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bwin.party digital (BPTY)

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Thursday 12 April, 2012

bwin.party digital

Annual Information Update

RNS Number : 2212B
bwin.party digital entertainment
12 April 2012
 



12 April 2012

bwin.party digital entertainment plc

('bwin.party' or the 'Company')

 

Annual Information Update ('AIU') and 2011 Annual Report

 

1. AIU
In compliance with rule 5.2 of the Prospectus Rules the Company is submitting this AIU for the 12 month period to 12 April 2012.

The following is a list of all the announcements and filings of a regulatory nature made by the Company since the previous AIU.

A. Regulatory Information Service Announcements

Date

Headline

2 April 2012

PDMR - Jim Ryan

2 April 2012

PDMR - Martin Weigold

2 April 2012

Block Listing Six Monthly Return

30 March 2012

Total Voting Rights

29 March 2012

2011 Full Year Results

22 March 2012

Transaction in Own Shares

21 March 2012

Transaction in Own Shares

20 March 2012

Transaction in Own Shares

19 March 2012

Transaction in Own Shares

16 March 2012

Transaction in Own Shares

15 March 2012

Transaction in Own Shares

14 March 2012

Transaction in Own Shares

13 March 2012

Transaction in Own Shares

12 March 2012

Transaction in Own Shares

9 March 2012

Transaction in Own Shares

8 March 2012

Transaction in Own Shares

7 March 2012

Transaction in Own Shares

6 March 2012

Transaction in Own Shares

6 March 2012

Sale of Ongame to Shuffle Master

5 March 2012

Transaction in Own Shares

2 March 2012

Transaction in Own Shares

2 March 2012

2011 Full Year Results Notification

1 March 2012

Transaction in Own Shares

29 February 2012

Transaction in own shares and Total Voting Rights

28 February 2012

Transaction in Own Shares

27 February 2012

Transaction in Own Shares

24 February 2012

Transaction in Own Shares

23 February 2012

Transaction in Own Shares

22 February 2012

Transaction in Own Shares

21 February 2012

Transaction in Own Shares

20 February 2012

Transaction in Own Shares

17 February 2012

Transaction in Own Shares

16 February 2012

Transaction in Own Shares

15 February 2012

Transaction in Own Shares

14 February 2012

Transaction in Own Shares

13 February 2012

Transaction in Own Shares

10 February 2012

Transaction in Own Shares

9 February 2012

Transaction in Own Shares

8 February 2012

Transaction in Own Shares

7 February 2012

Transaction in Own Shares

6 February 2012

Transaction in Own Shares

3 February 2012

Transaction in Own Shares

2 February 2012

Transaction in Own Shares

1 February 2012

Transaction in Own Shares

31 January 2012

Transaction in Own Shares

30 January 2012

Transaction in Own Shares

27 January 2012

Transaction in Own Shares

27 January 2012

Transaction in Own Shares

25 January 2012

Transaction in Own Shares

24 January 2012

Transaction in Own Shares

23 January 2012

Transaction in Own Shares

20 January 2012

Transaction in Own Shares

19 January 2012

Transaction in Own Shares

18 January 2012

Transaction in Own Shares

17 January 2012

Transaction in Own Shares

16 January 2012

Transaction in Own Shares

13 January 2012

Transaction in Own Shares

12 January 2012

Transaction in Own Shares

11 January 2012

Transaction in Own Shares

10 January 2012

Transaction in Own Shares

9 January 2012

Transaction in Own Shares

6 January 2012

Transaction in Own Shares

5 January 2012

Transaction in Own Shares

5 January 2012

Transaction in Own Shares

3 January 2012

Danske Licens Spil and bwin.party launch online games in Denmark

3 January 2012

PDMR - Geoff Baldwin

3 January 2012

PDMR - Jim Ryan

30 December 2011

Total Voting Rights

21 December 2011

Transaction in Own Shares

20 December 2011

Transaction in Own Shares

19 December 2011

Transaction in Own Shares

16 December 2011

Transaction in Own Shares

16 December 2011

Transaction in Own Shares

16 December 2011

bwin.party Awarded Danish Online Gaming Licenses

14 December 2011

Transaction in Own Shares

13 December 2011

Transaction in Own Shares

13 December 2011

Pre-Close Trading Update

12 December 2011

Transaction in Own Shares

9 December 2011

Transaction in Own Shares

9 December 2011

PDMR - Martin Weigold

9 December 2011

Notice of Pre-Close Trading Update

8 December 2011

Transaction in Own Shares

7 December 2011

Transaction in Own Shares

6 December 2011

Transaction in Own Shares

5 December 2011

Transaction in Own Shares

2 December 2011

Transaction in Own Shares

1 December 2011

Transaction in Own Shares

30 November 2011

Transaction in own shares and Total Voting Rights

29 November 2011

Transaction in Own Shares

28 November 2011

Transaction in Own Shares

28 November 2011

Transaction in Own Shares

24 November 2011

Transaction in Own Shares

23 November 2011

Transaction in Own Shares

22 November 2011

Transaction in Own Shares

21 November 2011

Transaction in Own Shares

18 November 2011

Transaction in Own Shares

17 November 2011

Transaction in Own Shares

17 November 2011

Transaction in Own Shares

15 November 2011

Transaction in Own Shares

14 November 2011

Transaction in Own Shares

11 November 2011

Transaction in Own Shares

10 November 2011

Transaction in Own Shares

10 November 2011

Transaction in Own Shares

8 November 2011

Interim Management Statement and 2011 Q3 KPIs

8 November 2011

Transaction in Own Shares

2 November 2011

Holdings in Company - Janus Capital Management

1 November 2011

Announcement of US Online Poker Strategy with MGM and Boyd

31 October 2011

Total Voting Rights

25 October 2011

Notification of Interim Management Statement and Q3 KPIs

24 October 2011

Scheme of Arrangement Sanctioned by Court

20 October 2011

Holdings in Company - SRS Investment Management

17 October 2011

PDMR - Lewis Moonie

11 October 2011

Transaction in Own Shares

10 October 2011

Transaction in Own Shares

7 October 2011

Transaction in Own Shares

6 October 2011

Transaction in Own Shares

6 October 2011

Court Meeting Voting Results

5 October 2011

Transaction in Own Shares

4 October 2011

Transaction in Own Shares

3 October 2011

Transaction in Own Shares

30 September 2011

Total Voting Rights

30 September 2011

Block Listing Six Monthly Return

30 September 2011

PDMR - Jim Ryan

30 September 2011

Transaction in Own Shares

29 September 2011

Transaction in Own Shares

28 September 2011

Transaction in Own Shares

27 September 2011

Transaction in Own Shares

26 September 2011

2011 Interim Dividend - Euro Elections

26 September 2011

Transaction in Own Shares

23 September 2011

Transaction in Own Shares

22 September 2011

Transaction in Own Shares

21 September 2011

Transaction in Own Shares

20 September 2011

Transaction in Own Shares

19 September 2011

Transaction in Own Shares

16 September 2011

Transaction in Own Shares

14 September 2011

Transaction in Own Shares

13 September 2011

Transaction in Own Shares

12 September 2011

Transaction in Own Shares

9 September 2011

Transaction in Own Shares

8 September 2011

Transaction in Own Shares

8 September 2011

Posting of Circular and Notice of Court Meeting

7 September 2011

Transaction in Own Shares

6 September 2011

Transaction in Own Shares

6 September 2011

PDMR - Martin Weigold Part 2

6 September 2011

PDMR - Martin Weigold Part 1

2 September 2011

PDMR - Simon Duffy

31 August 2011

PDMR - Jim Ryan 

31 August 2011

Total Voting Rights

31 August 2011

2011 Half Year Results

31 August 2011

Interim Dividend

26 August 2011

Half Year Results Notification

29 July 2011

bwin.fr and Sajoo.fr to merge

19 July 2011

Launch of Italian cash game poker and casino

15 July 2011

Directorate Change

1 July 2011

PDMR - Jim Ryan

30 June 2011

2011 Annual General Meeting Poll Results

30 June 2011

Total Voting Rights

30 June 2011

AGM Statement - Pre-Close Trading Update and Distribution Policy

21 June 2011

Trust Share Purchase

20 June 2011

PDMR - Simon Duffy

20 June 2011

Trust Share Purchase

6 June 2011

bwin.party extends FIBA agreement until 2014

3 June 2011

Holdings in Company - Janus Capital Management

31 May 2011

Total Voting Rights

27 May 2011

Annual Report and 2011 AGM Notice

11 May 2011

PDMR Transactions

10 May 2011

Holdings in Company - Janus Capital Management

6 May 2011

Q1 2011 Pro Forma KPIs and Interim Management Statement

5 May 2011

bwin new title sponsor of the Padel Pro Tour Circuit

4 May 2011

Q1 2011 KPIs and Interim Management Statement Notification

28 April 2011

Total Voting Rights

26 April 2011

PDMR - Simon Duffy

15 April 2011

Distribution Policy

12 April 2011

Annual Information Update

 

All of the above announcements are available on the Company's website, www.bwinparty.com

B. Documents filed with Companies House Gibraltar

Date filed

Document

2 April 2012

Return by a Company Purchasing its Own Shares

2 April 2012

Return of Allotments

2 April 2012

Return of Allotments

24 February 2012

Return of Allotments

24 February 2012

Return of Allotments

24 February 2012

Return of Allotments

24 February 2012

Return of Allotments

24 February 2012

Return of Allotments

24 February 2012

Return of Allotments

16 February 2012

Return by a Company Purchasing its Own Shares

21 December 2011

Return by a Company Purchasing its Own Shares

3 November 2011

Court Order

25 October 2011

Extraordinary Resolution

4 October 2011

Return by a Company Purchasing its Own Shares

19 July 2011

Particulars of Directors & Secretaries

13 July 2011

Annual filing of Accounts

12 July 2011

Substitution Annual Return 2011

12 July 2011

Letter of Substitution

12 July 2011

Substitution Particulars of Directors & Secretaries

8 July 2011

Special Resolutions

8 July 2011

Ordinary Resolutions

21 June 2011

Return of Allotments

3 June 2011

Return of Allotments

3 June 2011

Return of Allotments

24 May 2011

Annual Return 2011

12 May 2011

Return of Allotments

12 May 2011

Return of Allotments

12 May 2011

Return of Allotments

14 April 2011

Return of Allotments



The above information is available from Companies House Gibraltar.

C. Documents lodged with the Financial Services Authority

The following is a list of all documents filed with the Financial Services Authority during the 12 month period and available to be viewed via the National Storage Mechanism or at the Company's registered office.

Date

Submission

8 September 2011

Circular to shareholders and Notice of Court Meeting for Scheme of Arrangement


D. Disclaimer

Some or all of the information set out above may be out of date. The information in this document is a record only and the Company is not obliged to update it. 

2. 2011 Annual Report

Following the release on 29 March 2012 of the Company's annual results announcement for the year ended 31 December 2011, its annual report and accounts for the year ended 31 December 2011 (the "Annual Report"), and the notice of the Company's 2012 Annual General Meeting will be made available on the Company's website, www.bwinparty.com and copies will also be posted to the Company's shareholders and depositary interest holders that have elected to receive hard copies.

A. Disclosure and Transparency Rule 6.3.5

A condensed set of the financial statements for the year ended 31 December 2011 together with information on important events that occurred during that financial year and their impact on the financial statements, were contained in the annual results announcement made on 29 March 2012.  That information, together with the information set out below, which is extracted from the Annual Report, constitute the material required by Disclosure and Transparency Rule 6.3.5 which is required to be communicated to the media in full unedited text through a Regulatory Information Service.  This announcement is not a substitute for reading the Annual Report.

B. 2011 Annual Report Extracts

"The Merger has resulted in some changes to our key risks but our approach to risk management has not changed and reflects the previous approach adopted by bwin and PartyGaming of asking: What if?

Assessing key risks

We conduct a continuous process of Group-wide assessments that examine whether any risk has increased, decreased or become obsolete; identify any new risks, especially from recent key business events; and the likelihood of a risk occurring and what level of impact it would have on the Group.

Following the completion of the Merger, we held eight risk workshops across key business areas as well as for the executive team, that included the Co-CEOs, Jim Ryan and Norbert Teufelberger, the Chief Financial Officer, Martin Weigold, and the Chief Operating Officer, Joachim Baca.

In addition, the Group Risk Committee, chaired by Martin Weigold, has met twice since the Merger completed to ensure that all strategic risks were identified and to reach a consensus on the significant risks identified by the eight functional workshops. These risks are then reported to the Audit Committee for review.

The workshops also serve to impress the importance of risk management throughout all business functions. Facilitated by the Internal Audit & Risk Management team, the workshops involve key people from each of the Group's prime functions including Technology, Marketing, each of the product verticals, Human Resources, Operations, Finance, Regulatory Affairs, Legal and Company Secretarial.

Many of the threats and challenges faced by online gaming companies are similar to those faced by other leisure and entertainment industries. They include competition, changes to consumer tastes, maintaining healthy financial ratios in compliance with banking covenants, loss of key personnel and so on.

There are also certain risks that are more specific to bwin.party and to the online gaming industry that deserve particular mention. Our five main risk groups are:

• Technology

• Regulation and compliance

• Taxation

• Integration

• Unlevel playing field in poker

Technology

Technology is at the core of our business. Improving our gaming platform and products is a never-ending and vital process that maintains our competitive edge, keeps us abreast of evolving consumer tastes and upholds our valuable reputation for offering responsible, safe and secure gaming products.

Most of our gaming technology is proprietary, which means that we are better placed to manage risks associated with technological and regulatory change than competitors that rely on third-party software and systems.

However, we share the industry's general risks that arise from sourcing broadband and communications, data management and storage services as well as a raft of other services from external suppliers. We seek to offset these risks by not becoming overly reliant on any single supplier as well as having in place disaster recovery centres and business continuity plans across the Group.

The Merger has prompted an increase in technology risk as we migrate from separate platforms and systems to a single centralised operating system, one that supports four gaming verticals across multiple brands and territories. Other back-office functions are also being harmonised and while less important from a revenue perspective, this also increases operational risk for the business. To mitigate this risk we have planned extensively and will run appropriate tests before switching to any new systems.

Regulation and compliance

Regulation is probably the most complex of our key risks and managing it effectively is a critical process for the Group, especially given the number of countries that are introducing regulatory regimes each of which have different requirements.

Our compliance obligations range from administration of our gaming licences in Gibraltar, Alderney, Denmark, France and Italy to assessing what impact country-specific and pan-regional rules and regulations might have on our business and the wider industry. Whilst political and cultural attitudes towards online gaming continue to evolve, there is always a risk that certain territories may seek to ban one or more of the products that we offer or online gaming entirely.

We have a dedicated regulatory and compliance function that reports directly to the Co-CEOs and is closely supported by our legal and country management teams. We undergo a series of external audits as required under our gaming licences and also perform our own compliance assessment process, ensuring that policies and procedures are being followed and are working effectively.

We advocate that the best way to protect consumers is to license and regulate online gaming with a commercially viable framework, one in which there is a greater incentive to be within the regulatory net than outside it. To do otherwise serves the interests of black-market operators that are only too happy to accept wagers from unsuspecting consumers focused on the best returns. Through our efforts, this is a concept that is now being grasped by several countries around the world and particularly so in Europe where a number of countries are actively considering developing their own regulatory regimes.

Taxation

Taxation is the third category of risk which we believe is material. Group companies operate for tax purposes only where they are incorporated, domiciled or registered. Revenues earned from customers located in a particular jurisdiction may give rise to further taxes in that jurisdiction. If such taxes are levied, either on the basis of existing law or the current practice of any tax authority, or by reason of a change in law or practice, then this may have a material adverse effect on the amount of tax payable by the Group. We manage these risks by considering tax as part of our overall business planning.

Integration

The process of integrating bwin and PartyGaming is extremely complex, requiring substantial management attention and other resources. While there can be no guarantee that all elements of the integration will be successful, the significant investment in planning and preparation ahead of the Merger has proved worthwhile. The main risks in this category are achieving financial synergies; the loss of key personnel; and the eventual migration of players to a single e-gaming platform. To ensure we remain on target, a dedicated Integration Management Office was established to, inter alia, drive and monitor progress across each of the synergy streams as well as identify constraints and inter-dependencies. The Board has put in place a series of incentive plans, the details of which can be found in the Remuneration Report, in order to ensure that key personnel are retained. There remains a risk associated with the migration of players to a single technology platform, however we have put together a detailed plan to ensure a smooth transition that will take place during the second half of 2012 and have already assumed a 15% player loss into our financial synergy targets disclosed at the time of the Merger.

Unlevel playing field in poker

This risk arose principally from US-facing poker sites that up until 15 April 2011 had enjoyed a significant competitive advantage from the fact that they continued to accept wagers from US-based customers, providing superior player liquidity and cashflow that could be reinvested in European markets. However, following the steps taken on 15 April 2011 by US authorities that resulted in the closure of the US-facing activities of PokerStars, Full Tilt and Absolute Poker/Ultimate Bet, this risk has now changed.

While PokerStars remains the largest operator in most markets and a very strong competitor, the risk level has been reduced to one of 'strong competition'. Full Tilt Poker has been closed since losing its gaming licence on 29 June 2011 and Absolute Poker/Ultimate Bet has also ceased trading."

Directors' Responsibility Statement

"In accordance with DTR 4.1.12 of the FSA's Disclosure and Transparency Rules, the Directors confirm to the best of their knowledge:

(a) the Group's financial statements have been prepared in accordance with IFRS and Article 4 of the IAS Regulation and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Group; and

(b) the Annual Report includes a fair review of the development and performance of the business and the financial position of the Group and the Company, together with a description of the principal risks and uncertainties that they face.

By order of the Board of Directors
Robert Hoskin
Company Secretary
29 March 2012"

Contact:

bwin.party digital entertainment plc

+ 350 200 78700

Robert Hoskin, Company Secretary

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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