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Annual Report and Financial Statements 2020 the Rank Group Plc

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Annual Report and Financial Statements 2020 the Rank Group Plc Annual Report and Financial Statements 2020 Annual Report and Financial Statements 2020 The Rank Group Plc Strategic report Governance At a glance 2 Chair’s introduction 78 Our strategy 4 Governance team 80 KPIs 6 Corporate governance 82 Chair’s letter 8 Nominations committee report 92 Chief executive’s review 9 Audit committee report 95 Chief executive’s Q&A 13 Safer gambling committee report 102 Business model 18 Directors’ remuneration report 105 Stakeholder engagement 20 Directors’ report 127 Market review 24 Directors’ responsibilities 131 Our strategy 30 Financial statements Operating review Independent auditors report 132 Operating review – Digital 36 Group income statement 144 Operating review – Grosvenor Casinos 38 Group statement of Operating review – Mecca 40 comprehensive income 145 Operating review – International 41 Balance sheets 146 Operating responsibly 44 Statements of changes in equity 147 Financial review 60 Statements of cash flow 148 Alternative performance measures 62 Notes to the financial statements 149 Tax fact file 64 Unaudited appendix to the Risk management 68 financial statements: Section 172 and Non-financial Five year review 203 information statements 77 Other information: Shareholder information 204 Gemma Aylen, Grosvenor Tess McDonnell, manager, raised over Grosvenor kitchen Paul McGlinchey, Mecca £2,700 to support unpaid Dató Edward Rumly, assistant, helped cook general manager, helped carers during lockdown Grosvenor head chef, kept free meals for our deliver care packages our furloughed colleagues emergency services to key workers in entertained with virtual the community cookery lessons Allan Lave, tech support Kim Jones, Mecca manager, worked hard to general manager, Lilly Ramputty, Mecca chat ensure all our support Natalie Holland, Mecca launched the Swansea host team leader, helped office colleagues could regional operations community kitchen make our online bingo chat work from home manager, worked project which supported rooms both supportive and tirelessly to support vulnerable people in fun for our customers and employee comms and the the community the team during lockdown #meccatogether project Annual Report and Financial Statements 2020 1 At a glance Delivering through our brands Well-known Strong established Diverse digital venues brands channels Small but growing digital casino brand 52 in Great Britain licensed casinos in Great Britain Established and well-known 1 digital bingo brand largest casino operator (by in Great Britain venues) in Great Britain. This excludes our Blankenberge casino in Belgium 77 1 licensed bingo venues largest digital bingo brand in Great Britain in Spain 2nd largest bingo operator (by venues) in Great Britain 10 licensed Enracha bingo clubs in Spain 4th largest operator (by venues) in Spain 2 www.rank.com Strategy Governance Financial Statements £638.1m 196.2 Grosvenor venues Contribution to 275.9 Mecca venues Group revenue International venues (£m) Digital 35.3 130.7 17.8 £23.5m Operating Grosvenor venues profit (£m) Mecca venues Digital International venues (3.3) 32.8 Central costs (29.4) 5.6 £126.6m 39.7 Grosvenor venues EBITDA Mecca venues (£m) 72.0 International venues 8.2 Digital Central costs (23.2) 29.9 Annual Report and Financial Statements 2020 3 Our strategy Our strategy Our purpose is fundamental to what we do. It guides our ambition, values, and our overall strategy, providing us with a truly cohesive approach within which to run our business. Despite the challenges caused by the COVID-19 pandemic, the Group remains committed to its current strategy which will present opportunities for revenue and profit growth. Our purpose Our Values To work together to create exciting environments that reflect the changing needs and Service expectations of our customers and colleagues, delivering stimulating and entertaining experiences every time, To Excite and To Entertain. Teamwork Our ambition Ambition To become a £1bn revenue international gaming company by 2023, through transforming our business and consistently exceeding our customer and Responsibility shareholder expectations. Solutions 4 www.rank.com Strategy Governance Financial Statements Our strategic pillars How we grow Create a compelling In the markets in which we operate, Rank is one of the few gaming companies in a position to provide customers with a genuine 1 multi-channel offer multi-channel gaming offer. Our key assets are our 140 venues, our membership-based models, our customer relationships and the high level of engagement that our team members enjoy with our customers. Build digital We have built strong positions in venues-based gaming which we are seeking to replicate across our digital channel. Before the impact of 2 capability and scale COVID-19 in 2019/20, our digital operations generated 24% of Group revenue. Across the UK as a whole, digital channels now represent around 52% of the gambling market (excluding the National Lottery), presenting a significant growth opportunity. International growth is also central to the Group’s strategy to build digital scale. Continuously evolve Our casino and bingo venues provide entertainment for millions of customers each year and generate the majority of the Group’s 3 our venues proposition revenue and profits. By continuously evolving our venues (in terms of product, environment and service) and by creating new concepts, we are constantly enhancing the experiences that we offer our customers. Consistently improve Our customers are at the heart of our business, and we are always looking for new ways to support and entertain them. We invest in new 4 our customer experience technologies that drive efficiencies across the Group to the benefit of through innovation our customers. We also regularly invest in and introduce innovations that make the customer experience even better – both in our venues and online. Be committed to safe We are committed to operating in a responsible manner and recognise the harm that can arise from gambling. We recognise the importance 5 and fair gambling of continuous innovation to refine our approach to making gambling as safe as possible. We work to proactively identify and interact with those customers who show signs of experiencing gambling-related harm, or who may be at risk of playing beyond an affordable level. Within an environment which We continue to build a high-performing culture through the engagement and development of colleagues who want to put exciting 6 enables our colleagues to and entertaining customers at the heart of what they do. We strive for develop, be creative and a culture of ownership and transparency that empowers our teams to achieve goals they didn’t think possible and to be the very best that deliver exceptional service they can be. Annual Report and Financial Statements 2020 5 KPIs Our performance The following charts illustrate the Group’s performance for the 12-month periods to 30 June over the last five years. Underlying1 net gaming Underlying1 operating profit Net (debt)/cash revenue (NGR) 1.8 2 2 (9.3) 83.5 708.5 707.2 (12.4) 82.4 695.1 691.0 (41.2) 77.4 638.1 75.7 51.1 (297.5) 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 £638.1m £51.1m £(297.5)m Underlying net gaming revenue (NGR) is an Underlying operating profit provides a picture Net (debt)/cash is calculated as total borrowings less indicator of the Group’s top-line growth. It is of the underlying performance and is a key cash and short-term deposits. revenue retained from the amounts staked after indicator of the Group’s success in delivering paying out customer winnings and deducting top-line growth while controlling costs. Net debt increased in the year due to the acquisition customer incentives. of Stride Gaming plc and the loss of operational Underlying operating profit decreased by 32% cash inflows following the temporary closure of Underlying NGR decreased by 8% in the in the year as the strong performance in the the Group’s venues from March 2020 during the year as the strong performance in the first half first half was offset by the loss of operating COVID-19 pandemic. was offset by the loss of NGR following the profit following the temporary closure of the temporary closure of the Group’s venues from Group’s venues from March 2020 during Net debt for 2019/20 also includes a £234.3m March 2020 during the COVID-19 pandemic. the COVID-19 pandemic. adjustment following the adoption of IFRS 16 with the Group now recognising lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. Underlying1 net (debt)/cash Underlying1 EBITDA Prior year numbers have not been restated for the impact of IFRS 16. 1.8 (41.2) 128.8 128.2 126.6 (9.3) 120.0 117.7 (12.4) (63.2) 16 17 18 19 20 16 17 18 19 20 £(63.2)m £126.6m Underlying net (debt)/cash is calculated as total Underlying EBITDA is earnings before interest, borrowings less cash and short-term deposits tax, depreciation, amortisation and separately but before the impact of IFRS 16. disclosed items. It is calculated by taking underlying operating profit before separately Net debt increased in the year due to the disclosed items and adding back depreciation acquisition of Stride Gaming plc and the and amortisation. loss of operational cash inflows following the temporary closure of the Group’s venues from Underlying EBITDA for the year increased by March 2020 during the COVID-19 pandemic. 8% following the adoption of IFRS 16 in the year. Earnings however were lower in the year following the temporary closure of the venues from March 2020 during the COVID-19 pandemic. 6 www.rank.com Strategy Governance Financial Statements Earnings per share Underlying1 earnings Dividend per share per share 7.65 19.1 3 7.45 3 7.30 16.2 6.50 16.1 15.7 15.3 15.1 9.2 7.4 2.5 7.0 2.80 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 2.5p 7.0p 2.80p Earnings per share (EPS) is a key indicator of Underlying EPS is a key indicator of the Dividend per share (DPS) is the sum of the Group’s growth after allowing for all costs Group’s growth before allowing for separately declared dividends issued by the Company including separately disclosed items.
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