sports content 
specialists
perform group plc 
annual report and accounts 2013
perform group plc annual report and accounts 2013 perform is a global market  
leader in the commercialisation  
of multimedia sports content  
across multiple platforms
wwwperformgroupcom
our strategy 
more on
p16
our vision
to create the most connected and advanced 
sports content engine that covers every major 
global sporting event and powers industry 
leading products that engage millions of  
fans globally every day contents
financial and operational highlights 2
strategic report
industry leading approach 6
market overview 8
chairman’s review 12
joint ceos’ review 14
vision and growth strategy 16
key performance indicators 18
enhance digital sports rights portfolio 20
expand geographically 22
grow the audience 24
pursue complementary strategic acquisitions 25
launch on new digital platforms 26
content distribution 28
advertising and sponsorship display 30
advertising and sponsorship video 32
subscription 34
technology and production 35
financial review 36
risk management 42
risk and uncertainties 43
corporate and social responsibility 46
corporate governance
introduction to corporate governance 50
board of directors 52
directors’ report 54
corporate governance 58
remuneration committee report 66
directors’ responsibilities statement 81
financial statements
independent auditor’s report 84 
consolidated income statement 87
consolidated statement 
of comprehensive income 88
consolidated statement of changes in equity 89
consolidated statement of financial position 90
consolidated statement of cash flows 91
notes to the group financial statements 92
parent company financial statements 132
shareholder information 138
growth 
strategy
p20
chairman’s  
review
p12
industry  
leading 
approach
p06
business 
review
p28
these navigation 
markers help highlight 
additional detail
perform group plc annual report and accounts 2013 1 profit after tax
£46m 
 66
2012 £135m
adjusted basic and diluted 
earnings per share
104p
 7
2012 112p
adjusted ebitda
£364m 
 3
2012 £37 5m
adjusted profit before tax 
£260m
 14
2012 £303m
revenue
£2081m
37
2012 £1516m
the group has delivered strong revenue 
growth of 37 to over £208 million whilst 
adjusted ebitda marginally declined to 
£36 million
financial highlights
 adjusted ebitda is group operating profit excluding amortisation including acquisition intangibles 
depreciation exceptional items and sharebased payments adjusted profit before tax is group profit 
before tax excluding exceptional items including exceptional finance charges share based payments 
amortisation of acquisition intangibles and the accretion of acquisitionrelated deferred consideration 
adjusted earnings per share is group earnings per share excluding exceptional items including 
exceptional finance charges share based payments amortisation of acquisition intangibles and the 
accretion of acquisitionrelated deferred consideration the tax effect of these adjusted items has not 
been factored in
key performance indicators
page 18
2 perform group plc annual report and accounts 2013 2 perform group plc annual report and accounts 2013 live watchbet  
events streamed
16543
12
2012 14729
runningball customers
53  7
2012 46
eplayer total video on demand 
streams viewed
50bn 
13
2012 45 billion
watchbet licensees
46 6
2012 40
eplayer average  
sellthroughrate
48 
9pp 
2012 39
the group has continued to execute its growth 
strategy by enhancing its rights portfolio 
expanding geographically growing its audience 
pursuing complementary acquisitions and 
launching on new platforms
operational highlights
average monthly  
unique users owned portals
90m 
 66
2012 54m
runningball events delivered
78012 
56
2012 49866
perform group plc annual report and accounts 2013 3 perform group plc annual report and accounts 2013 3 strategic
report
industry leading approach 6
market overview 8
chairman’s review 12
joint ceos’ review 14
vision and growth strategy 16
key performance indicators 18
enhance digital sports rights portfolio 20  
expand geographically 22
grow the audience 24
pursue complementary strategic acquisitions 25
launch on new digital platforms 26
content distribution 28
advertising and sponsorship display 30
advertising and sponsorship video 32
subscription 34
technology and production 35
financial review 36
risk management 42
risk and uncertainties 43
corporate and social responsibility 46 strategic  
report
corporate  
governance
financial 
statements
strategic  
report
corporate  
governance
financial 
statements the group creates and distributes sports content 
that millions of fans around the world interact with 
every month
through unrivalled content collection production and 
distribution capabilities alongside industry leading 
digital products the group generates revenues through 
a mix of licencing content advertising subscription and 
technology and production service fees
every relevant sporting fixture and schedule the most  
effective coverage strategy
plan
content using a global network of content collators news 
crews outside broadcast and thirdparty feeds
collect
this content through a team of content producers that  
create quality outputs in multiple formats and languages
produce
content via a range of dynamic solutions with embedded 
rights management
distribute
the content through a portfolio of worldclass business to 
business and direct to consumer products
productise
these products to ensure they are relevant and enhanced 
for local markets
regionalise
these products via licence fees advertising and 
subscription revenues
monetise
industry leading approach
business reviews  
from page 28
6 perform group plc annual report and accounts 2013 content distribution
£133m
yoy growth of 43 
2012 £93 million
advertising  sponsorship 
display
£28m
yoy growth of 54 
2012 £18 million
advertising  sponsorship 
video
£20m
yoy growth of 48 
2012 £13 million
subscription
£14m
yoy growth of 15 
2012 £12 million
technology  production
£13m
yoy decline of 10 
2012 £15 million
content distribution
the group owns digital sports media rights to over 
200 leagues tournaments and events and utilises this rights 
portfolio alongside the group’s own video data editorial 
and audio content to deliver a range of b2b products which 
are licensed to betting and media clients around the world
advertising  sponsorship display
the group generates advertising and sponsorship revenues 
through the sale of display advertisements on the group’s 
own branded websites and mobile products including goal 
the world’s largest football website sporting news and 
mackolik in 2013 the group had an average of 90 million 
monthly unique users across its owned direct to consumer 
digital sports products the group also sells advertising for 
a network of thirdparty digital sports products including 
the premier league’s official website
subscription
the group generates subscription revenues from 
consumers paying monthly or annual fees to watch internet 
delivered live video and videoondemand sports content 
via livesporttv and a range of thirdparty subscription 
products that the group powers on behalf of football clubs 
sports bodies and broadcasters
advertising  sponsorship video
the group generates video advertising and sponsorship 
revenues through the sale of preroll video advertisements 
on its videoondemand vod broadcast platform the 
eplayer the eplayer is embedded on the websites of over 
1500 leading publishers and sports portals in 26 territories 
in 2013 five billion videos were streamed and 24 billion pre
roll adverts were sold the group’s vod content portfolio 
included some of the leading sports properties around 
the world including national football league nfl major 
league baseball mlb and the national hockey league 
nhl in the us serie a in italy and la liga in spain
technology  production
the group generates technology and production 
revenues from a range of clients by designing building 
and managing websites and mobile products on behalf of 
sports rights holders ingesting encoding and streaming 
live and on demand content on behalf of sports rights 
holders and broadcasters and by filming and editing  
sports matches for rights holders
perform group plc annual report and accounts 2013 7
strategic  
report
corporate  
governance
financial 
statements the group’s digital business model is uniquely positioned 
to exploit global growth trends
market overview
increased digital media consumption
increased broadband penetration leading to increased digital 
media consumption and internet powered business models
the number of internet users continues to rise in terms of 
both broadband penetration and those that have access to the 
medium in public places there are currently 25 billion global 
internet users source itu in key markets like china and 
russia penetration remains below 50 in the likes of india and 
indonesia wired broadband penetration is under 10 even in 
markets like the us there is room to grow with fixed broadband 
penetration at only 77 and several million users remain on 
dialup connections
broadband prices are also either generally flat – in developed 
markets – or declining – in developing markets hence increased 
take up of home broadband is forecast in most markets 
encouraging further online interaction
the amount of time that people spend using the web 
continues to rise even in developed markets social media 
sites in particular have proved enormously popular and have 
increased the amount of time that users spend on the internet 
the range of devices via which users can access the web 
including tablets and mobiles is also increasing the amount of 
time people spend online and its relevance in people’s lives
after years of home broadband being the most popular way to 
access the internet access via mobile broadband most often 
via mobile phones rather than pcs and laptops has come to 
dominate penetration of mobileinternet services will reach 
54 by year end 2017 compared with 51 for fixed broadband
0
5
10
15
20
25
30
35
north
america
emea asia
paciﬁc
latin
america
source pwc global entertainment and media outlook 20132017
internet subscriber growth 201317 cagr 
mobile internet
fixed broadband
0
10
20
30
40
50
60
2016
2017
2015
2014
2013
2012
2011
2010
2009
2008
fixed broadband 
penetration
mobile internet 
penetartion
global mobile internet  ﬁxed broadband penetration 
source pwc global entertainment and media outlook 20132017
3500
3000
2500
2000
1500
1000
500
0
2016
2017
2015
2014
2013
2012
2011
2010
2008
2008
source pwc global entertainment and media outlook 20132017
global mobile internet subscribers millions  
perform
• platform agnostic approach
• multiplatform rights portfolio
• internet powered business model
8 perform group plc annual report and accounts 2013 proliferation of smart connected devices
proliferation of smart connected devices providing enhanced 
user experience and a significant connected tv and 
mobile opportunity
ihs screen digest predicts that there will be more active 
connected livingroom devices than tv households in the 
western world by 2016 smart connected devices shipped 
worldwide are forecast to increase from c15 billion in 2013 to 
c24 billion in 2017 with growing penetration of smartphones 
15 billion global smartphone subscribers growing at 30 in 
2013 and connected devices across the world the number 
of smartphone shipments is expected to reach 17 billion in 
2017 from 05 billion in 2011 tablet devices are seeing a more 
rapid growth than smartphones with three times more ipad 
shipments than iphones in the first three years after launch
consumers’ attention is more divided than ever as media 
multitasking becomes the norm the amount of time spent 
with mobile is growing at 14 times the rate of desktop web with 
smartdevice users spending 19 of their time on mobile web 
and 81 of their time on mobile apps based on us smartphone 
users source nielsen
t ablet desktop pc portable pc smartphone
0
500
1000
1500
2000
2017
2013
source idc sep 2013
smart connected device shipments worldwide 
millions of units 
0
5
10
15
25
20
source t omiahohen almanac 2013
mobile users reach to phone c150 times a day
number of times typical user checks phone per day
other
web
search
calendar
news  alerts
camera
alarm
social media
gaming
music
checking time
voice call
messaging
social media usage continuing to 
grow globally
social media usage exploding globally with network effect 
offering an unrivalled distribution platform and new routes 
to market
facebook now has 
• 11bn global active users
• of which 68 use on mobiles
• and 60 login daily
• with average 200 friends and
• 350m photos uploaded daily
there is a continued rise in the number of people brands 
and sports properties using social networking platforms with 
increasing sophistication in the use of these platforms social 
media accounts for more than 20 of the time spent online 
globally and social networks reach 85 of the world’s online 
population advertisers are increasingly using social media 
platforms to build consumer interaction with social media 
delivering 30 of online display advertising impressions with 
social media ad revenues expected to grow from 61 billion 
in 2013 to 11 billion by 2017 social advertising has become a 
huge topic of interest amongst marketers social ads have 55 
higher recall than nonsocial ads facebook is expected to have 
generated c1 billion from its mobile ad revenue in 2013
source global sports media consumption report 2013
social media use

0
20
40
60
80
100
2012
2013
facebook
youtube
twitter
google
linkedin
pinterest
myspace
instagram
tumblr
foursquare
0
2
4
6
8
12
10
16
14
source comscore  broker research 
years to achieve 50 global penetration
social media
tv on pc e 
smartphones e 
audio on pc
pvrs e
dvds
ipads
digital tv
broadband
colour tv
cd players
radio
vcrs
multichannel tv
mobile
perform
• the group’s direct to consumer products continue to focus 
on social media platforms to enhance consumer engagement 
and drive audience growth
• social media interaction is commonly built into 
major sponsorships
perform
• ideally positioned for exploiting connected tv and 
mobile opportunity
• the group’s consumer products goal sporting news 
spox etc benefit immensely from our technologically 
advanced platform development strategy
perform group plc annual report and accounts 2013 9
strategic  
report
corporate  
governance
financial 
statements market overview 
continued
increasing consumption of sport  
through digital media
the group works with kantarsport and tv sports markets to 
publish an annual survey of how sports fans are consuming 
sports content the report covers a wide range of media tv 
print radio online social a wide range of devices televisions 
connected tvs mobiles tablets pcs and a wide range of 
content formats video data editorial news the report covers 
14 global markets – united kingdom germany spain france 
italy usa brazil china australia russia india indonesia japan 
and turkey – in which there are over 990 million sports fans
the report found that the proportion of sports fans consuming 
sport ranges from 65 of the adult population in france to 
97 of the urban internet connected adult population in china 
fans in europe and the usa spend on average between five 
to nine hours per week consuming sport this increases to over 
11 hours per week in brazil and indonesia 1415 hours per week 
in china and turkey and 19 hours per week in india although 
tv continues to be the dominant media for following sport 
consuming sport online is the second most popular method 
fans use to follow sport there has been an expansion in the use 
of social media platforms both for fans following and by sports 
properties engaging with their fans
there has been a continued growth in the tendency to watch 
and read online and a more significant uplift in following sport 
via a mobile device in germany france italy japan and 
australia upwards of 1 in 2 fans consume sport online whilst 
in spain usa uk and russia this increases to 2 out of 3 fans 
and in brazil china india indonesia and turkey 8 out of 10 fans 
consume sport online reading articles online via a pc is the 
most common online activity in all markets except china and 
india which have a high proportion of fans watching online 
sports coverage
the number of consumers accessing tv via internet connected 
tvs and set top boxes has increased yearonyear across 
all markets with the greatest growth in users coming from 
germany and spain in all markets there has been an increase in 
the proportion of sports fans using mobile devices to consume 
sport in russia mobile devices are now used by 49 of fans to 
consume sport compared to 26 12 months ago and in spain 
mobile consumption has increased to 39 from 28 in 2012
source global sports media consumption report 2013
sport consumption
0
20
40
60
80
100
0
4
8
12
16
20
 of adult population claiming to follow sport in 2013
hours spent each week consuming sport
france
spain
brazil
japan
italy
germany
australia
russia
usa
great britain
turkey
indonesia
india
china
top methods sport fans use to consume sport 
0
20
40
60
80
100
source global sports media consumption report 2013
mobile
social network
online
tv
france
spain
brazil
japan
italy
germany
australia
russia
usa
great britain
turkey
indonesia
india
china
perform
• pioneer and market leader for exploitation of sports in 
digital media
• increasing expansion to exploit emerging markets 
growth opportunity
10 perform group plc annual report and accounts 2013 online mobile and video advertising  
spend following consumer eyeballs
online mobile and video advertising spend following 
consumer eyeballs and driving internet advertising as the 
fastest growing advertising category
on a global level internet advertising continues to defy the 
wider economic circumstances growing in terms of both 
volume and its share of the global ad pie internet advertising 
exceeded us100 billion for the first time in 2012 representing 
yearonyear growth of 164 and a share of the global ad 
market of 20 internet advertising is projected to be the fastest 
growing advertising category growing to us185 billion in 2017 
a cagr of 13 over the fiveyear period 201317
online is becoming a more dominant format of advertising and 
is now the second highest advertising revenue generator behind 
television online is expected to increase its share of the total 
advertising market from 20 in 2012 to 29 in 2017 just short  
of television’s share of 33 
display advertising continues to expand with the declining cost 
of display advertising turning it into an extremely cost efficient 
way to build mass and reach quickly new and more creative 
brandoriented formats new forms of targeting and new forms 
of buying and trading display advertising will continue to drive 
the medium forward
video advertising and mobile advertising will start to play 
a significant role in the online ad market by the end of 2017 
with an overall cagr of 258 and 270 respectively video 
brings some of the branding advantages that tv has enjoyed 
to ip devices particularly as more and more premium content 
providers start to offer adfunded content online its share of 
the total market will increase from 4 in 2012 to 7 in 2017 with 
north america and developed western european markets 
driving the early adoption mobile devices are starting to 
become the primary rather than secondary way to reach the 
internet which opens up new opportunities for advertisers such 
as inapp and locationbased advertising mobile advertising 
revenues will exceed classified revenues in 2015 and will 
represent 15 of the online market in 2017
60 50 40 30 20 10 0
display
video
mobile
source pwc global entertainment and media outlook 20132017
2017
2013
global internet advertising market  
 billions
global advertising market 201317
2013 406bn
2017 520bn
source pwc global entertainment and media outlook 2013–2017
inplay betting continues to be  
a key focus area
inplay betting continues to be a key focus area of a number 
of major multiterritory and local online betting platforms
live inplay sports betting continues to be a high growth 
segment with a wide range of betting players now offering and 
augmenting their live inplay services inplay betting represents 
the fastest growing part of sports betting contributes a majority 
of online sportsbook nonhorse racing turnover and the major 
driver of growth for the big online players eg bet365 unibet 
sportingbet etc also streamed events make up an increasing 
proportion of inplay events for all sportsbooks
sportsbooks have found inplay products to drive customer 
loyalty improved engagement longer time spent on their 
websites and increased frequency of bets the combination of 
these factors has resulted in increasing sports yield per active 
user across europe and emerging markets and continues to 
increase as sportsbooks add more inplay events eg betfair’s 
inplay markets per premier league match doubled to c130 
between march and june 2013 source betfair 2013 results 
pregame
betting
inplay 
betting
unibet sports betting turnover
£m
source unibet plc ﬁnancial reports
0
50000
100000
150000
200000
250000
300000
350000
q3 2012
q4 2012
q2 2012
q1 2012
q3 2013
q4 2013
q2 2013
q1 2013
q4 2011
q3 2011
q2 2011
q1 2011
q4 2010
q3 2010
q2 2010
q1 2010
perform
• market leader in delivery of live video and data to 
online sportsbooks
• over 95 of all events now cleared for mobile consumption
perform
• perform owned portals attracted an average of 90 million 
monthly unique users in 2013
• eplayer is a leading online sports video player with 5 billion 
streams in 2013 of which 48 had an advert attached to them
• the group continues to invest in mobile products to effectively 
monetise and take advantage of the emerging mobile 
advertising opportunity
perform group plc annual report and accounts 2013 11
strategic  
report
corporate  
governance
financial 
statements it is a pleasure to introduce perform’s third annual 
report as a public company it has been another 
busy year for the group and these results reflect its 
good international revenue growth and a number 
of material acquisitions
the results also reflect the challenges for 2014 with margin 
improvement more effective integration of acquisitions and 
better management information systems all critical to ensure 
the longterm success of the group
2013 was a busy year for the group with yearonyear 
revenue growth of 37 to £2081 million 2012 £1516 million 
and the group achieved profit after tax of £46 million 
2012 £135 million the 3 decline in adjusted ebitda to 
£364 million 2012 £37 5 million and the marginal decline 
in adjusted basic earnings per share to 104p 2012 112p 
were disappointing and reflected the weaker than expected 
performance in the second half of the year in content 
distribution t echnology and production and display 
advertising and sponsorship in addition the pace of the 
group’s recent growth has led to a substantial increase in 
the group’s cost base as a result we have undertaken a 
full review of our cost base and plans are now underway to 
address these challenges in particular restructuring plans are 
now being implemented we are accelerating the integration 
of opta and the rollout of a new revenue and booking 
system has commenced
these disappointments overshadowed the growth of and 
the increasing diversification and internationalisation of the 
business and a number of important acquisitions including 
the sports data business opta and the establishment of the 
us venture perform sporting news ltd
the growth of the advertising and sponsorship revenue 
streams both video and display has been impressive with 
revenues growing 51 yearonyear and these revenues now 
comprise 23 of the group’s total revenues compared to 
21 in 2012 in many cases this growth came through the 
establishment of inhouse advertising sales teams in markets 
including the us canada spain nigeria and the netherlands
particular highlights during the year include
• the start of the process to renew the watchbet service  
for the period 2014 to 2016
• the addition to the watchbet service of national 
basketball association content and the return of over 
2000 events including italian serie a and french ligue 1  
as part of a new deal with the sports agency mp  silva
• the international growth of the eplayer with the product 
now live in 26 territories and delivering over five billion 
streams across the year with a headline sellthroughrate 
of 48
• the rebrand and relaunch of all 37 editions of goal and 
• the successful share placing and resulting acquisition 
of opta
in january 2014 david surtees who had acted as chief 
financial officer for the group since 2008 stood down 
on behalf of the board i would like to thank david for his 
significant contribution over the last six years david joined 
shortly after the formation of the group and has helped to 
grow and build the business we wish him well for the future 
the search to find his successor is underway and we will 
make an announcement in due course
as a chairman and as a board we view governance as 
particularly important the board meets regularly to discuss 
strategy and holds the executive team accountable for its 
execution whilst ensuring that the entrepreneurial culture that 
has seen the group grow so successfully over the last few 
years is maintained wherever possible
looking ahead our priorities for 2014 are clear
• selective acquisitions where complementary to the growth 
strategy and where integration and synergies can be 
achieved efficiently
• continue to execute the group’s organic growth strategy
• improve margin through more effective management of 
the cost base
• improve integration of acquisitions and deliver related  
cost savings more quickly
• improve management information systems and
• invest in new platforms and in new editorial content to 
grow the group’s audiences in particular across goal in  
the run up to and during the fifa 2014 world cup finals
finally on behalf of the group’s board i wish to express 
my sincere thanks again to all the group’s employees for 
their commitment and support throughout another very 
busy year
paul walker
non–executive chairman
chairman’s review
corporate governance
page 50
12 perform group plc annual report and accounts 2013 paul walker
nonexecutive chairman
jörg mohaupt
nonexecutive director
simon denyer
joint chief  
executive officer
peter williams
senior independent  
nonexecutive director
peter parmenter
independent  
nonexecutive director
oliver slipper
joint chief  
executive officer
marc brown
independent  
nonexecutive director
gabby logan
independent  
nonexecutive director
board diversity
 
  n o n ex e c u t i v e  
directors 5
  executive directors 2
  n o n ex e c u t i v e  
chairman 1
  m a l e 7
 female 1
the perform board
the board is responsible for the overall group strategy the appointment and 
removal of any director the approval of the group’s annual budget acquisition 
and divestment policy approval of major capital expenditures the overall capital 
structure of the group and consideration of significant financing and operational 
matters and the approval of management incentive schemes
perform group plc annual report and accounts 2013 13
strategic  
report
corporate  
governance
financial 
statements the group has made good progress over the last 
year and continues to execute its growth strategy
the group has reported substantial increases in revenues 
and has continued to expand its rights portfolio distribution 
clients unique users video streams and subscriber numbers 
these results highlight the good operational and revenue 
growth the group has delivered this year even with the 
weaker than anticipated performance in the second half of 
the year
the group supplemented its strong organic revenue growth 
with two important acquisitions 
in march the group acquired the digital assets of american 
city business journals inc’s “acbj” consumer web division 
sporting news including sportingnewscom the group 
established a new subsidiary perform sporting news ltd 
and contributed its us and canadian consumer businesses 
including the local versions of eplayer and goal the new 
subsidiary is 65 owned by the group and 35 by acbj 
the group is entitled to buy out acbj’s equity for a pre
determined fixed cash price at any time and also has an 
annual option each april from 2017 to acquire the equity 
based on a multiple of prior year ebitda calculation subject 
to a minimum and maximum value and satisfied by the issue 
of new shares at the group’s discretion
the deal enhanced the group’s direct to consumer scale 
and presence in the us and canada and it has become a 
top seven digital sports media player in the world’s largest 
sports media market it combines video display and mobile 
advertising inventory to allow a complete product offering 
to be sold to advertising and sponsorship partners and has 
a sales team which covers every key media market in the us 
and canada
in july the group acquired opta a leading provider of rich 
sports data to the media sector sports clubs leagues and 
federations for cash consideration of £40 million together 
with a management incentive scheme of up to £7 million 
linked to the delivery of the business’s ebitda for the year 
to 30 june 2014 the acquisition was funded through the 
issuance of 239 million new ordinary shares which raised total 
net proceeds of £1126 million
opta complements the group’s existing content distribution 
business by catering to the significant opportunity of rich 
data within the wider media sector and allows the group 
to exploit the significant consumer opportunity of rich data 
through its own products such as goal it also strengthened 
the group’s presence in key european media markets
although the group will continue to seek a small number 
of complementary acquisitions the focus in 2014 will be 
to ensure the effective integration of the acquisitions the 
group has made over the past three years in many instances 
acquisitions are still operating on their own platforms and are 
relatively autonomous from other areas of the business which 
has led to duplication and inefficiency our aim is to make 
sure the majority of acquisitions are fully integrated during 
2014 with duplication and inefficiency reduced
the opportunities for longterm sustainable growth remain 
significant the exciting developments in mobile and 
connected technology innovation in digital sports rights 
and international expansion offer significant opportunities 
the group continues to invest in growing its international 
presence and in 2013 made good inroads in africa middle 
east south america and south east asia that will enable the 
group in the medium to longterm to maintain growth
oliver slipper
joint chief executive officer
joint ceos’ review
growth strategy
page 20
14 perform group plc annual report and accounts 2013 the focus for the watchbet team during the year was to 
complete the new licence arrangements for the 2014 to 2016 
period in 2013 the service offering was increased to 16543 
events 2012 14729 with the start of the contracts with 
the wt a premier events us open and national basketball 
association and the return to the service of the rights for 
italian serie a and french ligue 1 
as we move into 2014 the service now has the highest quality 
content 24 hours a day 365 days a year  with the majority of 
rights contracted until well into 2015 we have spent more on 
rights than we previously anticipated but as a result we now 
have a better quality mix of content cleared for more platforms
the group’s media product portfolio was significantly 
enhanced by the acquisition of opta and we expect strong 
growth in this area in 2014 as the importance of sports 
statistics grows for both global media organisations and fans 
around the world
the average number of full time staff employed in the year 
increased by 439 to 1345 as a result of the margin decline 
experienced in 2013 a full cost review has been initiated that 
will result in a marginal decline in overall headcount in 2014 
as efficiencies are realised following the full integration of 
acquisitions in addition to making changes to our overall staff 
structures we have planned change programmes for 2014 in 
data operations software development technical platforms 
content management supplier procurement and offices and 
facilities each of these programmes will require significant 
changes but they are necessary to improve underlying 
margin in 2015 and management are confident they will 
not affect the revenues or operations of the company 
during 2014
these were only a few of many highlights in what was both 
an exciting but also challenging year for the group following 
the completion of the watchbet renewals for the 2014
2016 term aligned with strong contracted revenues across 
runningball opta and omnisport the group now has over 
£280 million of revenues contracted contracting or under a 
recurring supply agreement from betting for 20142016 which 
gives us a great foundation to continue building success into 
2014 and beyond
simon denyer
joint chief executive officer
2013 was a transitional year for the group with some very 
clear successes and some disappointments t otal group 
yearonyear revenue growth was 37 2012 47 with 
incremental underlying growth excluding the impact of opta 
and sporting news of 26 which reflected how the group 
continued to benefit from positive structural trends such as 
increased digital media consumption growth in connected 
device penetration growth in online video advertising and 
growth in inplay online sports betting all of these trends are 
forecast to continue to improve over the next few years and 
the group should continue to benefit from them
across the group the growth of its advertising and 
sponsorship business was both a success with this segment 
representing 23 of revenues 2012 21 and growing 51 
yearonyear 2012 130 but also a disappointment with 
revenues in the second half of the year being lower than 
those we expected in 2014 we will invest in our internal 
reporting and management information systems to improve 
revenue visibility and as a board we have taken a more 
conservative view of forecasts in this business segment that 
said 2014 should show strong yearonyear revenue growth 
as investments in content both editorial and rights and 
our consumer products deliver more users and increased 
inventory with the positive effect of the fifa 2014 world cup
the group’s videoondemand network the eplayer had 
a very positive 2013 the group increased the number of 
territories the eplayer was live in from 24 at the end of 2013 to 
26 with launches in brazil and mexico t otal streams viewed 
across the year increased to 50 billion 2012 45 billion and 
average monthly unique users increased to 126 million 2012 
112 million importantly across the year the group’s ability 
to monetise these streams improved with a headline sell
throughrate increasing to 48 2012 39 with investment 
in sales teams and rights in italy netherlands nigeria spain 
and the us
goal was successfully rebranded and relaunched increasing 
its average monthly audience from 37 million unique users 
across web and mobile in 2012 to 43 million by the end of 
2013 37 editions were live in 17 languages and over 1500 
stories were being published each day goal will have a 
significant presence at the fifa world cup in brazil in 2014 
which should prove a good catalyst for consumer usage and 
advertising revenue
perform group plc annual report and accounts 2013 15
strategic  
report
corporate  
governance
financial 
statements the group’s vision is to become the world’s leading global 
digital sports media company the growth strategy to 
achieve this vision is as follows
vision and growth strategy
strategic drivers
1 2 3 4
5
enhance digital sports 
rights portfolio
expand geographically grow the audience pursue complementary 
strategic acquisitions
launch on new 
digital platforms
compelling content is at the heart of 
the group’s products and services 
and ultimately drives the group’s 
revenues and profitability the group’s 
rights buying strategy is to expand its 
rights portfolio by securing exclusive 
live video rights to distribute on the 
watchbet service by securing 
exclusive live video rights in selected 
markets and across selected platforms 
for exploitation via livesporttv and 
acquiring videoondemand clip rights 
for distribution across the eplayer 
and omnisport suite of products in 
addition the group also acquires data 
rights from football leagues such as the 
english premier league and german 
bundesliga to exploit across the opta 
and runningball data services
since 2008 the group’s strategy 
has been to expand its business 
geographically both organically 
and through acquisition reducing 
the group’s dependence on a small 
number of territories in particular the 
united kingdom and being able to 
take advantage of opportunities in 
new markets in 2013 this strategy has 
involved the continued expansion of 
eplayer territories with the eplayer 
being launched in mexico and brazil 
and significant investment in rights 
and advertising sales teams in the us 
through the acquisition of sporting 
news and the netherlands through the 
acquisition of voetbalzone in 2014 the 
group will look to launch the eplayer 
in russia and expand its own inhouse 
advertising sales teams across a range 
of territories
with its wholly and majority owned 
websites including goal sporting 
news and mackolik and its eplayer 
network the group has actively 
sought to grow its audience and 
increase the size of its direct to 
consumer sourced revenues this 
direct access to consumers allows 
improved engagement better 
product development and improved 
and more targeted monetisation 
in 2013 advertising became even 
more of a significant part of the 
group’s business the driver to 
advertising growth is audience 
growth a number of key tactics 
are used to deliver audience growth 
including search engine optimisation 
social marketing and integration new 
languages new platforms and user 
journey optimisation a dedicated 
team of digital market analysts is 
charged with continuing to deliver 
audience growth
the group has three categories of 
target acquisition
•  local champions strong single 
territory digital sports media 
businesses that are similar in their 
product or service offering to 
the group
•  direct to consumer platforms local or 
global sports portals and destination 
sports websites and
•  complementary products digital 
sports products such as sports data 
social gaming and fantasy
in 2013 the group acquired
•  sporting news – creating a top seven 
digital sports media group in the very 
important us market
•  opta – significantly strengthening 
its position in the provision of sports 
content to the media sector and 
•  voetbalzone – creating a leading 
player in the dutch digital sports 
media market
the group has a strong balance sheet 
with cash of £101 million and net funds 
of £53 million at the year end and 
will continue to consider strategic 
acquisition opportunities
the group’s strategy is to develop 
products and delivery solutions 
for all digital platforms including 
smartphones tablets personal 
computers gaming consoles and 
connected tvs the increased 
market penetration of such devices 
and the increased consumption 
of media on such devices allow 
consumers better and easier access 
to the group’s content and products 
in 2013 the group launched its 
products on a range of new digital 
platforms and devices including 
samsung connected tvs t witter 
and facebook
in 2014 the group will continue 
to launch goal and livesporttv 
across a range of new connected 
platforms and build audiences across 
social platforms
growth strategy
page 20
16 perform group plc annual report and accounts 2013 strategic drivers
1 2 3 4
5
enhance digital sports 
rights portfolio
expand geographically grow the audience pursue complementary 
strategic acquisitions
launch on new 
digital platforms
compelling content is at the heart of 
the group’s products and services 
and ultimately drives the group’s 
revenues and profitability the group’s 
rights buying strategy is to expand its 
rights portfolio by securing exclusive 
live video rights to distribute on the 
watchbet service by securing 
exclusive live video rights in selected 
markets and across selected platforms 
for exploitation via livesporttv and 
acquiring videoondemand clip rights 
for distribution across the eplayer 
and omnisport suite of products in 
addition the group also acquires data 
rights from football leagues such as the 
english premier league and german 
bundesliga to exploit across the opta 
and runningball data services
since 2008 the group’s strategy 
has been to expand its business 
geographically both organically 
and through acquisition reducing 
the group’s dependence on a small 
number of territories in particular the 
united kingdom and being able to 
take advantage of opportunities in 
new markets in 2013 this strategy has 
involved the continued expansion of 
eplayer territories with the eplayer 
being launched in mexico and brazil 
and significant investment in rights 
and advertising sales teams in the us 
through the acquisition of sporting 
news and the netherlands through the 
acquisition of voetbalzone in 2014 the 
group will look to launch the eplayer 
in russia and expand its own inhouse 
advertising sales teams across a range 
of territories
with its wholly and majority owned 
websites including goal sporting 
news and mackolik and its eplayer 
network the group has actively 
sought to grow its audience and 
increase the size of its direct to 
consumer sourced revenues this 
direct access to consumers allows 
improved engagement better 
product development and improved 
and more targeted monetisation 
in 2013 advertising became even 
more of a significant part of the 
group’s business the driver to 
advertising growth is audience 
growth a number of key tactics 
are used to deliver audience growth 
including search engine optimisation 
social marketing and integration new 
languages new platforms and user 
journey optimisation a dedicated 
team of digital market analysts is 
charged with continuing to deliver 
audience growth
the group has three categories of 
target acquisition
•  local champions strong single 
territory digital sports media 
businesses that are similar in their 
product or service offering to 
the group
•  direct to consumer platforms local or 
global sports portals and destination 
sports websites and
•  complementary products digital 
sports products such as sports data 
social gaming and fantasy
in 2013 the group acquired
•  sporting news – creating a top seven 
digital sports media group in the very 
important us market
•  opta – significantly strengthening 
its position in the provision of sports 
content to the media sector and 
•  voetbalzone – creating a leading 
player in the dutch digital sports 
media market
the group has a strong balance sheet 
with cash of £101 million and net funds 
of £53 million at the year end and 
will continue to consider strategic 
acquisition opportunities
the group’s strategy is to develop 
products and delivery solutions 
for all digital platforms including 
smartphones tablets personal 
computers gaming consoles and 
connected tvs the increased 
market penetration of such devices 
and the increased consumption 
of media on such devices allow 
consumers better and easier access 
to the group’s content and products 
in 2013 the group launched its 
products on a range of new digital 
platforms and devices including 
samsung connected tvs t witter 
and facebook
in 2014 the group will continue 
to launch goal and livesporttv 
across a range of new connected 
platforms and build audiences across 
social platforms
the acquisition of sporting 
news created a top seven 
player in the digital us 
sports media market
goal the group’s flagship 
direct to consumer 
site is available across 
a growing number of 
digital platforms
perform group plc annual report and accounts 2013 17
strategic  
report
corporate  
governance
financial 
statements the group has a range of financial and nonfinancial  
key performance indicators
key performance indicators
revenue
£2081m
2011
2012
2013
£1032m
£1516m
£2081m
revenue assesses the group’s growth and performance 
t otal group revenues have grown 37 from 2012 to 2013 
primarily due to a a 43 increase in content distribution 
revenues resulting from increased licence fees from sales 
of watchbet a full year of runningball the inclusion of 
six months of opta and b a 51 increase in advertising 
revenues across display and video resulting from the launch 
of perform sportingnews and increasing audiences and 
streams coupled with improved performances from the 
group’s advertising sales teams
adjusted ebitda
£364m
2011
2012
2013
£185m
£375m
£364m
adjusted ebitda assesses the group’s underlying growth 
performance and operational efficiencies adjusted ebitda 
decreased 3 from 2012 to 2013 as the group has not yet 
effectively integrated the acquisitions it has made with 
many acquisitions still operating on their own platforms 
in a relatively autonomous manner these acquisitions 
will be fully integrated during 2014 with duplication and 
inefficiency reduced in addition the group’s staff and 
cost bases have increased at a greater rate than revenues 
during 2013 and a full cost review and change programme 
has been initiated across many of the group’s functions to 
address this in 2014
watchbet licensees
46
2011
2012
2013
35
40
46
revenue earned from watchbet is driven by the number 
of clients licensing the product and the number of live 
events streamed the number of bookmakers licensing the 
product increased from 40 in 2012 to 46 in 2013
live watchbet events streamed
16543
2011
2012
2013
11376
14729
16543
revenue earned from watchbet is driven by the number 
of clients licensing the product and the number of live 
events streamed during 2013 the group’s rights portfolio 
increased by 12 delivering 16543 live events up from 
14729 in 2012 new rights added included the nba serie a 
and b ligue 1 us open tennis wt a premier and a range 
of additional a tp and soccer tournaments the group 
currently has 16000 events contracted for delivery in 2014 
and 13000 events contracted for delivery in 2015
runningball customers
53
2011
2012
2013
na
46
53
revenue earned from runningball is driven by the number 
of clients licensing the product and the number of live 
events delivered the number of bookmakers licensing the 
product increased from 46 in 2012 to 53 in 2013
 adjusted ebitda is group operating profit excluding amortisation including acquisition 
intangibles depreciation exceptional items and sharebased payments
vision and growth strategy
page 16
18 perform group plc annual report and accounts 2013 runningball events delivered
78012
2011
2012
2013
na
49866
78012
revenue earned from runningball is driven by the number 
of clients licensing the product and the number of live 
events delivered during the year the number of live events 
that runningball covered increased by 56 to 78012 from 
49866 in 2012 t wo sports beach volleyball and handball 
were launched in 2013 and more football and basketball 
matches were covered the group was also appointed 
official supplier of live data to the betting sector by football 
dataco covering english premier league football league 
scottish premier league and scottish football league for 
three seasons from august 2013
eplayer average sellthroughrate
48
2011
2012
2013
23
39
48
video advertising revenue is generated by the number 
of video advertising impressions sold across the network 
which is dependent on the number of streams viewed 
the number of video advertising impressions sold divided 
by the number of streams viewed gives the sellthrough
rate the sellthroughrate has improved from 39 in 2012 
to 48 in 2013 primarily due to a focus on the quality of 
streams and the group’s sales teams becoming more 
established and in the case of the us being brought  
inhouse 
eplayer total video on demand  
streams viewed
5bn
2011
2012
2013
36bn
45bn
5bn
video advertising revenue is generated by the number 
of video advertising impressions sold across the network 
which is dependent on the number of streams viewed 
the number of streams increased to 50 billion from 
45 billion due to increased distribution and improved 
content in countries where the eplayer is established and 
mature particularly in the us due to the launch of the 
eplayer in new markets such as brazil and mexico and due 
to improved traffic in emerging markets such as t urkey 
and japan
average monthly unique users  
owned portals 
90m
2011
2012
2013
30m
54m
90m
display advertising revenue is generated by the sale of 
display advertising campaigns across the group’s network 
of websites which include those owned by the group 
including goal sportingnews soccerway mackolik 
sportalde spox voetbalzone and sportalcomau the 
greater the number of unique users across web and mobile 
platforms the greater the inventory of available advertising 
slots on which to sell advertising campaigns in 2013 the 
average monthly number of unique users increased 66 
from 54 million in 2012 to 90 million
 2011 and 2012 unique user metrics have been represented to include mobile and web 
unique users to present on a comparable basis to 2013 this comparison has been applied 
throughout the annual report
perform group plc annual report and accounts 2013 19
strategic  
report
corporate  
governance
financial 
statements compelling content is at the heart of the 
group’s products and ultimately drives 
the group’s revenues and profitability 
the group’s rights buying strategy is to 
expand its rights portfolio by securing 
exclusive live video rights to distribute 
on the watchbet service by securing 
exclusive live video rights in selected 
markets and across selected platforms 
for exploitation via livesporttv and 
acquiring videoondemand clip rights 
for distribution across the eplayer 
and omnisport suite of products in 
addition the group also acquires data 
rights from football leagues such as the 
english premier league and german 
bundesliga to exploit across the opta 
and runningball data services
in 2013 the group successfully 
increased the volume of live events 
streamed to bookmakers by 12 from 
14729 to 16543 the strategy is to 
buy content that fills the bookmaker’s 
schedule 24 hours a day seven days a 
week and 365 days a year – allowing 
online sportsbooks the opportunity to 
maximise revenues from inplay betting
football tennis and basketball remain 
key sports in the group’s portfolio and 
in 2013 perform secured or renewed 
rights contracts for the french ligue 1 
italian serie a and major league soccer 
from usa wimbledon us open 
wt a premier and the nba – further 
strengthening the appeal of watchbet 
during a very important year of 
renewals for the service 
also in 2013 the group renewed key 
premium videoondemand clip rights 
deals for the nfl mlb and nhl in the 
us and for the first time acquired the 
mexican primera league clip rights for 
the mexican market
as data becomes an increasingly 
important part of the group’s content 
mix new rights deals were secured with 
football dataco covering the english 
premier league football league and 
scottish premier league as well as with 
the german bundesliga 
0
1000
2000
3000
4000
5000
6000
7000
other darts snooker basketball t ennis soccer
wb events by sport – 2012 v 2013 events 2012 events 2013
0
500
1000
1500
2000
2500
3000
3500
sunday saturday friday thursday wednesday tuesday monday
wb events by day – 2012 v 2013 events 2012 events 2013
strategy in action
• perform is an official partner 
of football dataco having 
acquired official media 
and trader betting data 
rights covering the english 
premier league football 
league and scottish premier 
league as well as with the 
german bundesliga
compelling content is at the heart of the group’s products 
and services
growth strategy 
enhance digital sports  
rights portfolio
1
vision and growth strategy
page 16
20 perform group plc annual report and accounts 2013 start  
time
property match
0000 nba united states  indiana v orlando
0100 nba united states  miami v chicago 
0200 a tp challenger seoul – court 1 germain gigounon v di wu
0200 a tp challenger seoul – court 13 t sunghua y ang v blaz kavcic
0330 a tp challenger seoul – centre court  daniel evans v ze zhang
0330 a tp challenger seoul – court 13 t aro daniel v dusan lajovic 
0330 nba united states  la lakers v la clippers
0430 a tp challenger seoul – centre court  arata onozaway uichi sugita  
v hsinhan leehsien yin peng 
0430 a tp challenger seoul – court 13 marin draganjamate pavic  
v k yu t ae imhyung t aik lee 
0500 k league classic south korea  pahong steelers v icheon united
0615 world snooker international 
championships  china 
zhao xintong v marco fu
0615 world snooker international 
championships  china 
neil robertson v peter ebdon
0630 a tp challenger seoul – centre court  hong chung ji sung nam  
v germain gigounony annik reuter
0630 a tp challenger seoul – court 13 di wuze zhang  
v hyeon chungy ongk yu lim
0930 a tp 1000 series paris – centre court  david ferrer v lukas rosol
0930 a tp 1000 series paris – court 1 john isner v michal przysieszny 
1000 a tp challenger  geneva – centre court  andrey kuznetsov v alexander ritschard 
1000 a tp challenger  geneva – court 1 malek jaziri v konstantin kravchuk
1030 k league classic south korea  ulsan hyundai horangi v fc seoul
1030 k league classic south korea  seongnam ilhwa chunma v gangwon fc
1100 wt a challenger barnstaple – court 2 renata v oracova v naomi broady 
1100 wt a challenger barnstaple – court 4 alberta brianti v stephanie v ogt
1100 a tp challenger  casablanca – centre court  l ouahab v l giustino 
1130 world snooker international 
championships  china 
matthew stevens v ding junhui
1130 world snooker international 
championships  china 
mark davis v liang wenbo
1130 a tp 1000 series paris – centre court  nicolas mahut v gilles simon
1130 a tp 1000 series paris – court 1 ivan dodig v nicolas almagro
1135 chinese super league shanghai east asia  
v guangzhou evergrande
1135 chinese super league shandong luneng v beijing guoan
1135 chinese super league wuhan zall v shanghai shenxin
1135 chinese super league qingdao jonoon v jiangsu sanity
1135 chinese super league hangzhou greentown v guizhou renhe
1135 chinese super league dalian aerbin v liaoning whowin
1135 chinese super league shanghai shenhua v changchun y atai
1135 chinese super league tianjin t eda v guangzhou rf
1200 a tp challenger  geneva – centre court  michael lammer v andrey golubev
1230 wt a challenger barnstaple – court 2 annika beck v giulia gattomonticone
1230 wt a challenger barnstaple – court 4 t adeja majeric v anna smith
1230 a tp challenger  casablanca – centre court  j hajek v r carballes baena
1300 psa world squash championships uk omar mosaad v nick matthew
1300 psa world squash championships uk t arek momen v gregory gaultier
1330 a tp 1000 series paris – centre court  marin cilic v juan martin del potro
1330 a tp 1000 series paris – court 1 stanislas wawrinka v feliciano lopez
1330 a tp challenger  geneva – centre court  matthias bachinger v norbert gombos
1400 wt a challenger barnstaple – court 2 karin morgosova v alison riske
1400 wt a challenger barnstaple – court 4 v esna dolonc v katerina v ankova
1400 a tp challenger  casablanca – centre court  m safwat v a haidermaurer
1400 psa world squash championships uk amr shabana v miguel angel rodriguez
1500 psa world squash championships uk saurav ghosal v henrik mustonen
1500 wt a international sofia  samantha stosur v elena v esnina
1530 a tp challenger  geneva – centre court  oliver marachflorin mergea  
v marius copil adrian ungur 
1530 a tp challenger  geneva – court 1 mikhail elginmichal mertinak  
v franko skugor simon stadler 
1530 a tp challenger  casablanca – centre court  l giustinoe lopezperez  
v s ianni j pospisil
one day in october… 
the group is achieving near continuous coverage as demonstrated 
on 30 october 2013 when it showed five different sports 22 different 
competitions and 107 matches
start  
time
property match
1600 a tp 1000 series paris – centre court  rafael nadal v marcel granollers
1600 a tp 1000 series paris – court 1 f abio fognini v grigor dimitrov
1600 wt a challenger barnstaple – court 2 emily webleysmith v johanna konta
1600 wt a challenger barnstaple – court 4 lina stanciute v eva wacanno 
1600 psa world squash championships uk ramy ashour v cameron pilley
1700 a tp challenger  geneva – centre court  michael bois v karen khachanov 
1700 wt a international sofia  simona halep v alize cornet
1700 ekstraklasa poland zagłębie lubin v lechia gdańsk
1700 ekstraklasa poland korona kielce v ruch chorzów
1730 a tp challenger  geneva – court 1 norbert gombos andrej martin v jesse 
huta galungconstantin kravchuk 
1730 wt a challenger barnstaple – court 2 heather watson v kristina kucova
1730 wt a challenger barnstaple – court 4 annika beckhana birnerova  
v raluca olarut amira paszek
1745 euroleague basketball lithuania  lietuvos rytas vilnius  
v laboral kutxa vitoria
1800 psa world squash championships uk james willstrop v borja golan
1830 a tp 1000 series paris – centre court  roger federer v kevin anderson
1830 a tp 1000 series paris – court 1 philipp kohlschreiber v t ommy haas 
1900 a tp challenger  geneva – centre court  janlennard struff v lucas pouille
1900 psa world squash championships uk simon rosner v mohamed elshorbagy
1900 a tp challenger  
montevideo – centre court 
leonardo mayer v andrea collarini 
1900 a tp challenger montevideo – court 1 thiago monteiro v martin alund 
1900 wt a international sofia  elina svitolina  
v anastasia pavlyuchenkova
1900 primera división spain  real v alladolid v real sociedad
1900 primera división spain  v alencia v almería
1915 wt a challenger barnstaple – court 2 melanie south jade windley  
v demi schuurseva wacanno
1930 ekstraklasa poland zawisza bydgoszcz v legia warszawa
1930 pro league belgium  k v oostende v rsc anderlecht 
1945 serie a italy  juventus v catania
1945 serie a italy  milan v lazio
1945 serie a italy  cagliari v bologna
1945 serie a italy  fiorentina v napoli
1945 serie a italy  genoa v parma
1945 serie a italy  hellas v erona v sampdoria
1945 serie a italy  livorno v t orino
1945 serie a italy  sassuolo v udinese
1945 league cup england newcastle v manchester city
1945 league cup england t ottenham v hull
2000 a tp 1000 series paris – centre court  milos raonic v robin haase
2000 a tp 1000 series paris – court 1 pablo andujar v t omas berdych
2100 psa world squash championships uk karim darwish v daryl selby
2100 a tp challenger  
montevideo – centre court 
 thomaz bellucci v guido andreozzi
2100 a tp challenger montevideo – court 1 sergio galdos andres molteni  
v ariel behar marco t rungelliti 
2100 primera división spain  real madrid v sevilla
2100 primera división spain  osasuna v rayo v allecano
2200 a tp challenger montevideo – court 1 f acundo arguello v pere riba
2230 a tp challenger  
montevideo – centre court 
 marcelo arevalokristijan mesaros  
v martin cuevaspablo cuevas
2300 nba united states  cleveland v brooklyn
2300 nba united states  philadelphia v miami
2300 nba united states  t oronto v boston
2330 a tp challenger montevideo – court 1 guilherme clezar gastão elias  
v martin alund andrea collarini
2330 nba united states  detroit v washington
2330 nba united states  new y ork v milwaukee
2350 copa do brasil brazil atlético v gremio
2350 copa do brasil brazil goiás v flamengo
2350 copa sudamericana brazil são paulo v atlético nacional 
perform group plc annual report and accounts 2013 21
strategic  
report
corporate  
governance
financial 
statements global reach
the group expands its business geographically both 
organically and through acquisition
growth strategy 
expand geographically
2
since 2008 the group’s strategy has been 
to expand its business geographically 
both organically and through acquisition 
reducing the group’s dependence on 
a small number of territories and being 
able to take advantage of opportunities 
in new markets 
in 2013 this strategy has involved the 
continued expansion of eplayer territories 
with the eplayer being launched in mexico 
and brazil and significant investment in 
rights and advertising sales teams in the 
us through the acquisition of sporting 
news the netherlands through the 
acquisition of v oetbalzone and japan 
through the acquisition of ad networks
in 2014 the group will look to launch 
the eplayer in additional territories and 
expand its own inhouse advertising 
sales teams across a range of territories 
in emea and south east asia
strategy in action
• perform has secured its 
position as a top seven digital 
media business in the us 
following the acquisition of 
sporting news
mena
2013 – £7m
33 increase on 2012 £5m
revenue 2012 – 2013 by territory 
uk
europe excluding uk
apac
row
2013 – £94m
44 increase on 2012 £65m
2013 – £26m
5 increase on 2012 £25m
americas
2013 – £24m
81 increase on 2012 £14m
2013 – £3m
110 increase on 2012 £2m
2013 – £54m 
30 increase on 2012 £41m
vision and growth strategy
page 16
22 perform group plc annual report and accounts 2013 number of 
goal editions
1 7 11 9 4 5 37
36
average 
goal monthly 
unique users 
millions
3 9 13 7 5 6 43
37
countries 
eplayer live
1 13 6 5 0 1 26
24
total eplayer 
streams 
millions
600 1466 658 2217 32 71 5044
4483
number 
of video 
subscribers 
thousands
115 28 16 37 10 17 223
219
number 
of wb 
licensees
6 29 9 1 0 1 46
40
number of  
rb customers
15 27 7 2 1 1 53
46
number of 
wt licensees
22 15 12 2 0 11 62
68
number of 
omnisport 
licensees
9 45 77 23 16 42 212
158
number 
of opta 
customers
200 177 31 40 3 7 458
–
average 
number  
of staff
641 353 243 106 1 1 1345
906
mena
americas
apac
europe exc uk
uk
row
total
 2012
perform group plc annual report and accounts 2013 23
strategic  
report
corporate  
governance
financial 
statements the group seeks to grow its audience – direct access to 
consumers allows improved engagement better product 
development and more targeted monetisation
growth strategy 
grow the audience
3
with its wholly and majority owned 
websites including goal sporting 
news and mackolik and its eplayer 
network the group has actively 
sought to grow its audience and 
increase the size of its direct to 
consumer d2c sourced revenues 
this direct access to consumers allows 
improved engagement better product 
development and improved and more 
targeted monetisation 
the group’s own display network 
had 90 million average monthly 
unique users in 2013 2012 54 million 
following a significant redevelopment 
and rebrand in preparation for the 2014 
world cup goal increased its audience 
to 43 million in 2013 compared to 
37 million in 2012
2013 also saw perform take a major step 
into the us market with the acquisition 
of sporting news one of america’s 
oldest sports media brands and a 
leading online and mobile player in the 
sports display space the acquisition of 
sporting news combined with eplayer 
meant that perform attracts an average 
of 18 million us unique users per month 
in 2013 up from six million in 2012
mackolik delivered 27 million average 
monthly unique users whilst in germany 
the audience grew by two million to 
five million on spoxcom and sportalde 
with soccerway’s audience growing by 
34 in holland we grew our audience 
by two million monthly unique users 
through the acquisition of voetbalzone
video remains an important part of the 
group’s audience growth strategy and 
2013 saw the launch of eplayer into two 
new territories including mexico and 
brazil key content deals were either 
newly secured or renewed in the us 
nfl mlb and nhl italy serie a 
and mexico primera liga the eplayer 
now sits on over 1500 publisher sites 
and will undergo a significant technical 
redevelopment and relaunch in 2014 
in order to enhance its functionality 
for publishers 
vision and growth strategy
page 16
strategy in action
• perform is either the 
number one or number two 
sports video network in 
the following markets
argentina
brazil
canada
france
italy
japan
malaysia
netherlands
spain
uk
usa
source comscore january 2014
24 perform group plc annual report and accounts 2013 growth strategy 
pursue complementary  
strategic acquisitions
4
the group acquired four businesses in 2013
strategy in action
• in july 2013 perform acquired 
opta and strengthened its 
position as a leading player in 
the provision of sports content 
to the media sector
the group has three categories of 
target acquisition
• local champions strong single 
territory digital sports media 
businesses that are similar in their 
product or service offering to  
the group
• direct to consumer platforms local or 
global sports portals and destination 
sports websites and
• complementary products digital 
sports products such as sports data 
social gaming and fantasy
for all acquisitions by leveraging the 
group’s content portfolio international 
sales teams and technology platform 
revenue growth and profitability can 
be maximised
in march 2013 the group announced 
the acquisition of voetbalzone the 
number one independent football site 
in the netherlands the acquisition 
complemented the dutch launch of 
eplayer in 2012 and perform is now 
the number one digital sports media 
network according to comscore since 
launch the group has put in place a 
sales team and secured content deals 
with ajax fc t wente nec nijmegen 
and ado den haag
march also saw the group take a major 
step into the us sports media space 
with the acquisition of sporting news 
the combination of sportingnews
com goalcom and the us eplayer 
positioned the group as a top seven 
multiplatform sports media business 
in the us and importantly added an 
experienced and wellconnected sales 
team since acquisition the group has 
moved advertising sales inhouse 
appointed a highly experienced chief 
revenue officer and relaunched 
the sporting news ios tablet and 
smartphone application
in june 2013 the group acquired the 
assets of ad networks kk which had 
been the japanese advertising sales 
agent for the group in japan
in july 2013 perform completed the 
acquisition of opta a market leader in 
collecting packaging analysing and 
distributing sports data in digital format 
to the media betting and professional 
sports sectors the acquisition 
complements perform’s existing content 
distribution business and in particular 
strengths the group’s position in the 
provision of sports content to the media 
sector since acquisition perform’s 
global sales team are now selling 
opta and there has been a significant 
commercial integration and marketing 
push to promote opta and omnisport’s 
joint world cup offering
the directors are satisfied with 
the financial performance of 
the acquisitions
perform group plc annual report and accounts 2013 25
strategic  
report
corporate  
governance
financial 
statements the group continues to launch its products on a range of 
new digital platforms
strategy in action
• in 2013 livesporttv launched 
across samsung smart tv 
and tablet devices
the group’s strategy is to develop 
products and delivery solutions for all 
digital platforms including smartphones 
tablets gaming consoles and connected 
tvs the increased market penetration 
of such devices and the increased 
consumption of media on them allows 
consumers better and easier access to 
the group’s content and products 
in 2013 both goal and livesporttv 
launched across samsung smart tv 
devices while goal launched goal live 
– a live scores ios app and t witter feed 
that updates football scores faster than 
any other provider 
sporting news launched its 30 ios 
application for tablets and mobiles 
which combines the best in sports 
reporting with social content from 
top sports influencers and dynamic 
packaged daily issue since its 
december 2013 launch the application 
has already been downloaded over 
150000 times and in january 2014 
delivered 47 million page impressions
growth strategy 
launch on new digital platforms
5
vision and growth strategy
page 16
26 perform group plc annual report and accounts 2013 livesporttv provides 
rights holders including 
the dutch eredivisie 
with the opportunity 
to reach fans around 
the world across a 
growing range of 
digital platforms
in 2013 both goal and 
livesporttv launched 
across samsung smart  
tv devices while goal 
launched goal live
perform group plc annual report and accounts 2013 27
strategic  
report
corporate  
governance
financial 
statements industry leading approach
page 06
the group’s growing 
rights portfolio includes 
a number of premium 
sports properties such 
as us open tennis
perform utilises this rights portfolio to deliver a range of 
products covering live video videoondemand sports 
data sports news and editorial and sports statistics these 
products are sold to online bookmakers broadcasters mobile 
operators and other business clients around the world
watchbet is a major supplier of live sports video to online 
bookmakers the service delivers live streaming of sports 
content directly to consumers through bookmakers’ websites 
over the internet and via mobile networks without bookmakers 
having to invest directly in content and streaming technology 
watchbet generates revenue through fixedterm multiyear 
licences giving the group longterm visible revenues 
during the year six new licensees acquired the watchbet 
service increasing the total number of licensees to 46 
2012 40 the geographical diversification of watchbet 
continued with historically the largest territory the uk 
representing 5 2012 5 of group revenues and no  
other territory representing more than 4 2012 4 
the existing watchbet cycle expired on 31 december 2013 
and during 2013 the 20142016 renewal process was a key 
focus ensuring the right model for customers with the right 
breadth of content to ensure the service remains a must 
have the licence model has evolved to offer the bookmakers 
enhanced benefits whilst at the same time enabling further 
growth opportunities for the group
the semiexclusive model has been retained with the number 
of licensees per territory being increased from six to eight 
the core package of 16000 video events and 90000 
data events will be offered on a minimum annual fee basis 
as opposed to a minimum number of events providing 
bookmakers with improved flexibility to select the content 
that is most relevant for their market and customer base 
during 2013 the group’s rights portfolio increased by 12 
delivering 16543 live events 2012 14729 new or renewed 
rights included the nba serie a and b ligue 1 us open 
tennis wt a premier and a range of additional a tp and 
soccer tournaments the group currently has over 16000 
events contracted for delivery in 2014 and 13000 events 
contracted for delivery in 2015
the new watchbet service will combine the group’s live 
video with the live data content provided by runningball 
runningball is a leading provider of real time sports data to 
the group has licensed the digital sports media rights to 
over 200 leagues tournaments and events 
content distribution
28 perform group plc annual report and accounts 2013 43
yearonyear revenue growth  
2012 43
46
number of watchbet licensees  
at year end 2012 40
16543
number of live events streamed by 
watchbet in the year 2012 14729
53
number of runningball customers taking 
a service during the year 2012 46
78012
number of events delivered by 
runningball 2012 49866
458
number of customers who took an 
opta product or service between 
the date of acquisition and year end 
2012 h2 332
online bookmakers during the year 53 customers licensed 
runningball’s products compared to 46 in 2012 
during the year the number of live events that runningball 
covered increased by 56 to 78012 2012 49866 t wo 
sports beach volleyball and handball were launched in 2013 
and more football and basketball matches were covered 
the group was also appointed official supplier of live data 
to the betting sector by football dataco  covering english 
premier league football league scottish premier league and 
scottish football league  for three seasons from august 2013
watchandt rade is a major supplier of live sports video to online 
bookmakers the service delivers live streaming of sports 
content directly to bookmaker trading desks the service is 
licensed on a nonexclusive basis during the year the number 
of customers licensing the product decreased from 68 to 62
the watchandt rade video and runningball data products 
are also being combined to create a single trading interface 
with the introduction of a settlement tool to enable data to be 
crossreferenced with data to settle bets
in july the group acquired opta a leading provider of 
rich sports data to the media sector sports clubs leagues 
and federations opta complements the group’s existing 
content distribution business by catering to the significant 
opportunity of rich data within the wider media sector 
and allows the group to exploit the significant consumer 
opportunity of rich data whilst also strengthening the group’s 
presence in key european markets between the date of 
acquisition and year end there were 458 customers who 
took an opta product or service compared to 332 in the 
comparative six month period in 2012
in 2014 gsm  a provider of sports statistics to the betting mobile 
and media sectors  will be integrated into opta gsm which had 
205 customers at 31 december 2012 208 will be retired as a 
brand with all customers becoming part of opta’s customer base
omnisport is a sports news product that combines video 
editorial images and data it is available across multiple 
platforms television online smartphones and tablets in a 
number of formats uncut ready bulletin in 11 languages 
and in six regional variants during the year the number of 
customers licensing the product increased from 158 to 213
the majority of the yearonyear revenue increase in content 
distribution has been due to increased licence fees from sales 
of the watchbet service a full year of runningball results 
and the inclusion of six months of results from opta
content distribution
year ended
31 dec 
2013
year ended
31 dec
2012
revenue £’m 1329 930
yearonyear revenue growth  43 43
percentage of overall revenues  64 61
perform group plc annual report and accounts 2013 29
strategic  
report
corporate  
governance
financial 
statements industry leading approach
page 06
the group generates display advertising and sponsorship 
revenues through the sale of display advertisements on 
the group’s own websites and mobile services including 
goal which is the world’s largest football website 
sportingnews spox mackolik sahadan voetbalzone 
sportalde sportalcomau and soccerway 
in march perform sporting news limited was created 
in partnership with us publisher american city business 
journals inc and is already ranked top seven in the us 
digital sports media comscore rankings sportingnews
com which is a wellknown us sports media brand and 
publication has had 10 million average monthly unique 
users during the year north american sales were brought 
inhouse and a significant investment was made in the 
north american sales team including the recruitment of a 
new chief revenue officer
spox and sportalde the group’s german portals delivered 
five million average unique users up from three million in 2012
the group benefitted from a full year of advertising revenues 
on mackolik a leading t urkish digital sports business which 
owns t urkey’s top two most visited sports sites mackolikcom 
and sahadancom the sites delivered 27 million average 
monthly unique users in 2013 2012 21 million
advertising and sponsorship display
in 2013 the group had an average of 90 million monthly unique 
users across these sites the group also acts as an advertising 
sales agent for a network of thirdparty sports websites including 
the premier league’s official website
the group’s owned display network had 90 million average 
monthly unique users 2012 54 million during the year with 
26 of this traffic coming from mobile devices
goal unique users increased to 43 million average unique 
users 2012 37 million during the year there was a successful 
rebrand and relaunch of all 37 editions of goal across 
multiple platforms which has markedly enhanced user 
experience improved natural search referrals and increased 
page views per visit goal is now available in 17 different 
languages the rebranded goal ios reached the t op 10 
of the free sports category in the apple app store in over 
50 countries goal live the fastest live score app in the world 
was also launched during the year the focus for 2014 will 
be to leverage goal’s unique position to secure advertising 
and sponsorship agreements significant commitments have 
already been agreed with puma and samsung
the rebranded goal 
site saw significant 
traffic growth across 
its 37 editions in 2013
30 perform group plc annual report and accounts 2013 54
yearonyear revenue growth  
2012 164
90m
number of average monthly unique 
users on owned portals 2012 54m
26
percentage of total unique users via 
mobile devices 2012 21
43m
number of average monthly goal 
unique users 2012 37m
10m
number of average sportingnews 
unique users
sahadancom and 
mackolikcom turkey’s 
top visited sports sites 
delivered 27 million 
average unique users 
in 2013
in march the group also acquired voetbalzone bv  the number 
one independent sports site in the netherlands voetbalzonenl 
delivers two million average monthly unique users
in addition the group owns sportalcomau a leading sports 
portal in australia and new zealand and soccerwaycom 
a football portal focussed on live scores and statistics at 
the end of the year sportalcomau had average monthly 
unique users of 04 million and soccerwaycom had six million 
unique users
display advertising and sponsorship revenues increased 
even without the benefit of euro 2012 due to the launch of 
perform sporting news a full year of mackolik’s results the 
effect of the goal rebrand and relaunch and the group’s 
investment in sales teams in north america germany spain 
france italy norway the middle east and the netherlands
advertising  sponsorship display
year ended
31 dec 
2013
year ended
31 dec
2012
revenue £’m 283 184
yearonyear revenue growth  54 164
percentage of overall revenues  14 12
perform group plc annual report and accounts 2013 31
strategic  
report
corporate  
governance
financial 
statements the group generates video advertising and sponsorship 
revenues through the sale of preroll video advertisements 
on its videoondemand network the eplayer 
advertising and sponsorship video
the eplayer is embedded on the websites of over 1500 
leading publishers and sports portals in 26 territories in 2013 
five billion videos were streamed and 25 billion preroll 
adverts sold resulting in a sellthroughrate of 51 up from 
39 in 2012 with content including national football league 
the national basketball association serie a and ligue 1
the eplayer’s content portfolio consists of a set of global 
and territory specific sports video clips packaged into 
different branded channels including football tennis golf 
and motorsport approximately 60000 two to three minute 
sport clips were distributed through the eplayer in 2013 with 
many clips revoiced in different languages specifically for 
individual territories
the number of live territories increased in the year to 26 with 
the eplayer launching in brazil and mexico the sellthrough
rate in q4 2013 of 54 was a considerable improvement both 
quarteronquarter q3 2013 42 and yearonyear q4 2012 
45 this reflects the group’s improved ability to monetise its 
traffic and an improvement in the quality of available inventory
the adjacent table separates the eplayer business into three 
territory categories the united states and the united kingdom 
figs france italy germany spain  and the rest of the world 
including t urkey japan india south korea  the territory of a 
stream and a unique user is determined by geographic location 
of the unique user and is based on data from omniture
video kpis
total for all territories
year ended 
31 december
2013
year ended 
31 december
2012
total streams millions 5044 4483
total streams sold millions 2450 1756
average monthly unique users millions 131 112
sellthroughrate  51 39
united states and united kingdom
total streams millions 2722 2065
total streams sold millions 1810 1292
average monthly unique users millions 77 52
sellthroughrate  71 63
figs
total streams millions 630 969
total streams sold millions 336 279
average monthly unique users millions 18 22
sellthroughrate  64 29
rest of the world
total streams millions 1692 1449
total streams sold millions 341 185
average monthly unique users millions 36 38
sellthroughrate  20 13
industry leading approach
page 06
the group’s eplayer 
videoondemand 
network delivered 
significantly improved 
sellthroughrates 
in 2013
32 perform group plc annual report and accounts 2013 48
yearonyear revenue growth
2012 95
50bn
t otal eplayer streams viewed
2012 45bn
51
eplayer annual sellthroughrate
2012 39
131m
average monthly unique users 
2012 112m
26
number of live eplayer territories at 
year end 2012 24
us and uk streams have increased to 27 billion 2012 21 
billion with increased distribution and improved content in 
the us the eplayer is now embedded on over 400 websites 
and has continued to be ranked number one or two by 
comscore for online sports video the group renewed its 
domestic clip rights deal with the national football league 
nfl in the us and secured domestic clip rights to the 
national hockey league nhl in canada
the sellthroughrate in the us and uk improved to 71 
2012 63 primarily due to the sales team being brought 
inhouse in the us from the second half of the year and the 
investment in that team including the recruitment of a new 
chief revenue officer
streams in figs decreased from 1 billion in 2012 to 06 
billion in 2013 as the group continued to focus on improving 
monetisable stream inventory the group renewed the 
domestic clip rights for serie a and acquired serie b in 
italy and la liga domestic clip rights in spain in addition 
spox began to transition from an online portal to one with 
broadcast capabilities as well as displaying live nba games 
spox also provided live coverage of fiba eurobasket and 
euroleague live friendly football games were also broadcast 
on the portal
as a result of these new rights and initiatives the focus on the 
quality of the streams and the improved performance of the 
sales teams across the region the sellthroughrate improved 
to 64 from 29 in 2012
streams in the rest of the world increased to 17 billion from 
14 billion in 2012 as the group launched the eplayer in brazil 
and mexico and continued to improve traffic in key markets 
such as t urkey and japan the sellthroughrate improved 
from 13 to 20 as sales teams continued to become better 
established and the group brought ad sales teams inhouse 
through asia russia is expected to go live in 2014
advertising  sponsorship video
year ended
31 dec 
2013
year ended
31 dec
2012
revenue £’m 196 133
yearonyear revenue growth  48 95
percentage of overall revenues  9 9
perform group plc annual report and accounts 2013 33
strategic  
report
corporate  
governance
financial 
statements 223k
t otal video subscribers
2012 219k
15
yearonyear revenue growth
2012 29
the group generates subscription revenues from 
consumers paying monthly or annual fees to watch 
internet delivered live video and videoondemand 
sports content 
fans watch a range of thirdparty subscription products 
which the group builds and manages on behalf of football 
clubs sports bodies and broadcasters
video subscribers where subscribers have access to live or 
videoondemand content through the internet grew from 
219000 to 223000 the majority of this increase was on 
thirdparty subscription products including tennis tvcom and 
foxsoccer2gocom where successful marketing improved 
platform access and competitive pricing all increased the 
subscriber base
data subscribers where subscribers have access to or receive 
data products such as goal updates grew from 290000 
to 26 million due to the expansion of goal sms products in 
africa these products accounted for less than 5 of total 
subscription revenue
subscription
subscription
year ended
31 dec 
2013
year ended
31 dec
2012
revenue £’m 142 123
yearonyear revenue growth  15 29
percentage of overall revenues  7 8
the group produces 
a number of third
party subscription 
products including 
tennistvcom the 
official live streaming 
service of the atp 
world tour  wta
industry leading approach
page 06
34 perform group plc annual report and accounts 2013 the group generates technology and production 
revenues from a range of clients by designing building 
and managing websites and mobile products on behalf 
of sports rights holders
technology and production
10
yearonyear revenue decline
2012 2
the group is contracted to manage over 100 websites 
and mobile services on behalf of third parties key clients 
are primarily football clubs and leagues sports federations 
and broadcasters during 2013 the group won some 
contracts including
• renewal of premier league clip productions
• extension and expansion of premiership rugby productions
• production and app development contract with 
as monaco
revenues marginally decreased yearonyear reflecting 
a shift in the group’s strategy to enter into advertising or 
subscription based revenue share contracts rather than one
off build or ongoing service fees the group expects this to 
continue in the future
technology  production
year ended
31 dec 
2013
year ended
31 dec
2012
revenue £’m 132 146
yearonyear revenue growth  10 2
percentage of overall revenues  6 10
the group has won 
production and 
app development 
contracts with 
numerous clients 
in 2013 including 
as monaco
perform group plc annual report and accounts 2013 35
strategic  
report
corporate  
governance
financial 
statements financial highlights
page 02
income statement
the group’s revenue increased to £2081 million in 2013 an 
increase of £565 million 37 from £1516 million in 2012 
adjusted ebitda defined as earnings before interest tax 
depreciation and amortisation and excluding amounts in 
respect of sharebased payments and exceptional items 
decreased to £364 million in 2013 from £375 million in 
2012 the group’s profit after tax decreased to £46 million 
from £135 million in 2012 due to the decrease in underlying 
ebitda and increase in depreciation amortisation 
exceptional and financing charges partially offset by 
lower sharebased payment charges
summary income statement
2013
£m
2012
£m
revenue
content distribution 1329 930
subscription 141 123
technology and production 132 146
advertising and sponsorship video 196 133
advertising and sponsorship display 283 184
total revenue 2081 1516
cost of sales
content 599 411
publisher shares 93 64
technical and software fees 109 78
production 204 119
total cost of sales 1005 672
gross profit 1076 845
staff costs 546 366
other administrative costs 166 104
adjusted ebitda 364 375
exceptional items 98 53
exceptional sharebased payments – 12
sharebased payments 07 20
ebitda 259 289
amortisation and depreciation 83 65
acquisitionrelated amortisation 60 29
group operating profit 116 195
investment income 04 05
accretion of deferred consideration 40 19
exceptional finance cost 14 –
other finance costs 25 13
group profit before tax 41 169
taxation 05 34
group profit after tax 46 135
financial review
the group’s revenue increased to £2081 million in 2013 
an increase of 37 on 2012 whilst adjusted ebitda 
marginally declined from £375 million to £364 million
oliver slipper
joint chief executive officer
simon denyer
joint chief executive officer
36 perform group plc annual report and accounts 2013 subscription based revenue share contracts rather than oneoff 
build or ongoing service fees
cost of sales 
the following table sets out cost of sales for the years ended 
31 december 2012 and 2013
year to 
31 december 
2013
£m
year to 
31 december 
2012
£m
content costs 599 411
publisher shares 93 64
technical and software fees 109 78
production 204 119
total 1005 672
cost of sales increased from £672 million representing 44 
of revenue to £1005 million representing 48 of revenue 
an increase of £333 million 50 the increase during the 
year was primarily a result of the increased volume and mix 
of content acquired by the group to support its product and 
revenue development the full year inclusion of runningball 
and mackolik and the effect of six months of opta and nine 
months of sportingnews
content costs increased by £188 million  46 to 
£599 million due to the increased number and mix of sports 
events and rights acquired including the effect of acquiring 
wt a and official media and trader betting data rights and 
due to higher revenue shares related to the increase in 
subscription revenues
publisher shares increased by 45 from £64 million to 
£93 million due to increases in advertising and sponsorship 
revenues and the related payments to eplayer publishers and 
thirdparty websites
technical and software fees increased by £31 million  40 
to £109 million due to the increased number of end users 
customers new products and new services
production costs increased by £85 million 71 to 
£204 million due to the full year effect of scouting costs 
of producing runningball data the effect of six months of 
data collection and related analysis costs of producing opta 
data the effect of nine months of editorial content and video 
produced for sportingnews wt a live production costs and 
increased editorial content produced for goal and omnisport
revenue
the following table sets out revenue for the years ended 
31 december 2012 and 2013
year to 
31 december 
2013
£m
year to 
31 december 
2012
£m
content distribution 1329 930
subscription 141 123
technology and production 132 146
advertising and sponsorship video 196 133
advertising and sponsorship display 283 184
total 2081 1516
y earonyear revenue growth excluding the acquisitions of opta 
and sportingnews was 26
content distribution had a good year with revenues increasing 
by 43 to £1329 million 2012 £930 million the majority of 
this growth has been driven by increased licence fees from 
sales of the watchbet service reflecting new licensees 
and additional content a full year of runningball results and 
£109 million from the inclusion of six months of opta 
advertising and sponsorship video revenues increased by 
48 to £196 million 2012 £133 million due to increasing 
audiences and total streams viewed and more of these 
streams being monetised in particular in the united kingdom 
and united states
advertising and sponsorship display revenues increased by 
54 to £283 million 2012 £184 million revenues increased 
even without the benefit of euro 2012 due to the launch of 
perform sporting news a full year of mackolik’s results the 
effect of the goal rebrand and relaunch and the group’s 
investment in sales teams in north america germany spain 
france italy norway the middle east and the netherlands 
subscription revenues increased by 15 to £141 million 2012 
£123 million this increase was primarily due to the launch 
of new mobile services for goal the inclusion of a full year 
of subscription revenues generated by the mackolik group 
of websites and increased revenues from client branded 
products such as foxsoccer2gocom and t ennis tvcom
t echnology and production revenues were £132 million 
2012 £146 million  revenues marginally decreased yearonyear 
reflecting a shift in the group’s strategy to enter into advertising or 
perform group plc annual report and accounts 2013 37
strategic  
report
corporate  
governance
financial 
statements internal staff time and the professional costs of putting in 
place the group’s new debt facility and the group’s share 
placing in addition exceptional items include a six months’ 
charge in respect of the opta management incentive of 
£35 million 2012 £nil a downward revaluation of the 
contingent consideration due on spoxmsd of £24 million 
2012 £nil is also included these costs are considered 
exceptional by the directors as they are items that are 
material in size and are unusual and infrequent in occurrence
sharebased payments
the group incurred sharebased payment charges relating to 
the group’s nonrecurring growth securities ownership plan 
gsop of £12 million in 2012 there were no charges for this 
scheme in 2013
the charge relating to the group’s ongoing performance 
share plan and save as you earn scheme was £07 million 
2012 £20 million the decrease in the charge resulted from 
the group revising down the expected number of shares 
that will be awarded under the 2011 and 2012 performance 
share plans
amortisation and depreciation
amortisation and depreciation increased from £65 million in 
2012 to £83 million in 2013 an increase of £18 million 28 
the increase was primarily due to the increased investment 
in the group’s technical infrastructure and software 
development and the related amortisation and depreciation 
of the businesses acquired
acquisitionrelated amortisation increased from £29 million 
in 2012 to £60 million in 2013 the increase of £31 million was 
primarily due to the full year amortisation of mackolik and 
runningball intangibles and the inclusion of the amortisation 
relating to opta voetbalzone and sportingnews intangibles
investment income
investment income primarily relates to bank interest 
receivable of £04 million 2012 £05 million
accretion of deferred consideration
the accretion charge in respect of deferred consideration on 
the group’s acquisitions increased from £19 million in 2012 to 
£40 million in 2013
finance costs
the group’s finance costs increased from £13 million in 
2012 to £25 million in 2013 primarily due to bank interest 
commitment and other costs in respects of the group’s term 
loan and revolving credit facility drawn down during the year
gross profit 
the group’s gross profit increased from £845 million in 
2012 to £107 6 million in 2013 an increase of £231 million 
27 gross profit margin was 52 in 2013 compared to 
56 in 2012 the decrease arose due to certain content 
and production in 2013 contributing a lower margin than in 
2012 this will be addressed in 2014 as set out in the outlook 
section below
administrative expenses before exceptional items 
sharebased payments and depreciation and 
amortisation charges 
the group’s administrative expenses excluding exceptional 
items sharebased payments and depreciation and 
amortisation charges increased from £47 0 million in 2012 to 
£712 million in 2013 an increase of £242 million 52
this increase was primarily as a result of increased staff 
employed from an average of 906 in 2012 to an average 
of 1345 in 2013 and their related costs the inclusion of a 
full year of runningball and mackolik administrative costs 
six months of opta and nine months of sportingnews related 
administrative costs
the average cost of an employee remained flat at £40000 in 
both 2012 and 2013
adjusted ebitda
adjusted ebitda is defined as earnings before interest 
tax depreciation and amortisation sharebased payments 
and exceptional items and is considered by the directors to 
better reflect the underlying performance of the group and 
thus is a key measure of the group’s financial performance 
exceptional items adjusted are either noncash oneoff such 
as relating to acquisitions or restructuring or nonrecurring in 
the medium term such as integration costs
adjusted ebitda decreased from £37 5 million in 2012 
to £364 million in 2013 a decrease of £11 million 3 
this decrease resulted from the significant organic and 
acquisitionrelated growth causing duplication in certain 
areas certain items of content editorial and production 
related costs contributing lower margins and the staff base 
growing quickly these items will all be addressed in 2014 as 
set out in the outlook section below
exceptional items
during the year the group incurred acquisitionrelated 
exceptional costs of £98 million 2012 £53 million primarily 
relating to professional fees and integration costs acquisition
related integration costs including a certain amount of 
financial review 
continued
38 perform group plc annual report and accounts 2013 the following table reconciles adjusted and statutory basic 
and diluted earnings per share
dividend
in line with the strategy set out at the time of listing the 
directors have not recommend the payment of a dividend in 
respect of 2013 2012 £nil 
acquisitions
in march 2013 the group acquired the digital assets of 
american city business journals inc’s “acbj” consumer 
web division sporting news including sportingnewscom 
the group established a new subsidiary perform sporting 
news limited “psn” and contributed its us and canadian 
consumer businesses including the eplayer and goal psn is 
owned 65 by the group and 35 by acbj
in march 2013 the group acquired voetbalzone bv  the 
number one independent sports site in the netherlands for 
initial cash consideration of €2 million additional consideration 
of up to €105 million is payable based on the ebitda of the 
business for the years to 31 december 2013 2014 and 2015
in july 2013 the group acquired opta a leading provider of 
rich sports data to the media sector sports clubs leagues and 
federations for cash consideration of £40 million together 
with a management incentive scheme of up to an additional 
£7 million linked to delivery of the business’ ebitda for the 
year to 30 june 2014
subsequent to the year end on 26 february 2014 the 
group completed the acquisition of 51 of activaweb sas 
for initial consideration of €5 million additional contingent 
2013 2012
profit for the period attributable to owners of the 
parent £000 4035 12840
exceptional items including exceptional financing 
£’000 11217 5348
sharebased payments £000 712 3246
acquisitionrelated amortisation £’000 6034 2908
accretion of acquisitionrelated deferred 
consideration £’000 4009 1862
adjusted earnings £000 26007 26204
weighted average number of shares in issue 
000s – basic and diluted 250728 233255
basic and diluted earnings per share
statutory pence 16 55
adjusted pence 104 112
the group also incurred a net exceptional foreign exchange 
related finance charge of £14 million due to the foreign 
exchange difference between the £ sterling liability 
recognised at 31 december 2012 in relation to the €50 million 
of deferred consideration due for runningball and the 
amount actually paid in march 2013 this charge was offset 
by a foreign exchange movement on the €50 million bank 
debt between march 2013 when it was drawn down to 
finance the runningball deferred payment and the year end
profit before tax
profit before tax decreased from £169 million in 2012 to 
£41 million in 2013 a decrease of £129 million 76 adjusted 
profit before tax excluding exceptional items including 
exceptional financing costs sharebased payments 
accretion of deferred consideration relating to acquisitions 
and acquisitionrelated amortisation decreased from 
£303 million in 2012 to £260 million in 2013
taxation
the group recognised a tax credit of £05 million 2012 
£34 million charge as the revaluation of deferred tax liabilities 
in respect of acquisition intangibles offset the tax charge on 
the group’s profit before tax
earnings per share
adjusted basic and diluted earnings per share are based on 
profit attributable to owners of the parent plus exceptional 
items including exceptional financing costs sharebased 
payments accretion of deferred consideration relating to 
acquisitions and acquisitionrelated amortisation divided 
by the adjusted weighted average number of ordinary 
shares outstanding
adjusted basic and diluted earnings per share decreased by 
7 to 104p 2012 112p 
statutory basic earnings per share reflects the group’s 
statutory profit and was based on the average number 
of ordinary shares outstanding in 2013 of 251 million 
2012 233 million statutory basic earnings per share 
decreased to 16p from 55p
perform group plc annual report and accounts 2013 39
strategic  
report
corporate  
governance
financial 
statements t otal debt repayments made in the year were £103 million 
2012 £56 million
in july 2013 the group issued 239 million new ordinary shares 
raising total net proceeds of £1126 million to fund the acquisition 
of opta and other potential future acquisitions the equity was 
raised via a cash box structure which resulted in £656 million 
being credited to distributable reserves and the remaining 
£47 million being credited to nondistributable reserves
in may 2012 135 million new ordinary 2 and 7 9th pence 
shares were issued in part consideration for runningball 
share capital increased £04 million and a merger relief 
reserve of £472 million was created
closing cash was £1010 million 2012 £336 million closing 
debt was £483 million 2012 £71 million including finance 
leases of £nil 2012 £02 million closing net funds were 
£527 million 2012 £265 million
the bank debt was classified as current as at 31 december 
due to a breach of certain undertakings in the bank facilities 
agreement which had not been waived at that date 
subsequent to the year end the group received a waiver for 
these breaches all covenants were met during the year
fixed assets
during the year the group continued to capitalise expenditure 
on additions and improvements to its technical software as 
new functionality and services were developed internal staff 
costs of £7 0 million were capitalised in 2013 2012 £26 million 
further external development and software costs were 
capitalised of £40 million 2012 £29 million therefore total 
intangible asset additions were £110 million 2012 £55 million 
this included investment in enhancements to goal the eplayer 
watchbet and the group’s subscription products
the group continued its investment programme to update and 
improve the equipment used to support its technical hardware 
platform and invested £38 million during 2013 2012 £49 million 
of the total £148 million 2012 £104 million invested 
relating to technical software and hardware £95 million 
2012 £65 million related to investment in new products 
£27 million 2012 £22 million related to additional supply 
side capacity £20 million 2012 £11 million related to back 
office and £06 million 2012 £06 million related to renewals
in addition the group invested £04 million in land and 
buildings leasehold improvements and furniture and fittings 
2012 £05 million
consideration of up to €7 million is payable based on the 
ebitda of activaweb for the years to 31 december 2013 
2014 and 2015 the remaining 49 will be acquired in 
two tranches – 29 will be transferred on payment of the 
consideration in 2015 and 20 will be transferred on payment 
of the consideration in 2016 activaweb owns several french 
websites including matchendirectfr
cash flow and net debt
cash generated from operating activities before exceptional 
items was £245 million 2012 £188 million the 2012 cash 
generated was also before the gsop payment
the exceptional gsop payment of £60 million was paid out 
in 2012 there were no payments in respect of this scheme in 
2013 payments relating to exceptional costs were £7 0 million 
2012 £53 million
capital expenditure during the year was £144 million 
2012 £104 million with increased investment in the group’s 
technical hardware and software development
spend during the year in relation to acquisition of subsidiaries 
excluding working capital related payments and cash 
acquired was £87 7 million relating to the acquisitions of opta 
£37 5 million  v oetbalzone £16 million  and the earnout 
payments for runningball £426 million  spox £09 million  
mackolik £21 million  perform sales japan £07 million  and 
watchandt rade £23 million  during the year the group also 
completed the buyout of the noncontrolling interest in tcs 
£09 million  resulting in total acquisition spend to £886 million
in 2012 total acquisition spend was £318 million £314 million 
net of cash acquired and primarily related to the acquisitions 
of runningball and mackolik
in may 2012 the £113 million balance of the group’s term 
loan facility was converted into a new term loan facility of 
£113 million this new facility was provided by bank of ireland 
plc and royal bank of scotland plc who also provided perform 
group plc and perform media services ltd with a €30 million 
term loan facility and a €20 million multicurrency revolving 
credit facility the agreement also allowed subject to further 
negotiation an additional multicurrency revolving credit facility 
of up to €20 million the €30 million term loan facility and a 
€20 million multicurrency revolving credit facility were fully 
drawn down in march 2013 to finance the deferred runningball 
payment in addition the group also has available an additional 
multicurrency term facility of up to €20 million and drew 
down €10 million from this in june 2013
financial review 
continued
40 perform group plc annual report and accounts 2013 acquisitions are still operating on their own platforms and are 
relatively autonomous from other areas of the business which 
has led to duplication and inefficiency our aim is to make 
sure the majority of acquisitions are fully integrated during 
2014 with duplication and inefficiency reduced
a full cost review has also been initiated that will result in a 
marginal decline in overall headcount in 2014 as efficiencies 
are realized following the full integration of acquisitions in 
addition to making changes to our overall staff structures we 
have planned change programs for 2014 in data operations 
software development technical platforms content 
management supplier procurement and offices and facilities 
each of these programs will require significant changes but 
they are necessary to improve underlying margin in 2015 and 
management are confident they will not affect the revenues 
or operations of the company during 2014
the opportunities for longterm sustainable growth remain 
significant the exciting developments in mobile and 
connected technology innovation in digital sports rights 
and international expansion offer significant opportunities 
the group continues to invest in growing its international 
presence and in 2013 made good inroads in africa middle 
east south america and south east asia that will enable the 
group in the medium to longterm to maintain growth
the group has made a positive start to 2014 with january 
and february showing strong yearonyear growth in 
revenues ebitda and operational metrics the group has 
significant visibility over full year revenues with in excess of 
£144 million already contracted and remains confident that 
it will deliver full year revenue and ebitda growth in line with 
the board’s expectations the group’s 2014 growth strategy 
is set out on pages 20 to 27
the strategic report is signed on behalf of the board by
oliver slipper
joint chief executive officer
simon denyer
joint chief executive officer
reserves
in march 2013 when the group acquired the digital assets 
of acbj’s consumer web division the group established 
a new subsidiary perform sporting news limited “psn” 
and contributed its us and canadian consumer businesses 
including the eplayer and goal psn is owned 65 by the 
group and 35 by acbj acbj contributed loans and equity 
of 42 million to cover psn’s working capital requirements
as the group retained control of the assets it contributed 
there was no gain or loss from the transfer of those 
assets which have been measured at their carrying value 
immediately prior to acquisition the directors consider that 
the fair value of the consideration transferred representing 
35 of the fair value of the assets and liabilities transferred 
by the group is equal to the fair value of the consideration 
received being 65 of the assets transferred by acbj the 
35 transferred is accounted for as an equity transaction and 
is calculated as the difference between the fair value of the 
assets transferred and their book value
the group has a forward contract to acquire the remaining 
49 of mackolik in 2016 on acquisition in 2012 the value of 
that forward contract which the group has recognised as 
a liability was £149 million with a corresponding debit to 
equity as this represents a transaction with a shareholder in a 
noncontrolling interest in addition the group is committed 
to pay 49 of mackolik’s distributable profits to the owners 
of the noncontrolling interest in that business until the 
group owns 100 of it the group recognised a liability on 
acquisition with a corresponding debit to equity for the fair 
value of these dividends of £49 million
prospects and outlook
the group is confident that demand for its products and 
services will continue to increase supported by structural 
growth drivers and through the group’s own growth strategy
increasing penetration of residential broadband connections 
smartphones and connected televisions combined with the 
impact of digital technology on the sales and marketing 
strategies of the sports and media industries will continue to 
drive demand for our products and services these industries 
need innovative solutions to generate new revenue streams 
and protect existing revenues and the group is well placed to 
capitalise on these trends
although the group will continue to seek a small number 
of complementary acquisitions the focus in 2014 will be 
to ensure the effective integration of the acquisitions the 
group has made over the past three years in many instances 
perform group plc annual report and accounts 2013 41
strategic  
report
corporate  
governance
financial 
statements risk management and responsibility
the board has ultimate responsibility 
for the group’s risk management 
process and reviews its effectiveness 
annually the group has an established 
risk committee that comprises 
three members of the group’s senior 
management who are charged on 
a quarterly basis with reviewing the 
group’s risk register and the group’s risk 
management processes and projects to 
actively mitigate and manage risks
 
on a daytoday basis senior 
management is responsible for 
providing visible leadership in the 
management of risk and ensuring 
that it is integrated as appropriate 
into the group’s business processes 
and activities
 
in common with other organisations 
the group is affected by a number of 
risks not all of which are in the group’s 
control some risks such as those 
around digital technologies are likely to 
affect the performance of digital media 
andor content businesses generally 
while others are particular to our 
operations the section opposite sets 
out the material risks to the group and 
how the group mitigates them in the 
daytoday running of the business
the board has ultimate responsibility for the 
group’s risk management process and reviews 
its effectiveness annually
risk management
identify
senior management 
identify the key 
risks and develop 
mitigation actions
ongoing review  
and control
there is ongoing review 
of the risks and controls 
by the audit committee 
to mitigate risks
board
audit  
committee
risk  
committee
senior 
management  
of business 
divisions
review and 
confirmation
review and 
confirmation 
by the board
process
risks and mitigation 
validated with the 
executive committee 
and presented to the 
audit committee 
for review
review and 
assessment
general counsel 
coordinates and 
consolidates the risks 
from the business 
to create the group 
risk register
42 perform group plc annual report and accounts 2013 risk and uncertainties 
macro risk
summary description mitigating actions
dependency on 
digital technologies 
and communications 
networks changes in 
technologies macro 
business dynamics 
and user behaviour
like many digital media and content businesses the group is 
dependent on thirdparty internet mobile and other technology 
and service providers to deliver its products and services 
management focus continually on ensuring that the group has 
in place robust arrangements with appropriate third parties 
however ultimate control of many platforms and technologies is 
out of management’s control the operation of these platforms 
and technologies may be the subject of unexpected change 
or failure changes in the terms on or means by which they are 
available may adversely impact the group’s businesses and
or its customers and continuous development in the speed 
capacity and capability of key platforms and technologies which 
is important to the expansion of the group’s products territorial 
reach and economics may not be successful
the group constantly monitors changes in technologies 
user behaviour and technological trends which could affect 
positively or negatively the sustainability usability and 
economic viability of its products and services it actively 
deploys available product development and other 
resources to minimise adverse impact that may result
macro economics 
vs revenue and 
geographic diversity
the group’s revenue streams are dependent on the overall 
macro economic environment at both global and national 
levels these could affect the appetite of its business 
customers to purchase the group’s productsservices and 
advertisingsponsorship inventory andor the disposable 
income of the group’s direct consumer customers adverse 
economic headwinds in the key business sectors in which the 
group’s business customers operate could also impact the 
group’s results 
although macro economic trends are out of management’s 
control at the heart of the group’s growth strategy is the 
diversification and geographical expansion of the group’s 
revenues as delivered through both the group’s ma 
activity and continued growth of its organic businesses 
management considers that this revenue and geographic 
diversity insulates the group well against all but extreme 
economic circumstances as demonstrated by the group’s 
continued growth during recent years
regulatory change 
and the costs of 
compliance
the group operates businesses across a range of sectors and 
jurisdictions regulatory change could occur which adversely 
affects one or more parts of the group’s business and which 
may impact the group’s results in particular although the 
group does not undertake activities in the betting sector 
that are directly regulated all of the group’s betting operator 
customers are regulated and regulatory change affecting 
betting operators could impact their appetite or ability to buy 
or use certain of the group’s services eg watchbet laws 
regulating digital consumer products and services consumer 
data digital audiovisual distribution and media content are 
also of specific relevance to the group
the group actively monitors laws and regulations applicable 
to it and its customers especially as it expands into new 
territories the group has recently appointed a senior lawyer 
to the post of head of regulatory affairs and continues 
to implement appropriate compliance programmes as 
the group‘s businesses expand the costs of compliance 
will grow but they are kept in close check by a prudent 
proportionate riskbased approach to compliance
rights costs 
and margin
competition from third parties for certain rights is strong this 
may result in the group choosing not to acquire certain rights 
or being outbid for them the group may also experience 
increased costs for those rights which it does acquire the loss 
of certain rights may result in some of the group’s products 
and services becoming less attractive to business customers 
andor consumers
the group has a specific team focussed on the acquisition 
and management of rights management continuously 
assesses the group’s requirements for rightscleared content 
including careful assessment of the economic viability of 
each set of rights  in order to ensure that it makes strategically 
appropriate and economically informed decisions the group 
has a highlydeveloped approach to the selection of rights and 
the scheduling of content in its services to ensure that value is 
derived from the rights purchases it makes
protection of the 
group’s content 
brands and 
intellectual property 
the digital ecosystem brings with it an inherent risk of content 
piracy and rightsip infringement if substantial piracy of 
certain of the group’s content were to occur this may diminish 
demand for or the value of some of the group’s services 
imitation or passingoff of the group’s brands could result in 
diminution in the value of those brands and infringement or 
theft of the group’s proprietary intellectual property could 
result in the damage to the group’s businesses and the value 
of that ip infringement of the rights in thirdparty content 
used by the group could result in the group being liable to 
compensate third parties andor the suspension or loss of the 
affected content
the group monitors infringement of its content brands and 
intellectual property rights and continues to develop a range 
of strategies with which to respond where required the 
group’s recently appointed head of regulatory affairs has 
specific responsibility for the management and protection of 
the group’s proprietary intellectual property content piracy 
and intellectual property rights infringement are not currently 
considered by management to be a material risk to the group 
and the costs and resources incurred in dealing with this risk are 
prudent and proportionate all arrangements under which the 
group acquires rights to use content brands and or intellectual 
property are considered carefully by the group’s legal function 
to ensure that appropriate protections are incorporated
perform group plc annual report and accounts 2013 43
strategic  
report
corporate  
governance
financial 
statements group risks
summary description mitigating actions
the group’s 
technology and 
operations
reliance on key technologies and operations integrations 
and development the group’s business is naturally reliant 
on its technology and operational functions to support and 
develop its platforms systems and infrastructure to meet the 
needs of the group’s businesses 
at any given time the group is undertaking a number of 
strategically significantly development activities and failure 
or delay in delivering them could have an adverse effect on 
the group’s results or prospects some of these activities are 
complex cuttingedge and require substantial innovation 
the group is also working continuously to integrate its 
multiple organic and acquired platforms technologies and 
operations so as to derive maximum value and efficiency 
from its assets some of these integrations are operationally 
and technologically complex and all change is inevitably 
accompanied by risk if not executed successfully or on 
time scales anticipated the group may fail to realise the full 
potential value of and synergies between its constituent parts 
and this may affect its economic performance
the group is also highly conscious of the risks associated with 
changes in the availability of or support for key thirdparty 
technologies and services that are critical to the group’s 
operations the need to give continuous focus to ensuring 
that it has adequate disaster recovery plans and facilities 
appropriate security technology and associated policies and 
the capabilities necessary to support its live operations and 
sufficient and experienced personnel capable of managing 
the risks associated with running whilst integrating multiple 
technical platforms failure of or defects in any one or more 
of these aspects of the group’s operations could impact 
continuity of those operations and the group’s results
the group devotes significant management time and 
resource to the identification and mitigation of risks relating 
to its technology and operations which are key to its 
businesses it has significant experience in these matters 
and management regard the technological and operational 
risks faced by the group as inline with expectations in the 
context of a fastgrowing and acquisitive business
the group’s financial 
and legal affairs and 
its people
exchange risk a significant portion of the group’s revenues 
and costs are in euros and dollars and the group is 
increasingly exposed to trading in other currencies the group 
could be exposed to adverse movements in the currencies in 
which it trades
management prepare cashflow forecasts by currency and 
attempt where possible to naturally hedge the group’s 
cashflow management will continue to carefully monitor the 
group’s cashflow and consider alternative arrangements if 
there is a material unhedged exposure
tax adverse changes in taxation could affect the group’s 
results and the group could be exposed to a variety of tax 
risks in various countries 
management work closely with external tax advisers on an 
ongoing basis to mitigate tax risks
content liability the group produces and handles very 
substantial volumes of content if use of an item of content 
breaches a thirdparty’s rights applicable law or regulation 
or otherwise carries legal risk for example because it is 
found to be defamatory the group may be subject to legal 
or regulatory proceedings penalised andor required to 
compensate third parties resulting costs may impact the 
group’s financial performance and the group may experience 
reputational damage
the group requires that its editorial staff abide by an 
editorial code of practice content produced is reviewed 
against that code by its senior and managing editors prior 
to publication to ensure suitability for each geographical 
market it is published in
personal data the group continues to grow its direct to 
consumer business and uses or controls increasing quantities 
of personal data if the group does not adequately protect and 
manage this data it may be exposed to risk of noncompliance 
with applicable laws
the group continues to invest in the legal and regulatory 
compliance function which grew significantly in 2013 
management regularly assess the legal and regulatory 
requirements of the group and adjust the level of resource 
as necessary 
risk and uncertainties 
continued
44 perform group plc annual report and accounts 2013 group risks
summary description mitigating actions
organisational change as the group continues to 
expand and mature it will engage in sometimes substantial 
organisational change in order to ensure that its people 
structure and resources are appropriate for its needs 
organisational change programmes carry an inherent degree 
of risk the group may not always be able to effect change as 
rapidly or in the manner it anticipates delays or unexpected 
changes to change programmes may impact the group’s 
operations and its results
the group appointed its first chief personnel officer in 
march 2013 and has continued to invest in its hr function 
which grew significantly in 2013 this function will support 
the business as it continues to grow and evolve
the group’s business ma the group continues to pursue opportunities for 
expansion including geographic through mergers and 
acquisitions this activity may not be successful and the group 
may not achieve technical andor other synergies as quickly as 
it anticipates 
the group is accumulating significant ma experience 
in the sector in which it operates and continues to make 
valuable resources available to the team responsible 
for ma to ensure that opportunities are explored and 
evaluated appropriately
traffic shift to mobile digital advertising and sponsorship 
inventory is growing rapidly on mobile devices but across 
many parts of the digital media industry mobile inventory 
revenues are growing less quickly than the traffic itself this 
trend may affect the group to some extent and impact the 
group’s ability to monetise its inventory assets which may in 
turn impact its results
the group continues to invest in mobilising all of its 
products to ensure equal usability for the users accessing 
our services via a smartphone additionally all our 
advertising and sponsorship publishers now include a 
strong element of mobile inventory which is driving growth
products constant technological and user behaviour changes 
necessitate that the group engages in continuous and 
sometimes rapid product development 
management are highly focussed on ensuring that the 
group makes maximum progress in this respect but the 
group’s strategy or its product innovations may not be 
successful or may take longer to deliver to the market or 
monetise than anticipated this could impact the group’s 
economic performance
perform group plc annual report and accounts 2013 45
strategic  
report
corporate  
governance
financial 
statements cycle2work  season ticket loans
in the uk the group also introduced a cycle2work scheme 
in 2012 to offer employees the opportunity to lower the cost 
of equipment and spread the cost of that equipment the 
scheme is designed to assist those employees looking to 
consider a more sustainable way of travelling to work
the governmentbacked programme designed to encourage 
green transport by employees was supplemented by a 
season ticket loan scheme to further encourage noncar 
commuting during 2013 the two schemes were utilised by 
a number of staff in the uk
greenhouse gas emissions
the tables below set out the assessment parameters used 
to measure the group’s greenhouse gas emissions and 
the emissions themselves by scope the group primarily 
produces greenhouse gas through the use of electricity 
gas boilers and air conditioning in its leased offices
assessment parameters
greenhouse gas emission source
baseline year year to 31 december 2013
consolidation approach operational control
boundary summary
all entities and all facilities under 
operational control were included
consistency with the 
financial statements
the only variation is that 60 leased 
properties under operational control 
are included in scope 1 and 2 data all 
scope 3 emissions are offbalance 
sheet emissions
assessment methodology
greenhouse gas protocol  
revised edition 2004 and 
iso 140641 2006
intensity ratio emissions per £m turnover
2013
tco
2
e
2013
tco
2
e£m
scope 1 589 28
scope 2 1239 60
statutory total scope 1  2 1828  88 
t o provide the maximum benefit to the projects chosen the 
group will focus on a number of major initiatives over a two 
to threeyear cycle that will be delivered usually in partnership 
with an international nonprofit organisation this ensures that 
the monies and support given are well managed and deliver 
real positive impact
perform sporting communities launched two projects in 2013
indian playing fields
the group provided support – funding fundraising and 
inkind advertising – to set up a series of initiatives across 
india to promote sports for all children by tapping into 
children’s love of sports the programme equipped them with 
vital knowledge and life skills to be able to make informed 
independent decisions about their lives such as deciding 
to complete school the threeyear programme is being 
delivered by the company’s chosen charity partner – plan 
international – a wellrespected organisation that has a 
global presence
the group has pledged £250000 over a threeyear period 
– with perform employees across the world taking part 
in fundraising activities to try and double this figure and 
increase the scope and reach of the project advertising 
opportunities across the group’s owned websites will also 
promote plan international
goal kit giveaway
in 2013 the group offered 100 goal branded football kits 
to community football teams around the world valued at 
£350 each the kits were donated for free with the group’s 
staff nominating local groups that would benefit from them 
alongside this local goal editors and users were also asked to 
nominate community groups to receive the kits
nominations have been received from around the world 
including poland kenya the usa and germany – along with 
numerous uk submissions
other charitable donations
during the year the group donated £10000 to charitable 
causes including the uk children’s heart unit fund and 
kindergarden los enanitos de la esperanza
during the year to 31 december 2012 the group donated 
£20000 to charitable causes including the children’s heart 
unit fund york against cancer the dove t rust sport relief 
sme t rust and grassroots soccer
during 2013 the group established perform sporting communities a 
programme through which the group will provide funding to support sporting 
activities that improve the lives of people encourage healthier lifestyles and 
create better opportunities for education and social engagement
corporate and social responsibility
46 perform group plc annual report and accounts 2013 staff diversity
male 81
female 19
the group has 
pledged £250000 
over three years to 
support children’s 
sports initiatives 
across india
environmental policy
during the year the group recycled 27251 kg 2012 
31859 kg of paper cans plastics and other materials which 
equated to co
2
 savings of 39242 kg 2012 45618 kg
the group is currently working with carbon smart to
• measure environmental impacts to report performance 
internally benchmark the organisation and target 
improvements based on a realistic baseline
• receive support in developing and implementing practical 
low or no cost actions for improving environmental 
performance and
• assistance in engaging staff to ensure that improved 
environmental performance becomes part of the everyday 
work environment
employment policies
equal opportunities and human rights
the group’s policy is always to ensure that all persons are 
treated fairly irrespective of their age race including colour 
nationality ethnic or national origins sexual orientation 
disability gender including gender reassignment religious 
beliefs or political opinion trade union membership or 
nonmembership marital and physical or mental status or 
any other factors including pregnancy and maternity the 
group endeavours to provide those who have physical or 
mental disabilities with equal opportunities in the application 
and recruitment process and specific assistance and 
arrangements including training career development and 
promotion arrangements to enable them to work for us 
wherever and whenever this is reasonably practicable
health and safety
the group is committed to providing a consistently safe 
and effective working environment for all staff including 
contractors customers and members of the public in doing 
so it will as a minimum comply with local health and safety 
legislation but will exceed those requirements should it be 
necessary to do so the group has a health and safety policy 
available to all employees and applied to the group’s business 
operations worldwide the health and safety policy sets 
out the organisation and arrangements for achieving and 
maintaining adequate standards of health and safety at work 
throughout the group 
overall group health and safety is the responsibility of 
the chief operating officer each executive member of 
the group board is responsible for giving appropriate 
consideration to the health and safety implications arising 
out of decisions or proposals made within the remit of their 
respective areas of corporate responsibility 
for subsidiary companies health and safety is the 
responsibility of the managing directors who will establish 
appropriate and effective systems and arrangements to 
ensure compliance and to achieve the corporate objectives 
all employees are expected to exercise personal responsibility 
in preventing injury to themselves and others and to co
operate with management in complying with health and 
safety legislation 
employee involvement
employee communication
the group recruited a chief people officer “cpo” in 
march 2013 and he has sought to enhance the group’s 
communications with its employees
the group believes that employee communication is 
important in building strong relationships with and in 
motivating and retaining employees the group makes use 
of various methods and channels including annual senior 
management seminars weekly newsletters face to face 
briefings open discussion forums with senior management 
team briefings email and corporate internet to ensure that 
matters of interest and importance are conveyed to and 
heard from employees quickly and effectively and that all 
employees are aware of the financial and economic factors 
affecting the performance of the company
employee share schemes
the group recognises the importance of good relationships 
with employees of all levels the group operates a 
performance share plan for senior management and a share 
save scheme available to all staff details of these plans are set 
out in note 26 to the financial statements
political donations
the company made no political donations during the year
perform group plc annual report and accounts 2013 47
strategic  
report
corporate  
governance
financial 
statements corporate 
governance
introduction to corporate governance 50
board of directors 52
directors’ report  54
corporate governance 58
remuneration committee report 66
directors’ responsibilities statement 81 strategic  
report
corporate  
governance
financial 
statements board of directors
page 52
on behalf of the board i am pleased to present the governance report for 2013 
the board fully supports the principles of good corporate governance and is 
committed to the continuous improvement and development of appropriate 
structures processes and procedures throughout the group to bring these 
principles to life
 
our entrepreneurial culture is complemented by a strong governance framework 
which facilitates coordination throughout the group delivers financial efficiency 
and enables effective risk management consistent with the principles of good 
corporate governance the board is pleased to confirm its compliance with the 
uk corporate governance code in all respects
 
the board recognises its responsibility to ensure that the group’s governance 
framework is focussed on improving the business strengthening internal controls 
and management processes
 
as such under simon and oli’s leadership this year the group has introduced an 
executive committee simon and oli are now supported by the group’s chief 
operating officer chief technology officer chief commercial officer general 
counsel and the managing directors of the group’s direct to consumer and 
content distribution divisions and the apac emea and americas regions as well 
as the group’s new chief personnel officer who joined in march 2013 in addition to 
optimising the allocation and adequacy of the group’s resources they are also able 
to leverage synergies and efficiencies across the group’s operations 
 
i am currently supporting simon and oli and the group’s chief personnel officer in 
a rigorous search for the group’s new chief financial officer who on appointment 
will join the group’s executive committee and main board as well as the risk 
committee as mentioned in my opening chairman’s statement the board are 
grateful to david surtees for his six years’ service as chief financial officer and 
wish him well i would also like to welcome richard mcmorris the group’s general 
counsel as the group’s new company secretary
 
key to giving the board confidence in the group’s approach to controls and risk 
is the effectiveness of the group’s external audit process grant thornton uk 
llp had been the group’s auditor since 2005 the board and audit committee 
decided to issue a request for proposal for external audit and audit related services 
in light of the group’s continued growth and international expansion and due to 
the mandatory rotation of the grant thornton audit partner following a thorough 
and rigorous process set out in the audit committee report deloitte llp were 
appointed as auditor
paul walker
chairman
3 march 2014
corporate governance
introduced by the chairman
effective corporate governance is fundamental to the 
longterm sustainability and success of perform
50 perform group plc annual report and accounts 2013 the board has delegated certain responsibilities to committees
perform group plc board
audit committee
peter williams 
chairman
marc brown
peter parmenter
gabby logan
3 nonexecutive  
directors  chairman
executive committee 
chief operating officer 
chief technology officer
chief commercial officer 
general counsel 
chief personnel officer
md direct to consumer
md content distribution
md apac 
md emea
md americas
risk committee 
chief executive officer
general counsel
chief operating officer
senior  
management 
team
remuneration 
committee
marc brown 
chairman
peter parmenter
peter williams
gabby logan
3 nonexecutive  
directors  chairman
nomination 
committee 
paul walker 
chairman
marc brown
peter parmenter
peter williams
gabby logan
 4 nonexecutive  
directors  chairman
chief executive 
officers
simon denyer
oliver slipper
company 
secretary
richard 
mcmorris
perform group plc annual report and accounts 2013 51
strategic  
report
corporate  
governance
financial 
statements name paul walker
nonexecutive  
chairman
simon denyer
joint chief  
executive officer
oliver slipper
joint chief  
executive officer
peter williams
senior independent 
nonexecutive director
marc brown
independent  
nonexecutive director
jörg mohaupt
nonexecutive  
director
peter parmenter
independent  
nonexecutive director
gabby logan
independent non
executive director
biography
paul walker was appointed to 
the board in january 2011 as 
the company’s nonexecutive 
chairman paul served as 
chief executive officer of the 
sage group plc from 1994 to 
september 2010 paul is also 
chair of halma plc and has 
been a nonexecutive director 
of experian plc since june 
2010 and was a nonexecutive 
director of diageo plc from 
2002 until 2011 he is currently 
chair of the newcastle science 
city partnership
simon denyer was appointed 
to the board in september 
2007 the founder of inform 
group in 2004 simon was 
its managing director until its 
amalgamation with premium 
tv in 2007 to create perform 
oliver slipper was appointed 
to the board in august 2007 
he was the chief executive 
officer of premium tv 
until its amalgamation with 
inform group in 2007 to 
create perform oliver joined 
premium tv in 2001 as 
commercial manager in 2005 
oliver was appointed chief 
executive officer 
peter williams was appointed 
to the board in march 2011 
peter was finance director 
of daily mail and general 
trust plc “dmgt” from 1991 
until march 2011 during his 
time with dmgt he served 
as a nonexecutive director of 
bristol evening post plc gwr 
group plc subsequently gcap 
media plc and euromoney 
institutional investor plc 
marc brown was appointed 
to the board in march 2011 
marc has been a member 
of microsoft’s corporate 
development group since 
joining the company in 
january 2000 currently 
he is a general manager 
corporate development and 
global head of ma and 
strategic investments 
jörg mohaupt was appointed 
to the board when access 
industries acquired a majority 
stake in the company in july 
2007 jörg is responsible for 
the mediaonline and telecom 
businesses at access industries 
which he joined in may 2007 
he was previously a managing 
director of providence 
equity partners
peter parmenter was appointed 
to the board in december 
2011 peter is head of global 
telecom partners at electronic 
arts a global leader in digital 
interactive entertainment
gabby logan was appointed 
to the board in december 
2012 gabby is one of britain’s 
leading sports journalists
experience
paul qualified as a chartered 
accountant at ernst  
young having graduated 
from york university with 
an economics degree
prior to inform group simon 
was head of digital rights 
at img and sales director at 
sportal simon started his 
career in sports media at 
haymarket publishing after 
working as a football and 
athletics reporter from the 
age of fifteen and studying 
at loughborough university 
he has worked with all the 
major sports rights holders in 
the exploitation of their digital 
media rights over the past 
15 years
prior to premium tv oliver 
worked at accenture within 
the media and entertainment 
team where he worked 
for clients including cable 
 wireless ntl and sony 
playstation advising on digital 
strategies oliver holds a ba 
hons in classical studies from 
manchester university
peter is also a trustee and 
investment committee 
chairman of the dmgt pension 
funds a nonexecutive director 
of ibis media vct1 plc and a 
trustee of the royal academy
prior to joining microsoft marc 
practised corporate law at 
a firm in boston was a high 
school teacher and coach 
and an investment banker 
in new york he holds a jd 
degree from georgetown 
university law center an 
mba in finance from new 
york university and a bachelor 
of arts in economics from 
colgate university
jörg has been active in the 
media and communications 
space since 1992 jörg’s current 
board positions include warner 
music group beats music 
deezer ainmt and acision
prior to joining ea peter held 
positions at emi records 
hutchison telecoms and the 
bertelsmann group peter 
is vicechair of the mobile 
entertainment forum
through the course of her 
extensive career in sports 
gabby has worked for 
broadcasters including sky 
sports the bbc itv and 
channel 5 covering the 
biggest sporting events 
around the world her current 
commitments include bbc 
sport match of the day final 
score six nations rugby 
sports personality of the year 
and the world cup 2014 
gabby is also chancellor of 
leeds trinity university
year appointed
2011 2007 2007 2011 2011 2007 2011 2012
committee 
membership
• nomination committee 
chairman
• audit committee chairman
• remuneration committee
• nomination committee
• audit committee
• remuneration committee 
chairman
• nomination committee
• audit committee
• remuneration committee
• nomination committee
• audit committee
• remuneration committee
• nomination committee
board meetings 
attended
88 88 88 88 88 68 78 88
our business is managed by our board of directors 
biographical details of the directors and senior management 
as at 3 march 2014 are as follows
board of directors
52 perform group plc annual report and accounts 2013 name paul walker
nonexecutive  
chairman
simon denyer
joint chief  
executive officer
oliver slipper
joint chief  
executive officer
peter williams
senior independent 
nonexecutive director
marc brown
independent  
nonexecutive director
jörg mohaupt
nonexecutive  
director
peter parmenter
independent  
nonexecutive director
gabby logan
independent non
executive director
biography
paul walker was appointed to 
the board in january 2011 as 
the company’s nonexecutive 
chairman paul served as 
chief executive officer of the 
sage group plc from 1994 to 
september 2010 paul is also 
chair of halma plc and has 
been a nonexecutive director 
of experian plc since june 
2010 and was a nonexecutive 
director of diageo plc from 
2002 until 2011 he is currently 
chair of the newcastle science 
city partnership
simon denyer was appointed 
to the board in september 
2007 the founder of inform 
group in 2004 simon was 
its managing director until its 
amalgamation with premium 
tv in 2007 to create perform 
oliver slipper was appointed 
to the board in august 2007 
he was the chief executive 
officer of premium tv 
until its amalgamation with 
inform group in 2007 to 
create perform oliver joined 
premium tv in 2001 as 
commercial manager in 2005 
oliver was appointed chief 
executive officer 
peter williams was appointed 
to the board in march 2011 
peter was finance director 
of daily mail and general 
trust plc “dmgt” from 1991 
until march 2011 during his 
time with dmgt he served 
as a nonexecutive director of 
bristol evening post plc gwr 
group plc subsequently gcap 
media plc and euromoney 
institutional investor plc 
marc brown was appointed 
to the board in march 2011 
marc has been a member 
of microsoft’s corporate 
development group since 
joining the company in 
january 2000 currently 
he is a general manager 
corporate development and 
global head of ma and 
strategic investments 
jörg mohaupt was appointed 
to the board when access 
industries acquired a majority 
stake in the company in july 
2007 jörg is responsible for 
the mediaonline and telecom 
businesses at access industries 
which he joined in may 2007 
he was previously a managing 
director of providence 
equity partners
peter parmenter was appointed 
to the board in december 
2011 peter is head of global 
telecom partners at electronic 
arts a global leader in digital 
interactive entertainment
gabby logan was appointed 
to the board in december 
2012 gabby is one of britain’s 
leading sports journalists
experience
paul qualified as a chartered 
accountant at ernst  
young having graduated 
from york university with 
an economics degree
prior to inform group simon 
was head of digital rights 
at img and sales director at 
sportal simon started his 
career in sports media at 
haymarket publishing after 
working as a football and 
athletics reporter from the 
age of fifteen and studying 
at loughborough university 
he has worked with all the 
major sports rights holders in 
the exploitation of their digital 
media rights over the past 
15 years
prior to premium tv oliver 
worked at accenture within 
the media and entertainment 
team where he worked 
for clients including cable 
 wireless ntl and sony 
playstation advising on digital 
strategies oliver holds a ba 
hons in classical studies from 
manchester university
peter is also a trustee and 
investment committee 
chairman of the dmgt pension 
funds a nonexecutive director 
of ibis media vct1 plc and a 
trustee of the royal academy
prior to joining microsoft marc 
practised corporate law at 
a firm in boston was a high 
school teacher and coach 
and an investment banker 
in new york he holds a jd 
degree from georgetown 
university law center an 
mba in finance from new 
york university and a bachelor 
of arts in economics from 
colgate university
jörg has been active in the 
media and communications 
space since 1992 jörg’s current 
board positions include warner 
music group beats music 
deezer ainmt and acision
prior to joining ea peter held 
positions at emi records 
hutchison telecoms and the 
bertelsmann group peter 
is vicechair of the mobile 
entertainment forum
through the course of her 
extensive career in sports 
gabby has worked for 
broadcasters including sky 
sports the bbc itv and 
channel 5 covering the 
biggest sporting events 
around the world her current 
commitments include bbc 
sport match of the day final 
score six nations rugby 
sports personality of the year 
and the world cup 2014 
gabby is also chancellor of 
leeds trinity university
year appointed
2011 2007 2007 2011 2011 2007 2011 2012
committee 
membership
• nomination committee 
chairman
• audit committee chairman
• remuneration committee
• nomination committee
• audit committee
• remuneration committee 
chairman
• nomination committee
• audit committee
• remuneration committee
• nomination committee
• audit committee
• remuneration committee
• nomination committee
board meetings 
attended
88 88 88 88 88 68 78 88
perform group plc annual report and accounts 2013 53
strategic  
report
corporate  
governance
financial 
statements the directors present their annual report together with the audited financial statements for the year to 31 december 2013
business review
perform group plc is required to set out in this report a fair review of the business of the group during the year to 31 december 2013 
of the position of the group at the end of the financial year and a description of the principal risks and uncertainties facing the group a 
“business review” the purpose of the business review is to enable shareholders to assess how the directors have performed their duty 
under section 172 of the companies act 2006 duty to promote the success of the company the overview and business and financial 
review sections on pages 1 to 41 report on the activities and results for the year and give an indication of the company’s planned future 
developments the sections of the annual report referred to above fulfil the requirements of the business review and are incorporated by 
reference and shall be deemed to form part of this report
principal activities
the company’s principal activity during the year was that of the holding company of a group of digital media companies the group is a 
market leader in the commercialisation of multimedia sports content across a variety of digital platforms
revenue and profit
revenue during the year amounted to £2081 million 2012 £1516 million profit attributable to owners of the parent was £40 million 
2012 £128 million
dividends
the directors do not recommend that a final dividend is paid 2012 £nil no interim dividend was paid 2012 £nil
directors
the names and biographical details of the directors holding office at the date of this report are set out on pages 52 and 53 and are 
incorporated by reference into this report
all directors are subject to reelection annually by shareholders at the annual general meeting in line with the company’s articles of 
association and provision a71 of the code the separate circular to shareholders incorporating the notice of this year’s annual general 
meeting on 9 april 2014 sets out why the board believes the directors should be reelected details of the directors’ service agreements and 
letters of appointment are given in the remuneration committee report on pages 66 to 80
directors’ share interests
directors’ holdings in the shares of the company at 31 december 2013 are shown on page 77 there were no changes to the beneficial 
interests of the directors between 31 december 2013 and 21 february 2014 details of executive directors’ share schemes are provided in the 
directors’ remuneration report on page 78
directors’ insurance and indemnities
the company maintains directors’ and officers’ liability insurance which gives appropriate cover for legal action brought against its directors 
in accordance with section 236 of the companies act 2006 qualifying thirdparty indemnity provisions are in place for the directors and 
company secretary in respect of liabilities incurred as a result of their office to the extent permitted by law
share capital
details of the authorised and issued share capital together with details of movements in the issued share capital of perform group plc are 
shown in note 24 to the financial statements which is incorporated by reference into this report the company has one class of ordinary 
shares which carry no right to fixed income each share carries the right to one vote at general meetings of the company details of 
employee share schemes are set out in note 26 no person has any special rights of control over the company’s share capital
in july 2013 the group issued an additional 23888211 new ordinary shares raising total net proceeds of £1126 million to fund the acquisition 
of opta and other potential future acquisitions
following the issuance of this equity and at 31 december 2013 the company had 262770328 ordinary shares in issue at 31 december 2012 
the group had 238882000 ordinary shares in issue
directors’ report 
54 perform group plc annual report and accounts 2013 in may 2012 the group acquired runningball holding ag via the acquisition of runningball’s two immediate holding companies for 
consideration of €120 million initial consideration of €70 million consisted of €20 million in cash financed from existing cash resources and 
€50 million in the form of 135 million new ordinary shares in the company which were issued to the sellers the number of issued shares was 
based on the average closing midmarket price of the group’s ordinary shares and the average closing midpoint sterlingeuro exchange rate 
over the 30 trading days preceding 15 may 2012 the fair value of the 135 million new ordinary shares issued was calculated based on the bid 
price at the date of acquisition a merger relief reserve has been created to record the excess over nominal value on the issue of the shares in 
relation to the acquisition
the company does not hold any treasury shares
the company is subject to the continuing obligations contained in the listing rules with regard to the issue of ordinary shares for cash 
the provisions of section 5611 of the companies act 2006 the “act” which confer on shareholders rights of preemption in respect of 
the allotment of equity securities which are or are to be paid up in cash other than by way of allotment to employees under any employees’ 
share scheme as defined in section 1166 of the act apply to the issue of shares in the capital of the company except to the extent that such 
provisions were disapplied as set out in the company’s prospectus
the company may by ordinary resolution increase consolidate or subject to the act subdivide its share capital the company may by 
ordinary resolution also cancel any shares which at the date of the passing of the resolution have not been taken or agreed to be taken by 
any person and diminish the amount of its authorised share capital by the amount of the shares so cancelled subject to the provisions of the 
act the company may by special resolution reduce its share capital capital redemption reserve and share premium account in any way
subject to the act and without prejudice to any relevant special rights attached to any class of shares the company may purchase any of its 
own shares
with regard to the appointment and replacement of directors the company is governed by its articles of association the corporate 
governance code 2010 the companies act 2006 and related legislation the articles of association may be amended by special resolution 
of the shareholders
under its articles of association the company has authority to issue new shares up to the equivalent of 10 of its ordinary shares already in 
issue in any 12month period
substantial shareholdings
as at 31 december 2013 the company had been notified under rule 5 of the disclosure and transparency rules of the following major 
interests in its issued ordinary share capital
number of ordinary shares  of total voting rights
premium tv group 112052464 43
simon denyer 24142188 9
cazenove capital management 20310611 8
john gleasure 10421342 4
 simon denyer’s holding includes 2334311 shares held in trust 
 john gleasure’s holding includes 1724167 shares held in trust
on 15 january 2014 the company received notification from kames capital that it had increased the number of shares held both 
directly and indirectly to 8296805 representing 3 of the group’s total voting rights during the period between 31 december 2013 and 
21 february 2014 the company did not receive any other notifications under chapter 5 of the disclosure and transparency rules
interests in own shares
the company does not hold any of its own shares the company operates a performance share plan scheme for its executive directors and 
senior management and it also operates a share save scheme these schemes are further explained in note 26 to the financial statements 
these awards and schemes will be satisfied by the issue of new shares at the date on which the shares vest
perform group plc annual report and accounts 2013 55
strategic  
report
corporate  
governance
financial 
statements financial instruments
no forward contracts were outstanding at 31 december 2013 in december 2012 just prior to the year end the group entered into a 
vanilla option which gave the group the right but not the obligation to sell €20 million euros and buy sterling at an exchange rate of 125 
at each of the following settlement dates 26 april 2013 29 may 2013 26 june 2013 29 july 2013 28 august 2013 26 september 2013 
29 october 2013 27 november 2013 and 27 december 2013 the cost of this option was €264000 the fair value of this option at 
31 december 2012 was €220000
the group’s financial risk management objectives and policies are set out within note 22 to the financial statements note 22 also details the 
group’s exposure to foreign exchange interest credit and liquidity risks these notes are incorporated by reference and are deemed to form 
part of this report
creditor payment policy
for all trade creditors it is policy to
• agree and confirm the terms of payment at the commencement of business with that supplier
• pay in accordance with contractual and other legal obligations and
• continually review the payment procedures and liaise with suppliers as a means of eliminating difficulties and maintaining a good 
working relationship
the company’s trade creditors at 31 december 2013 were £685000 2012 £392000 and the group’s trade creditors at 31 december 2013 
were £17954000 2012 £18076000 the average credit period taken for trade purchases is set out in note 19 to the accounts
essential contracts
the group has a number of contractual arrangements with suppliers of goods and services including a variety of content rightsholders 
whilst these arrangements are important to the group individually none are them are essential to the business of the group
corporate and social responsibility
details of the group’s corporate and social responsibility including the group’s charitable donations and activities environmental policies 
including disclosure of its greenhouse gas emissions employee policies and political donation disclosure are set out in the corporate and 
social responsibility statement on pages 46 to 47
auditor
in accordance with section 4182 of the companies act 2006 each of the company’s directors in office as at the date of this report 
confirms that
• so far as the director is aware there is no relevant audit information of which the company’s auditor is unaware and
• he or she has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant 
audit information and to establish that the company’s auditor is aware of that information
the group’s auditor is deloitte llp a resolution to reappoint deloitte llp as auditor to the company will be proposed at the forthcoming 
annual general meeting
note 4 in the financial statements states the auditors’ fees for both audit and nonaudit work
directors’ report 
continued
56 perform group plc annual report and accounts 2013 going concern
the group’s business activities together with the factors likely to affect its future development performance and position are set out in 
the strategic report on pages 6 to 45 together with details of the group’s cashflows liquidity position and borrowing facilities financial 
risk management objectives details of financial instruments and hedging activities and exposures to capital credit risk and liquidity are 
described in note 22 to the financial statements
the group had cash balances of £1010 million at the year end and £483 million of debt having reviewed cashflow forecasts and budgets 
for the year ahead the directors have a reasonable expectation that the group has sufficient resources to continue in operational existence 
for the foreseeable future for this reason they continue to adopt the going concern basis in preparing the accounts
annual general meeting
the annual general meeting of the company will be held at the company’s offices at hanover house plane tree crescent feltham 
tw13 7jj commencing at midday on 9 april 2014 the notice of this year’s annual general meeting is included in the separate circular to 
shareholders the notice is available to view under the “investors” section of the company’s website wwwperformgroupcom
by order of the board
richard mcmorris
company secretary
registered office
sussex house
plane tree crescent
feltham
tw13 7he
registered number 6324278
perform group plc annual report and accounts 2013 57
strategic  
report
corporate  
governance
financial 
statements the board is committed to high standards of corporate governance which it considers to be central to the effective management of 
the business and to maintaining the confidence of investors the group complies with the laws and endeavours to observe the customs 
and culture in the countries in which it operates and does business the group expects all directors and employees to strive to achieve 
the highest standards and to act with respect and integrity the board monitors and keeps under review the company’s corporate 
governance framework
in accordance with the listing rules of the uk listing authority the company confirms that throughout 2013 it complied with the relevant 
provisions set out in section 1 of the uk corporate governance code 2010 “the code”
this report together with the remuneration committee report on pages 66 to 80 provides details of how the company has applied the 
principles and complies with the provisions of the code
the board
the board is collectively responsible for promoting the success of the company the board provides leadership for the group and 
concentrates its efforts on strategy performance governance and internal control as at the date of this report the board has eight 
members the nonexecutive chairman paul walker two joint chief executive officers simon denyer and oliver slipper four 
independent nonexecutive directors peter williams marc brown gabby logan and peter parmenter and one nonexecutive director 
jörg mohaupt david surtees the group’s former chief financial officer served on the board throughout 2013 and up until he left the 
company on 31 january 2014 the group’s new chief financial officer will join the board when he or she is appointed
the biographical details of each of the directors are set out on pages 52 to 53 and details of their membership of the board’s 
committees are set out below
the board has a formal schedule of matters reserved to it for decision and approval which include but are not limited to
• the group’s business strategy
• annual budget and operating plans
• major capital expenditure and acquisitions
• the systems of corporate governance internal control and risk management
• the approval of the interim and annual financial statements and interim management statements and
• any interim dividend and the recommendation of any final dividend
the board held eight scheduled meetings during 2013 the group’s strategy was regularly reviewed all directors participated in 
discussions relating to the group’s strategy financial and trading performance and risk management the board considers it met 
sufficiently often to enable the directors to discharge their duties effectively
the table below gives details of directors’ attendance at board and committee meetings in 2013
board audit committee remuneration committee nomination committee
paul walker 88 – – 11
simon denyer 88 – – –
oliver slipper 88 – – –
david surtees 88 – – –
peter williams 88 33 44 11
marc brown 88 33 44 11
jörg mohaupt
1
68 – – –
peter parmenter
1
78 23 34 11
gabby logan 88 33 44 –
1  peter parmenter and jörg mohaupt were unable to attend all board and committee meetings due to work commitments
at the request of any nonexecutive director the nonexecutive chairman will arrange meetings consisting of only the nonexecutive 
directors to allow the opportunity for any concerns to be expressed during 2013 the nonexecutive chairman maintained regular contact 
and met with the nonexecutive directors
the board is chaired by paul walker the nonexecutive chairman is responsible for leading the board and its effectiveness simon denyer 
and oliver slipper are joint chief executive officers and are jointly responsible for the execution of strategy and the daytoday management 
of the group the division of roles and responsibilities between the nonexecutive chairman and the chief executive officers are formally 
set out in writing and agreed by the board
corporate governance
58 perform group plc annual report and accounts 2013 board balance and independence
paul walker peter williams marc brown peter parmenter and gabby logan are in the opinion of the board independent of management 
and free from any business relationship which could materially interfere with the exercise of their independent judgement
the directors consider that the board has an appropriate balance of skills and experience by virtue of the directors’ varied backgrounds 
see biographical details on pages 52 and 53
board appointments
board nominations are recommended to the board by the nomination committee under its terms of reference all directors are subject to 
reelection by shareholders at the annual general meeting following their appointment and thereafter to reelection every year in line with 
the company’s articles of association and provision a71 of the code
information and professional development
on appointment independent directors receive a full formal and tailored induction including meetings with members of the management 
team and briefings on particular issues 
as an ongoing process directors are briefed and provided with information concerning major developments affecting their roles and 
responsibilities in particular the directors’ knowledge of the group’s worldwide operations is regularly updated by arranging presentations 
from senior management throughout the group the chairman and executive directors consult with each nonexecutive director to ensure 
that they are all able to allocate sufficient time to the group to discharge their responsibilities
the nonexecutive chairman works closely with the company secretary to ensure that the board is supplied in a timely manner with 
information in a form and of a quality appropriate to enable it to effectively discharge its duties where there are occasions when directors 
are unable to attend a meeting they have the opportunity to review meeting papers and submit comments to the nonexecutive chairman 
directors are also supplied with a monthly chief executive officer report and a monthly financial report which provides the board with 
information on operational and financial performance and the group’s business plans
all directors are able to consult with the company secretary the appointment and removal of the company secretary is a matter 
reserved for the board as a whole directors may obtain in the furtherance of their duties independent professional advice if necessary 
at the group’s expense in addition all directors have direct access to the advice and services of the company secretary and all 
senior management
board performance evaluation
the board recognises that it is required to regularly undertake a formal and rigorous review of its performance and that of its committees 
the board engages in continuous selfassessment and analysis of its effectiveness the chairman and company secretary are already in the 
process of arranging full external evaluation of the board’s effectiveness anticipated to be complete by the end of q3 2014
committees
the board is supported by a number of committees including the following principal committees audit committee remuneration 
committee and nomination committee all the independent nonexecutive directors are members of each of the principal committees of 
the board
the terms of reference of each of the principal committees are available on request by writing to the company secretary at the 
company’s registered address and are available on the group’s website http investorsperformgroupcomboardandgovernance 
boardofdirectorsaspx
the committees if they consider it necessary can engage with thirdparty consultants and independent professional advisers and can call 
upon other resources of the group to assist them in developing their respective roles 
perform group plc annual report and accounts 2013 59
strategic  
report
corporate  
governance
financial 
statements corporate governance
continued
audit committee
the audit committee comprises four independent nonexecutive directors
the table below gives details of directors’ attendance at audit committee meetings in 2013
audit  
committee
peter williams chair 33
marc brown 33
peter parmenter 23
gabby logan 33
the main roles and responsibilities of the audit committee are set out in written terms of reference 
the audit committee is responsible for
• monitoring the integrity of the annual and halfyearly financial statements of the group and any formal announcements relating to the 
group’s financial performance
• assessing whether suitable accounting policies have been adopted including reviewing significant financial reporting judgements
• advising the board on whether the committee believes the annual financial statements taken as a whole are fair balanced and 
understandable and provide the information necessary for shareholders to assess the company’s performance business model 
and strategy
• considering the scope of the annual external audit and the work undertaken by the external auditor
• making recommendations for the appointment reappointment and removal of the external auditor and approving their remuneration 
and terms of engagement
• assessing the independence objectivity and effectiveness of the external auditor
• developing and implementing policies on the engagement of the external auditor for the supply of nonaudit services 
• reviewing the group’s internal financial operational and compliance controls and risk management systems
• overseeing the group’s procedures for detecting fraud and
• reviewing arrangements by which employees may in confidence raise concerns about possible improprieties in matters of financial 
reporting and other matters
the board is satisfied in accordance with the provisions of the code that at least one member of the audit committee has recent and 
relevant financial experience given the nature of the senior management positions previously held by peter williams see biographical 
details on pages 52 to 53
the audit committee met three times during the year the attendance record of committee members is recorded in the table above at the 
invitation of the chairman of the audit committee the joint chief executive officers the chief financial officer the chairman of the board 
and the group’s external auditors regularly attend meetings
the audit committee is responsible for reviewing and monitoring the effectiveness of the group’s internal control procedures and risk 
management systems the audit committee is also responsible for assessing whether the group requires an internal audit function 
the group does not currently have an internal audit function given that most of the group’s financial functions are currently centralised 
such a function is not considered necessary this will be reconsidered as the group grows
during the year the audit committee was presented by the group’s management with updates of the group’s current internal control 
procedures and risk management systems the audit committee is satisfied that the current arrangements and the group’s internal controls 
and risk management systems are appropriate the audit committee considers that the group has continued to make good progress 
on risk during the year resulting in better process understanding and awareness combined with a greater engagement right across 
the business the debate on risk risk tolerance and risk appetite will continue to be a focus for the board and the committee during the 
next year
peter williams
chairman of the 
audit committee
60 perform group plc annual report and accounts 2013 in addition the committee reviewed the adequacy of the “whistleblowing” arrangements in place to enable employees to raise in 
confidence any concerns they may have the committee is satisfied that such arrangements remain appropriate
financial reporting and significant financial judgements
the audit committee reviews whether suitable accounting policies have been adopted whether management have made appropriate 
estimates and judgements and also seeks support from the external auditors to assess them the committee has reviewed the following 
principal issues for the year ended 31 december 2013
• accounting for acquisitions – appropriate identification and fair value determination of intangible assets arising from the acquisitions 
of opta sporting news and voetbalzone and the useful lives attached to each as well as the appropriate identification and fair value 
determination of other assets and liabilities arising from those acquisitions the audit committee is satisfied that the accounting treatment 
adopted was appropriate
• the group reflecting the acquisitive nature in the last two years chooses to highlight a number of items as exceptional to better illustrate 
the underlying performance of the group these costs are nonrecurring or relate directly to acquisitions in addition exceptional items 
include certain integration costs including appropriate internal salary costs which are expected to decline in 2014
• accounting for rights costs – appropriate recognition and valuation of rights costs including the appropriate consideration in relation to the 
group’s change in accounting estimate for these costs the revised approach as more fully described in note 1 of the financial statements 
requires estimates in respect of future pattern of economic benefits to the group arising from these costs the audit committee is 
satisfied that the accounting treatment adopted is appropriate and that the judgements underpinning this treatment – most notably in 
respect of future revenues attached to these costs – are appropriate
• consideration of impairment for goodwill with an indefinite useful life – considering whether goodwill with an indefinite useful life should 
be impaired is a judgmental exercise which requires estimates of future revenues costs and the use of appropriate discount rates and 
growth rates based on the expected growth of the business the audit committee is satisfied that the accounting treatment adopted is 
appropriate and that no impairments were required following a review of the underlying calculations and assumptions
• going concern – the audit committee has assessed the group’s cashflow and bank covenant forecasts and is satisfied that the going 
concern basis of preparation continues to be appropriate
auditor appointment
key to giving the board confidence in the group’s approach to controls and risk is the effectiveness of the group’s external audit process 
grant thornton uk llp had been the group’s auditor since 2005 following the finalisation of the group’s 2012 audit being the first 
full financial year that the group had operated as a public company the audit committee considered grant thornton’s role as auditor 
the audit committee concluded that in light of the following items it should issue a request for proposals for external audit and audit 
related services
• 2012 represented the final year that the exiting grant thornton audit partner was allowed to serve under the code having completed 
seven years of service five of which were before the company’s listing and
• the changing shape and continued international expansion of the group both organically and by acquisition
the audit committee issued a request for proposals to provide the following external audit and audit related services
• the audit of the group’s parent company the group’s accounts and those of certain subsidiaries
• to report in the annual report whether certain remuneration and governance disclosures were in accordance with appropriate legislation 
and rulesregulations and
• to review the interim financial statements
five firms were invited to tender including the incumbent auditor their proposals were assessed by the audit committee against the 
following criteria
• organisation and capability – including the firm’s global coverage experience scope of service technical expertise and support culture 
and independence assurance
• audit approach and delivery – including knowledge of the business audit planning process quality of accounting judgements timely 
resolution of audit issues and transition experience
• audit quality – including quality assurance audit effectiveness audit reporting integrity independence objectivity process improvement 
and added value
• resourcing and engagement team – including quality of proposed engagement team skills and personal qualities of audit partners and 
leadership team structure resourcing model and succession responsiveness and
• fees and terms
perform group plc annual report and accounts 2013 61
strategic  
report
corporate  
governance
financial 
statements corporate governance
continued
the process comprised the following stages
• a review of an information dataroom compiled by the group’s management
• interviews for each firm with key members of management
• a written proposal to the audit committee and
• t wo firms kpmg llp and deloitte llp were then selected by the audit committee to make presentations to the audit committee and 
key management including one of the group’s ceos the cfo the group financial controller the head of financial reporting and the 
general counsel
all five firms met the criteria for appointment the committee concluded however that deloitte demonstrated the most appropriate audit 
approach and the capability to deliver a highquality audit service to the group there were and are no contractual obligations restricting 
the group’s choice of independent auditor 
the committee notes the latest guidance from the financial reporting council following the report from the competition commission 
issued on 15 october 2013 amongst other things this requires the audit committee to 
• assume sole responsibility for audit matters such as agreeing audit scope and audit fees advising the board on the reappointment of 
external auditor and initiating tenders
• initiate a new advisory vote on the audit committee report
• issue a mandatory tender of the external audit every ten years
• note the increased frequency of reviews by the financial reporting council’s audit quality review team and the public disclosure of the 
grade awarded following the review and
• ensure compliance with the prohibition of “big four only” clauses in loan documentation
the committee has reviewed the guidance and will implement these recommendations as required for the 2014 financial year
despite appointing a new auditor in the year any recommendation for their reappointment will be the subject of rigorous review each year 
indeed the audit committee has adopted a formal framework in its review of the effectiveness of the external audit process and audit 
quality which will involve consideration of the following the audit partners with focus on the lead audit engagement partner the audit team 
planning and scope of the audit and identification of areas of audit risk the execution of the audit the role of management in an effective 
audit process communications by the auditors with the audit committee how the auditors support the work of the audit committee how 
the audit contributes insights and added value a review of independence and objectivity of the audit firm and the quality of the formal audit 
report to shareholders
effectiveness of the external audit process
an assessment of the external audit process will be completed each year by the audit committee and senior members of the company’s 
finance team feedback will also be sought from the ceos and divisional management the assessment tool adopted will be comprehensive 
and will be completed by way of a formal questionnaire in the first year and thereafter every three years with the key areas being reviewed 
every year the feedback from this process will be considered by the audit committee and will be provided both to the auditors and to 
management action plans arising will also be reviewed by the committee
the effectiveness of management in the external audit process is assessed principally in relation to the timely identification and resolution 
of areas of accounting judgement the quality and timeliness of papers analysing those judgements management’s approach to the value 
of the independent audit the booking of any audit adjustments arising and the timely provision of draft public documents for review by the 
auditor and the audit committee
every three years the audit committee will request that a partner independent of the audit engagement team discusses the quality of the 
external audit process with the audit committee chairman and the cfo using this evaluation framework
nonaudit services and independence
the audit committee will also assess the audit firm’s independence through challenge to management the audit committee has 
considered and will continue to consider the audit firm’s independence with reference to their audit and nonaudit fees which for 2013 are 
set out in note 4 to the financial statements the audit committee has concluded that the audit firm is independent 
the committee recognises that the independence of the auditors is an essential part of the audit framework and the assurance that it 
provides the committee monitors the types of nonaudit work that are undertaken by the external auditor to ensure that their objectivity 
and independence is not compromised any significant proposed nonaudit assignments require prior approval and the committee receives 
a report at each meeting providing details of nonaudit assignments carried out by the external auditor in addition to their audit work
62 perform group plc annual report and accounts 2013 accountability 
the board acknowledges that this report should present a fair balanced and understandable assessment of the group’s position and 
prospects in this context reference should be made to the directors’ responsibilities statement which includes a statement in compliance 
with the code regarding the group’s status as a going concern and to the independent auditor’s report which includes a statement by the 
auditor about their reporting responsibilities the board recognises that its responsibility to present a fair balanced and understandable 
assessment extends to interim and other pricesensitive public reports and reports to regulators as well as information required to be 
presented by law
at the request of the board the audit committee considered whether the 2013 annual report is fair balanced and understandable and 
whether it provided the necessary information for shareholders to assess the group’s performance business model and strategy the audit 
committee is satisfied that taken as a whole the annual report is fair balanced and understandable
internal control
the board acknowledges that it is responsible for the group’s system of internal control and the audit committee reviews its effectiveness 
such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable 
and not absolute assurance against material misstatement or loss the audit committee has reviewed the effectiveness of the key 
procedures which have been established to ensure internal control as part of this review there are procedures designed to capture and 
evaluate failings and weaknesses and in the case of those categorised by the board as significant procedures exist to ensure that necessary 
action is taken to remedy the failings
in accordance with the revised guidance for directors on internal control “the revised turnbull guidance” the board confirms that there 
is an ongoing process for identifying evaluating and managing the significant risks faced by the group these include those relating to 
social environmental and ethical matters this process was in place throughout 2013 and up to the date of approval of the annual report 
and accounts the process is regularly reviewed by the audit committee which reports its findings for consideration by the board and is in 
accordance with the revised turnbull guidance the key procedures operating within the group were as follows
• during the year the audit committee met to evaluate risk and consider the appropriateness of the group’s risk assessment systems and 
internal control policies
• the group consists of a number of units each with its own management structure which forms part of the overall management structure 
of the group the senior executives of these units report to the executive directors on a monthly basis
• the significant risks faced by the group are considered regularly by the group’s risk committee and the executive committee is charged 
with the development and implementation of appropriate monitoring and mitigation plans where appropriate
• the group has a comprehensive system of budgetary and reforecasting control focused on monthly performance reporting which is at 
an appropriate detailed level a summary supported by commentary and performance measures is presented to the board each month 
the performance measures are subject to review to ensure that they provide relevant and reliable indications of business performance
• the group has established procedures for the delegation of authority
• the group’s divisions operate within a framework of policies and procedures which are laid down in policy and procedure manuals and 
cover key issues such as authorisation levels and
• the group has established policies and procedures designed to ensure the maintenance of accurate accounting records sufficient 
to enable the preparation of financial statements and consolidated financial statements in accordance with the financial reporting 
frameworks applicable to the group the main feature of which is a structured system of review and approval by management and 
the board
perform group plc annual report and accounts 2013 63
strategic  
report
corporate  
governance
financial 
statements corporate governance
continued
remuneration committee
the remuneration committee comprises four independent nonexecutive directors
the table below gives details of directors’ attendance at remuneration committee meetings in 2013
remuneration committee
peter williams 44
marc brown chair 44
peter parmenter 34
gabby logan 44
the remuneration committee is responsible for
considering and evaluating remuneration arrangements for senior managers and other key employees and making recommendations to 
the board its purpose is to support the strategic aims of the business and shareholder interest by enabling the recruitment motivation 
and retention of key employees while complying with the requirements of regulatory and governance bodies
the report of the remuneration committee is set out on pages 66 to 80
nomination committee
the nomination committee comprises five independent nonexecutive directors
the table below gives details of directors’ attendance at nomination committee meetings in 2013
nomination committee
paul walker chair 11
peter williams 11
marc brown 11
peter parmenter 11
gabby logan 11
the nomination committee is responsible for
reviewing the balance and composition of the board and its committees and for identifying and recommending appointments 
or renewal of appointments to the board these regular reviews ensure that the group and the board are able to draw from a 
complementary balance of skills and experience and there is in place an appropriate plan for orderly succession to the board 
the procedure for appointments is set out in its terms of reference
the committee also ensured that succession is a key agenda item for the board and have spent time discussing talent and succession for 
senior managers in the business during 2014 the committee will oversee the appointment of the new chief financial officer continue 
to support succession plans and development of the executive director team continue to review ongoing knowledge and training for all 
directors and continue to ensure the committee plans for the evolution of nonexecutive directors over the medium term to maintain the 
appropriate mix of skills
during 2014 the nomination committee intends to consider and review the group’s succession planning arrangements and the board’s 
performance evaluation 
the nomination committee met once during 2013 the table above gives details of directors’ attendance at that meeting
the terms and conditions of appointment of nonexecutive directors are available for inspection at the company’s registered address
64 perform group plc annual report and accounts 2013 corporate responsibility
details of the group’s approach to corporate responsibility are set out on pages 46 to 47
relations with shareholders
the board recognises the importance of maintaining good communication with its shareholders and does this through the annual report 
preliminary and interim announcements interim management statements and the annual general meeting in addition one of the joint 
chief executive officers makes and in future the new chief financial officer will make presentations to institutional shareholders and 
analysts immediately following the release of the preliminary and interim results these presentations are made available on the company’s 
website wwwperformgroupcom
the nonexecutive directors are available to meet with major shareholders to discuss issues of importance to them should a meeting 
be requested
annual general meeting
voting at the 2014 annual general meeting will be by way of poll the results of the voting at the annual general meeting will be announced 
and details of the votes will be available to view on the company’s website wwwperformgroupcom as soon as possible after the meeting
perform group plc annual report and accounts 2013 65
strategic  
report
corporate  
governance
financial 
statements remuneration committee report
annual remuneration committee 
chairman statement
dear shareholders
i am pleased to present the directors’ remuneration report for the year ended 31 december 2013
our remuneration policy is designed to support the group’s business vision and strategy while aligning rewards to individual and group 
performance the committee regularly reviews the policy to ensure that pay and performance are closely aligned that the structure 
incentivises achievement of stretch performance targets that the policy reinforces alignment with shareholder interests through share 
ownership and that remuneration is appropriately competitive to support the recruitment and retention of employees of outstanding calibre
it is with these objectives in mind that the committee reviewed the policy during the year as a result of this continual review the committee 
determined several revisions were appropriate beginning with calendar year 2014 to the annual bonus scheme and to the alignment of the 
remuneration policy for key senior employees with that for executive directors
specifically the annual bonus has been refined as follows
• an increase in bonus opportunity from 25 of salary to 100 of salary to ensure the remuneration policy is appropriately competitive and 
to encourage achievement of annual objectives
• introduction of a performance underpin such that for any annual bonus to be paid the committee must judge that the executive 
director’s personal performance has been satisfactory during the year under review
• widening of the performance range to ensure that annual performance targets are stretching and achievable so that vesting begins at 
‘threshold’ increases to ‘target’ with full vesting for ‘stretch’ performance and
• introduction of bonus deferral so that onethird of any annual bonus paid is deferred in perform shares for three years
during the year the committee also introduced share ownership guidelines for both executive directors and executive committee 
members in addition the committee intends to extend participation of the psp further into the organisation to support a performance
oriented culture and strengthen the alignment between rewards for senior executives and the group’s longterm strategy
the committee is mindful of the need to reinforce the link between remuneration and group performance and is satisfied that the incentive 
outcomes in 2013 prove this to be the case the psp awards granted in 2011 were subject to threeyear revenue growth targets and adjusted 
eps growth targets over this period the group’s performance exceeded this stretch revenue growth target of 40 pa and achieved 
adjusted eps growth of 35 pa and the committee therefore determined that the 2011 psp awards would vest as to 50 of maximum 
based on annual performance no bonus was payable to executive directors
we have written our remuneration report in order to comply with the large and mediumsized companies and group’s regulations 2013 
unlike last year’s directors’ remuneration report this year’s report is divided into three sections
• this annual statement
• the policy report which sets out our forwardlooking remuneration policy we propose that this will apply from the date of our 2014 
agm subject to obtaining shareholder approval
• the annual report on remuneration which sets out how our directors were paid in the year ending 31 december 2013 and how the 
policy will apply for the year ending 31 december 2014
the directors’ remuneration report will be subject to two votes at our 2014 agm as set out in the notice to the agm the policy report will 
be put to a binding vote and the annual report on remuneration will be put to an advisory vote
the committee believes that the group’s remuneration policy and the revisions made during the year reinforce our objectives and provide effective 
incentives for exceptional group and individual performance we fully support the aim of the reporting arrangements to increase transparency 
related to this topic and we welcome any feedback you may have on our remuneration policy and directors’ remuneration report
marc brown
chairman of the remuneration committee
3 march 2014
marc brown
chairman of the 
remuneration committee
66 perform group plc annual report and accounts 2013 this section of the report sets out the remuneration policy for directors which shareholders are asked to approve at the 2014 agm 
the committee intends that this policy will formally come into effect from approval at the 2014 agm the information provided in this part of 
the directors’ remuneration report is not subject to audit
our remuneration policy is designed to support our business vision and the implementation of our strategy it aims to deliver a remuneration 
package that
• can attract retain and motivate highquality talent in a challenging and competitive business environment
• delivers an appropriate balance between fixed and variable compensation
• places strong emphasis on performance both short and longterm
• strongly aligns achievement of strategic objectives and delivery of sustainable value to shareholders interests and
• seeks to avoid incentivising excessive risk taking
the group seeks to achieve this alignment over both the short and longterm through the use of an annual performancerelated bonus 
which rewards the achievement of a balanced mix of financial operational and other relevant performance measures and the use of a 
performance share plan psp which is currently linked to revenue growth and adjusted eps growth
the committee takes into consideration the remuneration arrangements for the wider employee population in making its decisions on 
remuneration for senior executives remuneration decisions are also informed by external considerations including global demand for talent
remuneration paid to executive directors and nonexecutive directors in 2013 and remuneration arrangements proposed for 2014 are set 
out later in this report
executive director remuneration policy table
objective details opportunity performance metrics
base salary
to support 
recruitment 
and retention of 
executive directors 
of the calibre 
required
salary is generally reviewed annually 
or following a significant change in 
responsibilities
salary levels are targeted to be competitive 
and relevant to the digital media and 
technology sector with reference to 
general economic and market conditions 
the remuneration of executives in similar 
positions in comparable companies and 
individual performance
any salary increases are applied 
in line with the outcome of the 
annual review
in respect of existing executive 
directors it is anticipated that any 
salary increases will be in line with 
the wider employee population 
over the term of this policy in 
certain circumstances including 
but not limited to a material 
increase in job size or complexity 
the committee has discretion to 
make appropriate adjustments to 
salary levels to ensure they remain 
competitive
details of salaries for 2014 are 
provided on page 79
na
pension
to provide a 
market competitive 
package
executive directors are eligible to 
participate in the group’s defined 
contribution pension plan or receive a cash 
supplement in lieu of pension contributions
executive directors are eligible to 
receive a maximum contribution 
of up to 15 of salary
details of pensions for 2014 are 
provided on page 80
na
benefits
to provide a 
market competitive 
package
benefits include the provision of medical 
insurance death in service cover annual 
health assessments and childcare vouchers
where appropriate other benefits may 
be offered including but not limited to 
allowances for relocation
the provision and level of benefits 
are competitive and appropriate 
in the context of the local market 
the value of the benefits may 
vary by role and individual 
circumstance and are reviewed 
periodically
details of benefits for 2014 are 
provided on page 80
na
remuneration committee report
directors’ remuneration policy
perform group plc annual report and accounts 2013 67
strategic  
report
corporate  
governance
financial 
statements objective details opportunity performance metrics
saye
to encourage 
employee 
ownership of 
perform shares
an hmrc approved scheme whereby 
employees including executive directors 
may save up to the maximum monthly 
savings limit as determined by prevailing 
hmrc guidelines over a period of three 
or five years options are granted at a 
20 discount
savings are capped at the 
prevailing hmrc limit at the 
time employees are invited 
to participate
na
annual bonus
to support our 
business strategy 
and the ongoing 
enhancement 
of shareholder 
value through 
a focus on the 
delivery of annual 
financial strategic 
and operational 
objectives
performance measures targets and 
weightings are set by the committee at the 
start of the year
at the end of the year the committee 
determines the extent to which targets 
have been achieved taking into account 
the individual performance of each 
executive director
13 of any bonus earned is mandatorily 
deferred into perform shares for three 
years the remainder of bonus payments 
are delivered in cash
dividends may accrue on deferred shares 
and be paid on those which vest
clawback applies on unvested deferred 
bonus shares in the event of gross 
misconduct material misstatement or in 
any other circumstance that the committee 
considers appropriate
for executive directors the 
maximum annual bonus 
opportunity is 100 of salary
the bonus earned is 25 
of maximum for entry level 
performance and 50 for target 
performance
details of annual bonus awards 
made to executive directors in 
2014 in respect of performance 
in 2013 on page 76 and proposed 
awards for performance in 2014 to 
be made in 2015 are provided on 
page 80
performance is determined by 
the committee on an annual 
basis by reference to group 
financial measures eg group 
revenue adjusted ebitda 
as well as the achievement of 
personal or strategic objectives
the financial and personal
strategic objectives are typically 
weighted 67 and 33 of 
maximum respectively
the committee uses its 
judgement to determine 
the outcome of personal or 
strategic objectives
a review of the quality of 
earnings is conducted by 
the committee to determine 
whether any adjustments 
should be made to the reported 
profit for the purpose of bonus 
outcomes where appropriate 
so that bonus outcomes are 
fair and not impacted by 
unbudgeted nonrecurring or 
oneoff items or circumstances 
outside of management’s 
control that could distort the 
overall quality of earnings
the committee reserves the 
right to make adjustments 
to payments up or down 
within the limits of the plan if 
it believes exceptional factors 
warrant doing so any discretion 
exercised will be justified in the 
following annual report
details of the measures and 
weightings applicable for the 
financial year under review are 
provided in the annual report 
on remuneration
remuneration committee report
directors’ remuneration policy
continued
68 perform group plc annual report and accounts 2013 objective details opportunity performance metrics
performance share 
plan psp
to motivate retain 
and incentivise 
the delivery of 
sustained long
term performance 
aligning interests 
with those of the 
shareholders and 
to support the 
recruitment of 
senior positions 
and longerterm 
retention
the remuneration committee has the 
ability to grant awards of sharesnilcost 
options annually to executive directors 
conditional on group performance over a 
period of at least three years the vesting 
of these awards is subject to the attainment 
of specific performance conditions if 
no entitlement has been earned at the 
end of the relevant performance period 
awards lapse
award levels and performance conditions 
may be reviewed from time to time to 
ensure they remain appropriate and no less 
stretching than the first cycle
awards may also be settled in cash at the 
discretion of the committee
dividends may accrue on awards and be 
paid on those shares which vest
clawback applies on unvested psp shares 
in the event of gross misconduct material 
misstatement or in any other circumstance 
that the committee considers appropriate
the psp provides for an award up 
to a normal limit of 150 of salary 
for executive directors with an 
overall limit of 200 of salary in 
exceptional circumstances
for each element up to 25 of 
maximum will vest for threshold 
performance increasing to 100 
for maximum performance
details of psp awards vesting in 
2014 for 20112013 performance 
are provided on page 78 and 
details of psp awards made 
during 2013 which will vest based 
on 201315 performance are 
provided on page 76
vesting of psp awards is subject 
to continued employment and 
company performance over a 
threeyear performance period
the committee reviews the 
performance measures their 
weightings and performance 
targets from time to time to 
ensure they remain appropriate
awards in recent cycles have 
been based on the achievement 
of stretching adjusted eps 
growth and revenue growth 
targets the committee will 
review measures annually to 
ensure continued alignment 
with company strategy 
should the committee opt to 
introduce additional measures 
the weighting on adjusted eps 
growth and revenue growth 
combined will be not less than 
50 of the total award
details of measures and targets 
used for specific psp grants are 
included in the annual report 
on remuneration
share ownership 
guidelines
to encourage share 
ownership and 
ensure alignment of 
executive interests 
with those of 
shareholders
requirement to hold a minimum number 
of perform shares defined as a  of salary 
executives are required to retain at least 
50 of shares vesting after tax under 
the psp and deferred bonus until targets 
are met
150 of salary for all executive 
directors and 100 of salary for 
the executive committee
details of the guidelines for 2013 
and current shareholding values 
are disclosed on page 77
na
notes to the policy table
payments from existing awards
executive directors are eligible to receive payment from any award made prior to the approval and implementation of the remuneration 
policy detailed in this report details of these awards are disclosed in the annual report on remuneration
performance measurement selection and approach to target setting
performance targets are set to be stretching and achievable taking into account the company’s strategic priorities and the economic 
environment in which the company operates targets are set taking into account a range of reference points including the group’s strategic 
plan and broker forecasts for both the group and sector peers for the annual bonus performance targets for financial measures are set 
with reference to the company’s budget for the year the committee believes that the performance targets set are stretching and that the 
maximum outcomes are only available for truly outstanding performance
the measures used under the annual bonus are selected annually to reflect the group’s main strategic objectives for the year and reflect 
both financial and nonfinancial priorities
the committee considers that adjusted eps growth and revenue continue to be the most appropriate measures of longterm performance 
of the company as they are transparent and wellaligned with shareholder interests and company strategy the above policy has been 
designed to be sufficiently flexible to allow the committee to introduce additional measures for future cycles to ensure that the vesting of 
awards continues to drive the delivery of company strategy
perform group plc annual report and accounts 2013 69
strategic  
report
corporate  
governance
financial 
statements remuneration committee report
directors’ remuneration policy
continued
remuneration policy for other employees
remuneration arrangements are determined throughout the group based on the same principle – that reward should support our business 
strategy and should be sufficient to attract retain and motivate highperforming individuals without paying more than is necessary perform 
is a global organisation with employees at a number of different levels of seniority and in a number of different countries and while this 
principle underpins all reward arrangements the way it is implemented varies by geography and level
many employees participate in cashbased annual incentives or sales commission plans opportunities and specific performance conditions 
vary by organisational level with business areaspecific metrics incorporated where appropriate and key senior executives participate in the 
performance share plan benefits for employees around the group reflect the local labour market in which they are based all employees in 
the uk currently participate in similar pension arrangements as the executive directors 
pay scenario charts
the charts below provide an estimate of the potential future reward opportunities for the executive directors and the potential split 
between the different elements of remuneration under three different performance scenarios ‘minimum’ ‘ontarget’ and ‘maximum’
potential reward opportunities are based on perform’s remuneration policy applied to basic salaries as at 1 january 2014 note that the 
projected values exclude the impact of any share price movements and dividend accrual 
the ‘minimum’ scenario shows basic salary pension and benefits ie fixed remuneration these are the only elements of the executive 
directors’ remuneration packages which are not at risk
the ‘ontarget’ scenario reflects fixed remuneration as above plus a target payout of 50 of the annual bonus and threshold vesting of 25 
of the maximum award under the psp
the ‘maximum’ scenario reflects fixed remuneration plus full payout of all incentives
approach to recruitment remuneration
external appointments
in the event of hiring a new executive director the committee will typically align the remuneration package with the above remuneration 
policy however the committee retains the discretion to make remuneration proposals on hiring a new executive director which are outside 
the standard policy to facilitate the hiring of someone to the calibre required to deliver the group’s strategy as follows
component approach maximum annual grant value
basic salary the basic salary will be determined by reference to external data which 
takes into account the new appointee’s duties and responsibilities as well as 
internal relativities and their current remuneration where new appointees 
have initial basic salaries set below market larger increases may be made 
over a period of years as part of phased increases to market subject to the 
executive’s development in the role
pension new appointees will be entitled to become members of the company’s 
defined contribution scheme or receive a cash alternative on the same terms 
as other executives
benefits and saye new appointees will be eligible to receive benefits and participate in sa ye in 
line with the policy
0
200 400 600 800 1000 1200
100
55 2619
30 28 42 £1006k
£546k
£298k
maximum
ontarget
minimum
joint ceos
  fixed remuneration
  annual bonus
  p sp
0
200 400 600 800 1000
100
55 2619
30 28 42
maximum
ontarget
£818k
£444k
£243k
minimum
cfo
  fixed remuneration
  annual bonus
  p sp
70 perform group plc annual report and accounts 2013 component approach maximum annual grant value
annual bonus the scheme described in the policy table will apply to new appointees with 
the relevant maximum being prorated to reflect the proportion of the year 
employed targets for the personal element will be tailored to the role of 
the appointee
100 of salary
psp new appointees will be granted awards under the psp on the same terms as 
existing executive directors as described in the policy table
150 of salary
200 in exceptional circumstances
in determining the appropriate remuneration for a new executive director the committee will take into consideration all relevant factors 
including the nature of remuneration and where the candidate was recruited from to ensure that arrangements are in the best interests of 
perform and its shareholders
the committee may also make an award in respect of a new appointment to ‘buy out’ incentive arrangements forfeited on leaving a 
previous employer in doing so the committee will take account of relevant factors including any performance conditions attached to these 
awards and the likelihood of those conditions being met and the committee may avail itself of listing rule 942 r if appropriate which 
provides for awards outside of the normal longterm incentive structure provided the ‘arrangement is established specifically to facilitate in 
unusual circumstances the recruitment or retention of the relevant individual’ in certain circumstances for example in order to rebalance 
the pay mix for a new executive director towards the longterm and to ensure the overall fair value of the package is maintained the 
committee may grant a signon award as part of the initial package in doing so the committee will ensure that the award is granted in 
company shares and subject to performance conditions and may additionally apply a holding period
internal promotion
in cases of appointing a new executive director by way of internal promotion the committee will determine remuneration in line with the 
policy for external appointees as detailed above where an individual has contractual commitments made prior to his promotion to the 
board the company will continue to honour these arrangements incentive opportunities for below board employees are typically no higher 
than for executive directors but measures may vary to provide better lineofsight for more details on the remuneration policy for other 
employees see page 70 
ned recruitment
in recruiting a new nonexecutive director the committee will use the policy as set out in the table on page 73 a base fee in line with the 
prevailing market rate would be payable for board membership with additional fees payable for acting as senior independent director or as 
chairman of the audit and remuneration committees as appropriate
service contracts and provisions for exit payment and change of control
executive director date of service contract
simon denyer
joint chief executive officer
230311
oliver slipper
joint chief executive officer
230311
david surtees
chief financial officer
230311
 david surtees left the group on 31 january 2014
the executive directors’ service contracts provide that either the director or the company may terminate the employment by giving 
12 months’ written notice and that the company may pay compensation in lieu of notice in line with the practice of many comparable 
companies the executive directors’ service contracts provide that their remuneration is reviewed although not necessarily increased at 
least on an annual basis executive director service contracts are available to view at the company’s registered office
if employment is terminated by the company the departing executive director may have a legal entitlement under statute or otherwise 
to additional amounts which would need to be met in addition the committee retains discretion to settle any other amounts reasonably 
due to the executive director for example to meet the legal fees incurred by the executive director in connection with the termination 
of employment where the company wishes to enter into a settlement agreement as provided for below and the individual must seek 
independent legal advice
in certain circumstances the committee may approve new contractual arrangements with departing executive directors including but not 
limited to settlement confidentiality restrictive covenants andor consultancy arrangements these will be used sparingly and only entered 
into where the committee believes that it is in the best interests of the company and its shareholders to do so
perform group plc annual report and accounts 2013 71
strategic  
report
corporate  
governance
financial 
statements remuneration committee report
directors’ remuneration policy
continued
when considering exit payments and payments in the event of a change of control the committee reviews all potential incentive 
outcomes to ensure they are fair to both shareholders and participants the table below summarises how fixed remuneration annual 
bonus and awards under the psp are typically treated in specific circumstances with the final treatment remaining subject to the 
committee’s discretion
scenario timing of vesting treatment of awards
payment in lieu of notice
payment of a cash sum in lieu of notice including salary the payment can at the company’s discretion be paid as a lump sum or in equal 
monthly instalments over the notice period
annual cash bonus
retirement illhealth disability death or 
any other reasons the committee may 
determine in its absolute discretion
normal payment date although  
the committee has discretion  
to accelerate
no automatic eligibility for payment the committee may in 
its absolute discretion award a bonus for the performance 
year cash bonuses will only be paid to the extent that group 
and personal objectives set at the beginning of the year have 
been achieved any resulting bonus will be prorated for time 
served during the year
change of control on date of event
any other reason no bonus is paid not applicable
deferred bonus
retirement illhealth disability 
redundancy injury or any other 
reasons the committee may  
determine in its absolute discretion
normal vesting date although  
the committee has discretion  
to accelerate
deferred bonuses will be awarded in full
death on date of event
change of control on date of event
any other reason awards lapse not applicable
psp
retirement illhealth disability 
redundancy injury or any other 
reasons the committee may  
determine in its absolute discretion
normal vesting date although  
the committee has discretion  
to accelerate
any outstanding psp awards will be prorated for time and 
performance to the date of event subject to committee 
discretion
death on date of event
change of control on date of event any outstanding psp awards will be prorated for time and 
performance to the effective date of change of control 
awards may alternatively be exchanged for new equivalent 
awards in the acquirer where appropriate
any other reason awards lapse not applicable
 saye is treated in line with hmrc rules
nonexecutive directors
the terms of engagement of nonexecutive directors are set out in letters of appointment nonexecutive directors are currently appointed  
for a threeyear term subject to satisfactory performance renomination and reelection at annual shareholder meetings nonexecutive 
directors may terminate their engagement upon written notice the letters of appointment do not contain provision for notice periods or 
compensation if their appointments are terminated by perform except in the case of the chairman the chairman’s appointment is terminable 
by either party giving to the other three months’ written notice or at any time in accordance with the articles or the act the company has the 
ability to terminate this appointment by the payment of a cash sum in lieu of notice equal to the fee payable for any unexpired portion of the 
notice period nonexecutive directors letters of appointment are available to view at the company’s registered office
72 perform group plc annual report and accounts 2013 details of the nonexecutive directors’ terms of appointment are shown in the table the appointment and reappointment and the 
remuneration of nonexecutive directors are matters reserved for the full board
nonexecutive director date of electionreelection
paul walker 16 april 2013
peter williams 16 april 2013
marc brown 16 april 2013
jörg mohaupt 16 april 2013
peter parmenter 16 april 2013
gabby logan 16 april 2013
details of the policy on fees paid to our nonexecutive directors are set out in the table below
objective details opportunity performance measures
base fees
to attract and retain 
nonexecutive 
directors of the 
highest calibre 
with broad 
commercial and 
other experience 
relevant to the 
company
additional fees
paid in addition 
to base fees for 
fulfilment of specific 
committee roles
fee levels are reviewed periodically
the fee paid to the chairman is determined by the 
committee and fees to nonexecutive directors are 
determined by the board
additional fees are payable for acting as senior 
independent director and as chairman of any of 
the board’s committees audit and remuneration 
excluding the nominations committee
fee levels are reviewed by reference to ftse listed 
companies of similar size and complexity time 
commitment level of involvement required and 
responsibility are taken into account when reviewing 
fee levels
nonexecutive director fee 
increases are applied in line 
with the outcome of the annual 
fee review
the maximum aggregate 
annual fee for all non
executive directors provided 
in the company’s articles of 
association is £500000 pa
nonexecutive fees for 2014 are 
set out in the annual report on 
remuneration on page 80
na
the nonexecutive directors are not eligible to participate in the company’s performancerelated incentive plans and do not receive any 
pension contributions
external appointments policy
the board recognises that executive directors may be invited to serve as directors of other companies which can bring benefits to the 
group executive directors are entitled to accept appointments outside the company providing that the chairman’s permission is sought 
and granted the policy is that fees may be retained by the director reflecting the personal risk assumed in such appointments details of 
external appointments and the associated fees received are included in the annual report on remuneration
consideration of conditions elsewhere in the company
the committee takes into consideration the remuneration arrangements for the wider employee population in making its decisions on 
remuneration for senior executives for example the company’s approach to annual salary reviews is consistent across the group with 
consideration given to the scope of the role level of experience responsibility individual performance and pay levels in comparable 
companies the committee does not currently consult with employees specifically on the effectiveness and appropriateness of the 
executive remuneration policy and framework however the company seeks to promote and maintain good relationships with employee 
representative bodies as part of its employee engagement strategy and consults on matters affecting employees and business performance 
as required in each case by law and regulation in the jurisdictions in which the company operates
consideration of shareholder views
the company consults regularly with shareholders on all matters affecting its strategy and business operations as part of that process 
we also engage with shareholders on matters relating to executive remuneration when determining remuneration the committee takes 
into account views of shareholders and best practice guidelines issued by institutional shareholder bodies the committee is always open 
to feedback from shareholders on remuneration policy and arrangements and intends to consult with shareholders in advance of any 
significant changes to remuneration policy going forwards the committee will continue to monitor trends and developments in corporate 
governance and market practice to ensure the structure of the executive remuneration remains appropriate
further detail on the votes received on the 2012 directors’ remuneration report are provided in the annual report on remuneration
perform group plc annual report and accounts 2013 73
strategic  
report
corporate  
governance
financial 
statements remuneration committee report
annual report on remuneration
the following section provides details of how perform’s remuneration policy was implemented during the financial year ending  
31 december 2013
the remuneration committee
the committee currently comprises four nonexecutive directors and met four times during the year the terms of reference of the 
committee are reviewed annually and can be accessed on the perform website wwwperformgroupcom
the committee’s main responsibilities
the committee’s duties include
• setting a remuneration strategy that ensures the most talented leaders are recruited retained and motivated to deliver results
• reviewing the effectiveness and appropriateness of the remuneration policy
• determining the terms of employment and remuneration for executive directors and senior managers including recruitment and 
termination arrangements
• approving the design targets and payments for all short and longterm incentives for executive directors and senior managers and
• assessing the appropriateness and subsequent achievement of performance targets
committee member period of membership in 2013 meetings attended out of total possible
marc brown chair full year 44
peter williams full year 44
peter parmenter full year 34
gabby logan full year 44
committee’s advisers
the committee invites individuals to attend meetings to provide advice so as to ensure that the committee’s decisions are informed and 
take account of pay and conditions in the group as a whole these individuals include the chairman the joint chief executive officers 
company secretary chief people officer and global head of reward no individual was present when their own remuneration was 
being discussed
the committee also receives advice from independent consultants during the year the committee received advice from the 
following consultants
kepler associates ‘kepler’ was appointed by the committee in october 2013 following a competitive tender process the committee 
undertakes due diligence periodically to ensure that kepler remains independent of the company and that the advice provided is impartial 
and objective kepler is a founding member and signatory of the code of conduct for remuneration consultants details of which can be 
found at wwwremunerationconsultantsgroupcom in 2013 kepler associates provided independent advice on executive remuneration and 
incentive design and provided remuneration data kepler associates does not advise the company on any other matters their total fees for 
the provision of remuneration services to the committee in 2013 were £38500 on the basis of time and materials
shareholder voting
perform remains committed to ongoing shareholder dialogue and takes an active interest in voting outcomes in the event of a substantial 
vote against a resolution in relation to directors’ remuneration perform would seek to understand the reasons for any vote and would set 
out in the following annual report and accounts any actions in response to it
the following table sets out actual voting in respect of our previous report at the agm held on 16 april 2013
total number of votes  of votes cast
for including discretionary 189642427 999
against 200361 01
total votes cast excluding withheld votes 189842788 100
votes withheld 797454
total votes cast including withheld votes 190640242
the committee will continue to engage with shareholders to facilitate a better understanding of the company the environment in which it 
operates and how this translates into the group’s executive remuneration policy
74 perform group plc annual report and accounts 2013 the information provided in this part of the directors’ remuneration report is subject to audit
executive directors’ single figure of remuneration
the table below reports a single figure for total remuneration for each individual executive director for 2013 
simon denyer oliver slipper david surtees
2013
£’000
2012
£’000
2013
£’000
2012
£’000
2013
£’000
2012
£’000
salary 276 269 276 269 230 224
taxable benefits
1
1 1 1 6 1 1
pension
2
16 15 16 9 15 14
bonus
3
– – – – – –
longterm incentives
4
195 – 195 – 162 –
saye – – – – 1 1
total remuneration 488 285 488 284 409 240
 david surtees left the group on 31 january 2014
1  taxable benefits relate to private medical insurance
2 includes the value of matching contributory pension contribution of 5 of salary
3  annual bonus payment for performance during the year see ‘variable pay awarded in respect of the financial year’ on page 76 for details
4  psp shares vesting for the performance period ending during the year valued at the share price as at 31 december 2013 of £224 these awards will be trued up in next year’s 
directors’ remuneration report for the share price on date of vesting see ‘variable pay awarded in respect of the financial year’ on page 76 for details
non–executive directors’ single figure of remuneration
remuneration for the nonexecutive directors for the years ended 31 december 2012 and 2013 was as follows 
2013 total fees  
£’000
2012 total fees
£’000
paul walker 150 150
peter williams 55 55
marc brown 48 48
jörg mohaupt 48 48
peter parmenter 48 48
gabby logan 48 4
note see page 80 for ned fees payable in respect of different roles in 2014
perform group plc annual report and accounts 2013 75
strategic  
report
corporate  
governance
financial 
statements remuneration committee report
annual report on remuneration
continued
variable pay awarded in respect of the financial year
for 2013 onethird of the annual bonus was measured against each of ebitda revenue and personal performance given the close link 
between these targets and perform’s longerterm strategy the committee has deemed that the targets remain commercially sensitive 
and will not be published the committee intends to disclose bonus targets for future years on a retrospective basis when they cease to be 
commercially sensitive the remuneration committee determined that no bonus awards will be granted in respect of performance in 2013
psp awards granted to executive directors during 2013 were as follows
executive number of psp shares awarded facemaximum value of awards
 at grant date
 of award vesting at threshold and 
maximum
performance period
simon denyer 88111 £414120 25 100 010113 – 311215
oliver slipper 88111 £414120 25 100 010113 – 311215
david surtees 73425 £345099 25 100 010113 – 311215
 david surtees left the group on 31 january 2014
based on a share price of £470 on 11 april 2013
the performance measures and targets for the awards made in 2013 are as follows
matrix revenue growth pa
below  
10
  
15
 
20 or above
adjusted eps growth pa 
below 10
0 25 50
15
25 50 75
20 or above
50 75 100
for levels of performance between the points set out in the table vesting would be determined on a straightline prorata basis 
performance is measured over three financial years to 31 december 2015
awards granted under the performance share plan in 2011 were subject to threeyear performance to 31 december 2013 and are due to vest 
on 24 june 2014 awards were subject to compound revenue growth and compound adjusted eps growth based on a matrix structure 
as follows
matrix revenue growth pa
below  
25
 
25
  
35
 
40 or above
adjusted eps growth pa 
below 35
0 0 0 20
35
0 25 40 50
45
25 50 65 75
55 or above
50 65 85 100
for levels of performance between the points set out in the table vesting was determined on a straightline prorata basis
at 31 december 2013 revenue was £2081 million and adjusted eps was 104 pence therefore 50 of the awards are due to vest
76 perform group plc annual report and accounts 2013 total pension entitlement
the joint ceos and the cfo receive matching contributory pension contributions of 5 of salary
directors’ shareholdings
executive directors are required to acquire a minimum holding in perform shares equivalent to 150 times base salary the table below 
shows the shareholding of each director against their respective shareholding requirement as at 31 december 2013
there have been no changes in directors’ shareholdings from 31 december 2013 to 21 february 2014
shares held shareholding 
requirement 
 salary
current shareholding 
salary
2
requirement met
owned outright or 
vested
unvested
1 
unvested and subject to 
performance condition
1
simon denyer 24142188 87021 221450 150 8847 y
oliver slipper 4000000 87021 221450 150 1439 y
david surtees 976976 72517 184542 150 419 y
paul walker 136640 – – na na na
peter williams 9615 – – na na na
marc brown – – – na na na
jörg mohaupt 568620 – – na na na
peter parmenter – – – na na na
gabby logan – – – na na na
 david surtees left the group on 31 january 2014
1 in the form of psps 
2 based on a director’s 2013 salary and the share price at 31 december 2013
perform group plc annual report and accounts 2013 77
strategic  
report
corporate  
governance
financial 
statements remuneration committee report
annual report on remuneration
continued
the executive directors’ interests under the psp were as follows 
executive  
directors
date of award
share price at  
date of award
awarded during
2011
i
awarded during
2012
ii
awarded during
2013
iii
as at 31 december 2013
vesting date
unvested
 
unvested and 
subject to 
performance 
conditions
simon denyer 240611 £219 174041 240614
230312 £303 133339 230315
110413 £470 88111 110416
total 174041 221450
oliver slipper 240611 £219 174041 240614
230312 £303 133339 230315
110413 £470 88111 110416
total 174041 221450
david surtees 240611 £219 145034 240614
230312 £303 111117 230315
110413 £470 73425 110416
total 145034 184542
 david surtees left the group on 31 january 2014
i  in respect of the 2011 award nil vesting if compound revenue growth is less than 35 pa over the threeyear performance period and compound adjusted eps growth is less than 
35 pa over the same period full vesting requires compound revenue growth of at least 40 pa over the threeyear performance period and compound adjusted eps growth of 
at least 55 pa over the same period
ii  in respect of the 2012 award nil vesting if compound revenue growth is less than 30 pa over the threeyear performance period and compound adjusted eps growth is less than 
30 pa over the same period full vesting requires compound revenue growth of at least 35 pa over the threeyear performance period and compound adjusted eps growth of 
at least 50 pa over the same period
iii  in respect of the 2013 award nil vesting if compound revenue growth is less than 10 pa over the threeyear performance period and compound adjusted eps growth is less than 
10 pa over the same period full vesting requires compound revenue growth of at least 20 pa over the threeyear performance period and compound adjusted eps growth of 
at least 20 pa over the same period
the information provided in this part of the directors’ remuneration report is not subject to audit
historical performance graph and table
the graph below illustrates the total shareholder return performance of the group against the ftse 250 over the period since the group 
listed on 7 april 2011 the ftse 250 has been chosen as it is a recognised broad equity market index of which the group has been a 
member throughout the period since the group listed on 7 april 2011
50
100
150
200
250
300
dec 2013 oct 2013 jul 2013 apr 2013 jan 2013 oct 2012 jul 2012 apr 2012 jan 2012 oct 2011 jul 2011 apr 2011
perform group plc ftse 250 index
78 perform group plc annual report and accounts 2013 jceos’ historic data
the following table shows historic data in respect of the jceos’ single total figure of remuneration the amount of bonus earned as a 
percentage of the maximum opportunity and the vesting of longterm awards as a percentage of the maximum number of shares that 
could have vested over the period since listing
individual 2011 2012 2013
ceo single figure of remuneration £’000 simon denyer 313 285 488
oliver slipper 312 284 488
sti payout as  of maximum opportunity simon denyer 90 0 0
oliver slipper 90 0 0
psp vesting as  of maximum opportunity simon denyer na na 50
oliver slipper na na 50
comparison of change in remuneration of jceos and employees as a whole
the following table shows the comparison of the change in remuneration based on salary benefits and annual bonus between the current  
and the previous financial period for the jceos and for the employees as a whole
cumulative joint ceos uk members average
2013
£‘000
2012
£’000
 change  
2012  2013
2013
£’000
2012
£’000
 change  
2012  2013
base salary 552 538 3 41 39 5
taxable benefits 2 7 71 – – na
annual bonus – – na 1 1 0
total 554 545 2 42 40 5
the company considers the uk employee population to be an appropriate comparator group and is a stable point of comparison rather 
than a comparison against an aggregrate of increases across our worldwide employee base
relative importance of spend on pay
the illustration below shows shareholder distributions ie dividends and share buybacks and total employee pay expenditure for the 
financial years ended 31 december 2012 and 31 december 2013 along with the percentage change in both
2012 2013  change
shareholder distributions – – na
total employee pay expenditure £’000 36601 54632 49
statement of implementation of policy in following year
base salary
executive director salaries were reviewed in line with our remuneration policy in considering the level of increase the committee has been 
mindful of the general level of increase across the group of on average 25 as well as the positioning of the role against the market in line 
with the approach being taken across the organisation the joint ceo’s and the cfo’s salaries will be increased effective 1 january 2014 
as follows
2013 salary £’000 2014 salary £’000 increase on 2013 salary
simon denyer 276 283 25
oliver slipper 276 283 25
david surtees 230 – na
 david surtees left the group on 31 january 2014
perform group plc annual report and accounts 2013 79
strategic  
report
corporate  
governance
financial 
statements remuneration committee report
annual report on remuneration
continued
annual bonus
for 2014 the committee has approved an annual bonus opportunity for the joint ceos and the cfo in line with the stated remuneration 
policy for 2014 bonuses will be based on adjusted ebitda revenue and personal performance each equally weighted
the adjusted ebitda revenue and personal performance targets set by the committee require executive directors to deliver significant 
stretch performance given the close link between these targets and perform’s longerterm strategy targets remain commercially sensitive 
and will not be published until such time that the committee is confident there will be no adverse impact on the company of such 
disclosure at this time the committee believes that disclosure of targets in next year’s directors’ remuneration report is appropriate
psp
the annual report on remuneration is published prior to the date of grant of awards under the psp
for 2014 the committee intends to grant psp awards to executive directors in line with the stated remuneration policy
detail of these awards will be set out in next year’s report
pension and benefits
the joint ceos and the cfo will receive matching contributor pensions contributions of 5 of salary and benefits in line with the stated 
remuneration policy 
ned fees
the annual fees payable to the chairman and nonexecutive directors were reviewed effective 1 january 2013 taking into account general 
economic and market conditions time commitment and responsibility and the remuneration of nonexecutives in similar positions in 
comparable companies no increases were made in the year under review
2014 
£’000
base fees
chairman 150
nonexecutive director 48
additional fees
chairman of audit committee and senior independent director 7
exit payments made in the year
no exit payments were made during the year david surtees left the group on 31 january 2014 details of his exit payment are on the 
company website and will be published in next year’s report
payments to past directors
no payments were made to past directors in the year
80 perform group plc annual report and accounts 2013 directors’ responsibilities statement
the directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law 
and regulations
company law requires the directors to prepare financial statements for each financial year under that law the directors have to prepare the 
group financial statements in accordance with international financial reporting standards as adopted by the european union ifrss and 
article 4 of the ias regulation and have elected to prepare the parent company accounts in accordance with united kingdom generally 
accepted accounting practice united kingdom accounting practice and applicable laws under company law the directors must not 
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the 
parent company and group for that period 
in preparing the parent company financial statements the directors are required to
• select suitable accounting policies and then apply them consistently
• make judgments and accounting estimates that are reasonable and prudent
• state whether applicable uk accounting standards have been followed subject to any material departures disclosed and explained in the 
financial statements and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue 
in business 
in preparing the group financial statements international accounting standard 1 requires that directors
• properly select and apply accounting policies
• present information including accounting policies in a manner that provides relevant reliable comparable and understandable 
information
• provide additional disclosures when compliance with the specific requirements in ifrss are insufficient to enable users to understand the 
impact of particular transactions other events and conditions on the entity’s financial position and financial performance and
• make an assessment of the company’s ability to continue as a going concern 
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions 
and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial 
statements and the remuneration report comply with the companies act 2006 they are also responsible for safeguarding the assets of the 
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
the directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s 
website legislation in the united kingdom governing the preparation and dissemination of financial statements may differ from legislation in 
other jurisdictions
richard mcmorris
company secretary
perform group plc annual report and accounts 2013 81
strategic  
report
corporate  
governance
financial 
statements financial  
statements
independent auditor’s report 84
consolidated income statement  87
consolidated statement  
of comprehensive income 88
consolidated statement of changes in equity 89
consolidated statement of financial position 90
consolidated statement of cash flows 91
notes to the group financial statements 92
parent company financial statements 132
shareholder information 138 strategic  
report
corporate  
governance
financial 
statements independent auditor’s report to the members 
of perform group plc
opinion on financial statements of perform group plc
in our opinion
•  the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 december 2013 
and of the group’s profit for the year then ended
•  the group financial statements have been properly prepared in accordance with international financial reporting standards ifrss as 
adopted by the european union
•  the parent company financial statements have been properly prepared in accordance with united kingdom generally accepted 
accounting practice and
•  the financial statements have been prepared in accordance with the requirements of the companies act 2006 and as regards the group 
financial statements article 4 of the ias regulation
the financial statements comprise the consolidated income statement the consolidated statement of comprehensive income the 
consolidated statement of changes in equity the consolidated statement of financial position the consolidated statement of cash flows 
and the related notes 1 to 32 and the parent company balance sheet and the related notes 1 to 7 the financial reporting framework that 
has been applied in their preparation as applicable law and ifrss as adopted by the european union and as regards the parent company 
financial statements as applied in accordance with the provisions of the companies act 2006 
separate opinion in relation to ifrss as issued by the iasb
as explained in note 1 to the group financial statements in addition to complying with its legal obligation to apply ifrss as adopted by the 
european union the group has also applied ifrss as issued by the international accounting standards board iasb
in our opinion the group financial statements comply with ifrss as issued by the iasb
going concern
as required by the listing rules we have reviewed the directors’ statement on page 57 that the group is a going concern we confirm that
•  we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is 
appropriate and
•  we have not identified any material uncertainties that may cast significant doubt on the group’s ability to continue as a going concern
however because not all future events or conditions can be predicted this statement is not a guarantee as to the group’s ability to continue 
as a going concern
our assessment of risks of material misstatement
the assessed risks of material misstatement described below are those that had the greatest effect on our audit strategy the allocation of 
resources in the audit and directing the efforts of the engagement team
risk how the scope of our audit responded to the risk
revenue recognition
the completeness of revenue arising from video and display 
advertising as a result of the complexity of the group’s 
customer contracts
we assessed management’s process and controls over the completeness and 
validity of advertising revenue we substantively tested a sample of revenue 
items by reference to individual sales insertion orders independent data on the 
adverts viewed and the ultimate invoicing
acquisition accounting
the group made a number of acquisitions in the period there 
a number of judgements associated with this including the 
identification and fair value determination of intangible assets 
arising and the useful economic lives assigned to such assets 
this process involves assumptions and management judgement 
particularly with respect to the estimate of future cash flows 
associated discount rates and useful economic lives
the two principal acquisitions in the year were perform sporting news and 
opta we tested the design and implementation of the controls over the 
identification of intangible assets we assessed whether the intangible assets 
met the requirements of ifrs 3 business combinations for separate recognition 
and used our internal valuation specialists to challenge the inputs to the valuation 
models used to determine the value of the intangible assets we also challenged 
the discount rates estimated cash flows growth rates and useful lives used by  
comparing to historical data where appropriate or industry benchmarks on 
similar assets and our understanding of the future prospects of the businesses 
84 perform group plc annual report and accounts 2013 risk how the scope of our audit responded to the risk
content costs
the group significantly increased its investment in content 
rights during the period management has revised the 
approach to the recognition of costs in the income statement 
to be based on the pattern in which the future economic 
benefits of the content rights are expected to be consumed 
by the group this has been accounted for as a change 
in accounting estimate this revised approach requires 
management to estimate expected usage of content rights by 
reference to the estimated future economic benefits arising 
we evaluated the method for recognition of content costs including the 
appropriateness of the change in accounting estimate and associated 
disclosures taking into account the expected profiles of future usage 
associated with these rights costs based upon contractual data available and 
historic trends
impairment of goodwill
the group’s assessment of impairment of goodwill requires 
management judgement and is based on estimates of 
future cash flows longterm growth rate and associated 
discount rate
we challenged management’s assumptions used in the impairment model for 
goodwill we specifically assessed the cash flow projections discount rate and 
longterm growth rate used against our understanding of the future prospects 
of the business and the prevailing group cost of capital at the year end
the audit committee’s consideration of these risks is set out on page 61
our audit procedures relating to these matters were designed in the context of our audit of the financial statements as a whole and not to 
express an opinion on individual accounts or disclosures our opinion on the financial statements is not modified with respect to any of the 
risks described above and we do not express an opinion on these individual matters
our application of materiality
we define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a 
reasonably knowledgeable person would be changed or influenced we use materiality both in planning the scope of our audit work and in 
evaluating the results of our work
 
we determined materiality for the group to be £115 million which is below 5 of adjusted profit before tax and is below 2 of equity adjusted 
profit before tax is defined as group profit before tax excluding exceptional items including exceptional finance charges  share based 
payments amortisation of acquisition intangibles and the accretion of acquisitionrelated deferred consideration these adjustments are made 
consistently by the group in their earnings communications with the market and in the opinion of the directors provide a more comparable 
measure with similar organisations and are consistent with the profit measures most relevant to analysts and investors
we agreed with the audit committee that we would report to the committee all audit differences in excess of £23000 as well as 
differences below that threshold that in our view warranted reporting on qualitative grounds we also report to the audit committee on 
disclosure matters that we identified when assessing the overall presentation of the financial statements 
an overview of the scope of our audit
our group audit scope focussed primarily on the audit work at seven locations four of these were subject to a full audit switzerland usa and the 
london offices of perform and opta  the remaining three were subject to an audit of specified account balances where the extent of our testing 
was based on our assessment of the risks of material misstatement and of the materiality of the group’s operations at those locations these locations 
represent the principal business locations and account for 97 of the group’s total assets 98 of the group’s revenue and 89 of the group’s profit 
before tax all locations making a profit greater than materiality were included in the scope they were also selected to provide an appropriate basis for 
undertaking audit work to address the risks of material misstatement identified above our audit work at the full scope locations was executed at levels 
of materiality applicable to each individual entity which were lower than group materiality 
 
the senior statutory auditor visited the principal overseas operating location  in years when a location is not visited a senior member of the 
group team attends the close meeting by conference call
opinion on other matters prescribed by the companies act 2006
in our opinion
• the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the companies act 2006 and
• the information given in the strategic report and the directors’ report for the financial year for which the financial statements are 
prepared is consistent with the financial statements
matters on which we are required to report by exception
adequacy of explanations received and accounting records
under the companies act 2006 we are required to report to you if in our opinion
perform group plc annual report and accounts 2013 85
strategic  
report
corporate  
governance
financial 
statements independent auditor’s report to the members 
of perform group plc continued
• we have not received all the information and explanations we require for our audit or
• adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received from 
branches not visited by us or
• the parent company financial statements are not in agreement with the accounting records and returns
we have nothing to report in respect of these matters
directors’ remuneration
under the companies act 2006 we are also required to report if in our opinion certain disclosures of directors’ remuneration have not been 
made or the part of the directors’ remuneration report to be audited is not in agreement with the accounting records and returns we have 
nothing to report arising from these matters
corporate governance statement
under the listing rules we are also required to review the part of the corporate governance statement relating to the company’s 
compliance with nine provisions of the uk corporate governance code we have nothing to report arising from our review
our duty to read other information in the annual report
under international standards on auditing uk and ireland we are required to report to you if in our opinion information in the annual 
report is
• materially inconsistent with the information in the audited financial statements or
• apparently materially incorrect based on or materially inconsistent with our knowledge of the group acquired in the course of performing 
our audit or
• otherwise misleading
in particular we are required to consider whether we have identified any inconsistencies between our knowledge acquired during the audit 
and the directors’ statement that they consider the annual report is fair balanced and understandable and whether the annual report 
appropriately discloses those matters that we communicated to the audit committee which we consider should have been disclosed 
we confirm that we have not identified any such inconsistencies or misleading statements
respective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement the directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair view our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and international standards on auditing uk and ireland those standards require us to 
comply with the auditing practices board’s ethical standards for auditors we also comply with international standard on quality control 1 
uk and ireland our audit methodology and tools aim to ensure that our quality control procedures are effective understood and applied  
our quality controls and systems include our dedicated professional standards review team strategically focussed second partner reviews 
and independent partner reviews
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 our 
audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an 
auditor’s report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone other 
than the company and the company’s members as a body for our audit work for this report or for the opinions we have formed
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement whether caused by fraud or error this includes an assessment of whether 
the accounting policies are appropriate to the group’s and the parent company’s circumstances and have been consistently applied 
and adequately disclosed the reasonableness of significant accounting estimates made by the directors and the overall presentation 
of the financial statements in addition we read all the financial and nonfinancial information in the annual report to identify material 
inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on or 
materially inconsistent with the knowledge acquired by us in the course of performing the audit if we become aware of any apparent 
material misstatements or inconsistencies we consider the implications for our report
mark leeamies fca senior statutory auditor
for and on behalf of deloitte llp
chartered accountants and statutory auditor
london united kingdom
3 march 2014
86 perform group plc annual report and accounts 2013 notes
2013
£’000
2012
£’000 
all results relate to continuing operations
revenue 123 208135 151607
cost of sales 3 100563 67152
gross profit 3 107572 84455
administrative expenses 34 96021 64941
group operating profit 34 11551 19514
investment income 2 7 434 533
finance costs 8 7927 3127
group profit before tax 4058 16920
taxation creditcharge 9 492 3423
group profit for the year after tax 4550 13497
profit attributable to
owners of the parent 4035 12840
noncontrolling interests 515 657
4550 13497
basic and diluted earnings per share
statutory pence 11 16 55
 for a reconciliation between operating profit and adjusted ebitda see note 4
 for a reconciliation between statutory profit before tax and adjusted profit before tax see note 10
 for the calculation of adjusted eps see note 11
consolidated income statement 
year ended 31 december 2013
perform group plc annual report and accounts 2013 87
strategic  
report
corporate  
governance
financial 
statements notes
2013
£’000
2012
£’000 
profit for the year 4550 13497
items that may be reclassified subsequently to profit or loss
exchange differences on translating foreign operations 550 399
exchange differences on translating goodwill held in foreign 
currencies 12 533 849
total comprehensive income for the year 4533 12249
total comprehensive income for the year attributable to
owners of the parent 4018 11592
noncontrolling interests 515 657
4533 12249
consolidated statement of comprehensive income
year ended 31 december 2013
88 perform group plc annual report and accounts 2013 consolidated statement of changes in equity
year ended 31 december 2013
issued 
share 
capital
£’000
share 
premium
£’000
merger 
relief 
reserve
£’000
capital
redemp
tion
reserve
£’000
profit 
and loss 
account 
£’000
fx 
reserve
£’000
other 
reserve 
£’000
total
to 
owners 
of the 
parent 
£’000
non
controlling 
interests
£’000
total 
equity
£’000
at 1 january 2012 6260 68323 – 38342 19600 179 4892 127812 150 127962
profit for the year – – – – 12840 – – 12840 657 13497
fx on translating foreign 
operations and goodwill – – – – – 1248 – 1248 – 1248
total comprehensive 
income for the year – – – – 12840 1248 – 11592 657 12249
credit to equity for 
sharebased payments – – – – 2017 – – 2017 – 2017
share capital issued 375 – 47197 – – – – 47572 – 47572
obligation to acquire  
noncontrolling interest  
in subsidiary – – – – – – 19805 19805 – 19805
noncontrolling  
interests acquired – – – – – – – – 873 873
transactions with 
shareholders – – – – 169 – – 169 192 361
at 31 december 2012 6635 68323 47197 38342 34288 1069 24697 169019 1488 170507
profit for the year – – – – 4035 – – 4035 515 4550
fx on translating foreign 
operations and goodwill – – – – – 17 – 17 – 17
total comprehensive 
income for the year – – – – 4035 17 – 4018 515 4533
credit to equity for 
sharebased payments – – – – 363 – – 363 – 363
deferred tax on  
sharebased payment – – – – 68 – – 68 – 68
share capital issued 664 – 46336 – – – 65592 112592 – 112592
interest in subsidiary 
surrendered – – – – – – 7222 7222 – 7222
noncontrolling  
interests acquired – – – – – – – – 1413 1413
adjustments arising  
from change in  
noncontrolling interest – – – – 1065 – – 1065 81 984
at 31 december 2013 7299 68323 93533 38342 37553 1086 48117 292081 3497 295578
perform group plc annual report and accounts 2013 89
strategic  
report
corporate  
governance
financial 
statements notes
2013
£’000
2012
£’000 
noncurrent assets
goodwill 12 28 192134 153908
acquisition intangibles 13 28 67831 46349
other intangible assets 14 15660 8444
property plant and equipment 15 7430 7757
deferred tax asset 23 9284 –
292339 216458
current assets
trade and other receivables 17 64848 50340
cash and cash equivalents 18 100993 33605
165841 83945
total assets 458180 300403
current liabilities
trade and other payables 19 58350 43979
current acquisitionrelated financial liabilities 20 8591 45989
current borrowings 21 48260 5533
current tax liabilities 4667 3196
119868 98697
net current assetsliabilities 45973 14752
noncurrent liabilities
noncurrent acquisitionrelated financial liabilities 20 26875 25440
noncurrent borrowings 21 – 1392
deferred tax liability 23 15859 4367
42734 31199
total liabilities 162602 129896
net assets 295578 170507
equity
calledup share capital 24 7299 6635
share premium 68323 68323
merger relief reserve 93533 47197
capital redemption reserve 38342 38342
retained earnings 37553 34288
foreign exchange reserve 1086 1069
other reserve 25 28 48117 24697
equity attributable to owners of the parent 292081 169019
noncontrolling interests 27 3497 1488
total equity 295578 170507
the financial statements of perform group plc registered number 6324278 were approved by the board of directors and authorised for 
issue on 3 march 2014
signed on behalf of the board of directors
simon denyer
director
consolidated statement of financial position
year ended 31 december 2013
90 perform group plc annual report and accounts 2013 2013
£’000
2012
£’000 
operating activities
group operating profit 11551 19514
increase in trade and other receivables 6244 9226
decreaseincrease in trade and other payables 1282 3463
advance payment for 201316 wta rights contract – 10733
depreciation and amortisation including acquisition  
intangible amortisation 14351 9394
employee sharebased payment 712 3246
exceptional items 9788 5348
corporation tax payments 2939 2243
cash flow from operating activities prior to  
exceptional items and gsop payment 25937 18763
exceptional gsop payment – 5999
payments in respect of exceptional items 7042 5348
cash flow from operating activities after exceptional items 
and gsop payment 18895 7416
investing activities
purchases of property plant and equipment 4350 5084
purchase of intangible assets 10082 5283
acquisition of subsidiaries net of cash acquired 87674 31363
investment income 372 533
cash flow used in investing activities 101734 41197
financing activities
placing of ordinary shares 112592 –
acquisition of noncontrolling interests 943 611
finance lease capital repayments 192 368
borrowings net of bank fees and costs 52534 –
fees relating to arrangement and noncommitment  
of new debt facilities 529 290
borrowings capital repayment 10262 5566
exceptional finance costs 1429 –
interest and finance lease charges paid 1263 922
cash flow fromused in financing activities 150508 7757
net increasedecrease in cash and cash equivalents  
in the year all continuing operations 67669 41538
cash and cash equivalents at start of year 33605 75863
effect of foreign currency exchange rates 281 720
cash and cash equivalents at end of year 100993 33605
consolidated statement of cash flows
year ended 31 december 2013
perform group plc annual report and accounts 2013 91
strategic  
report
corporate  
governance
financial 
statements 1 accounting policies
general information
perform group plc is a public limited liability company incorporated in the united kingdom under the companies act 2006 
the address of the registered office is sussex house plane tree crescent feltham middlesex tw13 7he the nature of the group’s 
operations and its principal activities are set out in the directors’ report on page 54
these financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the 
group operates foreign operations are included in accordance with the policies set out below
adoption of new and revised standards
ifrs 13 – fair value measurement – the group has applied ifrs 13 for the first time in the current year ifrs 13 establishes a single source 
of guidance for fair value measurements and disclosures about fair value measurements ifrs 13 defines fair value as the price that would 
be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal or most advantageous market at the 
measurement date under current market conditions ifrs 13 requires prospective disclosure from 1 january 2013 in accordance with 
these transitional provisions other than additional disclosures presented the application of ifrs 13 has not had any material impact on the 
amounts recognised in the group financial statements
amendments to ias 1 – presentation of items of other comprehensive income – this amendment requires items of other comprehensive 
income to be grouped by those items that will be reclassified subsequently to profit or loss and those that will never be reclassified 
together with their associated income tax the amendments have been applied retrospectively and hence the presentation of items of 
comprehensive income have been restated to reflect the change the effect of these changes is evident from the condensed consolidated 
statement of comprehensive income
new and revised standards on consolidation joint arrangements associates and disclosure – in may 2011 a package of five standards on 
consolidation joint arrangements associates and disclosures was issued comprising ifrs 10 consolidated financial statements ifrs 11 
joint arrangements ifrs 12 disclosure of interests in other entities ias 27 as revised in 2011 separate financial statements and ias 28 as 
revised in 2011 investments in associates and joint ventures the group have applied these standards for the first time in the current year 
although there has been no material impact on the results disclosures or financial position of the group
at the date of authorisation of these financial statements the following standards and interpretations which have not been applied in these 
financial statements were in issue but not yet effective and in some cases had not yet been adopted by the eu
• ifrs 9 financial instruments effective 1 january 2015
• offsetting financial assets and financial liabilities – amendments to ias 32 effective 1 january 2014
• mandatory effective date and transition disclosures – amendments to ifrs 9 and ifrs 7 effective 1 january 2015
• investment entities – amendments to ifrs 10 ifrs 12 and ias 27 effective 1 january 2014 and
• ifric 21 levies effective 1 january 2014
the directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the 
group in future periods except that ifrs 9 will impact both the measurement and disclosures of financial instruments
beyond the information above it is not practicable to provide a reasonable estimate of the effect of these standards until a detailed review 
has been completed
basis of accounting
the group’s consolidated financial statements have been prepared and approved by the directors in accordance with applicable 
international financial reporting standards ifrss issued by the international accounting standards board iasb the financial statements 
have also been prepared in accordance with ifrss adopted by the european union and therefore the group financial statements comply 
with article 4 of the eu ias regulation
the financial statements have been prepared on the historical cost basis except for the revaluation of certain financial instruments that are 
measured at fair value at the end of each reporting period as explained in the accounting policies below historical cost is generally based on 
the fair value of the consideration given in exchange for the assets the principal accounting policies adopted are set out below
notes to the group financial statements
year ended 31 december 2013
92 perform group plc annual report and accounts 2013 basis of consolidation
the group financial statements incorporate the financial statements of the company and entities controlled by the company made up to 
31 december each year control is achieved when the company
• has power over the investee
• is exposed or has rights to variable return from its involvement with the investee and
• has the ability to use its power to affect its returns
the company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of 
the three elements of control listed above
consolidation of a subsidiary begins where the company obtains control over the subsidiary and ceases when the company loses control 
of the subsidiary specifically the results of subsidiaries acquired or disposed of during the year are included in the consolidated income 
statement from the date the company gains control until the date when the company ceases to control the subsidiary
profit or loss and each component of other comprehensive income are attributed to the owners of the company and to the noncontrolling 
interests total comprehensive income of the subsidiaries is attributed to the owners of the company and to the noncontrolling interests 
even if this results in the noncontrolling interests having a deficit balance
where necessary adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with 
those used by the group all intragroup assets and liabilities equity income expenses and cash flows relating to transactions between the 
members of the group are eliminated on consolidation
noncontrolling interests in subsidiaries are identified separately from the group’s equity therein the interests of noncontrolling 
shareholders may be initially measured at fair value or at the noncontrolling interests’ proportionate share of the fair value of the acquiree’s 
identifiable net assets the choice of measurement is made on an acquisition by acquisition basis subsequent to acquisition the carrying 
amount of noncontrolling interests is the amount of those interests at initial recognition plus the noncontrolling interests’ share of 
subsequent changes in equity 
changes in the group’s interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions the carrying 
amount of the group’s interests and the noncontrolling interests are adjusted to reflect the changes in their relative interests in the 
subsidiaries any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration 
paid or received is recognised directly in equity and attributed to the owners of the company
when the group loses control of a subsidiary the gain or loss on disposal recognised in profit or loss is calculated as the difference 
between i the aggregate of the fair value of the consideration received and the fair value of any retained interest and ii the previous 
carrying amount of the assets including goodwill less liabilities of the subsidiary and any noncontrolling interests all amounts previously 
recognised in other comprehensive income in relation to that subsidiary are accounted for as if the group had directly disposed of the 
related assets or liabilities of the subsidiary ie reclassified to profit or loss or transferred to another category of equity as specified
permitted by applicable ifrs the fair value of any investment retained in the former subsidiary at the date when control is lost is regarded 
as the fair value on initial recognition for subsequent accounting under ias 39 financial instruments recognition and measurement or when 
applicable the costs on initial recognition of an investment in an associate or jointly controlled entity
going concern
the group had cash balances of £1010 million at the year end and £483 million of debt relating to borrowings having reviewed cash 
flow forecasts and budgets the directors have a reasonable expectation that the group has sufficient resources to continue in operational 
existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements for this 
reason they continue to adopt the going concern basis in preparing the accounts further detail is contained in the directors’ statement of 
going concern in the directors’ report see page 57
business combinations
on acquisition the assets liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition 
goodwill is measured as the excess of the sum of the consideration transferred the amount of any noncontrolling interests in the acquiree 
and the fair value of the acquirer’s previously held equity interest in the acquiree if any over the net of the acquisitiondate amounts of 
the identifiable assets acquired and the liabilities assumed if after reassessment the net of the acquisitiondate amounts of the identifiable 
assets acquired and liabilities assumed exceeds the sum of the consideration transferred the amount of any noncontrolling interest in the 
acquiree and the fair value of the acquirer’s previously held interest in the acquiree if any the excess is recognised immediately in profit or 
loss as a bargain purchase gain 
perform group plc annual report and accounts 2013 93
strategic  
report
corporate  
governance
financial 
statements notes to the group financial statements continued
year ended 31 december 2013
1 accounting policies continued
acquisitionrelated costs are recognised in profit or loss as incurred
contingent and deferred consideration arising as a result of acquisitions is measured at its acquisitiondate fair value and included as part of 
the consideration transferred in a business combination contingent and deferred consideration is based on management’s best estimate of 
the likely outcome and best estimate of fair value which is usually but not always a contracted formula based on a multiple of ebitda the 
contingent and deferred consideration is recorded as a liability and changes in fair value that qualify as measurement period adjustments 
are adjusted retrospectively with corresponding adjustments against goodwill measurement period adjustments are adjustments that arise 
from additional information obtained during the ‘measurement period’ which cannot exceed one year from the acquisition date about facts 
and circumstances that existed at the acquisition date 
the subsequent accounting for changes in the fair value of the contingent and deferred consideration that do not qualify as measurement 
period adjustments depends on how this is classified contingent and deferred consideration that is classified as equity is not remeasured 
at subsequent reporting dates and its subsequent settlement is accounted for within equity contingent and deferred consideration that is 
classified as an asset or liability is remeasured at subsequent reporting dates in accordance with ias 39 financial instruments recognition 
and measurement or ias 37 provisions contingent liabilities and contingent assets as appropriate with the corresponding gain or loss 
being recognised in profit or loss
to the extent that contingent consideration is substantively linked to employment or service conditions where the selling shareholders 
continue to provide postcombination services those payments will be charged to the income statement as a remuneration over the 
relevant period 
where the group has an option to acquire a noncontrolling interest in a subsidiary the fair value of that option is recognised as a liability 
with a corresponding movement in reserves in accordance with ias 27 the changes in fair value of the option at each reporting date are 
recognised in the income statement if the contingent consideration is subject to servicerelated provisions it is charged through the income 
statement as a service cost over the relevant period however if there are no service related conditions the changes in the fair value are 
recognised in the income statement as a finance cost
if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs the 
group reports provisional amounts for the items for which the accounting is incomplete those provisional amounts are adjusted during the 
measurement period or additional assets or liabilities are recognised to reflect new information obtained about facts and circumstances that 
existed as of the acquisition date that if known would have affected the amounts recognised as of that date
additional consideration and details with respect to the group’s policies relating to the acquisition of noncontrolling interests and contingent 
consideration are set out in “critical accounting judgements and key sources of estimation uncertainty” below
goodwill
goodwill arising on a business combination is recognised as an asset at the date that control is acquired the acquisition date goodwill is 
measured as the excess of the sum of the consideration transferred the amount of any noncontrolling interest in the acquiree and the fair 
value of the acquirer’s previously held equity interest if any in the entity over the net of the acquisitiondate amounts of the identifiable 
assets acquired and the liabilities assumed
if after reassessment the group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration 
transferred the amount of any noncontrolling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the 
acquiree if any the excess is recognised immediately in profit or loss as a bargain purchase gain
goodwill is internally monitored for impairment purposes at the level of the group’s single operating segment – accordingly the group only 
has one cashgenerating unit “cgu” for impairment testing purposes 
the group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired goodwill is 
not amortised
the recoverable amount of the group’s cgu is determined from value in use calculations if the recoverable amount of the cashgenerating 
unit is less than the carrying amount of the unit the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated 
to the unit and then to the other assets of the unit prorata on the basis of the carrying amount of each asset in the unit an impairment loss 
recognised for goodwill is not reversed in a subsequent period goodwill arising on the acquisition of a foreign operation is treated as an 
asset of the foreign operation and translated at the closing rate
94 perform group plc annual report and accounts 2013 revenue recognition
revenue represents amounts derived from the provision of services falling within the group’s continuing ordinary activities after the 
deduction of value added tax revenue is measured at the fair value of consideration received or receivable
content distribution
content distribution relates to sales of the group’s watchbet opta omnisport gsm watchandtrade and runningball products content 
distribution revenue is recognised over the course of the contract using a stage of completion method stage of completion is measured 
as the ratio of value of content delivered to date to total value of content to be delivered over the life of the contract period any content 
distribution monies received in advance of the contract commencing are recognised in current liabilities as deferred income
subscription
sales of online subscription products mobile downloads online payperview transactions and sms alerts are recognised on a gross basis 
evenly over the period in which the service is provided by the group the client’s shares of such revenues are shown within cost of sales
technology and production
service fees generated from the ongoing provision of website servicing maintenance and hosting to customers are recognised in line with 
the service delivery to the customer which is usually evenly across a contractual period fees arising from the building of products for 
customers or for structural enhancements to existing customer products are recognised in line with contractual milestones which reflect the 
stage of completion during the contractual build period
advertising and sponsorship display and video
revenue related to sponsorship activity is recognised in line with the services physically delivered compared to the services specified within 
a contract agreed with an advertiser
revenue related to display and video advertising is recognised based on the number of advertising impressions physically delivered 
compared to the required number of advertising impressions included within a contract agreed with either a brand or an advertising agency 
where the group is selling advertising to a thirdparty website revenue is recognised on a gross basis as the company bears the credit risk 
the client’s shares of such revenues are shown within cost of sales 
content costs
the group typically licenses the right from sports associations sports bodies leagues or their agents or partners to supply live sports 
content to online bookmakers andor to supply aggregated nonexclusive videoondemand typically highlights via the group’s 
embeddable video player embedded on publisher websites or distributed in a news feed typically highlights
the rights the group licenses are for a fixed period of time typically three years the rights are generally paid in instalments over the length 
of the contract typically quarterly in advance and as such the group will recognise a prepayment
previously the group recognised an expense for sports streaming rights when the sporting event was streamed during the year the 
group invested significantly in new rights for the 201416 wb licence period and growth of the eplayer globally and as a result the 
directors determined that the expected pattern of consumption of future economic benefits attributed to those rights would not follow the 
previously applied pattern with greater weight being attributed to the 20142016 events than the 2013 events the group now amortises its 
payments for sports streaming rights to cost of sales based on a weighting of when the value of the rights will be returned over a period 
not exceeding the contractual period see critical accounting judgements and key sources of estimation uncertainty on page 100 for 
further detail 
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exceptional items
the group aggregates highlights and separately presents significant income or costs due to their nature within its income statement 
the directors consider that this presentation provides a more helpful analysis of the group’s underlying performance particularly when it is 
undertaking acquisitions the policy requires the directors to exercise judgement in determining such items
items which may be included within this category include
• costs directly relating to acquisition activity including earnout related incentive arrangements classified as remuneration changes to the 
assessment of acquisitionrelated financial liabilities consultancy legal finance and other professional adviser costs that otherwise would 
not have been incurred had the acquisition not occurred
• acquisition integration costs including dualrunning costs contracts identified as onerous as a consequence of integration decisions 
consultancy redundancy and project management and related costs which may include those of employed staff specifically engaged to 
assist the integration of acquisitions
• reorganisation and restructuring costs including dualrunning costs contracts identified as onerous as a consequence of reorganisation 
or restructuring decisions consultancy redundancy and project management and related restructuring costs which may include those of 
employed staff specifically engaged for a limited period of time to assist the management of reorganisations and restructures
• significant unforeseen gainslosses arising on foreign exchange assets or liabilities relating to nontrading items such as contingent 
consideration or bank loans and
• other particularly significant or unusual items which may include but are not limited to profits or losses on disposal or termination of 
operations or assets litigation costs and settlements
leases
leases are classified as finance leases whenever the terms of the lease transfer substantially all of the risks and rewards of ownership to the 
lessee all other leases are classified as operating leases
assets held under finance leases are recognised as assets of the group at their fair value or if lower at the present value of the minimum 
lease payments each determined at the inception of the lease the corresponding liability to the lessor is included in the balance sheet as a 
finance lease obligation
lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest 
on the remaining balance of the liability finance expenses are recognised immediately in profit or loss unless they are directly attributable to 
qualifying assets in which case they are capitalised in accordance with the group’s general policy on borrowing costs 
rentals payable under operating leases are charged to the income statement over the term of the relevant lease and in accordance with the terms 
of the relevant leases operating lease costs relating to accommodation are recognised in the income statement under ‘ administrative expenses’
in the event that lease incentives are received to enter into operating leases such incentives are recognised as a liability the aggregate 
benefit of incentives is recognised as a reduction of rental expense on a straightline basis except where another systematic basis is more 
representative of the time pattern in which economic benefits from the leased asset are consumed
foreign currencies
the individual financial statements of each group company are presented in the currency of the primary economic environment in which it 
operates for the purpose of the consolidated financial statements the results and financial position of each group company are retranslated 
to pounds sterling which is the functional currency of the company and the presentation currency for the consolidated financial statements
in preparing the financial statements of the individual companies transactions in currencies other than the entity’s functional currency are 
recognised at the rates of exchange prevailing on the dates of the transactions at each balance sheet date monetary assets and liabilities 
that are denominated in foreign currencies are retranslated at the rates prevailing at that date nonmonetary items carried at fair value that 
are denominated in foreign currencies are translated at the rates prevailing at the date when fair value was determined nonmonetary items 
that are measured in terms of historical cost in a foreign currency are not retranslated exchange differences are recognised in profit or loss 
in the period in which they arise
for the purpose of presenting consolidated financial statements the assets and liabilities of the group’s foreign operations are translated to 
pounds sterling at exchange rates prevailing on the balance sheet date income and expense items are translated at the average exchange 
rates for the period unless exchange rates fluctuate significantly during that period in which case the exchange rates at the date of 
transactions are used exchange differences arising if any are recognised in other comprehensive income and accumulated in equity
goodwill arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate 
the group elected to treat goodwill arising on acquisitions before the date of transition to ifrs as sterlingdenominated assets and liabilities
notes to the group financial statements continued
year ended 31 december 2013
96 perform group plc annual report and accounts 2013 borrowing costs
borrowing costs are recognised in profit or loss in the period in which they are incurred except to the extent that these are directly 
attributable to the acquisition construction or production of qualifying assets such borrowing costs are added to the cost of those assets
operating profit
operating profit is stated before investment income and finance costs
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 income statement 
because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are never 
taxable or deductible the group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by 
the balance sheet 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 balance sheet 
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 the initial recognition other than in a 
business combination of other assets and liabilities in a transaction that affects neither the tax profit nor accounting profit
deferred tax liabilities are recognised for temporary differences arising on investments in subsidiaries 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 the deferred tax assets is reviewed at each reporting 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 
deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity or other 
comprehensive income in which case the deferred tax is also dealt with in equity or other comprehensive income
deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities 
and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and 
liabilities on a net basis 
property plant and equipment
property plant and equipment is stated at cost less accumulated depreciation depreciation is recognised as an administrative expense 
and provided on all property plant and equipment at rates calculated to write each asset down to its residual value using the straightline 
method over its expected useful life as follows
• freehold land and buildings – indefinite life
• internet hosting platform – three years
• office furniture and equipment – three years
• leasehold improvements – three years
• motor vehicles – three years
assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or where shorter over 
the term of the relevant lease
intangible assets – computer software development
where in the opinion of the directors the group’s expenditure in relation to development of software results in future economic benefits 
these costs including directly attributable overheads are capitalised and amortised over the useful economic life of the asset
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development costs are capitalised only when it is probable that future economic benefit will result from the project and the following criteria 
are met
• the technical feasibility of the product has been ascertained
• adequate technical financial and other resources are available to complete and sell or use the intangible asset
• the group can demonstrate how the intangible asset will generate future economic benefits and the ability to use or sell the intangible 
asset can be demonstrated
• it is the intention of management to complete the intangible asset and use it or sell it and
• the development costs can be measured reliably
where these criteria are not met development costs are charged to the income statement as incurred
amortisation is recognised as an administrative expense and provided on computer software development at a rate calculated to write each 
asset down to its estimated residual value assumed to be nil using the straightline method over three years 
methods of amortisation residual values and useful lives are reviewed and adjusted if appropriate at each reporting date
intangible assets – other
identifiable intangible assets acquired as part of business combinations that meet the conditions for recognition under ifrs 3 are 
recognised at their fair value at the acquisition date amortisation is recognised as an administration expense and amortised on a straight
line basis over their useful economic life on the following basis
• trademarksdomain namesurls – twenty years
• database content – three to twelve years
• customer relationships – three to twelve years
• website architecture – three to twelve years
• software – three to twelve years
after consideration by the directors in light of the size of the acquisitions the nature of the assets acquired competitive benchmarking and 
external valuation advice received the directors have concluded that it was appropriate for the trademarks and domain names to be written 
off over twenty years
had this change occurred at 1 january 2012 intangible asset amortisation would have increased by £05 million for the year ended 
31 december 2012 and £04 million for the period ended 30 june 2013
impairment of tangible and intangible assets
at each reporting date the group reviews the carrying amounts of its goodwill tangible and intangible assets and intangible assets not yet 
available for use 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 assets 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 cashgenerating unit
product to which the asset belongs 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
recoverable amount is the higher of the fair value less costs to sell and the value in use in assessing value in use the estimated future cash 
flows which are based on budgeted figures are discounted to their present value using a pretax discount rate that reflects current market 
assessments of the time value of money and the risks specific to the asset
if the recoverable amount of an asset or cashgenerating unit is estimated to be less than its carrying amount the carrying amount of the 
asset or cashgenerating unit is reduced to its recoverable amount an impairment loss is recognised as an expense immediately
where an impairment loss subsequently reverses the carrying amount of the asset or cashgenerating unit is increased to the revised 
estimate of its recoverable amount so 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 cashgenerating unit in prior years a reversal of an impairment loss is 
recognised as income immediately
financial instruments
financial assets and financial liabilities are recognised on the group’s balance sheet when the group becomes a party to the contractual 
provisions of the instrument
notes to the group financial statements continued
year ended 31 december 2013
98 perform group plc annual report and accounts 2013 financial liability and equity
financial liability and equity instruments are classified according to the substance of the contractual arrangements entered into equity 
instruments issued are recorded at the proceeds received net of direct issue costs
borrowings
borrowings are initially measured at fair value net of transaction costs they are subsequently measured at amortised cost using the 
effective interest method with an interest expense recognised on an effective interest basis the effective interest method is a method of 
calculating the amortised cost of a financial liability and of allocating the interest expense over the relevant period the effective interest rate 
is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability or where appropriate a 
shorter period to the net carrying amount on initial recognition
derivative financial instruments
from time to time the group enters into certain financial instruments to manage its exposure to interest rate and foreign exchange rate risk 
including foreign exchange vanilla options and interest rate swaps further details of derivative financial instruments are disclosed in note 22
derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair 
value at each balance sheet date the resulting gain or loss is recognised in profit or loss immediately
a derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a 
financial liability a derivative is presented as a noncurrent asset or a noncurrent liability if the remaining maturity of the instrument is 
more than 12 months and it is not expected to be realised or settled within 12 months other derivatives are presented as current assets or 
current liabilities
in the event a premium is paid for a derivative financial instrument this premium is recognised over the life of the relevant contract 
in addition certain of the group’s acquisitions contain an option to acquire noncontrolling interests at specified dates in the future for either 
fixed or variable future payments the accounting for these options is set out in ‘business combinations’ pages 93 and 94
trade receivables and other receivable financial assets
trade receivables do not carry any interest and are stated at their fair value on initial recognition plus transaction costs if any and carried at 
amortised cost under the effective interest method
cash and cash equivalents
cash and cash equivalents include cash in hand bank accounts deposits receivable on demand and deposits with maturity dates of three 
months or less from the date of inception bank overdrafts that are repayable on demand and which form an integral part of the group’s 
cash management are also included as a component of cash and cash equivalents where offset conditions are met 
trade and other payables
trade payables are not interest bearing and are stated at their fair value on initial recognition plus transaction costs if any and carried at 
amortised cost the fair value of trade and other payables has not been disclosed as due to their short duration management considers the 
carrying values recognised in the balance sheet to be a reasonable approximation of their fair value
sharebased payments
equitysettled sharebased payments to employees are measured at the fair value of the equity instrument at the grant date the fair value 
excludes the effect of nonmarketbased vesting conditions details regarding the determination of the fair value of equitysettled share
based transactions are set out in note 26
the fair value determined at the grant date of the equitysettled sharebased payments is expensed on a straightline basis over the vesting 
period based on the group’s estimate of equity instruments that will eventually vest at each balance sheet date the group revises its 
estimate of the number of equity instruments expected to vest as a result of the nonmarket based vesting conditions the impact of the 
revision of the original estimates if any is recognised in profit or loss such that the cumulative expense reflects the revised estimate with a 
corresponding adjustment to equity reserves
the fair value of saye share options is recognised as an expense and adjusted to reflect the number of shares expected to vest saye 
share options granted to employees are treated as cancelled when employees cease to contribute to the scheme this results in accelerated 
recognition of the expenses that would have arisen over the remainder of the original vesting period
for cashsettled sharebased payments a liability is recognised for the goods or services acquired measured initially at the fair value of the 
liability at each balance sheet date until the liability is settled and at the date of settlement the fair value of the liability is remeasured with 
any changes in fair value recognised in profit or loss for the year
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pension
the group makes contributions on behalf of employees to an independent defined contribution pension scheme the group has no further 
legal obligation to pay contributions after the payment of its fixed contribution that is matched by an employee these contributions are 
recognised as an expense in the period the relevant employee services are received
segmental reporting
in accordance with ifrs 8 operating segments operating segments are reporting in a manner that is consistent with the internal reporting 
provided to the board of directors the chief operating decision maker 
critical accounting judgements and key sources of estimation uncertainty
in the application of the group’s accounting policies which are described in note 1 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 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects 
both current and future periods
critical judgements in applying the group’s accounting policies
the items below are critical judgements that the directors believe have a significant effect on the amounts recognised in these financial statements 
content costs
the group typically licenses the right from sports associations sports bodies leagues or their agents or partners to supply live sports 
content to online bookmakers andor to supply aggregated nonexclusive videoondemand typically highlights via the group’s 
embeddable video player embedded on publisher websites or distributed in a news feed typically highlights
the rights the group licenses are for a fixed period of time typically three years the rights are generally paid in instalments over the length 
of the contract typically quarterly in advance and as such the group recognises a prepayment
previously the group recognised an expense for sports streaming rights when the sporting event was streamed during the year the group 
invested significantly in new rights for the 201416 wb licence period and growth of the eplayer globally and as a result the directors’ 
determined that the expected pattern of consumption of future economic benefits attributed to those rights would not follow the previously 
applied pattern with greater weight being attributed to the 20142016 events than the 2013 events the group now amortises its payments 
for sports streaming rights to cost of sales based on a weighting of when the value of the rights will be returned over a period not 
exceeding the contractual period consequently an additional £64 million of rights were categorised as a prepayment at 31 december 2013 
had this change in estimate been undertaken in the half year financial statements for 2013 an additional £10 million would have been 
categorised as a prepayment at 30 june 2013
whilst in substance the sports rights are intangible assets given their nature they are not capable of recognition as an intangible asset until 
the sports event occurs at which time an asset is capable of recognition
the rights may relate to individual events such as an international football match or a series of sporting events such as a football league 
season in contrast to say an acquired film licence a sports right is not based on an exploitation right protected by copyright rather the 
organiser declares to the group that it will waive the exercise of its own rights to stream the sport to the sportsbooks
a sports broadcasting right arises when the sporting event is actually held broadcast or streamed the intellectual property relating to a 
sporting event is only created once the sporting event has actually been held
if the rights relate to a series of sporting events such as the streaming of football league matches for an entire season the sports right 
has the characteristics of a successive supply agreement because the required performance by the organiser in the form of the above 
mentioned waiver of the exercise of its rights to stream the sport only happens on the relevant match day
in the case of rights for videoondemand offerings these highlights are generally viewed on publisher websites very soon after the event 
and unlike a film or tv programming are generally viewed significantly less as time passes after the original event the group has considered 
whether there is any residual value to such videoondemand offerings and concluded that any value would be minimal and not material
notes to the group financial statements continued
year ended 31 december 2013
100 perform group plc annual report and accounts 2013 the amounts to be paid are based on the sports events to be streamed there is no minimum amount that would be payable if the event 
does not occur no payment is made if a match is postponed payments are made for the value of the future events and not for a right to 
future content
any advance payments made of when the event is held and when the expense is recognised represent a prepayment of the rights or the 
organisers’ waiver of the exercise of its rights not to stream the sport in substance part of the prepayment becomes an intangible asset 
when the event or tournament takes place and is simply expensed to match the revenue recognised
commitment to acquire content rights
the group has commitments to acquire internet content rights as at 31 december 2013 these commitments total £114 million 2012 
£84 million the directors do not consider this commitment to be a financial liability as this commitment relates to future payments for 
future sporting events that the group has acquired the right to stream for the reasons set out above and as the organiser declares it waives 
the exercise of its own rights to stream the sport the group does not consider it meets the criteria for recognition of an intangible asset nor 
does it consider it has a financial liability in accordance with ias 39 until the sporting event has been delivered
whilst the group has a commitment to make these payments such payments are dependent on the sporting events occurring in the event 
that a particular event or set of events does not occur the group would not be required to make all or part of the “committed” payments 
referred to above in the light of this the group considers the longterm contract to contain a number of executory components and therefore 
does not consider the future amounts payable that are conditional on the occurrence of the sporting event and the delivery by the right’s owner 
of the live stream to be a financial liability as neither party has performed any of its obligations relating to the future sporting events 
segmental reporting
in accordance with ifrs 8 operating segments are reporting in a manner that is consistent with the internal reporting provided to the 
board of directors the chief operating decision maker the performance of the group is monitored on the same basis as the group’s 
consolidated accounts
management information that is regularly reported to the board for the purposes of allocating resources and monitoring performance is 
the monthly board pack the board pack contains an analysis of revenue for the group’s five activities it is the directors’ assessment that 
the revenue only information reported in the monthly board pack does not constitute discrete financial information in the context of the 
definition of an operating segment as set out in ifrs 8 the revenue information that is presented in note 3 is however considered to be 
useful information for the readers of our annual report and accounts
the group considers it only has a single operating segment 
the board does not monitor the profitability of the five activities individually whilst the group reports its revenues across the five activities 
which is considered the most helpful and transparent for its investors operationally the group has a number of products such as 
watchbet that operate off one common technology platform sets of rights typically cleared for all products and platforms and staff 
who sell manage and produce this content across multiple products
a key decision for the board is whether to acquire a particular set of high value sports rights the board make their decision based on 
whether the business in aggregate can generate revenue across the five activities for that set of sports rights in excess of the cost 
in light of the fact that value of acquired rights is typically not split between the group’s different products and platforms it is not possible to 
present a reliable accurate or helpful measure of profitability to the board and any profitability of the five activities would be arbitrary and 
unreliable for the purpose of making decisions and involve significant allocation and apportionment of group wide costs
treatment of subsidiary undertakings and related deferred andor contingent consideration
the group has two subsidiaries mackolik internet hitzmetleri ticaret as “mackolik” and perform sporting news limited “psn” which 
were not wholly owned at the year end
these have all been consolidated and included as subsidiary undertakings within the group’s financial statements the directors have 
reviewed the accounting treatment of each subsidiary to confirm that they should not be accounted for as joint ventures in each case these 
reviews concluded that the group had effective control either through its actual influence on the strategic and operational policies of the 
companies exposure to a variable return from its involvement and through its contractual rights to acquire 100 control of voting equity 
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perform sporting news limited “psn”
in march 2013 the group partnered with american city business journals “acbj” to establish a new company perform sporting 
news “psn”
as part of the agreement the group is entitled to buy out acbj’s equity at any time for a predetermined cash price of 65 million before 
1 january 2017 or 75 million between 1 january 2017 and 31 december 2018 except for the months of april and may in each year and 
85 million after 1 january 2019 except for during the months of april and may
the group also has the option between 1 april and 30 april in every year commencing with 2017 to buy out acbj’s equity based on a 
multiple of psn’s ebitda for the financial years ending on the prior 31 december the consideration will be subject to a minimum value of 
35 million and a maximum value of 85 million
if the group does not exercise its option in april 2017 or any april thereafter acbj will have the option between 1 may and 31 may in each 
year to acquire the group’s shareholding based on a multiple of psn’s ebitda for the financial year ending the prior 31 december
the group has considered the fair value of this financial asset based on an assessment of future forecasts the option has no significant value 
at the year end
mackolik
the mackolik sale and purchase agreement contains a forward contract to enable the group to acquire the remaining 49 interest in 2016 
the directors have judged that this does not result in a 100 acquisition on the acquisition date the sellers of the 49 interest remain 
exposed to the risks and rewards of ownership the distributable profit of the company will be distributed prorata to the share ownership 
until the point at which the group acquires the remaining 49 until these shares are acquired by the group
the group have obtained an independent valuation of what the forward contract to acquire the 49 of the controlled subsidiary is 
worth in 2016 and as the risks and rewards of owning the 49 will not be transferred to the group until actual payment is made in 2016 
in accordance with ias 32 and 39 the group have recorded a liability with a corresponding debit to equity for the present value of 
£149 million of the independently valued liability 
whilst there are no employment provisions connected to the payment of the contingent consideration there are certain servicerelated 
provisions contained within the sale and purchase agreement as such it is the directors’ view that any difference between the independent 
valuation of the forward contract and the present value of the amount the group expects to pay must be related to those servicerelated 
provisions as such any difference will be taken to the income statement as an acquisitionrelated service charge the directors’ best estimate 
 at the date of acquisition and at 31 december 2013 of the amount to be paid in 2016 is approximately £23 million the present value of this 
payment at the date of acquisition was £151 million consequently a £02 million service charge is being recognised in the income statement 
over the period from acquisition until the date of payment in 2016 the charge recognised in 2013 was £44000 2012 £22000 the directors 
will reassess their estimation of the final payment at each reporting date and any future differences will be charged  or credited to the 
income statement
the accretion in respect of the unwind of the discount being applied to the directors’ best estimate of the final payment £23 million to 
present value £151 million is being recognised in the income statement as a finance charge over the period from the acquisition date to the 
date of the final payment in 2016 the charge recognised in 2013 in respect of this accretion was £21 million 2012 £1 million
in addition distributable profits of mackolik for each financial year between 2012 – 2015 will be distributed to the group and other 
shareholders prorata to their respective holdings these contractual dividend payments represent an obligation to make payments to the 
shareholders and accordingly the present value of the expected future payments have been recorded as a liability with a corresponding 
entry recognised directly in equity the liability will be remeasured at each reporting date with any subsequent amendments being 
recognised as a service charge or credit through the income statement the directors’ current best estimate of the undiscounted cash flows 
is approximately £60 million and discounted is £50 million
the accretion in respect of the unwind of the discount being applied to the directors’ best estimate of the final payment £6 million to 
present value £5 million is being recognised in the income statement as a finance charge over the period from the acquisition date to the 
date of the final payment in 2016 the charge recognised in 2013 in respect of this accretion was £05 million 2012 £02 million
the independent valuation of the option to acquire the 49 noncontrolling interest of £149 million plus the present value of the future 
liability for the dividends of £49 million exceeds the payments for the 51 of £165 million including the working capital payment 
notes to the group financial statements continued
year ended 31 december 2013
102 perform group plc annual report and accounts 2013 in addition the sale and purchase agreement contains a provision which allows the shareholders to repurchase the 51 in the event the 
group does not purchase the noncontrolling interest the independent valuer considers this has a discounted value of approximately 
£2 million the directors believe that the remaining differential represents a discount on the fair value accepted by the sellers of the 51 
stake who have exited the business in order to receive cash consideration upon disposal of 51 of their shares and to reduce any ongoing 
ownership risk
perform media sales japan
in june 2013 a new japanese company perform media sales japan was incorporated the group owns 70 of the share capital of the new 
company perform media sales japan acquired the assets of ad networks kk which had been the japanese advertising sales agent for the 
group in japan the group has the option to acquire the remaining 30 in 2017 based on a multiple of perform media sales japan’s 2016 
ebitda up to a maximum value of £12 million the group has considered the fair value of this financial asset based on an assessment of 
future forecasts the option has no significant value at the year end
spox media gmbh and mediasports digital gmbh
the contingent consideration in respect of the acquisition of spox media gmbh and mediasports digital gmbh is payable to the previous 
private equity owners and four other individuals only two of whom are continuing to provide postcombination service the private equity 
owners were the majority shareholders in the business prior to the acquisition and the group anticipates that approximately twothirds of the 
contingent consideration will be payable to them the remaining third of the contingent consideration is split amongst the four individuals in 
proportion to their shareholdings the directors’ view is that the amount allocated to the two individuals providing a continuing service is not
material and as such no servicerelated charge has been recognised
contingent consideration
contingent consideration arising as a result of acquisitions is stated at fair value contingent and deferred consideration is based on 
management’s best estimate of the likely outcome and best estimate of fair value which is usually but not always a contracted formula 
based on a multiple of ebitda 
subscription and advertising sales revenue recognition
the group provides online and mobile subscription based products to its customers usually via customer branded websites to end users 
the group sets the price of these products collects revenues and delivers the products including after service customer care the directors 
have reviewed the products and the nature of how they were supplied and concluded that the group acts as principal and accordingly 
revenue generated from these products should be shown as that of the group with customer revenue share payments included in cost 
of sales
the group sells online advertising inventory for a network of internet sites the group has built this network and seeks advertising 
campaigns from brands and media agencies to deliver via this network the group employs its sales staff at its own risk effectively 
negotiates prices and delivers traffics the advertising campaigns the directors have reviewed these arrangements and concluded that 
the group acts as principal and accordingly revenue generated from these products should be shown as that of the group with customer 
internet sites revenue share payments included in cost of sales rather than as an agent
internally generated software and research
management monitors progress of internal software development projects by using a project management system significant judgement 
is required in distinguishing whether such development should be written off or capitalised development costs are recognised as an asset 
when all the criteria are met where this is not the case costs are not capitalised and are written off as incurred
the group’s management also monitors whether the recognition requirements for development costs continue to be met this is necessary 
as the economic success of any product development is uncertain and may be subject to future technical problems or developments after 
the time of recognition
key sources of estimation uncertainty 
the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and 
liabilities within the next financial year are discussed below where a source of uncertainty has been discussed above it has not been 
duplicated below
impairment of goodwill
determining whether goodwill is impaired requires an estimation of the value in use of the single cashgenerating unit to which goodwill has 
been allocated the value in use calculation requires the entity to estimate the future cash flows expected to arise and a suitable discount 
rate in order to calculate present value
perform group plc annual report and accounts 2013 103
strategic  
report
corporate  
governance
financial 
statements 2 revenue
2013 
£’000 
2012 
£’000
rendering of services and revenue as disclosed in the consolidated income statement 208135 151607
investment income 434 533
total revenue as defined in ias 18 208569 152140
3 segment information 
the group considers it only has a single operating segment refer to accounting policies – critical judgements – for an explanation of why 
the directors have concluded this the group has elected to present additional voluntary disclosures relating to revenue over and above the 
requirements of ifrs 8 in the following table
the group includes in its internal management reporting of revenue the following activities
content distribution – the group’s content distribution revenue is generated from the sales of the watchbet runningball and 
watchandtrade services suite of omnisport products opta and gsm data products
subscription – the group’s subscription revenue is generated by subscribers paying for web tv mobile content and livesporttv products
advertising and sponsorship online video – the group’s eplayer generates preroll video advertising and sponsorship revenues
advertising and sponsorship online display – the group generates its online display revenues through sales of display inventory on goal 
spox sportalde mackolik soccerway and sportal and on a network of thirdparty premium sports websites
technology and production – the group generates technology and production revenues from the design build and management of 
website and mobile services and the production of live and video on demand content
notes to the group financial statements continued
year ended 31 december 2013
104 perform group plc annual report and accounts 2013 operating segment information for the years ended 31 december 2013 and 2012 is as follows
2013 
£’000 
2012 
£’000
revenue
content distribution 132858 92971
subscription 14155 12341
technology and production 13196 14609
advertising and sponsorship video 19589 13275
advertising and sponsorship display 28337 18411
total revenue 208135 151607
cost of sales
content 59920 41102
publisher shares 9275 6397
technical and software fees 10937 7807
production 20431 11846
total cost of sales 100563 67152
gross profit 107572 84455
staff costs 54632 36601
other administrative costs 16538 10352
adjusted ebitda excluding exceptional items and sharebased payments 36402 37502
exceptional items 9788 5348
exceptional sharebased payments – 1228
sharebased payments 712 2018
ebitda 25902 28908
amortisation and depreciation 8317 6486
acquisitionrelated amortisation 6034 2908
group operating profit 11551 19514
investment income 434 533
accretion of deferred consideration 4009 1862
exceptional finance costs 1429 –
other finance costs 2489 1265
group profit before tax 4058 16920
total assets 458180 300403
total liabilities 162602 129896
the group is required to present geographical information relating to its revenues revenues are attributed to territories in the 
following ways
• content distribution watchbet and subscription revenues are recognised in the territory where the end viewer is located other content 
distribution omnisport opta watchandtrade runningball and gsm revenues are recognised where the contracting party is located 
which is typically where the service is delivered
• technology and production revenues are recognised in the territory where the contracting party is located which is typically where the 
service is delivered and
• advertising and sponsorship revenues are recognised in the territory where the advertisements are delivered 
perform group plc annual report and accounts 2013 105
strategic  
report
corporate  
governance
financial 
statements 3 segment information continued
geographical revenue information for the years ended 31 december 2013 and 2012 is presented below
united 
kingdom
£’000
europe 
£’000
asia 
pacific 
£’000
americas 
£’000
middle east 
and north 
africa 
£’000
rest of 
world 
£’000
total 
£’000
2013
content distribution 28902 73106 19906 5644 3248 2052 132858
subscription 7447 1555 1018 2396 638 1101 14155
technology and production 7309 1869 2063 386 1569 – 13196
advertising and sponsorship 9858 17391 3162 16008 1257 250 47926
total revenue 53516 93921 26149 24434 6712 3403 208135
united 
kingdom
£’000
europe 
£’000
asia 
pacific 
£’000
americas 
£’000
middle east 
and north 
africa 
£’000
rest of 
world 
£’000
total 
£’000
2012
content distribution 17274 49497 20003 2867 2130 1200 92971
subscription 7096 1464 808 2011 548 414 12341
technology and production 9306 1471 1618 280 1934 – 14609
advertising and sponsorship 7747 12754 2369 8376 431 9 31686
total revenue 41423 65186 24798 13534 5043 1623 151607
the total of noncurrent assets other than goodwill acquisition intangibles and deferred tax assets located in the uk is £17840000 2012 
£14730000 assets held outside the uk are £4939000 2012 £1471000
revenues of £30769278 were derived from one external customer in 2013 in 2012 revenues of £24244000 were derived from one 
external customer these revenues are attributable to the content distribution and advertising and sponsorship segments and are from the 
only customer which individually represented over 5 of the group’s revenues
4 operating profit and adjusted ebitda
notes
2013
£’000
2012
£’000 
adjusted ebitda 36402 37502
exceptional items 3 6 9788 5348
exceptional sharebased payments gsop 26 – 1228
other sharebased payments 26 712 2018
ebitda 25902 28908
amortisation and depreciation 14 15 8317 6486
acquisitionrelated amortisation 13 6034 2908
group operating profit 11551 19514
  adjusted ebitda is group operating profit excluding amortisation including acquisition intangibles depreciation exceptional items and sharebased payments ebitda is group 
operating profit excluding depreciation and amortisation including acquisitionrelated amortisation ebitda and adjusted ebitda are considered by the directors to be key 
measures of financial performance
notes to the group financial statements continued
year ended 31 december 2013
106 perform group plc annual report and accounts 2013 operating profit has been arrived at after chargingcrediting
2013 
£’000 
2012 
£’000
rentals payable under operating leases 2342 1475
impairment loss recognised on trade receivables 730 429
net foreign exchange gains 27 775
research and development costs 3204 2550
exceptional sharebased payments gsop – 1228
sharebased payments 712 2018
depreciation of property plant and equipment 4535 3952
amortisation of intangible assets 3782 2534
amortisation of acquisition intangibles 6034 2886
acquisitionrelated service charge 44 22
the analysis of auditor’s remuneration is as follows
2013 2012
deloitte 
£’000
grant
thornton 
£’000
grant
thornton
£’000 
fees payable to the company’s auditor for the audit of the company’s annual accounts 200 – 54
fees payable to the company’s auditor for the audit of the company’s subsidiaries 119 – 113
total audit fees 319 – 167
fees payable to the group’s auditors for other services
interim review 30 – 29
tax compliance services 152 96 218
tax advisory services 155 130 45
other advisory services 116 44 69
total fees payable to the group’s auditor 772 270 528
deloitte llp succeeded grant thornton uk llp to become the group’s auditor in june 2013 the auditor’s remuneration given above relates 
to those fees earned throughout 2013 and is not limited to the period that each firm acted as auditor of the group 
5 staff costs
the average monthly number of employees including executive directors was
2013 
nos
2012 
nos
business development and sales 158 80
account management and marketing 95 65
production 637 467
technology 285 183
administration and management 170 111
total 1345 906
overall staff have increased due to the inclusion of opta voetbalzone and perform sporting news and the full year impact of runningball 
and mackolik employees
employee costs including executive directors were
2013 
£’000 
2012 
£’000
wages and salaries 47337 31680
social security costs 6109 3731
pension costs 1186 1190
total 54632 36601
in addition the total exceptional sharebased payment gsop charge was nil 2012 £1228000 and other sharebased payment charges 
were £712000 2012 £2018000 see note 26 for further details of the group’s sharebased payment schemes
perform group plc annual report and accounts 2013 107
strategic  
report
corporate  
governance
financial 
statements 5 staff costs continued
key management costs including executive and nonexecutive directors were
2013 
£’000 
2012 
£’000
wages and salaries 5834 4855
social security costs 783 645
pension costs 413 321
total 7030 5821
during 2013 the directors considered 49 individuals to be key 2012 42 including executive and nonexecutive directors in addition to 
the above the total sharebased payment charge relating to key employees was £712000 2012 £2018000 this excludes the exceptional 
sharebased payment charge which was also primarily paid to individuals classified as key management in 2012 refer to note 26 directors’ 
remuneration is set out on page 75 within the remuneration committee report
6 exceptional items
2013 
£’000
2012 
£’000 
costs in relation to the group’s class 1 transaction acquisition new debt facilities and equity raising 594 2042
costs in relation to the group’s acquisition and integration of other subsidiaries 6541 3306
costs in relation to management incentive on acquisition 3500 –
revaluation of acquisitionrelated financial liability 2442 –
costs in relation to restructuring activities 1195 –
other 400 –
9788 5348
during the year the group acquired perform sporting news opta and voetbalzone the related costs given their size and nature have 
been classified as exceptional by the directors in addition certain costs were incurred in relation to the issue of new equity related to the 
acquisition of opta refer to notes 24 and 28 the management incentive on acquisition relates to six months’ charge in respect of opta 
£35 million a credit was recognised with regards to the downward revaluation of the acquisitionrelated financial liability due on spox
msd £24 million finally certain costs in relation to restructuring costs have been classified as exceptional
during 2012 the group acquired runningball holding ag a class 1 transaction mackolik internet hitzmetleri ticaret as and sportal gmbh  
the related costs given their size and nature have been classified as exceptional by the directors  in addition certain costs were incurred 
in relation to the issue of new equity directly linked to the acquisition of runningball refer to notes 24 and the arrangement of the group’s 
new debt facilities directly linked to the acquisition of runningball refer to note 21 these have also been categorised as exceptional
of the £98 million exceptional items £03 million which is net of the spoxmsd contingent consideration revaluation of £24 million 
£27 million gross is disallowable no tax charge has been recognised in respect of the revaluation of contingent consideration nor has 
any tax benefit been taken on the £27 million nondeductible items a tax credit of 23 has been recognised in respect of the allowable 
exceptional items in the group’s tax credit for the year
7  investment income
2013 
£’000 
2012 
£’000
interest receivable 434 533
investment income primarily relates to bank interest receivable on funds raised during the equity issue
notes to the group financial statements continued
year ended 31 december 2013
108 perform group plc annual report and accounts 2013 8 finance costs 
2013 
£’000 
2012 
£’000
interest on bank overdrafts and loans 1798 558
interest on obligations under finance leases 24 48
other bank charges and finance costs 667 659
total underlying interest and related costs 2489 1265
accretion of deferred consideration 4009 1862
exceptional finance costs 1429 –
total finance costs 7927 3127
interest payable in both years primarily relates to bank interest on the group’s borrowings other bank charges and finance costs relate 
to the amortisation of the arrangement fee paid on the group’s current term loan and the cost of the related fixed rate hedge £132000 
2012 £132000 and £75000 2012 £55000 respectively nonutilisation fees paid under the group’s new debt facilities refer to note 
21 £159000 2012 £296000 a foreign currency hedge premium £177000 2012 £nil and other bank charges £124000 2012 
£176000 other bank fees in 2012 primarily related to the amortisation of the term loan a nonutilisation fee under the group’s debt facility 
the related interest rate swap cost and other bank charges
accretion of deferred consideration relates to the unwind of the discount applied to the valuation of the liabilities for contingent payments 
due in respect of the acquisitions of mackolik £2516000 2012 £1182000 voetbalzone £640000 2012 £nil spox £434000 
2012 £293000 and watchandtrade £419000 2012 £387000 refer to notes 1 and 28 for a further explanation
the exceptional £14 million foreign exchange charge is due to the difference between the liability recognised at 31 december 2012 in relation 
to the €50 million runningball deferred consideration and the amount actually paid in march 2013 this charge was also impacted by a 
foreign exchange movement on the €50 million bank debt between march 2013 when it was drawn down and the period end
9 taxation
2013 
£’000 
2012 
£’000
current tax
uk current tax at 2325 2012 245 109 –
foreign tax
overseas current tax 3903 2281
deferred tax
origination or reversal of temporary differences 5660 955
impact of changes in tax rates 878 –
adjustment in respect of prior years 278 187
tax creditcharge for the year 492 3423
uk corporation tax is calculated at 2325 2012 245 of the estimated assessable profit for the year taxation for other jurisdictions 
is calculated at the rates prevailing in those jurisdictions the creditcharge for the year can be reconciled to the profit per the income 
statement as follows
2013 
£’000 
2012 
£’000
profit before tax 4058 16920
tax at weighted average uk corporation tax rate of 2325 2012 245 943 4145
effects of
tax effect of expenses not deductible in determining taxable profit 1166 848
tax effect of service credits not taxable in determining taxable profit – 172
prior year adjustments 281 187
change in uk tax rate on deferred tax balances 878 284
change to tax rates in relation to deferred tax on intangible assets 1987 –
effects of different tax rates of subsidiaries operating in other jurisdictions 3174 2382
nonrecognition of losses 1575 –
other differences 174 513
tax creditcharge 492 3423
perform group plc annual report and accounts 2013 109
strategic  
report
corporate  
governance
financial 
statements 10 adjusted profit before tax
notes
2013 
£’000 
2012 
£’000
statutory profit before tax 4058 16920
exceptional items 3 6 9788 5348
exceptional finance costs 8 1429 –
exceptional sharebased payments gsop 26 – 1228
other sharebased payments 26 712 2018
acquisitionrelated amortisation 13 6034 2908
accretion of acquisitionrelated payments 20 4009 1862
adjusted profit before tax 26030 30284
11 earnings per share
2013 2012 
profit for the year attributable to owners of the parent £’000 4035 12840
exceptional items £’000 9788 5348
exceptional finance costs £’000 1429 –
sharebased payments £’000 712 3246
acquisitionrelated amortisation £’000 6034 2908
accretion of acquisitionrelated payments £’000 4009 1862
adjusted earnings £’000 26007 26204
weighted average number of shares in issue 000s – basic and diluted 250728 233255
basic and diluted earnings per share
statutory pence 16 55
adjusted pence 104 112
adjusted basic earnings per share is based on profit attributable to owners of the parent plus nontax adjusted exceptional items share
based payments acquisitionrelated amortisation and accretion of acquisitionrelated deferred consideration divided by the weighted 
average number of ordinary shares outstanding in the year 
on 3 july 2013 23888211 new ordinary 2 and 79ths pence shares were placed at a price of 480 pence per placing share raising total gross 
proceeds of approximately £115 million for the company
in may 2012 13506000 new ordinary 2 and 79ths pence shares were issued as part consideration for runningball
notes to the group financial statements continued
year ended 31 december 2013
110 perform group plc annual report and accounts 2013 12 goodwill
£’000 
cost and net book value
at 1 january 2012 57192
additions
runningball holding ag 82286
mackolik internet hitzmetleri ticaret as 13578
sportal gmbh 1110
arising from finalisation of acquisition accounting of goalcom holdco sa and spox media gmbh
mediasports digital gmbh 591
retranslation of goodwill of foreign operations at closing rate 849
at 31 december 2012 and 1 january 2013 153908
additions
opta sports data ltd 26905
perform sporting news ltd 4607
voetbalzone bv 4933
perform media sales japan 946
arising from finalisation of acquisition accounting of runningball holding ag and mackolik internet 
hitzmetleri ticaret as 302
retranslation of goodwill of foreign operations at closing rate 533
at 31 december 2013 192134
as set out in the accounting policies – critical judgements section the group has only one operating segment
the lowest level that goodwill is internally monitored for impairment purposes is at the level of the group’s single operating segment – 
accordingly the group only has one cashgenerating unit “cgu” for impairment testing purposes
the group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired the group 
compares the carrying amount of the unit including goodwill to the recoverable amount of the unit
the recoverable amount of the group’s cgu is determined from value in use calculations the key assumptions for the value in use 
calculations are those regarding the discount rates growth rates and expected changes to selling prices and direct costs during the period 
these assumptions have been revised in the year in light of the current economic environment which has resulted in more conservative 
estimates about the future management estimates discount rates using pretax rates that reflect current market assessments of the time 
value of money and the risks specific to the cgu changes in selling prices volumes and direct costs are based on past experience and 
expectations of future changes in the market
recoverable amounts for the cashgenerating unit were calculated using cash flows calculated for one year as forecast by management 
and approved by the board of directors a longterm growth rate of 25 was applied in order to extrapolate cash flow projections beyond 
this period the cashflows were discounted using a pretax discount rate of 12 2012 10 in determining the discount rate management 
applied judgement in respect of several factors which included assessing the risk attached to the future cashflows and making reference to 
the capital asset pricing model the “capm” as advertised to determine the pretax discount rate management gave consideration to the 
selection of appropriate inputs to the capm which included the risk free rate the equity risk premium and a measure of systematic risk
the group has conducted a sensitivity analysis taking into consideration the impact on key impairment test assumptions arising from 
a range of possible trading and economic scenarios the scenarios have been performed separately for each cgu with the sensitivities 
summarised as follows
– an increase in the discount rate by 1
– a decrease of 5 on forecast ebitda over the term
the sensitivity analysis shows that no impairment would result from either an increase in the discount rate or a decrease in 
forecast cashflows
perform group plc annual report and accounts 2013 111
strategic  
report
corporate  
governance
financial 
statements 13 acquisition intangibles 
trademarks
and domain
names
£’000
information
technology
architecture
£’000
customer 
relationships 
£’000
content 
£’000
other
£’000
total 
£’000
cost
at 1 january 2012 10748 710 1697 262 – 13417
additions 2182 18785 14294 16 2102 37379
at 31 december 2012 and 1 january 2013 12930 19495 15991 278 2102 50796
additions 9963 5769 11765 19 – 27516
at 31 december 2013 22893 25264 27756 297 2102 78312
accumulated depreciation
at 1 january 2012 1066 152 251 86 – 1555
charge for the year 30 1330 1353 74 105 2892
at 31 december 2012 and 1 january 2013 1096 1482 1604 160 105 4447
charge for the year 952 2513 2413 73 83 6034
at 31 december 2013 2048 3995 4017 233 188 10481
net book value
at 31 december 2012 11834 18013 14387 118 1997 46349
at 31 december 2013 20845 21269 23739 64 1914 67831
the carrying value of trademarks and domain names of £20845000 relate to the goalcom £75 million opta £48 million sporting 
news £39 million spoxcom £17 million mackolikcom and sahadancom together £15 million voetbalzone £10million and sportal
de £04 million domain names after consideration by the directors in light of the size of the acquisitions the nature of the assets acquired 
competitive benchmarking and external valuation advice received the directors have concluded that it was appropriate for the trademarks 
and domain names to be written off over 20 years
individually significant acquisitionrelated intangibles include
– runningball software intangibles that had a carrying value of £147 million at 31 december 2013 and a remaining useful life of 9 years
– runningball customer relationship intangibles that had a carrying value of £9 million at 31 december and a remaining useful life of 11 years
– opta customer relationship intangibles that had a carrying value of £99 million at 31 december 2013 and a remaining useful life of 11 years
14 other intangible assets
computer 
software 
development 
£’000
cost
at 1 january 2012 7224
additions 5525
at 31 december 2012 and 1 january 2013 12749
additions 10998
at 31 december 2013 23747
accumulated amortisation
at 1 january 2012 1771
charge for the year 2534
at 31 december 2012 and 1 january 2013 4305
charge for the year 3782
at 31 december 2013 8087
net book value
at 31 december 2012 8444
at 31 december 2013 15660
included within additions to computer software development in 2013 is £7027000 2012 £2624000 of internally capitalised staff costs
notes to the group financial statements continued
year ended 31 december 2013
112 perform group plc annual report and accounts 2013 15 property plant and equipment
freehold 
land and 
buildings
£’000
internet 
hosting 
platform 
£’000
office 
furniture 
and 
equipment 
£’000
leasehold 
improvements 
£’000
motor 
vehicles 
£’000
total 
£’000
cost
at 1 january 2012 – 11337 1251 648 15 13251
additions 290 4864 194 34 – 5382
at 31 december 2012 and 1 january 2013 290 16201 1445 682 15 18633
additions – 3838 330 40 – 4208
at 31 december 2013 290 20039 1775 722 15 22841
accumulated amortisation
at 1 january 2012 – 5702 787 420 15 6924
charge for the year – 3535 259 158 – 3952
at 31 december 2012 and 1 january 2013 – 9237 1046 578 15 10876
charge for the year – 4179 276 80 – 4535
at 31 december 2013 – 13416 1322 658 15 15411
net book value
at 31 december 2012 290 6964 399 104 – 7757
at 31 december 2013 290 6623 453 64 – 7430
the total accumulated depreciation related to finance lease assets categorised as internet hosting platform is £1488000 2012 £1295000 
and accordingly the net book value at the year end is £27000 2012 £220000
16 group investments
investments of the company which principally affect the consolidated results and total assets of the group their country of incorporation 
ownership of their issued ordinary share capital and the nature of their trade are listed below
country of
incorporation
proportion of all classes 
of issued share capital 
owned by the company principal activity
subsidiaries
direct holdings of the company
perform media services ltd great britain 100 digital sports media
subsidiaries
indirect holdings of the company
perform media sales ltd great britain 100
online advertising and 
sponsorship sales
perform media channels ltd great britain 100 digital sports media
watchandtrade ltd northern ireland 100 digital sports media
perform media asia pte ltd singapore 100 digital sports media
perform media inc united states 100 digital sports media
perform media australia pty ltd australia 100 digital sports media
pangorights ltd great britain 100 digital sports media
sportal new zealand pty ltd new zealand 100 digital sports media
sportal india private ltd india 100 digital sports media
global sports media bv netherlands 100 digital sports media
mangalore sports data india private limited india 100 digital sports media
classic sport ltd great britain 100 digital sports media
perform media services srl italy 100 digital sports media
perform media services germany gmbh germany 100 digital sports media
perform media france sarl france 100 digital sports media
perform media poland sp zoo poland 100 digital sports media
perform media japan kk japan 100 digital sports media
perform media sales japan kk japan 70 digital sports media
perform group plc annual report and accounts 2013 113
strategic  
report
corporate  
governance
financial 
statements country of
incorporation
proportion of all classes 
of issued share capital 
owned by the company principal activity
perform media norway as norway 100 digital sports media
goalcom holdco sa luxembourg 100 holding company
goalcom north america inc united states 100 digital sports media
perform media deutschland gmbh germany 100 digital sports media
mediasports digital gmbh germany 100
online advertising and 
sponsorship sales
kontertaktik gmbh germany 100 digital sports media
sportal gmbh germany 100 digital sports media
perform media spain sl spain 100 digital sports media
perform media sweden ab sweden 100 digital sports media
runningball group holdings ag switzerland 100 holding company
runningball invest ag switzerland 100 holding company
runningball holding ag switzerland 100 holding company
runningball ag switzerland 100 sports data provider
runningball sports information gmbh austria 100 sports data provider
runningball sdn bhd malaysia 100 sports data provider
runningball services  consulting ltd cyprus 100 sports data provider
runningball informacao desportiva portugal 100 sports data provider
mackolik internet hitzmetleri ticaret as turkey 51 digital sports media
voetbalzone bv netherlands 100 digital sports media
perform group south africa proprietary ltd south africa 100 digital sports media
perform media services nigeria ltd nigeria 100 digital sports media
perform south america ltd great britain 50 holding company
pfpsa bv netherlands 50 holding company
opta sports data ltd great britain 100 sports data provider
opta sports sa spain 100 sports data provider
opta sports daten ag germany 100 sports data provider
opta sports data srl italy 100 sports data provider
opta sports data inc united states 100 sports data provider
valles profundos sa uruguay 100 sports data provider
perform sporting news limited great britain 65 digital sports media
perform digital media canada inc canada 65 digital sports media
perform sporting news 1 llc united states 65 digital sports media
perform sporting news 2 llc united states 65 digital sports media
investments
xeatre ltd great britain 15 sports data provider
open source factory gmbh germany 15 sports data provider
the proportion of voting rights held is the same as the proportion of shares held
notes to the group financial statements continued
year ended 31 december 2013
16 group investments continued
114 perform group plc annual report and accounts 2013 17  trade and other receivables
2013 
£’000
2012 
£’000
gross trade receivables 32533 24818
provision for impairment of trade receivables 2545 1815
net trade receivables 29988 23003
prepayments and accrued income 34860 27337
64848 50340
trade receivables are stated at amortised cost as reduced by appropriate allowances for estimated irrecoverable amounts 
the due date for trade receivables will vary depending on the jurisdiction and product but is typically between 30 and 90 days trade 
receivables do not bear any effective interest rate all trade receivables are subject to credit risk exposure however the group does not 
identify specific concentration of credit risk with regards to trade receivables as the amount recognised consists of a large number of 
receivables from various customers
movements on the group provision for impairment of trade receivables are set out in the table below
2013 
£’000
2012 
£’000
at 1 january 1815 693
provision for receivables impairment 730 429
provision for bad debts acquired with subsidiaries – 693
2545 1815
the creation and release of provisions for impaired receivables has been included in the income statement amounts charged to the 
provision account are generally written off when there is no expectation of recovering additional cash
the other classes within trade and other receivables do not contain impaired assets
some of the unimpaired trade receivables are past due as at the reporting date financial assets past due but not impaired are shown below
2013 
£’000
2012
£’000
not more than three months 5640 8528
more than three months but not more than six months 2871 3363
more than six months but not more than a year 1133 1052
more than one year 1065 716
total 10709 13659
of the £1065000 which is more than one year old £290000 relates to items which can be offset against corresponding items on the 
group’s purchase ledger 2012 288000
the average credit period taken is 52 days 2012 50 days
the directors consider that the carrying value of trade and other receivables approximates their fair value
prepayments and accrued income balances are set out below
2013 
£’000
2012 
£’000
prepayments for acquiring wta rights 20132016 in advance of those tournaments 13630 13402
prepayments for acquiring rights to future content in advance of other future sporting events 9986 4559
unbilled advertising distribution and technology related revenues 8548 6206
prepaid finance costs 61 449
other prepaid office costs 2635 2721
34860 27337
perform group plc annual report and accounts 2013 115
strategic  
report
corporate  
governance
financial 
statements 18 cash and cash equivalents
2013 
£’000
2012 
£’000
cash 100947 33605
restricted cash 46 –
100993 33605
the restricted cash relates to a term deposit as security for overseas offices cash was held in a variety of interest bearing accounts
net funds
2013 
£’000
2012 
£’000
cash and cash equivalents 100993 33605
borrowings 48260 6925
finance leases – 181
net funds 52733 26499
due to a technical breach which management were aware of at the balance sheet date ias 169 requires that the loan is classified as a 
current liability the technical breach was remedied without penalty after the balance sheet date the loan will be classified as a longterm 
liability in the interim financial statements for the six months ending 30 june 2014
19 trade and other payables
2013 
£’000
2012 
£’000
trade payables 17954 18076
accruals 23507 17473
deferred income 12523 6929
other creditors 4366 1320
finance lease obligations – 181
58350 43979
the average credit period taken for trade purchases is 52 days 2012 52 days
the directors consider that the carrying amount of trade payables approximates to their fair value
20 acquisitionrelated financial liabilities
the following table summarises and reconciles acquisitionrelated deferred consideration recorded in the financial statements and includes 
the group’s estimated future dividend payments to the owners of the noncontrolling interest in mackolik
at 
1 january
2013
£’000
recognised
on 
acquisition 
or re
measured
£’000
unwind of
discount
applied to
fv initial
liability
£’000
service 
related
charge
£’000
payment
£’000
fx
£’000
at 31 
december
2013
£’000
due in 
 1 year
£’000
due in 
 1 year
£’000
runningball 40225 – – – 42670 2445 – – –
mackolik 22054 4619 2516 44 2177 4656 22400 1315 21085
watchandtrade 5136 – 419 – 2341 – 3214 3214 –
spox 4014 2442 434 – 885 – 1121 – 1121
opta – – – 3500 – – 3500 3500 –
voetbalzone – 4591 640 – – – 5231 562 4669
71429 6768 4009 3544 48073 2211 35446 8591 26875
notes to the group financial statements continued
year ended 31 december 2013
116 perform group plc annual report and accounts 2013 2012 comparative information
at 
1 january
2012
£’000
recognised
on 
acquisition 
or re
measured
£’000
unwind of
discount
applied to
fv initial
liability
£’000
service 
related
charge
£’000
payment
£’000
fx
£’000
at 31 
december
2012
£’000
due in 
 1 year
£’000
due in 
 1 year
£’000
runningball – 40552 – – – 327 40225 40225 –
mackolik – 20852 1178 24 – – 22054 2097 19957
watchandtrade 4892 – 387 – 143 – 5136 2189 2947
spox 3547 300 293 – – 126 4014 1478 2536
8439 61704 1858 24 143 453 71429 45989 25440
refer to note 28 for further information on the above acquisitions the table below sets out the directors’ best estimates of the undiscounted 
payments the group anticipates paying and the years the payments for deferred consideration are expected to be made
amounts
paid up to
31 december
2013
£’000
2014
£’000
2015
£’000
2016
£’000
total 
expected 
future 
payments 
2014–16
£’000
total 
expected
acquisition 
related 
payments 
including 
to date
£’000
total deal 
cap
£’000
mackolik 16653 – – 23100 23100 39753 75000
watchandtrade 3216 3184 – – 3184 6400 6400
spox 3961 – 1233 – 1233 5194 13333
opta 39500 7500 – – 7500 47000 47000
voetbalzone 1676 650 2695 3123 6468 8144 8750
65006 11334 3928 26223 41485 106491 150483
 excludes dividend payments to shareholders of noncontrolling interests in mackolik in 20142016
the table also excludes the options to acquire the remaining 35 of perform sporting news limited up to a maximum of 85 million and the remaining 35 of perform media sales 
japan kk up to a maximum of £12 million in 2017
2012 comparative information
amounts
paid up to
31 december
2012
£’000
2013
£’000
2014
£’000
2015
£’000
2016
£’000
total 
expected 
future 
payments 
2013–16
£’000
total 
expected
acquisition 
related 
payments 
including 
to date
£’000
total deal 
cap
£’000
runningball
16346 cash
47622 equity 40225 – – – 40225 104193 104193
mackolik 14476 1047 – – 23100 24147 38623 75000
watchandtrade 875 2189 3336 – – 5525 6400 6400
spox 3079 1000 1200 2400 – 4600 7679 13333
82398 44461 4536 2400 23100 74497 156895 198926
 excludes dividend payments to shareholders of noncontrolling interests in mackolik in 20132016
perform group plc annual report and accounts 2013 117
strategic  
report
corporate  
governance
financial 
statements 21 borrowings
2013 
£’000
2012 
£’000
current borrowings 48260 5533
noncurrent borrowings – 1392
48260 6925
in may 2012 the £113 million balance of the group’s term loan facility “old facility a ” was converted into a new term loan facility of £113 million 
“facility a ” which was provided to perform media services ltd this new facility was provided by bank of ireland plc and royal bank 
of scotland plc who also provided perform group plc and perform media services ltd a €30 million term loan facility “facility b” and a 
€20 million multicurrency revolving credit facility “facility c” the agreement also allowed an additional multicurrency term facility of 
€20 million “facility d” together the “new facilities”
facility b and facility c were fully drawn down in march 2013 to finance the payment of deferred consideration for runningball and €10 million 
of facility d was drawn down in june 2013
t ogether facilities a b c and d form the “facilities agreement” facility a bears interest at a rate equal to the aggregate of libor plus a 
margin of 35 facilities b c and d bear interest at a rate equal to the aggregate of euribor plus a margin of up to 25 
t wothirds of the interest rate of facilities a b and d is required to be hedged t wothirds of facility a has been hedged all of facilities b and d 
have been hedged interest is charged and payable quarterly
the facilities agreement requires the borrower to comply with certain financial covenants
facility a is being repaid in equal instalments of £1416667 the first instalment was in june 2012 and on each subsequent quarter date facility 
a must be repaid by no later than 31 march 2014 facility b is being repaid in equal quarterly instalments of £2272500 the first instalment was 
in september 2013 facility d is due to be repaid in one instalment in march 2016 facility c may be repaid and redrawn quarterly and will need 
to be repaid in full in march 2016
the amounts provided above are net of fees paid to the banks of these fees £410000 were offset against the loan on inception of old facility 
a and these are being amortised to the income statement over the length of the loan the carrying value of the fees at 31 december 2013 is 
£26000 the arrangement fee for facilities b and c was £544000 with £272000 paid on arrangement and £272000 paid in march 2013 on 
utilisation of the facilities these are being amortised to the income statement over the length of the loans the carrying value of these fees as 
at 31 december 2013 is £410000
a bank fee of £86000 was incurred when facility d was drawn down these fees are being amortised to the income statement over the term 
of the loan the carrying value of these fees as at 31 december 2013 is £68000
due to a technical breach which management were aware of at the balance sheet date ias 169 requires that the loan is classified as a current 
liability the technical breach was remedied without penalty after the balance sheet date the loan will be classified as a longterm liability in the 
interim financial statements for the six months to 30 june 2014
22 financial risk management
the group’s activities expose it to a variety of financial risks the main financial risks faced by the group relate to capital risk foreign 
exchange rates interest rate risks the risk of default by counterparties to financial transactions and the availability of funds to meet business 
needs these risks are managed as described below
the group’s risk management is coordinated at its headquarters in close cooperation with the board of directors and focusses on actively 
securing the group’s short to mediumterm cash flows by minimising the exposure to financial markets
the group does not actively engage in the trading of financial assets for speculative purposes the most significant financial risks to which 
the group is exposed are described below
notes to the group financial statements continued
year ended 31 december 2013
118 perform group plc annual report and accounts 2013 capital risk
the group manages its capital to ensure that entities in the group will be able to continue as a going concern whilst having enough capital to 
continue its acquisition strategy and sustain future product development the group will continue to seek to maximise the return to shareholders 
through the optimisation of the debt and equity balance although this is a longerterm aspiration the group’s overall strategy has not changed in 
the last year
the capital structure of the group consists of net funds which includes cash and cash equivalents after deducting the borrowings disclosed in 
note 21 and equity of the group comprising issued capital reserves and retained earnings
the group is not subject to any externally imposed capital requirements
the primary reason for the group to raise debt or equity is to finance its acquisitions
the group’s directors review the capital structure on an adhoc basis and do consider the impact any acquisitions  and how they are financed 
have on the group’s capital structure before completing any acquisition  or financing as part of this review the board considers the cost of 
capital and the risks associated with each class of capital
the group had a gearing ratio of 16 at 31 december 2013 2012 4 the ratio has increased in the year due to the group drawing down on its 
bank facilities to satisfy the contingent consideration in respect of the runningball acquisition offset partly by equity issued during the year to 
partfund the acquisition of opta
the gearing ratio at the year end is as follows
2013
£’000
2012
£’000
debt 48260 6925
equity 295578 170507
debt to equity ratio 16 4
debt is defined as all borrowings and equity includes all capital and reserves of the group that are managed as capital see note 21 for 
further details on debt
due to the current fast growth and acquisitive nature of the group the group does not currently have a longterm target gearing ratio 
although the group’s preference is for future significant acquisitions to be financed by equity rather than debt the group also has no 
current policy as to the level of equity capital and other reserves other than to address statutory requirements
the group currently does not envisage paying a dividend in the shortterm consistent with its intentions as set out when the group listed
the fair value of the group’s financial assets and liabilities is as follows
categories of financial instruments
2013
£’000
2012 
£’000
financial assets
cash and cash equivalents 100993 33605
trade and other receivables 64848 50340
financial liabilities
trade and other payables 58350 43979
acquisitionrelated financial liabilities 35446 71429
current borrowings 48260 5533
the carrying amount reflected above represents the group’s maximum exposure to credit risk for such loans designated as fvtpl
perform group plc annual report and accounts 2013 119
strategic  
report
corporate  
governance
financial 
statements 22 financial risk management continued
currency risk 
the table below shows the carrying amount of the group’s foreign currency denominated monetary assets and liabilities at the reporting date
euro 
£’000
us dollar 
£’000
other 
currencies 
£’000
total 
£’000
2013
financial assets 18087 16557 7592 42236
financial liabilities 10707 8681 2273 21661
total exposure 7380 7876 5319 20575
2012
financial assets 22714 9209 2252 34175
financial liabilities 8394 5462 2084 15940
total exposure 14320 3747 168 18235
exposures to currency exchange rates arise from the group’s retranslation of its foreign subsidiaries as well as the group’s overseas sales and 
purchases which are primarily denominated in euros and us dollars
the following table illustrates the sensitivity of the net result for the year and equity with regard to the group’s financial assets and financial liabilities 
and the eurosterling exchange rate and the us dollar sterling rate it assumes a  10 movement in each exchange rate on both years
these percentages have been determined based on the average market volatility in exchange rates in the previous 12 months 
 
if sterling had weakened by 10 then this would have had the following impact
 2013 2012
euro 
£’000
us dollar 
£’000
euro 
£’000
us dollar 
£’000
net profit 1366 599 1297 340
equity 2186 1474 2888 756
if sterling had strengthened by 10 then this would have had the following impact
 2013 2012
euro 
£’000
us dollar 
£’000
euro 
£’000
us dollar 
£’000
net profit 1118 490 1061 278
equity 1789 1206 2363 619
the group’s objective when managing currency risk is to ensure that changes in exchange rates would not have a material impact on 
the group the group’s policy is to review the level of revenues and costs denominated in various key currencies and to naturally hedge 
wherever possible where this is not possible and a currency risk is forecast the directors’ strategy is to acquire forward options to mitigate 
the level of risk 
in addition to the monetary assets and liabilities set out above the group has acquisitionrelated liabilities which will be settled in foreign 
currencies the contingent consideration for mackolik £224 million is 797 million turkish lira the contingent consideration for spox 
£11 million is €13 million and the contingent consideration for voetbalzone £52 million is €63 million if at the year end sterling was 10 
stronger profit and equity would increase by £26 million if at the year end sterling was 10 weaker profit and equity would decrease by 
£32 million
notes to the group financial statements continued
year ended 31 december 2013
120 perform group plc annual report and accounts 2013 interest rate risk
the group is exposed to interest rate risk as it borrows funds at floating rate interest rates the group is required to hedge facilities a b and 
d as per the facilities agreements at least twothirds of the loans via interest rate swaps hedging floating rate interest for fixed rate interest 
the interest rate swaps settle on a quarterly basis
for facility a a floating rate of libor plus 35 premium is swapped to a fixed rate of 194 plus 35 margin for facility b a floating 
rate of euribor plus 25 premium is swapped to a fixed rate of 05175 plus 25 margin for facility d a floating rate of euribor 
plus 25 premium is swapped to a fixed rate of 0545 plus 25 margin the directors do not consider that this derivative had a 
material value at either 31 december 2012 or 2013
the group’s hedging activities are evaluated regularly to align them with interest rate views and defined risk appetite ensuring the most 
appropriate hedging strategies are applied
credit risk
credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the group the group 
has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate as a means 
of mitigating the risk of financial loss from defaults the group uses publicly available financial information and its own trading records to 
assess the creditworthiness of counterparties the group continually monitors its exposure to counterparties and the aggregate value of 
transactions concluded is spread amongst approved counterparties 
cash held by counterparty is presented to the board on a monthly basis the credit risk on these funds is limited because the counterparties 
are banks with high creditratings assigned by international creditrating agencies trade receivables consist of a large number of customers 
spread across diverse industries and geographical areas 
cash balances are held across a number of banks the group does not have any significant credit risk exposure to any single counterparty 
or any group of counterparties having similar characteristics the group defines counterparties as having similar characteristics if they are 
related entities concentration of credit risk to any counterparty did not exceed 3 of gross monetary assets at any time during the year
liquidity risk
liquidity risk is managed by short and longterm cash flow forecasts sufficient cash reserves are held to meet shortterm working capital 
requirements
as at 31 december 2013 and 2012 the group’s nonderivative financial liabilities have contractual maturities including interest payments 
where applicable as summarised below
31 december 2013
current within 
6 months 
£’000
current 6 to 
12 months 
£’000
noncurrent 
1 to 5 years 
£’000
noncurrent later 
than 5 years 
£’000
trade payables 17954 – – –
borrowings 48260 – – –
66214 – – –
deferred consideration 5091 3500 26875 –
71305 3500 26875 –
due to a technical breach which management were aware of ias 169 requires that the loan is classified as a current liability the technical 
breach was remedied without penalty after the balance sheet date the loan is expected to be classified as a longterm liability in the interim 
financial statements for the six months to 30 june 2014
perform group plc annual report and accounts 2013 121
strategic  
report
corporate  
governance
financial 
statements 22 financial risk management continued
31 december 2012
current within 
6 months 
£’000
current 6 to 
12 months 
£’000
noncurrent 
1 to 5 years 
£’000
noncurrent later 
than 5 years 
£’000
trade payables 18076 – – –
borrowings 2978 2913 1431 –
amounts owed under finance leases 97 84 – –
21151 2997 1431
deferred consideration 45989 – 25440 –
67140 2997 26871 –
weighted 
average 
effective 
interest rate

less than
1 month
£’000
1 to 3
 months
£’000
3 months 
to 1 year
£’000
1 to 5
 years
£’000
5 
years 
£’000
total 
£’000
2013
variable interest rate instruments
facility a 40175 – 1417 – – – 1417
facility b  c 2721 – 2269 6807 30016 – 39092
facility d 2721 – – – 8559 – 8559
fixed interest rate instruments
acbj 3 – – 1685 – – 1685
2012
variable interest rate instruments
facility a 4015 – 1416 4250 1417 – 7083
the amounts included above for variable interest rate instruments for both nonderivative financial assets and liabilities is subject to change if 
changes in variable interest rates differ to those estimates of interest rates determined at the reporting date
financial instruments fair value disclosure
financial instruments that are measured at fair value in the consolidated financial statements require disclosure of fair value measurements 
by level based on the following fair value measurement hierarchy
• level 1 – quoted prices unadjusted in active markets for identical assets or liabilities
• level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly that is as 
prices or indirectly that is derived from prices and
• level 3 – inputs for the asset or liability that are not based on observable market date that is unobservable inputs
the fair values of financial assets and liabilities are based on quoted market prices where available where the market value is not available 
the group has estimated relevant fair values on the basis of publicly available information from outside sources or on the basis of discounted 
cash flow models where appropriate
the group only holds financial instruments categorised as level 2 or level 3 financial instruments there have been no transfers of assets or 
liabilities between levels of the fair value hierarchy during the year
the level 2 financial instruments held relate to cash and cash equivalents current borrowings trade and other receivables and trade and 
other payables
notes to the group financial statements continued
year ended 31 december 2013
122 perform group plc annual report and accounts 2013 the only level 3 financial instruments held by the group during the year are for acquisitionrelated financial liabilities fair values have been 
derived by discounting estimated future cash flows the table below is a reconciliation of the level 3 fair value measurements for the year 
ended 31 december 2013
acquisitionrelated 
financial liabilities
£’000
1 january 2013 71429
recognised on acquisition 4591
remeasured 2177
unwind of discount 4009
service related charge 3544
payment 48073
foreign exchange 2211
31 december 2013 35466
23 deferred tax
the following is the analysis of the deferred tax balances for financial reporting purposes
2013 
£’000
2012 
£’000
deferred tax assets 9284 –
deferred tax liabilities 15859 4367
6575 4367
2013 
£’000
2012 
£’000
deferred tax movement
at 1 january 4367 5515
acquisition of subsidiaries 6640 8952
creditcharge to income statement 4500 1142
other 68 212
at 31 december 6575 4367
analysis of deferred tax
at 31 
december
2013
£’000
at 31
december
2012
£’000
capital allowances in excess of depreciation 1201 1759
sharebased payments 413 695
losses 7778 4105
acquisition intangibles 14394 10926
other 1573 –
total 6575 4367
in addition to the amounts set out above the group has an unrecognised deferred tax asset at 31 december 2013 of £3 million 
2012 £13 million relating to losses no deferred tax asset has been recognised as it is not considered probable that there will be future 
taxable profits available to offset such losses
no deferred tax liability is recognised on temporary differences of £07 million 2012 £04 million relating to the unremitted earnings of 
overseas subsidiaries as the group is able to control the timing of the reversal of these temporary differences and it is probable that they will 
not reverse in the forseeable future
perform group plc annual report and accounts 2013 123
strategic  
report
corporate  
governance
financial 
statements 24 share capital
2013 
£’000
2012 
£’000
issued
ordinary shares of 2 and 79ths pence each 7299 6635
7299 6635
2013
‘000
2012 
‘000
issued
ordinary shares of 2 and 79ths pence each 262771 238882
262771 238882
on 3 july 2013 23888211 new ordinary 2 and 79ths pence shares were placed at a price of 480 pence per placing share raising total gross 
proceeds of £115 million for the company directly attributable transaction costs of £21 million were capitalised in relation to this placing
in may 2012 13506000 new ordinary 2 and 79ths pence shares were issued as part consideration for runningball
25 other reserves 
2013 
£’000
2012 
£’000
1 january 24697 4892
debit to reserve in respect of sporting news acquisition 7222 –
debit to reserve in respect of mackolik 49 acquisition – 19805
share capital issued 65592 –
31 december 48117 24697
26 sharebased payments
a total charge of £712000 2012 £3246000 relating to the group’s sharebased payment schemes has been included in the income 
statement the current year charge relates to the psp and sa ye
growth securities ownership plan gsop
in march 2010 the board put in place a growth securities ownership plan the “gsop” under the gsop certain key nonshareholding 
employees were given the opportunity to purchase a financial instrument which tracked the group’s enterprise value defined as market 
capitalisation for these purposes over a set period being the period ending 12 months after the occurrence of an exit event 
21 senior employees none of whom is a director held a total of 35 units under the plan the terms of the gsop provided for cash payments 
on a prorata basis by the company to participants subject to such participant’s continued employment at the group at the date payable 
if the company’s enterprise value at the end of the relevant period exceeded a floor amount the amount payable to participants increased 
up to a maximum aggregate amount of £6 million which was payable if the company’s enterprise value at such time is not less than 
£450 million 
the admission to the london stock exchange “admission” constituted an exit event under the scheme the group paid the maximum 
amount of £6 million to the participants in may 2012
the fair values of the financial instruments entered into under this scheme were calculated and were purchased by the participants at this 
price in accordance with ifrs 2 the group recognised a charge of £1228000 in 2012 and £4770000 in 2011 in respect of this cash settled 
scheme no further charges or payments will be made under the plan
performance share plan psp 
the group has put in place a performance share plan “psp” to provide longterm incentives to executive directors and senior 
management of the group share awards made under the psp are based on a percentage of salary and the share price the date before the 
date of grant and are subject to a matrix of nonmarket based performance targets including annual compound growth of the group’s 
revenues and adjusted earnings per share over a threeyear performance period there is no exercise price on these shares
notes to the group financial statements continued
year ended 31 december 2013
124 perform group plc annual report and accounts 2013 award – 24 june 2011
an award made in june 2011 is measured over a performance period to 31 december 2013 with awards vesting in june 2014 subject to 
continued employment in the event that all the performance criteria are met a maximum number of 1400000 shares will vest the fair 
value of each award is £219 calculated by reference to the closing market price on the dealing day preceding the date of grant at the 
previous year end management expected that 100 of the awards made in june 2011 would vest however during the year 2 of the awards 
lapsed and management expects a further 3 of the awards will lapse in the remaining vesting period as such management expect a 
further 5 of participants will leave before the awards vest and have revised their performance valuation to 50
as such and in accordance with ifrs 2 the group has recognised a credit including trueup of £235000 2012 charge of £1242000 in 
respect of this equity settled scheme
award – march 2012
an award made in march 2012 is measured over a performance period to 31 december 2014 with awards vesting in march 2015 subject to 
continued employment in the event that all the performance criteria are met a maximum number of 1500000 shares will vest the fair 
value of each award is £303 calculated by reference to the closing market price on the dealing day preceding the date of grant at the 
previous year end management expected that 65 of the awards made in march 2012 would vest none of the awards lapsed during the 
year based on the group’s threeyear forecasts management expect that 20 of the shares will vest and 10 of participants will leave 
before the awards vest
in accordance with ifrs 2 the group has recognised a credit of £187000 2012 charge of £747000 in respect of this equity 
settled scheme
award – september 2012
an award made in september 2012 is measured over a performance period to 31 december 2014 with awards vesting in september 2015 
subject to continued employment in the event that all the performance criteria are met a maximum number of 100000 shares will vest the 
fair value of each award is £374 calculated by reference to the closing market price on the dealing day preceding the date of grant at the 
previous year end management expected that 65 of the awards made in september 2012 would vest none of the awards lapsed during 
the year based on the group’s threeyear forecasts management expect that 20 of the shares will vest and 0 of participants will leave 
before the awards vest
in accordance with ifrs 2 the group has recognised a charge of £3000 2012 £28000 in respect of this equity settled scheme
award – march 2013
an award made in march 2013 is measured over a performance period to 31 december 2015 with awards vesting in march 2016 subject to 
continued employment in the event that all the performance criteria are met a maximum number of 1400000 shares will vest the fair 
value of each award is £470 calculated by reference to the closing market price on the dealing day preceding the date of grant none of the 
awards lapsed during the year based on the group’s threeyear forecasts management expects that 50 of the shares will vest and 10 of 
participants will leave before the awards vest
in accordance with ifrs 2 the group has recognised a charge of £923000 2012 nil in respect of this equity settled scheme
award – september 2013
an award made in september 2013 is measured over a performance period to 31 december 2015 with awards vesting in september 2016 
subject to continued employment in the event that all the performance criteria are met a maximum number of 110000 shares will vest the 
fair value of each award is £540 calculated by reference to the closing market price on the dealing day preceding the date of grant
none of the awards lapsed during the year based on the group’s threeyear forecasts management expects that 50 of the shares will vest 
and 10 of participants will leave before the awards vest
in accordance with ifrs 2 the group has recognised a charge of £21000 2012 nil in respect of this equity settled scheme
save as you earn scheme saye
the group has a share save scheme which uses shares to provide longterm incentives to employees of the group employees were 
invited to join in november 2012 and the plan started in january 2013 and matures in january 2016 the charge for the year was £190000 
2012 nil
perform group plc annual report and accounts 2013 125
strategic  
report
corporate  
governance
financial 
statements 27  noncontrolling interests
2013 
£’000
2012 
£’000
mackolik internet hitzmetleri ticaret as 2739 1487
perform sporting news limited 694 –
other 64 1
3497 1488
28 acquisitions 
acquisitions have been accounted for by the acquisition method of accounting the goodwill arising on these acquisitions will be subject to 
an annual impairment review 
opta sports data limited “opta” 
on 9 july 2013 the group acquired opta sports data limited “opta” for £40 million consideration and a management incentive up to 
£7 million 
the management incentive is conditional upon meeting certain financial and nonfinancial targets including continued employment 
through to 30 june 2014 the management incentive is therefore not part of the overall consideration but instead is being accrued based 
on management’s assessment of whether the conditional performance criteria will be met
the following table sets out identifiable assets and liabilities acquired at the acquisition date fair values are provisional as at 
31 december 2013 and are based on the information held to date
fair value  
£’000
noncurrent assets
intangible assets 20322
current assets
trade and other receivables 2666
cash and cash equivalents 2184
total assets 25172
current liabilities
trade and other payables 6790
noncurrent liabilities
deferred tax liability 5287
total liabilities 12077
net assets acquired 13095
goodwill arising 26905
fair value of total consideration 40000
the fair value of consideration is comprised of 
£’000
initial cash consideration 39500
retention amount 500
fair value of total consideration 40000
notes to the group financial statements continued
year ended 31 december 2013
126 perform group plc annual report and accounts 2013 acquired intangible assets comprise
• recognition of an intangible asset for customer relationships trademarks software and the database american appraisal an independent 
thirdparty was engaged to value the acquired intangible assets the values attributable to the identified intangible assets are set out 
below along with the assets estimated life
fair value
£’000 est life
intangible assets
customer relationships 10263 12 years
trademarks 4876 20 years
software 4589 8 years
database 594 10 years
total identifiable intangible assets 20322
• deferred tax liabilities in relation to the recognised acquisition intangibles totalling £53 million which will be amortised over the 
corresponding periods to those set out above
• the fair value of acquired receivables at the date of acquisition £27 million is net of a provision for unrecoverable debtors £07 million
• provision for potential employment tax related liabilities £18 million
the goodwill arising on acquisition of opta is largely attributable to the anticipated synergies created by the highly complementary business 
activities none of this goodwill is deductible for tax purposes
acquisitionrelated costs included in administrative expenses amount to £22 million
the group’s results for the period include post acquisition revenue of £110 million and a profit after tax of £19 million had the acquisition 
occurred on 1 january 2013 it would have contributed revenue and statutory profit after tax for the period of approximately £179 million and 
£23 million respectively
perform sporting news limited “psn”
on 28 march 2013 the group partnered with american city business journals “acbj” to establish a new company perform sporting news 
limited “psn” the ownership of psn is weighted 6535 in the group’s favour and as such it has been determined the group has control 
over the newly formed entity 
the fair value of consideration was determined to be 35 of the perform entity transferred by perform to acbj in exchange for 65 of 
sporting news
perform group plc annual report and accounts 2013 127
strategic  
report
corporate  
governance
financial 
statements 28 acquisitions continued
the following table sets out identifiable assets and liabilities acquired at the acquisition date fair values are provisional as at 
31 december 2013 and are based on the information held to date
fair value 
£’000
noncurrent assets
intangible assets 5318
deferred tax asset 596
current assets
trade and other receivables 2942
cash and cash equivalents 2769
total assets 11625
current liabilities
trade and other payables 4156
noncurrent liabilities
noncurrent borrowings 1312
deferred tax liability 2129
total liabilities 7597
net assets acquired 4028
other reserves 7222
noncontrolling interest 1413
goodwill arising 4607
fair value adjustments relate primarily to the following
• recognition of intangible assets for the sporting news trademark and domain name customer relationships and the technology platform 
totalling £53 million
 – the domain name was valued at £40 million with an estimated life of 20 years
 – customer relationships have been valued at £09 million with an estimated life of 8 years
 – the technology platform has been valued at £04 million with an estimated life between 4 and 12 years
• deferred tax liabilities in relation to the recognised acquisition intangibles totalling £21 million which will be amortised over the 
corresponding periods to those set out above
• an onerous contract provision has also been recognised at acquisition for an advertising marketing agreement with aol totalling 
£13 million which will be released over the remaining life of the agreement expiring february 2014
the other reserves created on acquisition is the difference between the book value and fair value of the perform assets contributed to the 
new venture
the goodwill arising on acquisition of perform sporting news is attributable to the anticipated profitability and cashflows arising from the 
business acquired none of this goodwill is deductible for tax purposes
as part of the agreement the group is entitled to buy out acbj’s equity at any time for a predetermined cash price of 65 million before 
1 january 2017 or 75 million between 1 january 2017 and 31 december 2018 except for the months of april and may in each year and 
85 million after 1 january 2019 except for during the months of april and may
the group also has the option between 1 april and 30 april in every year commencing with 2017 to buy out acbj’s equity based on a 
multiple of psn’s ebitda for the financial years ending on the prior 31 december the consideration will be subject to a minimum value of 
35 million and a maximum value of 85 million and can be satisfied by the issue of new shares at the group’s discretion
if the group does not exercise its option in april 2017 or any april thereafter acbj will have the option between 1 may and 31 may in each 
year to acquire the group’s shareholding based on a multiple of psn’s ebitda for the financial year ending the prior 31 december the 
consideration will be satisfied in cash and will be subject to a minimum and maximum value
notes to the group financial statements continued
year ended 31 december 2013
128 perform group plc annual report and accounts 2013 the group has considered the fair value of this financial asset based on an assessment of future forecasts the option has no significant value 
at the year end
acquisitionrelated costs included in administrative expenses amount to £27 million
the group’s results for the period include incremental post acquisition revenue of £56 million and a loss after tax of £21 million had 
the acquisition occurred on 1 january 2013 it would have contributed incremental revenue and statutory loss after tax for the period of 
approximately £75 million and £28 million respectively
voetbalzone bv
the group acquired voetbalzone on 4 march 2013 for initial consideration of €2 million additional contingent consideration of up to 
€105 million is payable based on the ebitda of voetbalzone for the years to 31 december 2013 2014 and 2015
the following table sets out the book values of the identifiable assets and liabilities acquired and their fair value to the group at the 
acquisition date 
fair value 
£’000
noncurrent assets
intangible assets 1877
current assets
trade and other receivables 95
cash and cash equivalents 43
total assets 2015
current liabilities
trade and other payables 231
noncurrent liabilities
deferred tax liability 450
total liabilities 681
net assets acquired 1334
goodwill arising 4933
fair value of total consideration 6267
fair value adjustments relate primarily to the following
• recognition of an intangible asset for customer relationships valued at £06 million
• recognition of an intangible asset for the domain names of the acquired websites valued at £11 million
• deferred tax liabilities of £05 million in respect of intangible assets acquired
the goodwill arising on acquisition of voetbalzone is largely attributable to the anticipated synergies created by the highly complementary 
business activities none of this goodwill is deductible for tax purposes
acquisitionrelated costs included in administrative expenses amount to £02 million
the group’s results for the period include post acquisition revenue of £12 million and a profit after tax of £09 million had the acquisition 
occurred on 1 january 2013 it would have contributed revenue and statutory profit after tax for the period of approximately £13 million and 
£10 million respectively
perform group plc annual report and accounts 2013 129
strategic  
report
corporate  
governance
financial 
statements 28 acquisitions continued
perform media sales japan
in june 2013 a new japanese company perform media sales japan was incorporated the group owns 70 of the share capital of the new 
company perform media sales japan acquired the assets of ad networks kk which had been the japanese advertising sales agent for the 
group in japan the group has the option to acquire the remaining 30 in 2017 based on a multiple of perform media sales japan’s 2016 
ebitda up to a maximum value of £12 million the directors consider that whilst this option represents a financial asset it has no significant 
value as it is calculated and satisfied at fair value
the following table sets out identifiable assets and liabilities acquired at the acquisition date fair values are provisional as at 
31 december 2013 and are based on the information held to date
fair value 
£’000
current liabilities
trade and other payables 946
total liabilities 946
net assets acquired 946
goodwill arising 946
fair value of total consideration –
the goodwill arising on the acquisition is largely attributable to the anticipated synergies created by the highly complementary 
business activities
the group has considered the fair value of this financial asset based on an assessment of future forecasts the option has no significant value 
at the year end
acquisitionrelated costs included in administrative expenses amount to £02 million
runningball holding ag “runningball”
the book values of the identifiable assets and liabilities acquired and their fair value to the group at the acquisition date were set out in the 
group’s 2012 financial statements no material amendments were made to those values which have now been finalised with the exception of 
the recognition of provisions for bad debt and dilapidations of £04 million offset by the revaluation of the deferred tax liabilities in relation to 
acquisition intangibles £03 million which increased goodwill to £824 million
mackolik internet hitzmetleri ticaret as “mackolik”
the book values of the identifiable assets and liabilities acquired and their fair value to the group at the acquisition date were set out in the 
group’s 2012 financial statements no material amendments were made to those values which have now been finalised with the exception of 
the recognition of provisions for employee retirement obligations and dilapidations of £02 million which increased goodwill to £139 million
sportal gmbh “sportalde”
the book values of the identifiable assets and liabilities acquired and their fair value to the group at the acquisition date were set out in the 
group’s 2012 financial statements no material amendments were made to those values which have now been finalised 
notes to the group financial statements continued
year ended 31 december 2013
130 perform group plc annual report and accounts 2013 29 commitments
a operating leases
at the balance sheet date the group had total outstanding commitments for future minimum lease payments under noncancellable 
operating leases which fall due as follows
2013 
£’000
2012 
£’000
within one year 2560 1599
in the second to fifth years inclusive 4543 931
after five years 92 62
operating lease payments represent rentals payable by the group for office property and computer equipment costs
b rights commitments
at 31 december 2013 the group had commitments to acquire sports content rights of £114 million 2012 £84 million of which £61 million 
2012 £43 million is due in the next year and the remaining £53 million 2012 £41 million is due in the next two to five years
 
c acquisitionrelated commitments
the group has a contractual commitment to pay contingent consideration in 2013 2014 and 2015 in relation to the acquisitions of 
runningball spox and msd as well as watchandtrade voetbalzone opta and mackolik refer to notes 1 and 20 or further details
30 related parties
there are no additional related party transactions to disclose
31 contingent liabilities
there were no contingent liabilities at the year end 2012 £nil
32 subsequent events
subsequent to the year end on 26 february 2014 the group completed the acquisition of 51 of activaweb sas for initial consideration 
of €5 million additional contingent consideration of up to €7 million is payable based on the ebitda of activaweb for the years to 
31 december 2013 2014 and 2015 the remaining 49 will be acquired in two tranches – 29 will be transferred on payment of the 
consideration in 2015 and 20 will be transferred on payment of the consideration in 2016
perform group plc annual report and accounts 2013 131
strategic  
report
corporate  
governance
financial 
statements notes
2013
£’000
2012 
£’000
fixed assets
investments 2 26059 25772
current assets
debtors 3 186639 137564
cash at bank and in hand 75542 9007
262181 146571
total assets 288240 172343
current liabilities
creditors amounts falling due within one year 4 11189 8263
net current assets 250992 138308
total assets less current liabilities 277051 164080
net assets 277051 164080
capital and reserves
calledup share capital 5 7299 6635
share premium 7 68323 68323
merger relief reserve 7 93533 47197
capital redemption reserve 7 38342 38342
profit and loss account 7 69554 3583
total capital and reserves 277051 164080
the financial statements of perform group plc registered number 6324278 were approved by the board of directors and authorised for 
issue on 3 march 2014
signed on behalf of the board of directors
simon denyer
director
perform group plc 
parent company financial statements
year ended 31 december 2013
132 perform group plc annual report and accounts 2013 the individual financial statements for the company have been prepared in accordance with uk law and applicable uk gaap 
accounting standards
the principal accounting policies are summarised below they have all been applied consistently throughout the financial year and the 
preceding year
basis of accounting
the financial statements have been prepared under the historical cost convention and in accordance with applicable united kingdom 
accounting standards and company law
going concern
the company had cash balances of £75542000 at the year end and no borrowings having reviewed cash flow forecasts and budgets for 
the year ahead the directors have a reasonable expectation that the group has sufficient resources to continue in operational existence for 
the foreseeable future for this reason they continue to adopt the going concern basis in preparing the accounts
exemptions
the directors have taken advantage of the exemption available under section 408 of the companies act 2006 and not presented a 
profit and loss account for the company alone the company is also exempt under the terms of frs 8 related parties from disclosing 
relatedparty transactions with entities that are wholly owned and part of the perform group plc group the company has not published its 
individual cash flow statement as its liquidity solvency and financial adaptability are dependent on the group rather than its own cash flows
investments
fixed asset investments are shown at cost less provision if any  for impairment
revenue recognition 
revenue represents amounts derived from the provision of management services to the group’s subsidiaries and are also derived from the 
group’s continuing ordinary activities after the deduction of value added tax 
foreign currency translation
foreign currency transactions are translated at the rates ruling when they occurred foreign currency monetary assets and liabilities are 
translated at the closing rate any differences are taken to the profit and loss account
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 profit and loss 
account because it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are 
never taxable or deductible the company’s liability for current tax is calculated using tax rates that have been enacted or substantively 
enacted by the balance sheet date
perform group plc annual report and accounts 2013 133
strategic  
report
corporate  
governance
financial 
statements deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where 
transactions or events have occurred at that date that will result in an obligation to pay more or a right to pay less or to receive more tax 
with the following exceptions
• provision is made for tax on gains arising from the revaluation and similar fair value adjustments of fixed assets and gains on disposal 
of fixed assets that have been rolled over into replacement assets only to the extent that at the balance sheet date there is a binding 
agreement to dispose of the assets concerned however no provision is made where on the basis of all available evidence at the balance 
sheet date it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the 
replacement assets are sold
• deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable 
taxable profits from which the future reversal of the underlying timing differences can be deducted and
• deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences 
reverse based on tax rates and laws enacted or substantively enacted at the balance sheet date
sharebased payments
the group operates a number of equitysettled sharebased compensation plans for the employees of subsidiaries using the company’s 
equity instruments as detailed in note 1 to the group financial statements the fair value of the compensation given in respect of these 
sharebased compensation plans is recognised as a capital contribution to the company’s subsidiaries over the vesting period the capital 
contribution is reduced by any payments received from subsidiaries in respect of these sharebased payments
1 profit for the year
as permitted by section 408 of the companies act 2006 the company has elected not to present its own profit and loss account for the 
year the company reported a profit after tax for the year ended 31 december 2013 of £54000 2012 loss of £678000
2 investments
2013 
£’000
2012 
£’000 
at 1 january 25772 25110
capital contributions to group companies arising from sharebased payments 287 662
at 31 december 26059 25772
perform media services ltd a registered company in great britain whose main trade is digital sports media is the company’s only directly 
owned subsidiary the company owns 100 of the shares in the entity
it is the opinion of the directors that the total value of the company’s investment in its subsidiaries is not less than the amounts at which they 
are stated above
the group’s performance share plan refer to note 6 to the financial statements is an equity settled scheme settled with shares in the 
company accordingly an increase in investments is recorded to account for the capital contribution to subsidiaries 
perform group plc 
parent company financial statements continued
year ended 31 december 2013
134 perform group plc annual report and accounts 2013 3 debtors all current
2013 
£’000
2012 
£’000
amounts owed by group undertakings 186208 136552
prepayments and accrued income 144 506
deferred tax 287 506
186639 137564
4 creditors amounts falling due within one year
2013 
£’000
2012 
£’000
trade creditors 685 392
amounts owed by group undertakings 6673 6419
other taxes and social security 23 143
accruals and deferred revenue 3854 1595
11189 8263
5 share capital
2013 
£’000
2012
£’000
authorised and issued
ordinary shares of 2 and 79ths pence each 7299 6635
7299 6635
2013 
‘000
2012 
‘000
authorised and issued
ordinary shares of 2 and 79ths pence each 262771 238882
262771 238882
on 3 july 2013 23888211 new ordinary 2 and 79ths pence shares were placed at a price of 480 pence per placing share raising total gross
proceeds of approximately £115 million for the company
perform group plc annual report and accounts 2013 135
strategic  
report
corporate  
governance
financial 
statements perform group plc 
parent company financial statements continued
year ended 31 december 2013
6 sharebased payments
performance share plan psp 
the group has put in place a performance share plan “psp” to provide longterm incentives to executive directors and senior 
management of the group share awards made under the psp are based on a percentage of salary and the share price the date before the 
date of grant and are subject to a matrix of nonmarket based performance targets including annual compound growth of the group’s 
revenues and adjusted earnings per share over a threeyear performance period there is no exercise price on these shares
award – 24 june 2011
an award made in june 2011 is measured over a performance period to 31 december 2013 with awards vesting in june 2014 subject to 
continued employment in the event that all the performance criteria are met a maximum number of 1400000 shares will vest the fair 
value of each award is £219 calculated by reference to the closing market price on the dealing day preceding the date of grant at the 
previous year end management expected that 100 of the awards made in june 2011 would vest however during the year 2 of the awards 
lapsed and management expects a further 3 of the awards will lapse in the remaining vesting period as such management expect a 
further 5 of participants will leave before the awards vest and have revised their performance valuation to 50
as such and in accordance with ifrs 2 the group has recognised a credit including trueup of £235000 2012 charge of £1242000 
in respect of this equity settled scheme
award – march 2012
an award made in march 2012 is measured over a performance period to 31 december 2014 with awards vesting in march 2015 subject to 
continued employment in the event that all the performance criteria are met a maximum number of 1500000 shares will vest the fair 
value of each award is £303 calculated by reference to the closing market price on the dealing day preceding the date of grant at the 
previous year end management expected that 65 of the awards made in march 2012 would vest none of the awards lapsed during the 
year based on the group’s threeyear forecasts management expect that 20 of the shares will vest and 10 of participants will leave 
before the awards vest
in accordance with ifrs 2 the group has recognised a credit of £187000 2012 charge of £747000 in respect of this equity 
settled scheme
award – september 2012
an award made in september 2012 is measured over a performance period to 31 december 2014 with awards vesting in september 2015 
subject to continued employment in the event that all the performance criteria are met a maximum number of 100000 shares will vest the 
fair value of each award is £374 calculated by reference to the closing market price on the dealing day preceding the date of grant at the 
previous year end management expected that 65 of the awards made in september 2012 would vest none of the awards lapsed during 
the year based on the group’s threeyear forecasts management expect that 20 of the shares will vest and 0 of participants will leave 
before the awards vest
in accordance with ifrs 2 the group has recognised a charge of £3000 2012 £28000 in respect of this equity settled scheme
award – march 2013
an award made in march 2013 is measured over a performance period to 31 december 2015 with awards vesting in march 2016 subject to 
continued employment in the event that all the performance criteria are met a maximum number of 1700000 shares will vest the fair 
value of each award is £470 calculated by reference to the closing market price on the dealing day preceding the date of grant none of the 
awards lapsed during the year based on the group’s threeyear forecasts management expects that 50 of the shares will vest and 10 of 
participants will leave before the awards vest
in accordance with ifrs 2 the group has recognised a charge of £923000 2012 nil in respect of this equity settled scheme
award – september 2013
an award made in september 2013 is measured over a performance period to 31 december 2015 with awards vesting in september 2016 
subject to continued employment in the event that all the performance criteria are met a maximum number of 110000 shares will vest 
the fair value of each award is £540 calculated by reference to the closing market price on the dealing day preceding the date of grant
none of the awards lapsed during the year based on the group’s threeyear forecasts management expects that 50 of the shares will vest 
and 10 of participants will leave before the awards vest
in accordance with ifrs 2 the group has recognised a charge of £21000 2012 nil in respect of this equity settled scheme
136 perform group plc annual report and accounts 2013 7  equityretained earnings
issued 
share 
capital 
£’000
share 
premium
£’000
merger 
relief 
reserve
£’000
capital 
redemption 
reserve
£’000
profit 
and loss 
account 
restated 
£’000
total 
shareholders’ 
funds
restated 
£’000
at 1 january 2012 6260 68323 – 38342 2194 115119
share capital issued 375 – 47197 – – 47572
loss for the year – – – – 678 678
foreign exchange – – – – 49 49
credit to equity for  
sharebased payments – – – – 2018 2018
at 31 december 2012 6635 68323 47197 38342 3583 164080
share capital issued 664 – 46336 – 65591 112591
profit for the year – – – – 54 54
credit to equity for  
sharebased payments – – – – 326 326
at 31 december 2013 7299 68323 93533 38342 69554 277051
in july 2013 the group issued 239 million new ordinary shares raising total net proceeds of £1126 million to fund the acquisition of opta 
and other potential future acquisitions the equity was raised via a cash box structure which resulted in £656 million being credited to 
distributable reserves and the remaining £47 million being credited to nondistributable reserves
during 2012 as part of the group’s acquisition of runningball 135 million new ordinary shares in the company were issued to the sellers 
the number of issued shares was based on the average closing mid market price of the group’s ordinary shares and the average closing 
midpoint sterlingeuro exchange rate over the 30 trading days preceding 15 may 2012 the fair value of the 135 million new ordinary shares 
issued was calculated based on the bid price at the date of acquisition
a merger relief reserve of £472 million has been created to record the excess over nominal value on the issue of the shares in relation to 
the acquisition
perform group plc annual report and accounts 2013 137
strategic  
report
corporate  
governance
financial 
statements company secretary
richard mcmorris
registered office
perform group plc
sussex house
plane tree crescent
feltham tw13 7he
investor contact
stephen malthouse
tulchan communications llp
85 fleet street
london ec4y 1ae
t 020 7353 4200
e smalthousetulchangroupcom
registrars
equiniti limited
aspect house
spencer road 
lancing
west sussex bn99 6da
auditors
deloitte llp
2 new street square 
london 
ec4a 3bz
legal advisers
freshfields bruckhaus deringer llp
65 fleet street
london ec4y 1hs
wiggin llp
10th floor met building 
22 percy street
london w1t 2bu
joint corporate brokers
morgan stanley
25 cabot square
london
e14 4qa
 
ubs
1 finsbury avenue
london
ec2m 2pp
company website
investor and shareholder related information 
can be found on the company website at 
httpinvestorsperformgroupcom
financial calendar
agm 9 april 2014
interim results presentation august 2014
1
1
  date of interim results presentation correct at time of 
print but subject to change
perform group plc 
shareholder information
138 perform group plc annual report and accounts 2013 the paper on this report is printed on revive 50 silk for cover and front section and 
revive 100 silk for the back section revive 50 silk is made from 50 recovered fibres 
and 50 virgin wood fibre revive 100 silk is made from 100 postconsumer waste 
printed in the uk by pureprint using their  and  technology pureprint 
is a carbon neutral company both the manufacturing mill and printer are registered 
to the environmental management system iso14001 and are forest stewardship 
council® fsc chainofcustody certified
designed and produced by sampsonmay
telephone 020 77403 4099 wwwsampsonmaycom wwwperformgroupcom
perform group plc
sussex house
plane t ree crescent
feltham tw13 7he uk
tel 44 020 3372 0600
infoperformgroupcom
t witter performgroup


Summary:
 profit after tax
£46m 
 66
2012 £135m
adjusted basic and diluted 
earnings per share
104p
 7
2012 112p
adjusted ebitda
£364m 
 3
2012 £37 5m
adjusted profit before tax 
£260m
 14
2012 £303m
revenue
£2081m
37
2012 £1516m
the group has delivered strong revenue 
growth of 37 to over £208 million whilst 
adjusted ebitda marginally declined to 
£36 million
financial highlights
 adjusted ebitda is group operating profit excluding amortisation including acquisition intangibles 
depreciation exceptional items and sharebased payments adjusted profit before tax is group profit 
before tax excluding exceptional items including exceptional finance charges share based payments 
amortisation of acquisition intangibles and the accretion of acquisitionrelated deferred consideration 
adjusted earnings per share is group earnings per share excluding exceptional items including 
exceptional finance charges share based payments amortisation of acquisition intangibles and the 
accretion of acquisitionrelated deferred consideration the tax effect of these adjusted items has not 
been factored in
key performance indicators
page 18
2 perform group plc annual report and accounts 2013 2 perform group plc annual report and accounts 2013 live watchbet  
events streamed
16543
12
2012 14729
runningball customers
53  7
2012 46
eplayer total video on demand 
streams viewed
50bn 
13
2012 45 billion
watchbet licensees
46 6
2012 40
eplayer average  
sellthroughrate
48 
9pp 
2012 39
the group has continued to execute its growth 
strategy by enhancing its rights portfolio 
expanding geographically growing its audience 
pursuing complementary acquisitions and 
launching on new platforms
operational highlights
average monthly  
unique users owned portals
90m 
 66
2012 54m
runningball events delivered
78012 
56
2012 49866
perform group plc annual report and accounts 2013 3 perform group plc annual report and accounts 2013 3 strategic
report
industry leading approach 6
market overview 8
chairman’s review 12
joint ceos’ review 14
vision and growth strategy 16
key performance indicators 18
enhance digital sports rights portfolio 20  
expand geographically 22
grow the audience 24
pursue complementary strategic acquisitions 25
launch on new digital platforms 26
content distribution 28
advertising and sponsorship display 30
advertising and sponsorship video 32
subscription 34
technology and production 35
financial review 36
risk management 42
risk and uncertainties 43
corporate and social responsibility 46 strategic  
report
corporate  
governance
financial 
statements
strategic  
report
corporate  
governance
financial 
statements