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Preliminary Results for the Year Ended 30 June 2016 Chief Executive Agenda

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Preliminary Results for the Year Ended 30 June 2016 Chief Executive Agenda The Rank Group Plc Preliminary results for the year ended 30 June 2016 Chief Executive Agenda Introduction Henry Birch, Chief Executive Financial performance Clive Jennings, Finance Director Operational performance and Strategic Outlook Henry Birch, Chief Executive Q&A Summary Like-for-like revenue growth across all brands and channels Digital revenues up 11% Mecca retail in LFL revenue growth EBITDA up 2% Launch of new digital platform in Q3 Weaker Q4 across retail businesses Investment in building blocks for future growth EPS growth of 5% and 16% growth in dividend Finance Director Financial headlines 2015/16 2014/15 % Gross revenue(1) £753.0m £738.3m 2% Reported operating profit(2) £82.4m £84.0m (2)% Operating profit before RGD(2) £94.0m £90.6m 4% EBITDA(2) £128.2m £126.3m 2% Net debt(3) £(41.2)m £(52.0)m 22% Adjusted earnings per share(2) 15.4p 14.6p 5% Final dividend per share 4.70p 4.00p 18% • Solid performance, with like-for-like revenue growth across all brands and channels • Operating profit up 4% excluding the impact of Remote Gaming Duty • Strong operating cash generation, net debt reduced by 22% • Final dividend up 18% (1) before adjustment for customer incentives (2) before exceptional items (3) position at 30 June 2016 Revenue & operating profit Revenue(4) Operating profit (5) £m 2015/16 2014/15 2015/16 2014/15 Grosvenor Casinos 438.6 423.4 66.2 66.5 Mecca 287.7 289.6 41.5 43.0 Enracha 26.7 25.3 3.6 2.6 Central costs (28.9) (28.1) Total continuing 753.0 738.3 82.4 84.0 • Grosvenor Casinos continued to deliver solid revenue growth, up 4% • Mecca venues in like-for-like revenue growth • Enracha continues to improve • Digital revenues up 11% • Unexpectedly weak Q4 casino venues performance – but in line with market (4) before adjustment for customer incentives (5) before exceptional items Operating profit bridge +5.4 (8.3) +11.4 £m Improvement (1.4) in digital (3.5) Increase in (4.8) customer National incentives and Living (0.4) Wage 84.0 rebates Increase in Increase in depreciation central costs 82.4 Cost of Improvement RGD 79.2 in venues 2014/15 Pre RGD 2015/16 operating H1 2014/15 operating profit profit operating profit • Overall profit growth of 4% excluding the impact of RGD • Solid underlying performance across retail despite tough Q4 Statutory profit and loss £m 2015/16 2014/15 Profit from continuing operations 82.4 84.0 Net interest payable (6.2) (10.3) Profit before taxation and exceptional 76.2 73.7 items Exceptional items 9.3 0.8 Profit before taxation 85.5 74.5 Taxation (14.4) (15.5) Discontinued operations 3.6 15.8 Profit for the period 74.7 74.8 • Reduction in interest cost following debt reduction and negotiation of new bank facilities • Effective tax rate: 22.5% (FY 2016/17 forecast 20%-22%) • Cash tax rate on adjusted profit: 18.3% (2016/17 forecast 17%-19%) Exceptional items £m 2015/16 2014/15 Impairments & property leases 1.9 0.4 Disposal of freehold property 10.0 - Closure of venues (2.6) 1.7 Net finance costs - (1.3) Total exceptionals pre tax 9.3 0.8 Taxation 0.4 1.3 Discontinued operations 3.6 15.8 Total exceptionals post tax 13.3 17.9 • Two ex bingo clubs sold at a profit • Net impairment / lease credit from exiting closed sites plus improved trading at an Enracha club • Closed or committed to close seven sites – casino licences being re-deployed • Discontinued comprises a cash refund from the successful resolution of a transfer pricing dispute offset by book loss on selling captive insurance company Cash flow and net debt £m 2015/16 2014/15 Cash inflow from continuing operations 116.4 154.5 Net cash payments in respect of provisions and exceptional items (6.2) (7.9) Cash generated from continuing operations 110.2 146.6 Capital expenditure (52.7) (31.9) Fixed asset disposals (inc subsidiaries) 12.1 1.5 Net interest and tax (12.0) (9.7) Payment of disputed tax (21.4) - Dividends paid (22.7) (18.6) Convertible loan payment (1.1) (2.4) Other(6) (0.7) (1.4) Cash inflow 11.7 84.1 Opening net debt (52.9) (137.0) Closing net debt (41.2) (52.9) (6) includes FX translation Capital investment £m 2015/16 2014/15 Grosvenor Casinos 25.1 15.9 Mecca 10.6 9.5 Enracha 3.4 0.9 Central 13.6 5.6 Total 52.7 31.9 • Significant £10m investment in casino gaming (slots and electronic roulette) • Extension and refurbishment of Luton casino to accommodate additional product under the 2005 Act licence completed • Refurbishment of The Park Tower casino in London • £6.4m on new digital platform within central total • Purchase of a freehold in Enracha • 2016/17 guidance in £60-70m range Financial strength Low net debt of £41.2m with conservative leverage of c.0.3 times Strong operating cash flow with EBITDA of £128.2m Continued deleverage expected despite a planned increase in capital expenditure Undrawn £90m revolving credit facilities Plans in place to mitigate significant element of national living wage impact Dividend 6.5 5.6 6.5p 4.5 5.6p 4.1 3.6 4.5p 4.1p 3.6p 2011/12 2012/13 2013/14 2014/15 2015/16 • 16% increase in dividend in last 12 months • 16% compound growth rate over the last five years Chief Executive Operational review: Mecca Venues Revenue(7) Operating profit(8) 2% like-for-like revenue growth £m 2015/16 2014/15 2015/16 2014/15 Operating profit up 14% Venues 221.5 224.4 32.9 28.9 Annual active customers of 987k: KPIs 3% comparable increase vs last year Visits (000s) 11,550 12,035 Spend per visit (£) 19.18 18.65 Spend per visit continues to be driven by (7) before adjustment for customer incentives product and service improvement (8) before exceptional items Record Net Promoter Score (NPS) at 69% - highest ever and up 22ppts in two years Record levels of employee engagement Operational review: Mecca Venues Comparable Venue Income Five quarters of consecutive comparable 5% revenue growth for retail bingo. Something not 4% achieved since 2007 smoking ban 3% 2% Admissions trend overall very positive but 1% Q2 15 Q3 15 0% marred by weak Q4 Q1 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 -1% P1 back on track -2% Marketing budget reduced by £3.7m but Comparable Venue Visits customer numbers increased 2% 1% Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q4 16 0% Q2 16 Q3 16 -1% -2% -3% -4% -5% Operational review: Mecca Venues Like-for-like machine revenues up 3%: server based slots from Scientific Games/Playtech with TiTo functionality Investment in Mecca Max units in prior year driving penetration: 34% of customers using Maxes up from 31% year before Benefits continue from menu enhancements: F&B spend per visit up 6% £2.2m on venue refurbishments to improve club standards, contributing to press and public perception that “bingo’s changing” Three clubs closed: Grays (lease surrender), Breightmet (end of lease) and Hornchurch (sold) Strong cost control – overheads reduced year-on-year Operational review: Mecca Digital Revenue(9) Operating profit Digital growth continues in a competitive market £m 2015/16 2014/15 2015/16 2014/15 Digital revenue up 2% Digital 66.2 65.2 8.6 14.1 First-time depositing customers up 21% KPIs Visits (000s) 5,385 5,213 Disappointing H2: Spend per visit (£) 12.29 12.51 – Stability issues post Bede migration (9) before adjustment for customer incentives – Removal of some higher value customers following enhanced customer due diligence and introduction of social responsibility tools Non VIP revenues up 8% in the year; VIP revenues down 8% in the year Operational review: Mecca Digital New management led by Leon Thomas, former MD of Tombola, Caesars Interactive. New head of marketing Expanded VIP team Proprietary content starting to drive volumes and differentiation: – Emoji Bingo and Burst – Slots eg Victoria’s Sponge HTML5 version just launched TV campaign launching in Q2 Clear roadmap adding content and functionality over the next 6 months, including new product verticals, retention games and a refer-a-friend programme Digital Platform Launch of new Bede platform on time and in-budget on both Mecca and Grosvenor in Q3 New platform provides: – modern open architecture, allowing rapid release of new content and functionality – cloud-based infrastructure – cost effective and scalable – significantly improved bonusing capabilities – enhanced player management and communications – advanced back-end analytics BUT significant stability issues have affected Mecca: – 25 critical customer facing incidents in March and April As a result, much of planned content and functionality has yet to be launched The next 6 months will see: – significant new content from multiple providers (including Net Ent and NYX) – rich push notifications & app inbox messaging driven by new campaign management toolset (Silverpop/Bede) – bonus improvements, including free spins and tournaments – improved live casino product via new Malta studio – Mecca lobby and room overhaul – Significant IOS App updates Operational review: Grosvenor Casinos Venues Revenue(10) Operating profit(11) Solid venues performance £m 2015/16 2014/15 2015/16 2014/15 2% revenue growth London 150.3 148.3 31.7 34.0 Provinces 243.7 239.6 27.2 28.6 Operating profit down 4% Belgium 14.1 13.2 2.0 0.8 – Player rebates and loyalty scheme costs Venues total 408.1 401.1 60.9 63.4 – Increased labour costs: NLW from 1 January KPIs Disappointing Q4 Visits (000s) 8,159 8,233 – Profit 11% ahead of last year at end of Q3 Spend per visit (£) 50.02 48.72 – (10) before adjustment for customer incentives Weakness in admissions and handle, (11) before exceptional items.
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