REG - Rank Group PLC - Half Yearly Report <Origin Href="QuoteRef">RNK.L</Origin> - Part 2
29/01/2015 07:11
- Part 2: For the preceding part double click ID:nRSc4373Da
(63.8) (80.5)
Non-current liabilities
Trade and other payables (39.1) (40.5)
Financial liabilities - loans and borrowings (159.2) (179.5)
Deferred tax liabilities (19.2) (18.1)
Provisions (46.5) (49.0)
Retirement benefit obligations (3.8) (3.4)
(267.8) (290.5)
Total liabilities (430.8) (458.9)
Net assets 272.8 242.3
Capital and reserves attributable to the Company's equity shareholders
Share capital 54.2 54.2
Share premium 98.4 98.4
Capital redemption reserve 33.4 33.4
Exchange translation reserve 12.6 13.7
Retained earnings 74.2 42.6
Total shareholders' equity 272.8 242.3
Group Cash Flow Statement
for the six months to 31 December 2014
Six months to Six months to
31 December 2014 31 December 2013
(unaudited) (unaudited)
£m £m
Cash flows from operating activities
Cash generated from continuing operations 68.5 33.1
Interest received 0.3 -
Interest paid (4.2) (4.6)
Tax received (paid) 5.2 (12.3)
Discontinued operations - (6.4)
Net cash from operating activities 69.8 9.8
Cash flows from investing activities
(Disposal) acquisition of subsidiary including deferred consideration (0.1) 0.9
Purchase of intangible assets (3.5) (10.0)
Purchase of property, plant and equipment (12.3) (19.7)
Proceeds from sale of property, plant and equipment 1.5 0.2
Net cash used in investing activities (14.4) (28.6)
Cash flows from financing activities
Dividends paid to equity holders (12.3) (11.1)
Repayment of bilateral facilities (20.0) -
Drawdown on bilateral facilities - 28.0
Finance lease principal payments (1.6) (1.6)
Net cash (used in) from financing activities (33.9) 15.3
Net increase (decrease) in cash, cash equivalents and bank overdrafts 21.5 (3.5)
Effect of exchange rate changes (0.1) (0.3)
Cash and cash equivalents at start of period 46.3 61.9
Cash and cash equivalents at end of period 67.7 58.1
1 General information, basis of preparation and accounting policies
The Company is a public limited company which is listed on the London stock
exchange and incorporated and domiciled in England and Wales under
registration number 03140769. The address of its registered office is
Statesman House, Stafferton Way, Maidenhead SL6 1AY.
This condensed consolidated interim financial information was approved for
issue on 28 January 2015.
This condensed consolidated financial information does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the 12 month period ended 30 June 2014 were
approved by the board of directors on 13 August 2014 and delivered to the
Registrar of Companies. The report of the auditors on those accounts was
unqualified, did not contain an emphasis of matter paragraph and did not
contain a statement made under Section 498 of the Companies Act 2006.
This condensed consolidated interim financial information has been reviewed
but not audited.
Basis of preparation
This condensed consolidated interim financial information for the six months
ended 31 December 2014 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS34 'Interim
financial reporting' as adopted by the European Union. The condensed
consolidated interim financial information should be read in conjunction with
the financial statements for the 12 month period ended 30 June 2014, which
have been prepared in accordance with IFRSs as adopted by the European Union.
Going concern
In adopting the going concern basis for preparing the financial information
the directors have considered the issues impacting the Group during the period
as detailed in the business review above and have reviewed the Group's
projected compliance with its banking covenants. Based on the Group's cash
flow forecasts and operating budgets, and assuming that trading does not
deteriorate considerably from current levels, the directors believe that the
Group will generate sufficient cash to meet its requirements for at least the
next 12 months and comply with its banking covenants. Accordingly the
adoption of the going concern basis remains appropriate.
Accounting policies
Except as described below, the accounting policies applied are consistent with
those of the financial statements for the 12 month period ended 30 June 2014,
as described in those financial statements. The changes did not have any
impact on the financial position or performance of the Group.
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual earnings.
The following new standards, amendments and interpretations are mandatory for
the first time for the financial period beginning 1 July 2014.
IFRS10 Consolidated Financial Statements
IFRS11 Joint Arrangements
IFRS12 Disclosure of Interests in Other Entities
IAS27 Separate Financial Statements (Revised)
IAS28 Investments in Associates and Joint Ventures (Revised)
IAS32 Financial Instruments: Presentation - offsetting Financial Assets
and Financial Liabilities (Amendment)
IAS36 Recoverable Amount Disclosures for Non-Financial Assets
IAS39 Novation of Derivatives and Continuation of Hedge Accounting
(Amendment)
IFRIC21 Levies
The Group has not been materially impacted by the adoption of any of these
standards, amendments or interpretations.
The Group has not early adopted any other standard, interpretation or
amendment that was issued but is not yet effective.
2 Segment information - continuing operations
Six months to 31 December 2014 (unaudited)
Grosvenor Casinos Mecca Enracha Central
Venues Digital Venues Digital Venues Digital costs Total
£m £m £m £m £m £m £m £m
Continuing operations
Group revenue reported in internal information 195.7 9.9 111.8 31.5 12.8 - - 361.7
Free bets, promotions and customer bonuses (3.8) (2.1) (6.8) (5.7) - - - (18.4)
Segment revenue 191.9 7.8 105.0 25.8 12.8 - - 343.3
Operating profit (loss) before exceptional items 29.1 1.9 14.5 8.4 1.2 (0.3) (14.0) 40.8
Exceptional operating profit (loss) - - 1.9 - (0.5) - - 1.4
Segment result 29.1 1.9 16.4 8.4 0.7 (0.3) (14.0) 42.2
Finance costs (5.4)
Finance income 0.3
Other financial losses (0.8)
Profit before taxation 36.3
Taxation (8.0)
Profit for the period from continuing operations 28.3
Six months to 31 December 2013 (unaudited)
Grosvenor Casinos Mecca Enracha Central
Venues Digital Venues Digital Venues Digital costs Total
£m £m £m £m £m £m £m £m
Continuing operations
Group revenue reported in internal information 188.4 5.8 113.7 29.8 14.7 - - 352.4
Free bets, promotions and customer bonuses (2.2) (1.3) (6.9) (5.0) - - - (15.4)
Segment revenue 186.2 4.5 106.8 24.8 14.7 - - 337.0
Operating profit (loss) before exceptional items 29.1 (0.9) 7.1 6.8 0.5 (0.2) (9.7) 32.7
Exceptional operating loss (4.9) - (22.4) - - - - (27.3)
Segment result 24.2 (0.9) (15.3) 6.8 0.5 (0.2) (9.7) 5.4
Finance costs (13.3)
Finance income 1.0
Other financial gains 0.7
Loss before taxation (6.2)
Taxation 4.7
Loss for the period from continuing operations (1.5)
2 Segment information - continuing operations (continued)
To increase transparency, the Group continues to include additional disclosure
analysing total costs by type and segment. A reconciliation of total costs,
before exceptional items, by type and segment is as follows:
Six months to 31 December 2014 (unaudited)
Grosvenor Casinos Mecca Enracha Central
Venues Digital Venues Digital Venues Digital costs Total
£m £m £m £m £m £m £m £m
Employment and related costs 68.8 1.5 26.9 3.1 6.4 0.1 8.7 115.5
Taxes and duties 41.4 0.2 17.7 0.7 0.9 - 1.1 62.0
Direct costs 6.9 2.3 11.4 7.3 1.0 0.2 - 29.1
Property costs 15.0 0.1 13.7 0.2 0.8 - 0.5 30.3
Marketing 7.3 0.9 5.3 4.9 0.4 - - 18.8
Depreciation and amortisation 12.1 0.7 6.3 0.7 0.8 - 0.7 21.3
Other 11.3 0.2 9.2 0.5 1.3 - 3.0 25.5
Total costs before exceptional items 162.8 5.9 90.5 17.4 11.6 0.3 14.0 302.5
Cost of sales 182.8
Operating costs 119.7
Total costs before exceptional items 302.5
Six months to 31 December 2013 (unaudited)
Grosvenor Casinos Mecca Enracha Central
Venues Digital Venues Digital Venues Digital costs Total
£m £m £m £m £m £m £m £m
Employment and related costs 68.9 0.8 28.5 3.5 6.8 0.1 6.7 115.3
Taxes and duties 39.6 0.1 24.2 0.3 1.1 - 0.9 66.2
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