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Focus on Value the Rank Group

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Focus on Value the Rank Group The Rank Group Plc Annual Report & Accounts 2004 focus on value ifc Business Structure 1 Financial Highlights 2 Chairman’s Statement 4 Chief Executive’s Review 7 Our Strategy 8 Gaming 10 Gaming: Bingo 12 Gaming: Casinos 14 Gaming: Interactive 16 Hard Rock 20 Deluxe: Film Services 21 Deluxe: Media Services 22 Employees 24 Board of Directors 26 Operating and Financial Review 37 Directors’ Report 39 Remuneration Report 45 Corporate Governance 48 Directors’ Responsibilities & ©2004 Marvel Characters Inc. See page 20 49 Independent Report of the Auditors TM 50 Group Profit and Loss Account 51 Balance Sheets 52 Group Cash Flow Statement 53 Group Recognised Gains and Losses 53 Movements in Group Shareholders’ Funds 54 Accounting Policies 57 Notes to the Accounts 81 Principal Subsidiary Undertakings 82 Five Year Review 83 Shareholder Information ibc Summary Notice of AGM ibc 2005 Financial Calendar The Rank Group Plc Gaming Rank has one of the UK’s leading gaming businesses Bingo 120 clubs in the UK and 11 in Spain Casinos Five in London, 29 in UK provinces and two in Belgium Hard Rock Casinos Two Hard Rock Casinos, one in London and one in Manchester Blue Square Three websites, telephone betting and interactive gaming Useful websites www.bluesq.com www.meccagames.com www.grosvenor-casinos.co.uk www.meccabingo.com www.hardrockcasino.com www.gamblingreview.co.uk HardRock Hard Rock is one of the world’s most widely recognised entertainment brands Hard Rock Cafe 69 company-owned, 53 franchised in a total of 41 countries Hard Rock Hotels and Casinos Joint venture with Sol Meliá to develop Hard Rock Hotels in Europe and the Americas while hotels in Bali and Thailand operate under licence.Two resort casinos and hotels in Florida Hard Rock Live! Concert venues in Orlando, Mexico City, Bali and Guadalajara Hard Rock Merchandise Variety of branded merchandise available at all Hard Rock locations and via the website Useful websites www.hardrock.com Deluxe Deluxe Film and Media Services provide film and DVD production, distribution and related services to the global movie industry Deluxe Film Services Laboratories in Canada, US, UK, Spain, Italy and Australia Creative services in five countries: US, UK, Canada, Italy and India EFILM in US Deluxe Media Services DVD replication in US and Europe. Video duplication in US and Europe. Distribution, supply chain Useful websites www.bydeluxe.com www.efilm.com Turnover £937.4m 48% Operating profit* £114.8m 53% Turnover £232.0m 12% Operating profit* £27.8m 13% Turnover £751.7m 38% Operating profit* £71.3m Other operations US Holidays Timeshare operations, campgrounds and a hotel 33% Universal Studios – Hotels 25% equity interest in 3 hotels at Orlando, Florida – Portofino Bay Hotel, Hard Rock Hotel and Royal Pacific Resort Hotel Universal Studios – Japan 10% equity interest in theme park Rank is an international gaming, leisure and entertainment group structured around three major divisions with market leading positions Group Financial Highlights operating profit* £204.9m (2003 – £218.0m**); £139.0m after goodwill amortisation and exceptional items (2003 – £160.5m**) Profit before tax* Exceptional charge of Earnings per share* £168.1m £233.4m 20.0p (2003 – £187.1m**); £83.3m loss after (including a provision for loss on disposal (2003 – 19.2p**); 19.9p loss per share after goodwill amortisation and exceptional of Deluxe Media of £181.4m, which includes goodwill amortisation and exceptional items (2003 – £122.7m profit**) £76.7m of goodwill previously written off items (2003 – 13.3p** earnings per share) to reserves) Gaming Hard Rock operating Deluxe operating profit* up 4.6% profit* up 20% operating profit* £114.9m £27.8m £71.3m (2003 – £109.8m***), reflecting a better (2003 – £23.1m), reflecting a return to like- (2003 – £92.7m**), reflecting a weaker second half in both bingo and casinos and for-like sales growth in cafes and first time second half schedule in Film and continued excluding RLMS contributions from Seminole hotels and casinos decline within Media Separation of Deluxe: Deluxe Media to be sold; Net debt down to Proposed options for Deluxe Film being pursued. £606.7m final dividend up 5.4% (2003 – £700.5m) 9.8p * before goodwill amortisation and exceptional items (2003 – 9.3p), making a total for the year ** restated for FRS 17 of 14.6p (2003 – 13.9p) *** restated for FRS 17 and excluding Rank Leisure Machine Services (RLMS) 02 Chairman’s statement 2004 has been an important year for Rank. The Group’s gaming business delivered a solid financial performance in 2004.The development Each of the Group’s divisions has made of its property estate remains a core part of further progress in developing its businesses the strategy and this has continued with more through a combination of investment, relocations and a further two new properties added during the year. Along with the rest of the product development and innovation. UK gambling industry, we can only watch and Whilst each division has faced its own wait to see if the new Gambling Bill is enacted and if so, what it will finally look like. However, challenges during the year, it is pleasing I believe that the Group’s strong market position to see that the rewards from some of our in both bingo and casinos, as well as a growing presence in the interactive gaming market, earlier investments are now beginning to mean that, regardless of the outcome, Rank feed through into financial performance is well placed for the future. and this bodes well for the future. The Hard Rock business model is changing with an increasing proportion of revenue and profits now coming from franchised and licensed, rather than owned, activities.The successful extension of the brand into hotels and casinos is beginning to demonstrate the potential that exists and further opportunities are already the numbers 36 casinos in the UK 69 owned Hard Rock Cafes 30% increase in casino membership 11 bingo clubs in Spain 7 Hard Rock Hotels open 6 Deluxe Film laboratories around the world The Rank Group Plc 03 focus on value under development. A return to positive During 2004, Richard Greenhalgh and like-for-like sales in the restaurant business Brendan O’Neill joined the Board as additional is also encouraging. independent non-executive Directors and both have contributed significantly to the Deluxe Film has expanded its operations into Board’s deliberations. I am also very pleased new geographic locations and also new product that David Boden, who has headed up Rank’s areas. Creative services, such as post-production Gaming Division for a number of years, joined and compression, encoding and authoring, the Board from March 2005. Peter Jarvis will be represent exciting new and high growth areas of retiring as a Director at the conclusion of this development for the film business. Deluxe Media year’s Annual General Meeting after 10 years has faced a challenging year following the loss of loyal and dedicated service; we shall greatly of a major DVD contract in 2004. miss his contribution and experience. Alun Cathcart Chairman Following a detailed review of the possible Despite the changes and challenges separation of Deluxe Film and Deluxe Media faced by each of our business divisions over from the rest of the Group, the Board has the past five years, the Group structure has concluded that Deluxe Media should be sold delivered strong returns for shareholders. Now, and a sale process is now underway.The Board as we move towards a new chapter in the is convinced of the strategic merit of separating Group’s development, I and the rest of the Board Deluxe Film and is continuing to work towards believe that the value created in the past can a solution which will be in the best interests both be sustained and grown further, and I look of shareholders. forward to the coming year with confidence. 5% increase in annual dividend 195,000 active Blue Square Over 40 countries have Hard Rock customers operations 4% increase in bingo spend 626 electronic roulette terminals 398 gaming tables per head The Rank Group Plc 04 Chief Executive’s review focus on 2004 Relocated Cardiff Casino Grosvenor Casinos also saw further investment in its estate with the opening of two new casinos, in Stoke-on-Trent and Bolton.Two new casino licences were also granted in Dundee and Swansea. A total of 22 of the Group’s existing 36 operational casinos in the UK are now either new or have been relocated or extended since 1997, and whilst there is still further work to do before the programme is complete, management believes that the quality of the current estate is key to Grosvenor’s ability to attract and retain casino customers. During the year, changes in the identification rules for guests served to stimulate casino membership which increased by 30%, or 265,000 new members. Blue Square has continued to broaden its product offering with the launch of two exciting new products during 2004: an online casino and a poker room.The substantial growth in the popularity of poker in particular has been well documented and now Blue Square has an opportunity to capture some Mike Smith Chief Executive of this growth.The first Blue Square betting shop, located next to the Group’s Victoria Casino in London, is scheduled to open later “The future prospects for the Group will be affected by the this year and will offer sports-betting customers outcome and implementation of the proposed Gambling Bill, a different environment and service approach. and the possible separation of Deluxe. Notwithstanding these UK Gambling Bill uncertainties, the Group is well placed to continue to make A new Gambling Bill is currently being progress in 2005.” considered by Parliament.
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