3 results
10-K
2023 FY
FLUT
Flutter Entertainment plc
26 Mar 24
Annual report
6:09am
On March 7, 2023, awards were granted to the Executive Directors under the DSIP, and on April 28, 2023, awards were granted to the Executive Directors under the new Consolidated LTIP (as defined below) plan. Details of these awards are set out in the following table: Under the Consolidated LTIP, an award comprising four years’ worth of grants being granted with the performance period for each tranche being staggered to cover a three-year period. The award level was equivalent to an annual award of 400% of salary for the CEO and 300% for the CFO. Maximum vesting for Consolidated LTIP awards is 100% of the granted award level.
| Name | Award | Type of Interest in Shares | Face Value (%) | Face Value (£)(1) | Number of Shares | Vesting at Threshold | End of Performance Period(2) | Vesting Date(3) | Expiration Date(4) | |||||||||||||||||||||||||
| Executive Directors | ||||||||||||||||||||||||||||||||||
| Peter Jackson | Consolidated LTIP | Nil-cost options | 1600% of salary | £ | 19,562,334 | 122,789 | 12.5 | % | 25% each in December 31, 2025 December 31, 2026 December 31, 2027 December 31, 2028 | 25% each in April 28, 2026(4) April 28, 2027(4) April 28, 2028(4) April 28, 2029(4) | April 28, 2033 | |||||||||||||||||||||||
| DSIP | Nil-cost options | 50% of bonus | £ | 554,734 | 4,178 | n/a | n/a | 50%: March 7, 2026 50%: March 7, 2027 | March 7, 2033 | |||||||||||||||||||||||||
| Jonathan Hill | DSIP | Nil-cost options | 50% of bonus | £ | 318,793 | 2,401 | n/a | n/a | 50%: March 7, 2026 50%: March 7, 2027 | March 7, 2033 | ||||||||||||||||||||||||
| Paul Edgecliffe-Johnson | Consolidated LTIP | Nil-cost options | 1200% of salary | £ | 8,999,958 | 56,491 | 12.5 | % | 25% each in December 31, 2025 December 31, 2026 December 31, 2027 December 31, 2028 | 25% each in April 28, 2026(4) April 28, 2027(4) April 28, 2028(4) April 28, 2029(4) | April 28, 2033 | |||||||||||||||||||||||
| Buy-out award | Nil-cost options | n/a | £ | 3,186,907 | 26,387 | n/a | n/a | 6,910 shares on 10 March 2024 5,055 shares on 28 February 2025 9,818 shares on 10 March 2025 4,604 shares on 10 March 2026 | March 20, 2033 | |||||||||||||||||||||||||
10-K
2023 FY
FLUT
Flutter Entertainment plc
26 Mar 24
Annual report
6:09am
The table below shows the outcomes for each element on an actual outcome and adjusted basis, relative to the stretching targets set at the start of the year. Targets and outturn for the financial measures are presented under IFRS accounting.
| Performance targets(1) | Actual performance | Bonus outcome pre adjustment (% of max) | Bonus outcome pre adjustment (% of target) | Performance after adjustment (4) | Bonus outcome after adjustment (% of max) | Bonus outcome after adjustment (% of target) | Bonus outcome | |||||||||||||||||||||||||||||||||||||||||
| Weighting | Threshold | Target | Maximum | Peter Jackson | Jonathan Hill(2) | Paul Edgecliffe- Johnson(2) | ||||||||||||||||||||||||||||||||||||||||||
| Group Revenue | 30 | % | £ | 8,734m | £9,292m | £ | 9,850m | £ | 9,514m | 24 | % | 36 | % | £9,519m | 24.1 | % | 36.1 | % | ||||||||||||||||||||||||||||||
| Group Adjusted EBIT | 25 | % | £ | 940m | £1,011m | £ | 1,062m | £ | 1,021m | 18.2 | % | 27.3 | % | £1,059m | 24.5 | % | 36.7 | % | ||||||||||||||||||||||||||||||
| US Adjusted EBITDA | 25 | % | FanDuel profitable | FanDuel profit of $10m | US profit of $10m | US profit of $107m | 25 | % | 37.5 | % | US profit of $151m | 25 | % | 37.5 | % | |||||||||||||||||||||||||||||||||
| Safer gambling:(3) | 20 | %: | Various divisional targets | 19.1 | % | 28.7 | % | 19.1 | % | 28.7 | % | |||||||||||||||||||||||||||||||||||||
| FanDuel | 5 | % | 8 | % | 10% | 12 | % | 17.3 | % | 5 | % | 7.5 | % | 5 | % | 7.5 | % | |||||||||||||||||||||||||||||||
| UKI (SG Tools) | 1.65 | % | 50 | % | 50.5% | 51 | % | 51.8 | % | 1.65 | % | 2.5 | % | 1.65 | % | 2.5 | % | |||||||||||||||||||||||||||||||
| UKI (TRI) | 3.35 | % | (4 | )% | (8)% | (12 | )% | (39 | )% | 3.35 | % | 5 | % | 3.35 | % | 5 | % | |||||||||||||||||||||||||||||||
| Sportsbet | 5 | % | 15.2 | % | 19% | 22.8 | % | 20.8 | % | 4.1 | % | 6.2 | % | 4.1 | % | 6.2 | % | |||||||||||||||||||||||||||||||
| International | 5 | % | 57.8 | % | 59.1% | 60.4 | % | 64.7 | % | 5 | % | 7.5 | % | 5 | % | 7.5 | % | |||||||||||||||||||||||||||||||
| Total | 86.3 | % | 129.5 | % | 92.7 | % | 139 | % | £ | 3,206,312 | £ | 575,332 | £ | 1,448,066 | ||||||||||||||||||||||||||||||||||
10-K
2023 FY
FLUT
Flutter Entertainment plc
26 Mar 24
Annual report
6:09am
The aggregate amount of remuneration paid to our Executive Directors in fiscal 2023 was approximately £10.65 million. This amount comprises salary, annual bonus, pension, private medical insurance and other benefits, long-term incentive awards and value of joiner buy-out awards for Executive Directors. The table below reflects the amount of compensation paid and benefits in kind granted, to the Executive Directors, during fiscal 2023.
| Salary (£000)(1) | Benefits (£000)(2) | Pension (£000)(3) | Annual Bonus (£000) | Long- Term Incentives (£000)(5) | Other (£000)(4) | |||||||||||||||||||
| Executive Directors/Senior Management | ||||||||||||||||||||||||
| Peter Jackson | 1,214 | 6 | 109 | 3,206 | — | — | ||||||||||||||||||
| Jonathan Hill (up to April 28, 2023) | 234 | 6 | 21 | 575 | — | — | ||||||||||||||||||
| Paul Edgecliffe-Johnson (from March 20, 2023) | 590 | 1 | 53 | 1,448 | — | 3,187 | ||||||||||||||||||
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