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To Excite and to Entertain

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To Excite and to Entertain ANNUAL REPORT AND FINANCIAL STATEMENTS 2018 TO EXCITE AND TO ENTERTAIN RANK GROUP PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2018 Contents About Rank Strategic Report We operate three established gaming brands: Mecca, Group KPIs 10 Grosvenor Casinos and Chairman’s letter 12 Business model 16 Enracha, and the recently Chief Executive’s Q&A 18 acquired YoBingo. Market review 21 During the year we launched Our strategy and KPIs 24 a new online brand Bella Operating responsibly 28 Casino and opened three Operating review 34 new experimental high street Financial performance 39 venues under the Luda brand. Risk management 42 Principal risks and uncertainties 44 Rank’s retail businesses Tax fact file 47 operate through 149 venues in Great Britain, Governance Spain and Belgium. Board of directors 54 Corporate governance 56 Rank also operates Directors’ remuneration report 76 complementary digital offers Directors’ report 95 under its UK, Alderney and Directors’ responsibilities 99 Spanish gambling licences. Financial statements In the markets where we Independent auditor’s report 102 operate, Rank is one of the Group income statement 110 few gaming companies able to Group statement of 111 offer a genuine multi-channel comprehensive income gaming proposition. Balance sheets 112 Statements of changes in equity 113 Statements of cash flow 114 Notes to the financial 115 statements Unaudited appendix to the financial statements Five year review 154 Other information Shareholder information 155 Group brands at a glance delivering through our brands Our brands 2 3 1 contribution to group revenue Operating profi t EBITDA £741.1m £104.6m £144.3m grosvenor 373.0 grosvenor 48.6 grosvenor 70.6 Mecca 208.1 Mecca 28.6 Mecca 40.2 UK digital 122.5 UK digital 20.9 UK digital 25.1 meccabingo.com 75.0 grosvenorcasinos.com 47.5 Enracha And Enracha And yobingo 6.5 yobingo 8.4 Enracha And yobingo 37.5 1. Before central costs 2 3 1 contribution to group revenue 2 Operating profi t EBITDA 3 1 contribution to group revenue Operating profi t EBITDA £741.1m £104.6m £144.3m grosvenor 373.0 grosvenor 48.6 grosvenor 70.6 £741.1 Mecca 208.1 m Mecca 28.6 £104.6 Mecca 40.2 m £144.3m grosv UK denigiortal 122.5373.0 UK digital 20.9 grosv UKen digorital 48.6 25.1 grosvenor 70.6 meccabingo.com 75.0 grosvenorcasinos.com 47.5 Enracha And Enracha And yobingo 6.5 yobingo 8.4 Mecca Enrac 208.1ha And Mecca 28.6 Mecca 40.2 yobingo 37.5 3. Before exceptional items UK digital 122.5 and central costs UK digital 20.9 UK digital 25.1 2. Before adjustments for meccabingo.comcustomer incentives 75.0 grosvenorcasinos.com 47.5 Enracha And Enracha And yobingo 6.5 yobingo 8.4 Enracha And yobingo 37.5 Retail and Retail Digital at a glance digital Venues Venues Digital 2nd 3 NEW largest operator (by licensed high street bellacasino.com: Newly venues) in Great Britain bingo venues in Great launched digital Britain slots-led brand 84 licensed bingo venues in Great Britain Digital meccabingo.com: Established UK digital bingo brand Venues Venues Digital BIG! 4TH 2nd Largest (by venues) largest operator in YoBingo.es: Second in Great Britain Spain; nine licensed largest digital bingo bingo venues in Spain brand in Spain 52 licensed casinos in Great Britain and one in Belgium Digital grosvenorcasinos.com: UK digital casino brand Our purpose: To excite and entertain. We bring excitement and entertainment to the customers and communities we serve. Our AMBITION: To be the UK’s leading multi-channel gaming operator, creating value for our shareholders, having strong brands which will meet customer needs and delivering operational excellence in venues and digital channels. Visit rank.com to find out more about our business. grosvenor one Putting customers at the heart of our business Innovation is the start point for Grosvenor One, but its real value lies in our ability to give customers greater control, whilst using technology to create value through the delivery of targeted and relevant awards. Core customer benefits delivered through the Grosvenor One programme include: 1. Rewards 3. Control • Customers will be able to continue to collect The single account and wallet functionality, and redeem Play Points, if they are doing so that is central to the Grosvenor One already, but this will be significantly enhanced proposition, gives customers far more through a shift away from ‘earn and burn’ flexibility and control in a number of ways: loyalty to ‘surprise and delight’ rewards; and • ability to deposit and withdraw whilst on • what’s more, the value and frequency of the the move, online or in a casino; rewards will reflect the depth and breadth of • ability to top up their wallet at a gaming the relationship we have with the customer machine and use winnings to play in in question. our casinos; 2. Offers • faster access to online winnings by withdrawing cash from any of our casinos; • With more rich customer data gained through sign-up and player tracking, we will • ability to use casino winnings online; and be able to offer a better, more relevant range • a record of all their gaming transactions of promotional offers through the Grosvenor across both Grosvenor channels. One programme; and • once again, a more engaged customer playing in more than one channel will access a greater, more valuable, range of offers. Expand overseas Digital integration and growth Acquisition and The acquired team, technology and customer base also offers “YoBingo is a well- integration of synergy potential with Rank’s YoBingo current Spanish operation, established operation Enracha. In time, the acquired This acquisition on 21 May proprietary platform can be that we intend to further 2018 enables Rank to establish leveraged to support Enracha’s a meaningful digital presence in digital bingo operations. develop and cross-sell a high-growth regulated In the year ended 31 December Spanish market. into our established 2017, the acquired business Pre-acquisition, YoBingo was generated revenue of €10.4m and Spanish retail operation.” the second largest online earnings before interest and tax bingo operator in Spain with (‘EBIT’) of €2.5m.1 approximately 37% of the online John o’reilly This additional digital revenue bingo market. Established in Chief Executive Officer helps Rank diversify its digital 2012, shortly after Spain regulated revenues beyond the UK. online gambling, YoBingo is now a well-recognised brand which offers substantial potential to grow and consolidate its market position. 1. Unaudited; YoBingo management. Evolving our proposition London casino activity During the year, a review of four appointments were made from • The Golden Horseshoe: a £1.2m Grosvenor’s London casino estate was outside of the Group and bring refurbishment to create a luxurious carried out which led to the creation with them years of high-profile and comfortable gaming of eight separate and distinct experience in the casino environment to attract transactional customer propositions. The ambition industry; and and VIP customers; is to use these propositions as the • a new VIP team has recently been • The Barracuda: a £2.3m foundation for creating clear and appointed. A new London VIP refurbishment to create a more different reasons for customers to strategy is in development and will sophisticated and modern casino to visit each of our venues. focus on attracting new high-value attract transactional and VIP It is essential that both the customer customers and developing the customers. The second phase experience and environment are right relationships with our existing refurbishment of The Barracuda in creating these unique experiences. customers. casino is due to be completed in H1 2018/19; and Customer experience Environment • The St Giles: a £0.5m investment • ‘Project Experience’ has recently During the year, The Rialto has delivered both new experiential started its roll-out across the casino (formerly The Piccadilly), The gaming product and high impact estate. This is a standards-setting Golden Horseshoe, The Barracuda signage inside and outside of the and training programme focused and St. Giles casinos all received casino. The aim of the investment on delivering the optimal material investment. is to create a more relaxed and customer experience; • The Rialto: a £2.0m comprehensive playful environment. • new general managers have been refurbishment to optimise and appointed at The Victoria (Edgware modernise the offer aimed at Road), The St Giles (Tottenham attracting higher spending Court Road), Gloucester transactional Chinese customers; (Kensington) and The Park Tower (Knightsbridge) casinos. Two of the Strategic Report Group KPIs 10 Chairman’s letter 12 Business model 16 Chief Executive’s Q&A 18 Market review 21 Our strategy and KPIs 24 Operating responsibly 28 Operating review 34 Financial performance 39 Risk management 42 Principal risks and uncertainties 44 Tax fact file 47 Strategic report Group kpis The following charts illustrate the Group’s performance for the 12-month periods to 30 June over the last five years Statutory revenue 2018 691.0 2017 707.2 £691.0m 2016 708.5 Statutory revenue is a statutory indicator of the Group’s top-line growth. It is revenue retained from the amounts staked after paying 2015 700.7 out customer winnings and deducting customer incentives. 2014 678.5 operating PROFIT1, 2 2018 77.0 2017 83.5 £77.0m 2016 82.4 Operating profit provides a picture of underlying performance and is a key indicator of the Group’s success in delivering top-line while 2015 84.0 controlling costs. Operating profit fell by 7.8% in the year following lower revenues 2014 72.4 from the Group’s retail business and higher costs in UK digital. Earnings per share 2018 9.2 2017 16.1 9.2p 2016 19.1 Earnings per share (EPS) is a key indicator of the Group’s growth after allowing for all costs, including interest, tax and exceptional 2015 19.1 items and adjustments.
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