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View Annual Report The Rank Group Plc Annual Report and Financial Statements 2007 Annual Report and Financial Statements 2007 Visit us at Our aim is to create www.rank.com fun and enjoyment for The Rank Group website provides news and details of the Group’s activities, as well as useful our customers through links. The investor section contains a variety of information including the Group’s latest results and current and historic share prices. gaming-based leisure You may view an on-line version of this Annual Report at www.rank.com experiences. We recognise our responsibility to act at all times with consideration for our people, our customers and the communities in which we operate. The Rank Group Plc Annual Report and Financial Statements 2007 Annual Report and Financial Statements 2007 Visit us at Our aim is to create www.rank.com fun and enjoyment for The Rank Group website provides news and details of the Group’s activities, as well as useful our customers through links. The investor section contains a variety of information including the Group’s latest results and current and historic share prices. gaming-based leisure You may view an on-line version of this Annual Report at www.rank.com experiences. We recognise our responsibility to act at all times with consideration for our people, our customers and the communities in which we operate. The best game in town 147 Licensed gaming premises 2.5m Active customers 8,000+ Cert no. TT-COC-002228 Employees The Forest Stewardship Council (FSC) is an international network which promotes responsible management of the world’s forests. Forest certification is combined with a system of product labelling that allows consumers to readily identify timber-based products from certified forests. Designed Black Sun plc Printed by Royle Print The best game in town 147 Licensed gaming premises 2.5m Active customers 8,000+ Cert no. TT-COC-002228 Employees The Forest Stewardship Council (FSC) is an international network which promotes responsible management of the world’s forests. Forest certification is combined with a system of product labelling that allows consumers to readily identify timber-based products from certified forests. Designed Black Sun plc Printed by Royle Print Contents Summary of contents Business Review Directors’ Report: Business Review Contains details of the Group’s financial Group at a glance 2 performance strategy, the key performance indicators that the Board Chairman’s statement 3 uses to measure progress against strategy, Chief executive’s review 4 the principal risks facing the Group and our approach to operating responsibly. The state of play: market overview 9 Keeping our focus: operating review 15 Strategy 16 Bingo 17 Casinos 19 Interactive 20 The numbers: Finance review 21 Tax contribution 25 Operating responsibly 26 Governance Directors’ Report: Governance Contains details on how the Group Board of directors 28 is structured and governed. Remuneration report 30 Corporate governance 35 Other statutory information 38 Statement of directors’ responsibilities 39 Statutory reports and Statutory reports and financial statements financial statements Independent Auditors’ report 40 Contains reports from our auditors and financial statements detailing how the Group income statement 41 Group performed financially throughout Balance sheets 42 the reported period. Group statement of recognised income and expense 43 Cash flow statements 44 Notes to the financial statements 45 Other information Five year review 86 Shareholder information 87 Glossary 88 Sign up for investor e-comms: www.rank.com/investor The Rank Group Plc Annual Report and Financial Statements 1 Directors’ Report: Business Review Group at a glance Financial highlights Our businesses Revenue Bingo Mecca Bingo Revenue Mecca Bingo is a leading British £534.4m operator of bingo clubs. The business m is headquartered in Maidenhead, £240.5 2006 : £549.6m England and operates clubs under the 2006 : £261.7m Mecca Bingo brand in Great Britain. Operating profit* Group operating profit Mecca Bingo is distributed on-line by before exceptional items Blue Square. £43.6m 2006 : £63.6m** Top Rank España Revenue £68.3m Top Rank España operates 11 premium bingo clubs in Spain. The business is 2006 : £73.2m** headquartered in Barcelona, Spain and £32.3m operates clubs in the provinces of Madrid, 2006 : £31.1m Group operating profit Catalonia, Andalucia and Galicia. Operating profit after exceptional items £9.3m 2006 : £8.9m £23.1m Casinos 2006 : £126.9m** Grosvenor Casinos Revenue Grosvenor Casinos is a leading British Special dividend per share operator of casinos. The business is headquartered in Maidenhead, £209.5m England and operates casinos under 2006 : £217.6m the Grosvenor and G Casinos brands Operating profit* 65.0p in Great Britain, and also operates two casinos in Belgium. Grosvenor Casinos is distributed on-line by Blue Square. £29.9m Full year dividend per share 2006 : £36.3m** 2.0p Interactive Blue Square Revenue 2006 : 6.0p Blue Square is Rank’s interactive gaming business, comprising a sports betting Basic earnings per share operation (under the Blue Square brand £52.1m name) and a variety of casino, poker, 2006 : £39.2m bingo and games products. Blue Square Operating profit provides on-line distribution of Rank’s 72.4p retail gaming businesses through: – meccabingo.com £10.9m 2006 : 19.9p – grosvenorcasinos.com 2006 : £7.8m – grosvenorpoker.com Adjusted earnings per share 7.4 p * before exceptional items 2006 : 4.6p** ** restated 2 The Rank Group Plc Annual Report and Financial Statements Chairman‘s statement Having taken action to stabilise profits, our priority is now to generate improvements in revenue, principally through increased customer visits to our retail and interactive businesses. Key events in 2007 $965m sale of Hard Rock completed £353m returned to shareholders via special dividend Gambling Act 2005 implemented Smoking ban introduced in England and Wales Substantial increase in rate Following a number of years of restructuring, Having taken action to stabilise profits, our priority of casino gaming duty Rank is now a focused gaming group. The sale of is now to generate improvements in revenue, Hard Rock for $965m (£502m) and the associated principally through increased customer visits to return to shareholders of £353m were the final our retail and interactive businesses. stages in this process. The Group’s management has concentrated on the operation of its gaming As we look to raise our game commercially, we businesses at a time when they have faced a recognise the need to maintain our high standards number of difficult external conditions. of responsible operation. The values of responsibility and fairness that underpin the Gambling Act also sit Three major changes affected the performance at the heart of our business. By setting an example of the Group in the year: a substantial increase in for the rest of the industry to follow, we can help to casino gaming duty, announced in the Government’s shape a better understood and more fairly regulated Budget in March 2007; the introductions of bans on environment for our businesses to operate in. smoking in enclosed public spaces in Wales (April) and England (July); and the prohibition of Section 21 gaming terminals upon the full implementation of the Gambling Act 2005 (the ‘Gambling Act’) in September. This succession of events created a difficult trading environment during the second half of 2007 for our UK retail businesses, Mecca Bingo and Grosvenor Casinos and contributed to a decline in Group profits. Peter Johnson The Board and senior management of Rank Chairman anticipated that the combination of these changes would have a negative effect on Group profits, but under estimated the scale of the decline. The Group is now focused on the actions necessary to stabilise performance in the short-term, whilst considering the medium-term and long-term actions necessary to regenerate growth. In December 2007, we announced our decisions to scale back capital expenditure, to tighten further our cost control measures and to cancel payment of the final dividend for 2007. It is the Board’s intention to reinstate dividend payments once we have seen a sustained improvement in trading. For more information please visit www.rank.com The Rank Group Plc Annual Report and Financial Statements 3 Directors’ Report: Business Review Chief executive’s review After making a strong start to our first year as a focused gaming business, we experienced a significant deterioration in trading conditions in the second half for our UK retail businesses, Mecca Bingo and Grosvenor Casinos. 2008 priorities Stabilise Group performance Increase customer visits Campaign for fair taxation Summary of results – continuing operations Blue Square delivered the strongest performance in The Group delivered growth in operating profit for the Group, achieving significant growth in revenue the first six months of the year but the second half and operating profit, while revenue and operating proved more difficult as our bingo clubs and casinos profit in Top Rank España recovered in part from the absorbed the negative effects of new legislation, effects of the partial smoking ban introduced in 2006. higher taxation and a deteriorating economic Our two largest businesses, Mecca Bingo and environment for consumers. Grosvenor Casinos both generated lower revenue Revenue from continuing operations of £534.4m and operating profit than in 2006. The lower was 2.8% lower than in 2006, while Group profit performance was due in part to higher lease operating profit of £68.3m was down 6.7%. Like for costs and (in the case of Grosvenor Casinos) the like clubs revenue (which excludes new openings, increased rates of casino gaming duty introduced closures and relocations of bingo clubs and casinos) in April 2007. During the final four months of the was 0.5% ahead of our performance in 2006. year, revenue in both businesses fell, as the negative effects of the smoking ban and the loss The decline in operating profit was due in part of Section 21 gaming terminals (required by the to £6.9m of additional lease costs (relating to the Gambling Act) were compounded by a 2006 sale and leaseback transaction) and £4.6m deterioration in consumer confidence.
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