contract software development
Grand Parade Sp. z o.o.
Poland
100%
Software writing and maintenance and project
management
Green Gaming Group PLC
Malta
100%
Holding company
GUS Carter (Cash) Limited
United Kingdom
100%
Dormant company
GUS Carter Limited
United Kingdom
100%
Dormant company
Ivy Lodge Limited
Guernsey
100%
Property holding company
James Lane (Bookmaker) Limited
United Kingdom
100%
Dormant company
James Lane (Turf Accountants) Limited
United Kingdom
100%
Dormant company
James Lane Group Limited
United Kingdom
100%
Dormant company
Laystall Limited
United Kingdom
100%
Dormant company
Live 5 Holdings Limited
United Kingdom
100%
Holding company
Live 5 Limited
United Kingdom
100%
Games studio. Licensed and regulated entity
by the GB Gambling Commission
Matsbest Limited
United Kingdom
100%
Dormant company
Matsgood Limited
United Kingdom
100%
Dormant company
Mr Green & CO AB
Sweden
100%
Dormant company
Mr Green & Co Optionsbarare AB
Sweden
100%
Dormant company
Mr Green Consultancy Services Ltd.
United Kingdom
100%
Dormant company
Mr Green Consulting AB
Sweden
100%
Dormant company
Mr Green Limited
Malta
100%
Holds online gaming licence
MRG IP Limited
Malta
100%
Holds certain IP for the Group
MRG Spain PLC
Malta
100%
Holds a licence in Spain
New Wave Virtual Ventures
Gibraltar
100%
Holds mobile gaming applications
Nimverge Tech India Private Limited
India
100%
Dormant company \u2013 assets sold in year
Online Entertainment Limited
Gibraltar
100%
Held domains, presently dormant
Phonethread Limited
United Kingdom
100%
Dormant company
Random Logic Limited
Israel
100%
Research, development and marketing service company
Random Logic Ventures Limited
Israel
100%
Holding company
Regency Bookmakers (Midlands) Limited
United Kingdom
100%
Dormant company
Selwyn Demmy (Racing) Limited
United Kingdom
100%
Dormant company
SIA Mr Green Latvia (sold in year)
Latvia
100%
Gaming entity regulated by the Latvian regulator and
servicing the Latvian (Mr Green) market
Sparkware Technologies SRL
Romania
100%
Software development
Spectate Limited
Ireland
100%
Research & development centre in Ireland and holds
Romania and Michigan gaming licences
St James Place Limited
Guernsey
100%
Property holding company.
T H Jennings (Harlow Pools) Limited
United Kingdom
100%
Dormant company
Trackcycle Limited
United Kingdom
100%
Dormant company
VDSL (International) Limited
Gibraltar
100%
Operator of the gaming sites pursuant to Virtual Global
Digital Services Limited\u2019s Gibraltar licence for Canadian
customers
VHL America, LLC
Delaware
95%
Holding company for US B2C
VHL Colorado, LLC
Colorado
100%
Holds Colorado online gaming licence
VHL Financing (Malta) Limited
Malta
100%
Dormant company
VHL Financing Limited
Gibraltar
100%
Holding company
VHL Indiana, LLC
Indianapolis
100%
Dormant company
VHL Iowa, LLC
Iowa
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
VHL Louisiana, LLC
Louisiana
100%
Dormant company
VHL Maryland, LLC
Maryland
90%
Provides lottery services and holds a gaming licence in
Maryland
VHL Massachusetts LLC
Massachusetts
100%
Dormant company
VHL Michigan, LLC
Michigan
100%
Holds online gaming and sports wagering licences in
Michigan
VHL Missouri, LLC
Missouri
100%
Dormant company
VHL New Jersey
New Jersey
100%
Holds New Jersey online gaming licence
VHL Ohio, LLC
Ohio
100%
Dormant company
VHL Ontario Limited
Gibraltar
100%
Holds Ontario online gaming licence
VHL Virginia, LLC
Virginia
90%
Holds Virginia online gaming licence
Vickers Bookmakers Limited (in
liquidation)
United Kingdom
In liquidation
Virtual Digital Services Limited
Malta
100%
Holds gaming licence
Virtual Emerging Entertainment Limited
Gibraltar
100%
Licensing of brands for emerging markets
Virtual Global Digital Services Limited
Gibraltar
100%
Holds Gibraltar gaming licence
Virtual Internet Services Latam S.L.U.
Ceuta
100%
Dormant company
(Dissolved in year)
Virtual Internet Services Limited
Gibraltar
100%
Procurement of internet and bandwidth services for the
Group, holds Gibraltar office lease and employs Gibraltar
personnel
Virtual IP Assets Limited
Antigua &
100%
IP company
Barbuda
Virtual Marketing Services
Gibraltar
100%
Group marketing acquisition company
(Gibraltar) Limited
Virtual Marketing Services
Ireland
100%
Marketing and other services company
(Ireland) Limited
Virtual Marketing Services (UK) Limited
England & Wales
100%
Marketing and other services company
Virtual Share Services Limited
Gibraltar
100%
Holding of shares to satisfy vesting of equity awards
Vynplex Limited (In liquidation)
United Kingdom
In liquidation
WHG (International) Limited
Gibraltar
100%
Holds gaming licence and operates UK sports betting
activity
WHG (Malta) Limited
Malta
100%
Dormant and non-trading company. Denmark licence
applicant
WHG Customer Services Philippines, INC
Philippines
100%
Operating entity of Philippines shared service centre
WHG IP Licensing Limited
Gibraltar
100%
Dormant company
WHG ITALIA SrL
Italy
100%
Payroll-related expenses of employees in Italy
Trading entity that receives income
via intercompany recharge
WHG Online Marketing Spain S.A.
Spain
100%
Provision of marketing services to other Group companies
WHG Services (Bulgaria) Limited EOOD
Bulgaria
100%
The provision of consulting and technical support
WHG Services (Philippines) Limited
Gibraltar
100%
Dormant company
WHG Services Limited
United Kingdom
100%
Providing technical development services for online
business
WHG Spain PLC
Malta
100%
Operates a Spanish remote gaming licence.
WHG Trading Limited
Gibraltar
100%
Dormant company
Will Hill Limited
United Kingdom
100%
Holding company
William Hill (Alba) Limited
United Kingdom
100%
Dormant company
William Hill (Caledonian) Limited
United Kingdom
100%
Dormant company
William Hill (Course) Limited (in liquidation)
United Kingdom
In liquidation
William Hill (Edgeware Road) Limited
United Kingdom
100%
Dormant company
William Hill (Effects) Limited
United Kingdom
100%
Dormant company
William Hill (Essex) Limited
United Kingdom
100%
Dormant company
William Hill (Football) Limited
United Kingdom
100%
Dormant company
William Hill (Goods) Limited
United Kingdom
100%
Dormant company
William Hill (IOM) No. 3 Limited
Isle of Man
100%
Dormant company
William Hill (London) Limited
United Kingdom
100%
Dormant company
William Hill (Malta) Limited
Malta
100%
Dormant company
PERCENTAGE
OF EQUITY
NAME
COUNTRY
INTEREST
NATURE OF BUSINESS
William Hill (Midlands) Limited
United Kingdom
100%
Dormant company
William Hill (North Eastern) Limited
United Kingdom
100%
Dormant company
William Hill (North Western) Limited
United Kingdom
100%
Dormant company
William Hill (Northern) Limited
United Kingdom
In liquidation
(in liquidation)
William Hill (Products) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Resources) Limited
United Kingdom
100%
Dormant company
William Hill (Scotland) Limited
United Kingdom
100%
Dormant company
William Hill (Southern) Limited
United Kingdom
100%
Dormant company
William Hill (Strathclyde) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Supplies) Limited (in
liquidation)
United Kingdom
In liquidation
William Hill (Wares) Limited
United Kingdom
100%
Dormant company
William Hill (Western) Limited
United Kingdom
100%
Dormant company
William Hill Bookmakers (Ireland) Limited
Ireland
100%
Dormant company
William Hill Call Centre Limited
Ireland
100%
Dormant company
William Hill Cayman Holdings Limited
Cayman Islands
100%
Holding company
William Hill Credit Limited
United Kingdom
100%
Dormant company
William Hill Employee Shares Trustee
United Kingdom
100%
Dormant company
Limited
William Hill Finance Limited
United Kingdom
100%
Holding company
William Hill Gametek AB
Sweden
100%
Provides technical and support services
William Hill Global PLC
Malta
100%
Holds sports and gaming licence in Malta
William Hill Holdings Limited
United Kingdom
100%
Holding company
William Hill Investments Limited
United Kingdom
100%
Holding company
William Hill Latvia SIA (sold in year)
Latvia
90%
Main licence holder in Latvia.
William Hill Limited
United Kingdom
100%
Previously listed WH Group operating company
William Hill Malta PLC
Malta
100%
Holds gaming licence for Malta, Italy and Ireland
William Hill Offshore Limited
Ireland
100%
Dormant company
William Hill Organization Limited
United Kingdom
100%
Operation of Licensed Betting Offices (LBOs), and main UK
employing entity
William Hill Steeplechase Limited
Gibraltar
100%
Dormant company
William Hill Trustee Limited
United Kingdom
100%
Acting as Trustee to the William Hill Pension Scheme
Willstan Properties Limited
United Kingdom
100%
Property investment and management in Northern Ireland
Willstan Racing (Ireland) Limited
Ireland
100%
Dormant company
Willstan Racing Holdings Limited
United Kingdom
100%
Dormant company
Willstan Racing Limited
United Kingdom
100%
Dormant company
Windsors (Sporting Investments) Limited
United Kingdom
100%
Dormant company
Wise Entertainment DK ApS
Denmark
100%
In liquidation
Wizard\u2019s Hat Limited
Malta
100%
Dormant company
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "888 Holdings Plc Suite 601/701 Europort Europort Road Gibraltar Tel: +35020049800 888 Holdings Plc 1 Bedford Avenue London WC1B 3AU", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800H84UJQYSVF9750", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }