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The Business Of RK004_cover_AW2 tp.qxd:Layout 1 16/3/09 17:38 Page 1 The Rank Group Plc Annual Report and Financial Statements 2008 THE BUSINESS OF Registered office: The Rank Group Plc Annual Report and Financial Statements 2008 The Rank Group Plc, Statesman House Stafferton Way Maidenhead GAMING SL6 1AY Tel: 01628 504 000 Fax: 01628 504 042 Web: www.rank.com Visit us at www.rank.com The RankGroup website provides news and details of the Group’s activities, as well as useful links. The investor section contains a variety of information including the Group’s latest results and current and historic share prices. For further information and to view an online version of this annual report visit: www.rank.com Inside: – Chief executive’s review – Business reviews – Operating responsibly – Tax fact file RK004_cover_AW1.qxd:Layout 1 12/3/09 09:40 Page 2 Our aim is to create fun and enjoyment for our customers through gaming-based leisure experiences. We recognise our responsibility to act DIRECTORS’ REPORT at all times with Overview 2 Group at a glance consideration for our 4 Financial highlights people, our customers 4 Chairman’s statement and the communities A DIRECTORS’ REPORT in which we operate. Playing to our strengths 6 Market review 7 Chief executive’s review 12 Key performance indicators 13 Risk assessment 14 Business review – Mecca Bingo 17 Business review – Top Rank España 18 Business review – Grosvenor Casinos 22 Business review – Rank Interactive 24 Operating responsibly 27 Finance review 30 Tax fact file For further information visit: www.rank.com/investor Cert no. TT-COC-002228 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 readily to identify timber-basedproductsfrom certifiedforests. Designed by Black Sun plc Printed by Royle Print RK004_p1_AW.qxd:Layout 1 12/3/09 08:29 Page 1 Top Rank España p.17 Grosvenor Casinos p.18-21 Mecca Bingo p.14-17 B DIRECTORS’ REPORT Governance 32 Board of directors 34 Corporate governance 38 Other statutory information 41 Remuneration report C Statutory reports and financial statements 48 Independent auditors’ report 49 Group income statement 50 Balance sheets 51 Group statement of recognised income and expense Rank Interactive 52 Cash flow statements p.22-23 53 Notes to the financial statements D Other information 98 Five year review 99 Shareholder information 100 Glossary THE RANK GROUP PLC: ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 1 RK004_p2-3_AW1.qxd:Layout 1 12/3/09 08:30 Page 2 DIRECTORS’ REPORT Group at a glance Ourbusinesses Mecca Bingo Revenue Operating profit* Mecca Bingo is a leading operator of bingo clubs. The business is headquartered in Maidenhead, England and operates £227.6m £41.8m clubs under the Mecca Bingo brand in 2007 : £240.5m 2007 : £43.6m Great Britain. Top Rank España Top Rank España operates 11 premium bingo clubs in Spain. The business is headquartered in Barcelona and operates £35.8m £6.9m clubs in the provinces of Madrid, Catalonia, 2007 : £32.3m 2007 : £9.3m Andalucia and Galicia. Grosvenor Casinos Grosvenor Casinos is a leading operator of casinos. The business is headquartered in Maidenhead, England and operates casinos £206.2m £29.5m in Great Britain under the Grosvenor and 2007 : £209.5m 2007 : £29.9m GCasinos brands. It also operates two casinos in Belgium. Rank Interactive** Rank Interactive is a remote gaming and betting business, principally comprising Bluesq.com (sports betting, casino, poker £52.6m £11.4m and games) and meccabingo.com (bingo). 2007 : £52.1m 2007 : £10.9m Rank Interactive’s primary market is Great Britain, although it also provides betting and gaming websites in Spanish, German, Danish and Swedish. * Before exceptional items, shared services and central costs. ** Previously reported as Blue Square. 2 THE RANK GROUP PLC: ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 RK004_p2-3_AW1.qxd:Layout 1 12/3/09 08:31 Page 3 Our markets 6 “Rank is a leading European gaming and betting company, headquartered in Great Britain. The Group operates businesses in Great Britain, 5 Spain and Belgium and provides business services to 1 gaming operators in a number of additional markets.” 3 4 Direct operations ‘White label’ services only 2 1. Great Britain 2. Spain 3. Belgium 6. Sweden Mecca Bingo: 102 clubs Top Rank España: 11 clubs Grosvenor Casinos: 2 casinos Rank Interactive: Grosvenor Casinos: 32 casinos – 888sport.com Rank Interactive: Employees: 182 Rank Interactive: – bingouniversal.com – Bluesq.com – apuestauniversal.com 4. Germany – meccabingo.com – 888sport.com – grosvenorcasinos.com Rank Interactive: Note: Employees: 613 – 888sport.com – 888sport.com 888sport.com is a sports betting website Employees: 7,094 owned and operated by 888 Holdings plc. 5. Denmark In return for a share of revenue, Rank Interactive supplies a ‘white label’ online Rank Interactive: sports betting service to customers of – 888sport.com 888.com through 888sport.com. THE RANK GROUP PLC: ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 3 RK004_p4-5_AW1.qxd:Layout 1 12/3/09 08:34 Page 4 DIRECTORS’ REPORT Chairman’s statement Financial highlights Board changes In June 2008, we appointed Paddy Gallagher to the board as finance director. Paddy, who has held a number of senior finance positions in the technology sector, replaced Peter Gill, who left Rank after nearly three years’ service. Peter Gill was £522.2m instrumental in the phase of restructuring that was characterised by the disposals of REVENUE 2007: £534.4M Hard Rock and Deluxe Film. In September 2008, we appointed Owen O’Donnell to the board as a non-executive director. Owen has a strong track record in both the gaming and technology sectors, Peter Johnson most notably as finance director at Betfair Chairman £60.3m Limited, the betting exchange company. GROUP OPERATING Dividend PROFIT BEFORE A YEAR OF EXCEPTIONAL ITEMS In December 2007, the board took the 2007: £68.3M decision to suspend dividend payments in PROGRESS the light of the difficult trading conditions that Rank had encountered during the second half of that year. Whilst Rank’s financial position and trading performance £40.5m have improved since that point, the wider economic environments in the UK and in ADJUSTED PROFIT BEFORE TAX Key events Spain have continued to deteriorate. The 2007: £46.2M board has determined not to recommend – Revenue stabilised after payment of a dividend in respect of business disruption in 2007 2008. It remains the board’s intention to resume dividend payments in the future, – Significant cost savings once trading conditions and the market achieved outlook improve. £226.5m – Substantial reduction in Outlook NET DEBT net debt 2007: £316.9M The board is encouraged by the progress – Senior management team that the Group has made in 2008 and strengthened remains committed to Rank’s long-term growth strategy. Nevertheless, we remain cautious on the outlook for 2009 as economic uncertainties continue to affect 6.5p consumer confidence. In this environment, BASIC EARNINGS Rank remains well positioned to balance PER SHARE (BEFORE EXCEPTIONAL ITEMS)* near term pressures and longer term 2007: 7.3p 2008 was a year of stabilisation for Rank, opportunities through a measured and following the significant disruption in the controlled approach to the management gaming market during 2007. and development of our businesses. We finished the year in significantly better shape than we had started. We steadied average weekly revenue, realised 7.3p significant operating cost savings across ADJUSTED EARNINGS the Group, exited our final salary pension PER SHARE* 2007: 7.4p plan and achieved a substantial reduction in net debt. We strengthened the Group’s senior management team, both at an executive level and within our operating businesses; and we focused on delivering enhanced Peter Johnson experiences and better value for our 2 million Chairman customers by investing in systems that 25 February 2009 allow us to gain a better understanding of their behaviours and preferences. We will use the information gleaned to improve our products and services. * From continuing operations. 4 THE RANK GROUP PLC: ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 RK004_p4-5_AW1.qxd:Layout 1 12/3/09 08:34 Page 5 A PLAYING TO OUR STRENGTHS A report on the gaming market, Rank’s position within the market, the Group’s performance, strategic priorities and future potential. 06 – Market review 07 – Chief executive’s review 12 – Key performance indicators 13 – Risk assessment 14 – Business reviews 24 – Operating responsibly 27 – Finance review 30 – Tax fact file RK004_p6-13_AW2 tp.qxd:Layout 1 17/3/09 05:47 Page 6 A DIRECTORS’ REPORT Market review 2009. Against this, the threat of rising advertising for betting shops and gambling unemployment appears to pose the biggest websites; while many news groups operated The market macro-economic challenge to gambling or licensed their own gambling websites. businesses and the wider leisure industry. Yet in spite of a growing commercial THE STATE involvement, many newspapers have Top ten gambling companies continued to villify the industry. In the by UK revenue same year that a major national newspaper OF PLAY Revenue (£m) Year ending ran a series of negative stories on gambling, Gala Coral 1,269 Sept 2008 a sports betting company owned by the Ladbrokes 1,020 Dec 2008 same media group proclaimed ‘It matters more when there’s money on it’. William Hill* 991 Dec 2008 The contradictory nature of the media’s Camelot 595 Mar 2008 relationship with gambling was illustrated Rank Group 471 Dec 2008 in October 2008, when the Daily Mail Overview Tote 231 Mar 2008 criticised the gambling industry in relation Gambling is an important sector of the Genting Stanley 227 Dec 2008 to its funding of the Responsibility in leisure market in terms of employment Gambling Trust (RIGT).
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