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N7827 Report 2000 THE RANK GROUP PLC THERANKGROUPPLC ANNUAL REPORT AND ACCOUNTS 2000 ANNUAL REPORT AND ACCOUNTS 2000 REPORT AND ACCOUNTS ANNUAL The Rank Group Plc 6 Connaught Place London W2 2EZ Tel 020 7706 1111 Fax 020 7262 9886 www.rank.com CONTENTS 01 FINANCIAL HIGHLIGHTS 26 BOARD OF DIRECTORS 33 ACCOUNTING POLICIES 02 CHAIRMAN’S STATEMENT 27 DIRECTORS’ RESPONSIBILITIES 35 NOTES TO THE ACCOUNTS 03 CHIEF EXECUTIVE’S STATEMENT 28 REPORT OF THE AUDITORS 55 PRINCIPAL SUBSIDIARY UNDERTAKINGS 04 RANK’S BUSINESS STRUCTURE 29 GROUP PROFIT AND LOSS ACCOUNT 56 PRINCIPAL ASSOCIATED UNDERTAKINGS Designed and produced by 12 OPERATING AND FINANCIAL REVIEW 30 BALANCE SHEETS 57 FIVE YEAR REVIEW Bamber Forsyth Limited. 18 DIRECTORS’ REPORT 31 GROUP CASH FLOW STATEMENT 58 SHAREHOLDER INFORMATION Photography by Lewis Mulatero. 20 REMUNERATION REPORT 32 GROUP RECOGNISED GAINS AND LOSSES 59 SUMMARY NOTICE OF AGM Board photography by Cliff Kent. 24 CORPORATE GOVERNANCE 32 MOVEMENTS IN SHAREHOLDERS’ FUNDS 60 2000 FINANCIAL CALENDAR Printed by Royle Corporate Print. 2000 WAS A YEAR OF FUNDAMENTAL CHANGE FOR THE GROUP. WE ACHIEVED OUR DECLARED FINANCIAL TARGETS, IMPROVED THE FINANCIAL PROFILE OF THE GROUP,REINVIGORATED OUR TRADING PERFORMANCE AND STRENGTHENED OUR BALANCE SHEET. WE NOW HAVE THE FINANCIAL AND MANAGERIAL CAPACITY TO DEVELOP MORE AGGRESSIVELY AND REMAIN CONFIDENT THAT OUR APPROACH WILL ADD SIGNIFICANTLY TO SHAREHOLDER VALUE. THE RANKGROUP PLC TURNOVER BY DIVISION (%) OPERATING PROFIT BY DIVISION (%) 1 4 31 41 36 46 Gaming Hard Rock 19 Deluxe 22 Other OPERATING PROFIT* ON CONTINUING OPERATIONS UP 7% RECORD YEAR FOR GAMING, WITH PROFIT* UP 29% RETURN TO GROWTH FOR HARD ROCK, WITH PROFIT* UP 13% STRONG RESULT IN DELUXE FILM, OFFSET BY DECLINE IN VIDEO NET CASH FLOW BEFORE ACQUISITIONS AND DISPOSALS OF £57.9m – FIRST YEAR OF NET CASH GENERATION SINCE 1994 SALE OF UK HOLIDAYS DIVISION BRINGS DISPOSAL PROCEEDS TO OVER £1.4bn IN LAST 18 MONTHS NET DEBT REDUCED BY OVER £1bn FROM ITS PEAK AND £300m RETURNED TO SHAREHOLDERS *Stated before exceptional items and FRS 15 THE RANK GROUP PLC 01 CHAIRMAN’S STATEMENT A MORE COMPACT AND COHESIVE RANK IS NOW POISED TO MOVE FORWARD, DRIVEN BY THE COMPETENT YOUTHFUL EXECUTIVE TEAM UNDER MIKE SMITH’S DETERMINED LEADERSHIP As I said last year, the momentum of change which was established have had to take firm action to ensure that we are not left behind. just over twelve months ago accelerated sharply in 2000. Important This has meant extensively modernising the asset base of those examples were the termination of our long-term association with businesses on which we intend to focus, reducing their costs sharply the Universal Studios theme park in Orlando and the divestment and ensuring that we have adequate financial resources, with an alert of the UK Holidays business. Both were seminal events which management team keen to grasp the opportunities which will surely have taken the Rank Group significantly further down the road to lie ahead. focus on fewer businesses which are powerful, with strong market positions and positive cash flow. This will ensure that we can Throughout the turbulence of the last few years, Rank employees maintain a sound, well-funded asset base, from which we will be have behaved in an exemplary fashion and I extend my grateful able to grasp prudent expansion opportunities in the years ahead. thanks to them and to all my colleagues, both past and present, for their unfailing support. A more compact and cohesive Rank is therefore now poised to move forward, driven by the competent youthful executive team I wish Alun every success as he succeeds me as Chairman – in under Mike Smith’s determined leadership. As the way ahead is many ways I would have liked to have seen the re-rating of “new now much clearer than when I became Chairman some six years Rank” which will reflect the changes which have been put in ago, I have decided that it is now opportune for me to step down. place – but, to quote from Virgil’s Aeneid – “Alas, the fleeting years I shall therefore not seek re-election at the AGM. My successor are slipping by!”. will be Alun Cathcart who will join the Board on 1 May 2001. His vast experience, mainly with AVIS Europe but also latterly with Good luck to you all – colleagues and shareholders alike. My time Selfridges, plus his intimate knowledge of the consumer and with you has been extraordinarily stimulating. financial markets, will be of great value to Rank in the years ahead. Christine Morin-Postel and Hugh Jenkins have similarly decided not to seek re-election, while Jerry Fowden will resign after Sir Denys Henderson the AGM. To all of these, as also to my other Board colleagues, CHAIRMAN I offer my warmest thanks for their loyal support through a challenging period. It is always difficult and painful to recast a long-established company like Rank, with its venerable antecedents and loyal employees. But the leisure and gaming markets are changing dramatically and we 02 THE RANK GROUP PLC CHIEF EXECUTIVE’S STATEMENT WE HAVE COME A LONG WAY IN BRINGING MORE FOCUS TO OUR ACTIVITIES AND ESTABLISHING A CORE FOR “NEW RANK”. THE DEVELOPMENT OF “NEW RANK” WILL CENTRE ON OUR GAMING AND HARD ROCK CAFE ACTIVITIES. 2000 was a year of fundamental change for The Rank Group. sophistication enabled us to negotiate commercial arrangements Twelve months ago, we were a sprawling conglomerate with that further our links to music. We are confident that more Hard too many competing claims on our financial resources and Rock branded developments will be consummated in 2001. management expertise. We have come a long way in bringing more focus to our activities and establishing a core for “new Rank” Deluxe had a mixed trading pattern in 2000, with a strong result whilst also improving our results. in film processing offset by a decline in video duplication which required a substantial restructuring. In film, developments centred The improvement in results is already being delivered. We achieved on building the film laboratory in Rome and planning for a our declared financial targets and improved the financial profile replacement film laboratory in Toronto to open in 2002. Both will of the Group. We have reinvigorated our trading performance and add to the technical proficiency, operating efficiency and capacity strengthened our balance sheet. In the past 18 months we have of our film processing business where we are still number one sold businesses for a value above £1.4 billion. We have used these in the world. In video, our North American business is now centred funds to reduce debt by some £1 billion from its peak and to return on our low cost Arkansas plant and limited rationalisation of £300 million of capital to shareholders via share purchases which our facilities will take place in Europe in 2001 to further reduce have totalled 23.5% of the Group’s equity. Equally important, we had cost and improve efficiency. In 2000 we also acquired a DVD facility a positive cash flow before acquisitions and disposals in 2000 for in California. the first time in many years. In 2001 we will repeat this with all three major businesses – Gaming, Hard Rock and Deluxe – being cash The changes wrought in the past 18 months have not been without positive after funding their respective capital expenditures and their disruption or cost but we can now look forward at what we are share of financing costs. building and not back at problems that needed solving. I have said previously that we are regaining our confidence at Rank and to this The Gaming division had a record trading year within both its we can add the enthusiasm engendered by our improved financial casino and bingo activities. In 2001and beyond we will continue results, proven development initiatives and stronger balance sheet. with our proven formula of relocation combined with new We now have the financial and managerial capacity to develop our developments and acquisitions. The acquisition of the London Park increasingly focused activities more aggressively. Tower casino has been successful and the business is performing well. We have announced plans for a Hard Rock casino in There is no great financial pressure to sell more businesses but we Manchester (adjacent to the new cafe which opened in November), will continue to appraise the prospect for recycling capital within which, subject to regulatory approval, will open in 2001. Casino our portfolio. Our intention anyway is to allocate more of our websites will also be launched in 2001 using our current Grosvenor self generated resources towards Gaming and Hard Rock to drive brands and introducing one featuring the Hard Rock brand. higher growth in these businesses in support of “new Rank”. We are confident that this approach will drive further improvement Hard Rock improved sales trends and recorded a stronger in our financial results and add significantly to shareholder value. financial performance in 2000. We trialled several new marketing approaches and cafe reconfigurations both to refresh the offering to customers and to tailor to local conditions. The favourable outcome of our trials and the fact that we have achieved positive Mike Smith like for like sales in European markets in 2000 means that we CHIEF EXECUTIVE can accelerate development in the UK and continental Europe. The strength of the Hard Rock brand and its ability to endorse activities outside of its restaurant business was proved again in 2000. Receipts for royalties and licence fees matched our all time high. Significant new franchise agreements for cafes, hotels and, for the first time, casinos were all agreed during the year. The Hard Rock hotel in Orlando, adjacent to the Universal Studios Escape theme park, opened in January 2001.
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