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Annual Report and Financial Statements 2019

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Annual Report and Financial Statements 2019 Annual Report and Financial Statements 2019 Strategic report Group KPIs 6 Chair’s letter 8 Business model 12 Chief Executive’s Q&A 14 Stakeholder engagement 17 Understanding our market 18 Market review 20 Our strategy 21 Our strategic progress 22 Creating fantastic experiences for our customers is why we come to Operating responsibly work every day. Operating responsibly 26 We are a values-led business, and our STARS values of service, teamwork, ambition, responsibility, and solutions – are what leads us to strive every day to improve our business, and ensure that we are fulfilling Operating review our stakeholders' needs. Operating review 34 Grosvenor Casinos Our commitment to working hard for our Operating review Mecca 36 Operating review International 38 customers and stakeholders is what we Operating review Digital 40 mean by ‘Our work, your play’. Financial review 42 Tax fact file 44 Non-financial information statement 47 Risk management 48 Governance Chair’s introduction 54 Board of directors 56 Corporate governance 60 Directors’ remuneration report 76 Directors’ report 95 Directors’ responsibilities 99 Financial statements Independent auditor’s report 102 Group income statement 110 Group statement of 111 comprehensive income Balance sheets 112 Statements of changes in equity 113 Statements of cash flow 114 Notes to the financial statements 115 Unaudited appendix to the financial 157 statements: Five year review Other information: 158 Shareholder information Our purpose working together to create exciting environments that reflect the changing needs and expectations of our customers and colleagues, delivering stimulating and entertaining experiences every time, To Excite and To Entertain. Our ambition to become a £1bn revenue international gaming company by 2023, through transforming our business and consistently exceeding our customer and shareholder expectations. Rank at a glance Delivering through our brands Venues Grosvenor Casinos Mecca 52 82 2nd licensed casinos in casino operator licensed bingo venues largest operator Great Britain (by venues) in Great Britain in Great Britain (by venues) in Great Britain International 9 + 1 4th licensed Enracha licensed Grosvenor largest bingo bingo clubs in Spain casino in Belgium operator in Spain Digital UK Spain 1st Largest digital bingo brand in Spain 2 The Rank Group Plc Annual Report and Financial Statements 2019 Strategic Reportreport Contribution to Group revenue1 (£m) £746.5m Grosvenor venues 353.2 Mecca venues 202.1 International venues 44.9 Digital 146.3 Operating profit2 (£m) £72.5m Grosvenor venues 44.9 Mecca venues 28.6 International venues 9.3 Digital 20.7 Central costs (31.0) EBITDA2 (£m) £ 117.7m Grosvenor venues 64.0 Mecca venues 39.1 International venues 12.0 Digital 29.5 Central costs (26.9) 1. Before adjustments for customer incentives. 2. Before exceptional items. 3 Strategic report Group KPIs 6 Chair’s letter 8 Business model 12 Chief executive’s Q&A 14 Stakeholder engagement 17 Understanding our market 18 Market review 20 Our strategy 21 Our strategic progress 22 Service “I want our team members to understand what our customers want, as that’s the key to delivering the service that keeps our customers returning time and again.” Austin Graham General Manager, Grosvenor’s Victoria casino Austin Graham has had to deal with a complex management and employee restructure within the casino, while at the same time improving ways of working, proposition and service offered to customers. That’s quite a task. “He takes pride in doing what’s right, and has a passion for what we do,” says Debbie Husband, operations director of Grosvenor Casinos. “Not only has he been a breath of fresh air within the casino, but his impact has also been felt across the wider region.” Never one to shirk making a difficult decision, Austin takes challenges head on, with passion, compassion and strong leadership skills. These changes have translated into financial results that show significant growth year-on-year. Group KPIs Our performance The following charts illustrate the Group’s performance for the 12-month periods to 30 June over the last five years. Statutory revenue Operating profit1,2 Earnings per share £695.1m £72.5m 7.4p 2019 695.1 2019 72.5 2019 7.4 2018 691.0 2018 77.0 2018 9.2 2017 707.2 2017 83.5 2017 16.1 2016 708.5 2016 82.4 2016 19.1 2015 700.7 2015 84.0 2015 19.1 Statutory revenue is a statutory Operating profit provides a picture of Earnings per share (EPS) is a key indicator of the Group's top-line growth. the underlying performance and is a indicator of the Group’s growth after It is revenue retained from the amounts key indicator of the Group’s success allowing for all costs, including staked after paying out customer in delivering top-line growth while interest, tax and exceptional items winnings and deducting controlling costs. and adjustments. customer incentives. Operating profit decreased by 6% in the The decrease in EPS reflects the lower Statutory revenue grew by 1% in year due to higher central costs and the profit for the year. the year driven by an improved digital challenging year for Grosvenor’s venues. performance and the contribution from the acquired YoBingo business in May 2018. Revenue1,3 Adjusted operating Adjusted earnings per profit before tax1,4 share1,5 £746.5m £69.9m 14.8p 2019 746.5 2019 69.9 2019 14.8 2018 741.1 2018 74.3 2018 15.0 2017 755.1 2017 79.3 2017 16.0 2016 753.0 2016 77.3 2016 15.4 2015 738.3 2015 74.0 2015 14.6 Revenue is the key indicator of top-line Adjusted operating profit is Adjusted EPS is a key indicator of growth. It is revenue retained from the operating profit adjusted for certain the Group’s growth after allowing for amounts staked after paying out non-underlying items. all costs, including interest and tax customer winnings. but excluding exceptional items Adjusted operating profit fell by 6% and adjustments. Revenue grew by 1% in the year in line in the year. with statutory revenue. The decrease in adjusted EPS reflects the lower adjusted profit for the year. 6 The Rank Group Plc Annual Report and Financial Statements 2019 Strategic Reportreport Dividend per share Net (debt)/cash1 EBITDA1,6 7.65p £1.8m £117.7m 2019 7.65 1.8 2019 2019 117.7 2018 7.45 (9.3) 2018 2018 120.0 2017 7.30 (12.4) 2017 2017 128.8 2016 6.50 (41.2) 2016 2016 128.2 2015 5.60 (52.9) 2015 2015 126.3 Dividend per share (DPS) is the Net (debt)/cash is calculated as total EBITDA is earnings before interest, sum of declared dividends issued borrowings less cash and short-term tax, depreciation, amortisation and by the Company for every ordinary deposits, accrued interest and exceptional and non-underlying items. share outstanding. unamortised facility fees. It is calculated by taking operating profit before exceptional and non-underlying items and adding back depreciation and amortisation. EBITDA for the year decreased by 2% driven by lower operating profit and higher depreciation. 1. Alternative performance measure. The performance of the Group is assessed using a number of alternative performance measures (APMs). The Group’s results are presented both before and after exceptional and non-underlying items. Adjusted profitability measures are presented excluding exceptional and non-underlying items as we believe this provides both management and investors with useful additional information about the Group’s performance and aids a more effective comparison of the Group’s trading performance between one period and the next. Adjusted profitability measures are reconciled to unadjusted IFRS results on the face of the income statement with details of exceptional and non-underlying items provided in note 4. In addition, the Group’s results are described using certain other measures that are not defined under IFRS and are therefore considered to be APMs. These measures are used by management to monitor ongoing business performance against both shorter-term budgets and forecasts and the Group’s longer-term strategic plans. 2. Before exceptionals. 3. Before adjustments for customer incentives. 4. Adjusted profit before taxation is calculated by adjusting profit from continuing operations before taxation to exclude exceptional items, the unwinding of the discount on disposal provisions and other financial gains and losses resulting from foreign exchange gains and losses on loans and borrowings. See financial review for reconciliation. 5. Adjusted earnings per share is calculated by adjusting profit attributable to equity shareholders to exclude discontinued operations, exceptional items, other financial gains or losses, the unwinding of the discount on disposal provisions and the related tax effects, as per note 9. 6. EBITDA is reconciled in note 19. 7 Chair’s letter Dear shareholder Ian Burke Chair 8 The Rank Group Plc Annual Report and Financial Statements 2019 Strategic Reportreport Rank’s newly stated ambition is to become a and operating profit up strongly at 40%. Rather, we must actively pursue improvements £1bn revenue international gaming company The introduction of a new casino operating in the promotion and delivery of safer by 2023, through transforming our business model, with simplified management structures gambling, specifically: and reduced labour hours, was launched in and consistently exceeding our customer • Continuously assessing the risks relating to December 2018 and led to H2 savings of and shareholder expectations. our products and environments, so that we £8.2m. A further £11.3m of savings is We recently reviewed our strategic pillars in may design controls to make gambling safer expected to flow through into 2019/20. light of our ambition statement and we believe in the first instance; and the following will enable the Group to deliver Mecca’s like-for-like revenue was down 2% • Promoting safer participation in gambling by for its customers and shareholders: in the year driven by a 9% fall in customer all those people who choose to play with us.
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