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Annual Report 2018 Annual Report 2018 ANNUAL REPORT 2018 ANNUAL REPORT 2018 ANNUAL CONTENTS INTRODUCTION 46 2018 HIGHLIGHTS / VENLO 2 3 Message from the CEO 47 Our people 4 2018 in figures 52 2018 HIGHLIGHTS / GRONINGEN 5 Key figures 54 Our society 57 Holland Casino management team 58 In control statement ABOUT HOLLAND CASINO 80 7 Company profile FINANCIAL STATEMENTS 8 Mission & strategy GOVERNANCE 9 Strategic pillars 60 Composition Supervisory Board 10 Value creation model 62 Foreword by the chairman of the REPORT OF THE Supervisory Board EXECUTIVE BOARD 64 Supervisory Board report REPORT OF THE EXECUTIVE BOARD 66 Corporate governance 12 Foreword Executive Board 70 Risk management 15 Financial developments 18 2018 HIGHLIGHTS / EXPERIENCE ZONE 20 Our environment FINANCIAL STATEMENTS 23 Stakeholder overview 80 Financial statements 2018 6 26 SWOT analysis 133 Other information ABOUT HOLLAND 27 Materiality matrix CASINO 28 Relationship material aspects & strategic pillars 29 2018 HIGHLIGHTS / AMSTERDAM-WEST ADDITIONAL INFORMATION 31 Operational developments 142 Locations GOVERNANCE 36 2018 HIGHLIGHTS / 143 Five-year summary ELFSTEDENZWEMTOCHT 144 About this report 38 Developments at casinos 145 List of abbreviations 39 Outlook 146 Colophon 59 40 Our guests 11 2 MESSAGE FROM THE CEO FROM MESSAGE BUILDING ON A STRONG FOUNDATION We are pleased to present Holland Casino’s annual midst of these dynamic developments is an enormous tribute report for 2018. It was a special year for a special to our employees. Company. It was a successful year, too, as after a number of turbulent years we found the calm and Holland Casino takes its responsibility to its guests and the focus again to devote our full attention to working employees very seriously and continues to work – together on our strategy HC 2020. with its partners – on a safe and pleasant gaming environ- ment, fulfilling our social task as might be expected. We invested in new casinos, in our guest experience and in the development of our staff. We managed to stabilise our market Holland Casino operates at the heart of society and welcomes share in the competitive leisure and entertainment market and visitors from all walks of life. We gladly contribute to a healthy made major progress in the renewal of our range of games. society through a range of partnerships and contributions to ‘With the new We can see the effects of these efforts in our financial results, good causes. The most prominent of these in 2018 was our which were both positive and robust with higher gross support as founding father for Maarten van der Weijden’s locations, our revenues than in 2017. The fact that the result before corporate Elfstedenzwemtocht, which will be continued in 2019, and income tax did not increase in line with gross revenues was our employees’ sponsorship campaigns in support of the casino family is primarily due to a later insurance payment related to Dutch Cancer Society (KWF). ‘Groningen’ and the increase in the gaming tax rate. complete again.’ The opportunities and challenges that lie ahead for Holland Following the opening of our new casino in Amsterdam Casino are numerous. We continue to keep a very close eye West-Sloterdijk and the opening of the temporary pop-up on our environment, where the stakes are high and political casino in Groningen, our family of 14 casinos is once again decisions on privatisation remain uncertain for the time being. complete. And with the drastic renovation of Holland Casino We will continue to focus fully on the realisation of our Valkenburg, and the ground-breaking ceremony for our new strategic objectives. This strategy will help us build a strong casino in Venlo, we continue to develop the most modern and future-proof company, with compelling concepts for new and sustainable casinos across the Netherlands. and existing guests and promising propositions. We also want to remain an attractive employer for our talented colleagues. We also had a dynamic year, as we continued to build on our online platform and on the multidisciplinary teams that are In 2019, we will continue to build on the strong foundations working on our strategic priorities. So rather than waiting for we laid in 2018 with conviction. We are looking to the future things to happen, we have taken matters into our own hands of Holland Casino with great confidence. to ensure that we are prepared for new gaming legislation. The fact that we did not lose sight of our daily guests in the Erwin van Lambaart – CEO Holland Casino 3 ANNUAL REPORT 2018 ANNUAL 2018 IN2018 FIGURES IN FIGURES COMPARED TO 2017 6565 MLN 29 114 Total revenue NET Promotor Score Average spending per visit 2.7 30 4.6 827 MLN 2658 MLN 400 MLN Result before corporate income tax Revenue table games Revenue slot machines 15.6 * 3.9 2.3 1.1 MLN 5.7 MLN 5.2 x Guests Visits Visit frequency 1,21.2 1.7 5.2 2,920 FTE 4.9 % 23,950 Employees Absenteeism Monitoring (PAK) interviews 7,57,97.97,5 3.7 21,324 493,053 2,733,199 848,460 5,576,221 Table settings Glasses of draught beer Bitterballen Cups of coffee 4 *See Financial developments, p. 15 ANNUAL REPORT 2018 ANNUAL KEY FIGURES CONSOLIDATED INCOME STATEMENT STATEMENT OF FINANCIAL POSITION Amounts in millions of euro, unless stated otherwise 2018 2017 2018 2017 Revenue before gaming tax 656.5 639.2 Equity 222.8 211.3 Gaming tax -182.4 -170.5 Non-current liabilities 17.2 17.3 Net revenue 474.1 468.7 Current liabilities 102.4 102.3 Insurance claim 11.4 29.0 Total revenue 485.5 497.7 OTHER KEY FIGURES Operating expenses -403.3 -400.2 2018 2017 Operating result 82.2 97.5 Number of gaming tables 448 417 Financial income and expenses 0.4 - Number of slot machines (in casinos) 6,490 5,701 Share of profit of equity-accounted investees, net of tax 0.1 0.5 Result before corporate income tax 82.7 98.0 Visits Corporate income tax -23.2 -24.5 Number of visits (in thousands) 5,743 5,840 Result after corporate income tax 59.5 73.5 Spending per visit (in euro) 114 109 Other comprehensive income net of tax - - Total comprehensive income 59.5 73.5 Employees at year-end Number of employees (excluding stand-by employees 3,949 3,699 and trainees) Cash flow from operating activities 133.4 83.5 of whom Gaming & Casino Services 50 0 Full-time equivalents (fte) 2,920 2,708 Profitmargin (in %) of whom Gaming & Casino Services 49 0 (Result after tax / net revenue) x 100 12.6 15.7 Employee benefits (as a percentage of operating expenses) 59.9 56.4 Net revenue per average fte (in thousands of euro) 166 179 The key figures are not part of Holland Casino’s financial statements. 5 ABOUT HOLLAND CASINO ABOUT HOLLAND CASINO 6 ABOUT HOLLAND CASINO PROFILE OF THE COMPANY The Dutch government awarded Holland Casino an exclusive licence to provide tables games in 1975 in an effort to provide the Netherlands with a safe and regulated gaming SUPERVISORY BOARD environment. We opened our first casino in 1976. From 1986, our licence was extended to include slot machines. We offer our guests exciting, surprising and reliable games in a familiar and exceedingly hospitable environment. These same principles will remain AUDIT in place once Holland Casino is allowed to provide online games, which we expect to be EXECUTIVE WORKS COUNCIL in effect from 2020. BOARD Following the opening of Amsterdam West- in the future. Holland Casino provides three Sloter dijk and the re-opening in Groningen, product groups: table games, supervised by GAMING & SERVICES FINANCE & CONTROL we once again have all 14 casinos in operation. specially trained and qualified croupiers, Spread right across the country and with the a wide range of slot machines, including video, exclusive right to provide table games. roulette, bingo and poker machines, and HUMAN RESOURCES INFORMATION SERVICES This makes Holland Casino the only real casino Food & Beverage (F&B). The core activities in the Netherlands. Holland Casino’s head Table games and Slot machines account for office, opened in 2017, is located in Hoofddorp. the bulk of our revenue. F&B is becoming MARKETING & E-COMMERCE SECURITY & RESPONSIBLE GAMING Holland Casino employs a total of 3,899 an increasingly important part of our core employees, 50 of whom at Gaming & Casino activities and indispensable to providing CORPORATE COMMUNICATIONS CORPORATE LEGAL & COMPLIANCE Services, the Company we acquired in 2018. the optimum guest experience. Secretary to the Board Holland Casino occupies a unique position in Holland Casino’s slot machines help the PURCHASING, RISK, PMO the Dutch and European gaming market, with Company to differentiate itself from other more than 40 years of experience and a operators, such as arcades and the catering trend setting, internationally recognised and industry. Both the maximum stake and the NORTH NETHERLANDS SOUTH NETHERLANDS award-winning responsible gaming policy. payment percentage are higher, and Holland Amsterdam Centre Breda Holland Casino stands out thanks to its Casino has no maximum when it comes to Amsterdam West-Sloterdijk Eindhoven GAMING personal attention, high-quality hospitality prizes on individual machines or additional Enschede Nijmegen Groningen & Rotterdam and extensive care for all of its guests. progressive prizes. This is due to the fact that CASINO Leeuwarden Valkenburg SERVICES our responsible gaming policy and the Dutch Scheveningen Venlo B.V. In 2018, Holland Casino recorded total revenue Prevention of money laundering and financing Utrecht Zandvoort of EUR 656.5 million. Holland Casino is also of terrorism Act (Wwft) are designed specifically aiming to obtain a licence for online gaming, for that purpose.
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