Download - Sir Ian Robinson Group Chairman
Sir Ian RobinsonSir Ian RobinsonGroupGroup ChairmanChairman
Brian WallaceBrian WallaceGroup Finance DirectorGroup Finance Director
Hilton Group plc - Summary of PerformanceHilton Group plc - Summary of Performance
Hilton International 255.3 268.0 (4.7)%
Worldwide Betting 113.5 92.3 23.0%
Casinos & disposal businesses 2.8 22.6
Central costs and income (12.4) (11.6)
Operating profit* 359.2 371.3 (3.3)%
Interest (79.0) (94.6) 16.5%
Profit before tax* 280.2 276.7 1.3%
Effective tax rate* 20.0% 20.7%
Year toYear to3131stst December December
20012001£m£m
Year to Year to 3131stst December December
2000 2000£m£m
EBITDA* 479.8 478.4 0.3%
VarianceVariance
* Before goodwill amortisation and exceptional items* Before goodwill amortisation and exceptional items
Hilton International - Like for Like ProfitHilton International - Like for Like Profit
Reported profit*Reported profit* 255.3 255.3 268.0 268.0 (4.7)%(4.7)%
Scandic profitScandic profit (33.9) (33.9) - -
Comparable profit*Comparable profit* 221.4 221.4 268.0 268.0 (17.4)%(17.4)%
Royal Bank of Scotland rent Royal Bank of Scotland rent 16.816.8 - -
Disposals / new openings Disposals / new openings (9.0) (9.0) (11.0) (11.0)
Foreign exchangeForeign exchange (1.0) (1.0) - -
Like for like profit*Like for like profit* 228.2 228.2 257.0 257.0 (11.2)%(11.2)%
* Before goodwill amortisation and exceptional items* Before goodwill amortisation and exceptional items
20012001
£m£m
20002000£m£m VarianceVariance
Hilton International Worldwide Occupancy, Hilton International Worldwide Occupancy, Rate and RevPAR Growths vs 2000Rate and RevPAR Growths vs 2000Like for Like Hotels, Constant CurrenciesLike for Like Hotels, Constant Currencies
1010
55
00
(5)(5)
(10)(10)
(15)(15)
%%
Qtr 1Qtr 1 Qtr 2Qtr 2 Qtr 3Qtr 3 Qtr 4Qtr 4
Occ % growthOcc % growth Rate growthRate growth RevPAR growthRevPAR growth
8.0%8.0%
1.7%1.7%
(4.2%)(4.2%)
(11.4%)(11.4%)
AugAug
Hilton International Worldwide Occupancy, Hilton International Worldwide Occupancy, Rate and RevPAR Growths vs 2000/01Rate and RevPAR Growths vs 2000/01Like for Like Hotels, Constant CurrenciesLike for Like Hotels, Constant Currencies
55
00
(5)(5)
(10)(10)
(15)(15)
%%
SepSep OctOct NovNov DecDec JanJan
1.0%1.0%
(10.6%)(10.6%)(11.7%)(11.7%)
(14.3%)(14.3%)
(7.3%)(7.3%)
(4.7%)(4.7%)
Occ % growthOcc % growth Rate growthRate growth RevPAR growthRevPAR growth
Like for Like HotelsLike for Like Hotels
55
00
(5)(5)
(10)(10)
(15)(15)
1010
(20)(20)
(25)(25)
(30)(30)
(35)(35)
Hilton UK Occupancy Growth vs 2000/01Hilton UK Occupancy Growth vs 2000/01
AugAug SepSep OctOct NovNov DecDec JanJan
London 5 StarLondon 5 Star London 4 StarLondon 4 Star ProvincesProvinces
%%
Hilton UK Rate Growth vs 2000/01Hilton UK Rate Growth vs 2000/01
Like for Like HotelsLike for Like Hotels
55
00
(5)(5)
(10)(10)
(15)(15)
1010
(20)(20)
AugAug SepSep OctOct NovNov DecDec JanJan
%%
London 5 StarLondon 5 Star London 4 StarLondon 4 Star ProvincesProvinces
Hilton UK RevPAR Growth vs 2000/01Hilton UK RevPAR Growth vs 2000/01
Like for Like HotelsLike for Like Hotels
00
(10)(10)
1010
(20)(20)
(30)(30)
(40)(40)
(50)(50)
AugAug SepSep OctOct NovNov DecDec JanJan
%%
London 5 StarLondon 5 Star London 4 StarLondon 4 Star ProvincesProvinces Total UKTotal UK
Hilton vs London Market - Cumulative Year to Hilton vs London Market - Cumulative Year to Date RevPAR PremiumDate RevPAR Premium
9090
8585
8080
7575
7070
6565
6060
5555
5050
1212
1010
88
66
44
22
00Aug01Aug01 Sep01Sep01 Oct01Oct01 Nov01Nov01 Dec01Dec01Jul01Jul01Jun01Jun01May01May01Apr01Apr01Mar01Mar01Feb01Feb01Jan01Jan01Dec00Dec00
RevPAR £RevPAR £ Premium %Premium %
Hilton RevPAR PremiumHilton RevPAR Premium Hilton RevPARHilton RevPARMarket RevPARMarket RevPAR
Market source: PKF Hotel Consultancy ServicesMarket source: PKF Hotel Consultancy Services
Hilton vs Provincial Market - Cumulative Year Hilton vs Provincial Market - Cumulative Year to Date RevPAR Premiumto Date RevPAR Premium
Aug01Aug01 Sep01Sep01 Oct01Oct01 Nov01Nov01 Dec01Dec01Jul01Jul01Jun01Jun01May01May01Apr01Apr01Mar01Mar01Feb01Feb01Jan01Jan01Dec00Dec00
6060
5858
5656
5454
5252
5050
4848
4646
4444
1010
88
66
44
22
00
RevPAR £RevPAR £ Premium %Premium %
4242
4040
99
77
55
33
11
Market source: PKF Hotel Consultancy ServicesMarket source: PKF Hotel Consultancy Services
Hilton RevPAR PremiumHilton RevPAR Premium Hilton RevPARHilton RevPARMarket RevPARMarket RevPAR
Germany, France, Benelux RevPAR Germany, France, Benelux RevPAR Growth vs 2000/01Growth vs 2000/01
1515
1010
55
00
(5)(5)
(10)(10)
(15)(15)
(20)(20)
(25)(25)
(30)(30)
(35)(35)
(40)(40)AugAug JanJanDecDecNovNovOctOctSeptSept
%%Like for Like, Constant CurrencyLike for Like, Constant Currency
FranceFrance GermanyGermany BeneluxBenelux
Scandic - Financial UpdateScandic - Financial Update
Cost synergies Cost synergies £8m £8m £10m£10m
Debt funding costDebt funding cost 8% 8% 5.5%5.5%
Effective tax rateEffective tax rate 20% 20% 0% - 10% 0% - 10%
2001 EBITDA - second half2001 EBITDA - second half £41.4m £41.4m £42.9m£42.9m
AcquisitionAcquisitionmodelmodel
assumptionsassumptionsLatestLatest
viewview
Retail Betting 2,037.5 1,867.5 102.4 94.6
Vernons 29.9 31.7 5.5 5.6
Telephone Betting 284.7 243.5 3.6 2.1
eGaming 188.2 68.6 2.0 (10.0)
Worldwide Betting 2,540.3 2,211.3 113.5 92.3
Revenue Profit*2001
£m2000
£m2000
£m
Worldwide Betting Profit ComparisonWorldwide Betting Profit Comparison
2001 £m
* Before goodwill amortisation and exceptional items.* Before goodwill amortisation and exceptional items.
Betting Margins - UK ShopsBetting Margins - UK Shops
20012001 15.9 15.9 14.214.2 14.914.9
20002000 14.214.2 14.814.8 14.514.5
Average ’96-’00Average ’96-’00 14.214.2 14.314.3 14.214.2
1st Half %
2nd Half %
Total %
Adjusted for gross profits taxAdjusted for gross profits tax
eGaming Monthly TurnovereGaming Monthly Turnover
£m£m3030
2020
1010
00Jan 2001Jan 2001 Jan 2002Jan 2002
£8m£8m
£28m£28m
eGaming Sportsbook - 2001 Turnover by SporteGaming Sportsbook - 2001 Turnover by Sport
56%
34%
3%2% 1%
3%
FootballFootball
HorsesHorses
TennisTennis
GolfGolf
GreyhoundsGreyhounds
BasketballBasketball
OthersOthers
English soccerEnglish soccer
European tournamentsEuropean tournaments
International matchesInternational matches
Italian soccerItalian soccer
Spanish soccerSpanish soccer
German soccerGerman soccer
Scottish soccerScottish soccer
Other soccerOther soccer
eGaming Sportsbook - 2001 Football TurnovereGaming Sportsbook - 2001 Football Turnover
38%
20%
13%
10%
9%5% 3%
2%
57%20%
9%
2%1% 9%
United KingdomUnited Kingdom
Hong KongHong Kong
SingaporeSingapore
MalaysiaMalaysia
ItalyItaly
ThailandThailand
OthersOthers
eGaming Sportsbook – Turnover by CountryeGaming Sportsbook – Turnover by Country
Hilton Group plc - Exceptional ItemsHilton Group plc - Exceptional Items
Operating exceptional itemsOperating exceptional items
Scandic integration costs Scandic integration costs (24.5)(24.5) (24.5) (24.5)
Amounts written off tangible and Amounts written off tangible and intangible fixed assets and investmentsintangible fixed assets and investments (27.4)(27.4) - -
Non-operating exceptional itemsNon-operating exceptional items
Profit on fixed assetsProfit on fixed assets
Profit on sale of UK hotelsProfit on sale of UK hotels 29.629.6 342.6342.6
Loss on disposal of other tangible fixed assetsLoss on disposal of other tangible fixed assets (4.7) (4.7) 5.45.4
Profit on sale of non-European Profit on sale of non-European betting and gaming businessesbetting and gaming businesses 1.51.5 18.418.4
Provision for losses on fixed assets pending saleProvision for losses on fixed assets pending sale (6.5) (6.5) --
Discontinued: Profit on sale of investment propertiesDiscontinued: Profit on sale of investment properties 3.9 3.9 11.3 11.3
TotalTotal (28.1) (28.1) 353.2353.2
P&L effect£m
Cash effect£m
Hilton Group plc – Cash FlowHilton Group plc – Cash Flow
Opening net borrowingsOpening net borrowings (1,374.3)(1,374.3) (1,336.8)(1,336.8)
Cash inflow from operating activitiesCash inflow from operating activities 445.7445.7 462.0462.0
Interest, tax and dividends paidInterest, tax and dividends paid (267.3)(267.3) (276.7) (276.7)
Free cash flow Free cash flow 178.4 178.4 185.3185.3
Capital expenditureCapital expenditure (187.7)(187.7) (476.9)(476.9)
Proceeds from asset salesProceeds from asset sales 376.0376.0 22.022.0
Acquisitions / disposalsAcquisitions / disposals (486.2)(486.2) (244.4)(244.4)
(119.5)(119.5) (25.2)(25.2)
Exchange & other movementsExchange & other movements 19.9 19.9 (12.3)(12.3)
Net borrowings movementNet borrowings movement (99.6)(99.6) (37.5)(37.5)
Closing net borrowingsClosing net borrowings (1,473.9)(1,473.9) (1,374.3)(1,374.3)
2001£m
2000£m
Hilton Group plc - Analysis of Capital Hilton Group plc - Analysis of Capital ExpenditureExpenditure
Livingwell UK - major projectsLivingwell UK - major projects 14.114.1
Sao PauloSao Paulo 13.113.1
ZurichZurich 6.8 6.8
GatwickGatwick 6.0 6.0
Manchester DeansgateManchester Deansgate 6.0 6.0
Chicago DrakeChicago Drake 5.15.1
OtherOther 93.793.7
144.8144.8
Betting & GamingBetting & Gaming
BS 2000 EPOS System BS 2000 EPOS System 9.49.4
OtherOther 33.533.542.942.9
TotalTotal 187.7187.7
£m£m £m£mHilton InternationalHilton International
David MichelsDavid MichelsGroup Chief ExecutiveGroup Chief Executive
Hilton Group plc – Key IssuesHilton Group plc – Key Issues
Hotel RevPAR
Scandic
Horse race turnover and margin
BHB/Levy Saga
eGaming
Revenue Per Available Room - Like for Like*Revenue Per Available Room - Like for Like*
LondonLondon 81.7 81.7 78.378.3 4.3% 4.3% 75.0 75.0 87.7 87.7 (14.6%) (14.6%) 78.3 78.3 83.2 83.2 (5.8%)(5.8%)
ProvincesProvinces 51.1 51.1 48.0 48.0 6.5% 6.5% 49.7 49.7 51.3 51.3 (3.0%) (3.0%) 50.4 50.4 49.6 49.6 1.7%1.7%
Total UKTotal UK 63.2 63.2 59.5 59.5 6.2% 6.2% 59.759.7 65.3 65.3 (8.6%)(8.6%) 61.4 61.4 62.4 62.4 (1.6%)(1.6%)Europe, MiddleEurope, MiddleEast & AfricaEast & Africa 47.9 47.9 47.747.7 0.4%0.4% 44.244.2 49.8 49.8 (11.2%) (11.2%) 46.1 46.1 48.3 48.3 (4.6%)(4.6%)
Asia/Australasia Asia/Australasia 50.4 50.4 47.947.9 5.2% 5.2% 55.2 55.2 56.2 56.2 (1.7%) (1.7%) 53.3 53.3 52.8 52.8 0.9%0.9%
The AmericasThe Americas 47.5 47.5 44.7 44.7 6.3% 6.3% 45.2 45.2 47.9 47.9 (5.6%) (5.6%) 46.346.3 46.2 46.2 0.3%0.3%
Total HiltonTotal Hilton 52.052.0 50.0 50.0 4.0% 4.0% 50.3 50.3 54.5 54.5 ( 7.7%) ( 7.7%) 51.3 51.3 52.2 52.2 (1.9%)(1.9%)
Scandic HotelsScandic Hotels 31.3 31.3 31.1 31.1 0.6%0.6% 31.3 31.3 31.131.1 0.6%0.6%
6 Months to December6 Months to December 6 Months to June6 Months to June
Year to 31Year to 31stst December December
20012001 20002000 GrowthGrowth 20012001 20002000 GrowthGrowth 20012001 20002000 GrowthGrowth
-- -- --
*All at Constant Currencies*All at Constant Currencies
Openings and Closures 2001Openings and Closures 2001
Copenhagen AirportCopenhagen AirportAdanaAdanaMelbourne Airport Melbourne Airport SofiaSofiaRhodes ResortRhodes ResortSorrentoSorrentoAucklandAucklandBangaloreBangaloreLuxembourgLuxembourgThe TrafalgarThe TrafalgarJeddahJeddahCairoCairoRas Al KhaimaRas Al KhaimaDubai CreekDubai CreekPort SudanPort Sudan
St.ErminsSt.ErminsHuddersfieldHuddersfieldKuala LumpurKuala LumpurStoke onTrentStoke onTrentBath WatersideBath WatersideNewcastleNewcastleEdinburgh BelfordEdinburgh BelfordAlgiersAlgiersJerusalemJerusalem
Sales/Closures Sales/Closures Openings Openings
Pipeline GrowthPipeline Growth
Chongqing, ChinaChongqing, ChinaKuwaitKuwaitLondon PaddingtonLondon PaddingtonKonya, TurkeyKonya, TurkeyCologneCologneNarita, Tokyo AirportNarita, Tokyo AirportSeoulSeoulCebu, PhilippinesCebu, PhilippinesSao PauloSao PauloRas Sudr Sinai, EgyptRas Sudr Sinai, EgyptShark Bay Resort, EgyptShark Bay Resort, EgyptAlexandriaAlexandriaLa Defense, ParisLa Defense, ParisLinkopingLinkopingScandic Copenhagen SydhavenScandic Copenhagen SydhavenScandic Stockholm AlvikScandic Stockholm AlvikScandic BrugesScandic BrugesConrad DublinConrad DublinConrad BangkokConrad Bangkok
Openings 2002Openings 2002 NewcastleNewcastle
HaitiHaitiDubrovnikDubrovnikCopenhagen Copenhagen Beirut Barrage ResidenceBeirut Barrage ResidenceRoyal Residences JeddahRoyal Residences JeddahYarra ValleyYarra ValleySharm NabqSharm NabqMakkah TowersMakkah TowersScandic TrondheimScandic Trondheim
Openings 2003Openings 2003 LagosLagos
BerlinBerlinMoscowMoscowMunich DornachMunich DornachBeirutBeirutKuala LumpurKuala LumpurDoha, QatarDoha, QatarDenarau, FijiDenarau, FijiTahiti PapeeteTahiti PapeeteTahiti RangiroaTahiti RangiroaTahiti Bora BoraTahiti Bora BoraConrad BaliConrad Bali
Openings 2004Openings 2004
Guest SatisfactionGuest Satisfaction
1999 2000 2001
Completely or very satisfiedCompletely or very satisfied Fairly satisfiedFairly satisfied DissatisfiedDissatisfied
68% 71% 73%
9%18%
9%20%
12%20%
Independent research carried out for Hilton International, based on Independent research carried out for Hilton International, based on a sample of approximately 50,000 respondents per annuma sample of approximately 50,000 respondents per annum
Hilton AwardsHilton Awards BDRC British Hotel Guest Survey – Hotel Brand Performance in 2001 Awards: BDRC British Hotel Guest Survey – Hotel Brand Performance in 2001 Awards:
-- British Business Travellers’ Leading Choice Hotel Brand of the YearBritish Business Travellers’ Leading Choice Hotel Brand of the Year-- Ranked No.1 for brand loyaltyRanked No.1 for brand loyalty
Business Traveller Magazine Awards: UKBusiness Traveller Magazine Awards: UK- - Best New Business Hotel Worldwide: Copenhagen AirportBest New Business Hotel Worldwide: Copenhagen Airport-- Best Hotel Chain in UK Best Hotel Chain in UK -- Best Business Hotel in Western Europe: London HiltonBest Business Hotel in Western Europe: London Hilton
Business Traveller Magazine Awards: GermanyBusiness Traveller Magazine Awards: Germany-- Best Hotel Chain in EuropeBest Hotel Chain in Europe
-- Best Hotel Chain in Middle EastBest Hotel Chain in Middle East
- - Best Hotel Chain WorldwideBest Hotel Chain Worldwide
Hermes Awards, Paris:Hermes Awards, Paris:- - Best Customer Loyalty Programme: Hilton HHonorsBest Customer Loyalty Programme: Hilton HHonors- - Best Wellness and Fitness Concept: LivingWellBest Wellness and Fitness Concept: LivingWell
Hotels 214 278 144 112Worldwide betting 30 40 40 42Major property purchases 84 147 - -Capital expenditure 328 465 184 154
Disposals - hotels (151) (13) (355) *177 452 (171)
Cash 461 - 454Shares 882 - 165Memo: goodwill on acquisition 739 - 597
Hotels – Property net book value £2.5bn £2.8bn £2.6bn
CapexCapex
Acquisitions (Stakis and Scandic)Acquisitions (Stakis and Scandic)
£m£m £m£m £m£m £m£m20002000 20012001 Plan 2002Plan 200219991999
* Potential sale and leaseback deal* Potential sale and leaseback deal
Occupancy Occupancy 63.3% 63.3% (3.1%)(3.1%)
Average Rate (£)Average Rate (£) 49.4 49.4 3.8%3.8%
RevPAR (£)RevPAR (£) 31.3 31.3 0.6%0.6%
GOP (£m)GOP (£m) 97.5 97.5 1.2%1.2%
GOP conversionGOP conversion 42.6%42.6% 2.7%2.7%
ProformaProformavsvs
20002000
Scandic Post Acquisition ResultScandic Post Acquisition Result
20012001
Stockholm Stockholm
MalmoMalmo
GothenbergGothenberg
HelsinkiHelsinki
CopenhagenCopenhagen
LinkopingLinkoping
Scandic RebrandingScandic Rebranding
Hilton Vienna DanubeHilton Vienna Danube
Hilton InnsbruckHilton Innsbruck
Hilton Brussels CityHilton Brussels City
Hilton BonnHilton Bonn
Hilton BremenHilton Bremen
Hilton DortmundHilton Dortmund
Hilton KarlsruheHilton Karlsruhe
Hilton NurembergHilton Nuremberg
Hilton London DocklandsHilton London Docklands
Hilton Stockholm SlussenHilton Stockholm Slussen
RebrandedRebranded To Rebrand 2002To Rebrand 2002
LivingWellLivingWell
Current MembershipCurrent Membership
UKUK 123,784123,784
InternationalInternational 15,20515,205
TotalTotal 138,989138,989
BrandingBranding
HiltonHilton 238 238 Hilton Hilton 229229
Scandic Scandic 143 143 Hilton Garden InnHilton Garden Inn 125125
ConradConrad 1212 Double Tree Double Tree 151151
Embassy SuitesEmbassy Suites 168 168
Homewood Suites Homewood Suites 104 104
HamptonHampton 1,1441,144
ConradConrad 1212
Hilton Hilton 467467 hotels hotelsHIHI HHCHHC
1995 1996 1997 1998 1999 2000 2001
Average number of shops
PBIT £m 30.4 53.5 80.7 84.9 78.8 78.6 86.1
PBIT perShop £k 16.2 29.2 42.7 45.4 41.3 41.8 45.7
1,878 1,831 1,892 1,871 1,910 1,879 1,882
2001 Year End Performance - UK and Jersey2001 Year End Performance - UK and Jersey
Betting Duty Modernisation - Turnover Betting Duty Modernisation - Turnover IncreaseIncrease
Year on year 6.10.01 – 31.01.02Year on year 6.10.01 – 31.01.02 +41.5%+41.5%
Estimated “real” increaseEstimated “real” increase +30%+30%
UK shops onlyUK shops only
Horseracing - Where the duty cut has goneHorseracing - Where the duty cut has gone6 October 2001 – 31 January 20026 October 2001 – 31 January 2002Duty 2000/01Duty 2000/01 £20.5m£20.5mDuty 2001/02Duty 2001/02 £9.9m£9.9m
£10.6m£10.6m
Duty ModernisationDuty Modernisation
£2m
£8.4m
£0.2m
Customer returns increaseCustomer returns increase
Levy increaseLevy increase
GP increaseGP increase
£m10
5
0
Telephone BettingTelephone Betting
Profits normalised at £6.6mProfits normalised at £6.6m
Returned to the UK post 6Returned to the UK post 6thth October tax change October tax change
New bet and call handling system installedNew bet and call handling system installed
Since 6Since 6thth October turnover up 62% October turnover up 62%
Test voice recognition call system this yearTest voice recognition call system this year
Levy/BHB/Media and Data Rights/SISLevy/BHB/Media and Data Rights/SIS
Levy on gross profits from 1st April 2002Levy on gross profits from 1st April 2002
BHB require bookmakers to sign commercial agreement of 1.5% of BHB require bookmakers to sign commercial agreement of 1.5% of turnover for data and 1.0% for pictures (plus VAT) by 1turnover for data and 1.0% for pictures (plus VAT) by 1stst May 2002 May 2002
OFT investigating potential abuse of monopoly position and OFT investigating potential abuse of monopoly position and bundling of rights by BHB/RCA/Jockey Clubbundling of rights by BHB/RCA/Jockey Club
BHB vs William Hill at the ECJ over use of BHB vs William Hill at the ECJ over use of horseracing datahorseracing data
SIS has supply contracts with 8,300 of 9,300 potential betting SIS has supply contracts with 8,300 of 9,300 potential betting shopsshops
eGamingeGaming
£2m PBIT achieved in 2001 – ahead of forecast£2m PBIT achieved in 2001 – ahead of forecast
Customer volumes continue to grow rapidly:Customer volumes continue to grow rapidly:
RegisteredRegistered 260,000260,000
Active on SportsbookActive on Sportsbook 115,000115,000
Active on CasinoActive on Casino 27,00027,000
Available in 8 languages, 14 currencies with customers Available in 8 languages, 14 currencies with customers in 160 countriesin 160 countries
Since LaunchSince Launch
eGamingeGaming
Sportsbook turnover averaged £2.0m per week in 2001, now Sportsbook turnover averaged £2.0m per week in 2001, now £3.0m per week£3.0m per week
Chips purchased averaged £1.1m in 2001, £1.6m Chips purchased averaged £1.1m in 2001, £1.6m in Decemberin December
Balls turnover £0.5m per week Balls turnover £0.5m per week
Total eGaming turnover in 2001 reached £188m at 13.0%Total eGaming turnover in 2001 reached £188m at 13.0%
Ladbrokes brand ensures low customer acquisition costsLadbrokes brand ensures low customer acquisition costs
Sportsbook provides vital click through to casinoSportsbook provides vital click through to casino
eGamingeGaming
Localised and tailored partnershipsLocalised and tailored partnerships-- PlayboyPlayboy- Scandinavia- Scandinavia
Digital TVDigital TV- Ntl/ Telewest- Ntl/ Telewest- Sky- Sky- ‘attheraces’- ‘attheraces’
Constant improvement and developmentConstant improvement and development- One account- One account- Multi player poker- Multi player poker- Progressive Balls- Progressive Balls
Deal flowDeal flow- International white label- International white label- Brand and activity partnerships- Brand and activity partnerships