Informe de medio año
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07:46 20/03/24
Comunicado de prensa
LEI: 213800TXKD6XZWOFTE12
1 de febrero de 2024
The Rank Group Plc ('Rango' o el 'Grupo')
Resultados intermedios de los seis meses finalizados el 31 de diciembre de 2023
Revenue and profit growth across all businesses
Rank (LSE: RNK) se complace en anunciar sus resultados provisionales para los seis meses finalizados el 31 de diciembre de 2023.
General
· | Like-for-like ('LFL') Net Gaming Revenue ('NGR') in H1 grew 9% year-on-year with all businesses in growth. |
· | LFL underlying operating profit increased to £21.7m (H1 2022/23: £2.7m), reflecting both the growth in NGR and the operating leverage of the Group. |
· | High wage inflation of 8% (£8.3m higher LFL employment cost in H1) was largely offset by declining energy prices (£5.4m LFL saving on the prior period). |
· | £120m of new debt facilities agreed in January 2024, comprising £30m Term Loan to October 2026 and £90m Revolving Credit Facility to January 2027. |
· | The Group's strong financial position is enabling ongoing investment in our venues and digital businesses and positions the Group to take full advantage of any future improvement in the macro-economic climate and the planned and much needed reforms in the UK Government's review of gambling legislation. |
· | Our UK facing casino, bingo and digital businesses successfully completed Gambling Commission compliance assessments in calendar year 2023. The UK digital business also successfully concluded a Gibraltar Commissioner assessment during the period. |
· | The Group's ESG strategy continues to make good progress, with the Net Zero plan significantly contributing to reduced energy usage in the period and further improvement in colleague engagement scores. |
· | Good performance during the Christmas and New Year trading period. |
· | Full year underlying LFL operating profit expected to be in line with our expectations. |
Aspectos financieros más destacados
| 1S 2023/24 | 1S 2022/23 | Cambios | |
Finanzas KPI | Ingresos netos de juego (NGR) subyacentes del grupo LFL1 | 362.6m | 332.6m | 9% |
Lugares subyacentes a LFL NGR1 | 254.2m | 231.8m | 10% | |
LFL NGR subyacente digital1 | 108.4m | 100.8m | 8% | |
Beneficio operativo subyacente de LFL1,2 | 21.7m | 2.7m3 | - | |
Net cash pre IFRS 16 | 17.6m | 6.5m3 | - | |
Ganancias / (pérdidas) subyacentes por acción2 | 2.9p | (1.2) p3 | - |
1S 2023/24 | 1S 2022/23 | Cambios | ||
Desempeño legal | NGR reportado | 362.6m | 338.9m | 7% |
Ganancia / (pérdida) operativa del grupo | 16.2m | £ (103.0) millones3 | - | |
Beneficio / (pérdida) antes de impuestos | 10.4m | £ (109.1) millones3 | - | |
Beneficio / (pérdida) después de impuestos | 8.8m | £ (102.9) millones3 | - | |
Flujo de caja libre neto | 23.5m | £ (5.7) millones | - | |
Neto (deuda) | £ (144.7) millones | £ (162.7) millones3 | (11)% | |
Ganancias / (pérdidas) básicas por acción | 1.9p | (22.0) p3 | - | |
Dividendo por acción | - | - | - |
1. Sobre una base comparable ("LFL") que elimina el impacto de las aperturas y cierres de clubes, los movimientos de divisas y las operaciones discontinuadas.
2. Excluye partidas reveladas por separado.
3. Restated, refer to CFO review for further details.
· | LFL underlying operating profit of £21.7m, up from £2.7m3 in H1 2022/23 and £17.5m3 in H2 2022/23. |
· | Statutory Group operating profit of £16.2m compared to an operating loss of £103.0m in H1 2022/23. |
· | Net cash pre IFRS 16 at 31 December 2023 was £17.6m. |
Aspectos operacionales destacados
· | Grosvenor venues LFL NGR grew 10% in H1 compared to the prior year as the business continued to improve the quality of its implementation of safer gambling measures and upgraded products and facilities. |
· | Grosvenor venues customer visits grew 8% with spend per customer visit up 2%. Active customers grew 2%. |
· | Mecca venues LFL NGR grew 9% on the prior year with spend per visit up 7% on visits up 2%. Active customers increased by 2%. Mecca's revenue and profitability continued to benefit from the active management of the estate with one additional closure in H1, taking the estate to 55 venues. |
· | Enracha venues grew LFL NGR 10% in the period with customer visit volumes up 9% and active customers growing by 9%. Spend per visit grew by 1%. |
· | Digital NGR grew by 8% with strong growth in Grosvenor and Mecca cross-channel customer revenues and in the Yo brand in Spain. |
· | The Spanish facing Yo and Enracha digital brands were successfully relocated to Ceuta in December 2023. |
· | The Group has continued to position itself for the UK Government's planned reforms in gambling legislation which are expected to be implemented during 2024. |
· | Strong three-year revenue growth and cost efficiency initiatives are in place across Rank to drive the continued transformation of the Group. |
Perspectivas y comercio actual
The venues and digital businesses experienced a busy trading period through the Christmas and New Year holiday season with trading normalising throughout the rest of January.
Whilst it remains a challenging economic environment, we are positive about the future and expect LFL operating profit for the year ending 30 June 2024 to be in line with our expectations.
Dividendo
The Board has not proposed an interim dividend but expects to recommence dividend payments as soon as circumstances permit.
John O'Reilly, director ejecutivo de The Rank Group Plc, dijo:
"After what has been a very challenging few years for Rank due to a wide range of external macro factors, we are starting to build revenues and, with our strong operational leverage, we are improving our profitability, with the Group delivering revenue and operating profit growth across all businesses.
We are well positioned to optimise the opportunities afforded by the UK Government's planned land-based regulatory reforms which will hopefully be implemented through the passing of secondary legislation in the summer of 2024. These reforms cannot come soon enough in enabling us to modernise our proposition to better meet our customers' expectations.
We are making good progress with the strong pipeline of development initiatives in both our UK and Spanish digital brands to accelerate revenue and profit growth. Whilst we expect UK digital growth to be offset in the short term by the impact of new maximum online slot stakes and the impact of the statutory levy in the UK, we are confident in the opportunities of delivering a market leading cross channel experience for our Grosvenor and Mecca customers. We are also excited to grow our digital business in selected new markets, commencing later this calendar year with the launch of the YoBingo brand in Portugal.
I would like to express my considerable thanks to my colleagues across the Group who continue to excite, entertain and protect our customers, provide support to their local communities and contribute significantly to the progress we are making in the transformation of the Group. "
Definición de términos:
· | Los ingresos netos del juego ('NGR') son los ingresos menos los incentivos de los clientes; |
· | Las medidas subyacentes excluyen el impacto de la amortización de intangibles adquiridos; ganancias o pérdidas por enajenación de negocios; costos de adquisición y disposición, incluidos los cambios en la contraprestación diferida o contingente; cargos por deterioro; reversión de cargos por deterioro; costos de reestructuración como parte de un programa anunciado; reconversión y nueva medición de la contraprestación contingente en moneda extranjera; operaciones discontinuadas, ingresos materiales significativos por recursos fiscales y el impacto fiscal de estos, en caso de que ocurran en el período. En conjunto, estos elementos se denominan elementos divulgados por separado ('SDI'); |
· | EBIT es la utilidad operativa antes de SDI; |
· | Las ganancias por acción subyacentes se calculan ajustando las ganancias atribuibles a los accionistas de capital para excluir las SDI; |
· | 'H1 2023/24' refers to the six-month period to 31 December 2023 and 'H1 2022/23' refers to the six-month period to 31 December 2022; |
· | En este informe se han divulgado medidas comparables ('LFL') para mostrar el impacto de las aperturas y cierres de clubes, los negocios adquiridos, los movimientos de divisas y las operaciones descontinuadas; |
· | Prior year LFL measures are amended to show an appropriate comparative for the impact of club openings, disposals, closures acquired businesses, foreign exchange movements and discontinued operations; |
· | Los resultados del Grupo hacen referencia a los resultados 'subyacentes' junto con nuestros resultados estatutarios, que creemos que serán más útiles para los lectores a medida que gestionamos nuestro negocio utilizando estas medidas ajustadas. Los directores creen que los SDI perjudican la visibilidad del rendimiento subyacente del negocio del Grupo porque estos elementos suelen ser materiales, no recurrentes y no se relacionan con el rendimiento comercial subyacente. En consecuencia, estos están excluidos de nuestra medición no GAAP de ingresos, EBITDA, utilidad operativa, utilidad antes de impuestos y EPS subyacente. Las medidas subyacentes son las mismas que las utilizadas para los informes internos. Consulte las APM para obtener más detalles; y |
· | Los lugares incluyen lugares de Grosvenor, lugares de La Meca y lugares de Enracha. |
Consultas | |
El Grupo de Rango Plc | |
Sarah Powell, directora de relaciones con inversores y comunicaciones (consultas de inversores) | Tel: 01628 504 303 |
David Williams, director de asuntos públicos (consultas de los medios) | Tel: 01628 504 295 |
FTI Consultoría LLP | |
Ed puentes | Tel: 020 3727 1067 |
Alex Beagley | Tel: 020 3727 1045 |
Fotografías disponibles de www.rank.com
Detalles de la reunión de analistas y del webcast:
Jueves 1 febrero 2024
A las 9.30 horas se celebrará una reunión de analistas a la que sólo se podrá acceder mediante invitación. También habrá una transmisión web simultánea de la
cita.
For the live webcast, please register at www.rank.com or on https://brrmedia.news/RNKIR2324. A replay of the webcast and a copy of the slide presentation will be made available on the website later. The webcast will be available for a period of six months.
Declaraciones prospectivas
Este anuncio incluye 'declaraciones prospectivas'. Estas declaraciones contienen las palabras 'anticipar', 'creer', 'intentar', 'estimar', 'esperar' y palabras de significado similar. Todas las declaraciones, que no sean declaraciones de hechos históricos incluidas en este anuncio, incluidas, entre otras, las relativas a la situación financiera del Grupo, la estrategia comercial, los planes y objetivos de gestión para operaciones futuras (incluidos los planes de desarrollo y los objetivos relacionados con los productos y servicios del Grupo ) son declaraciones prospectivas que se basan en las expectativas actuales. Tales declaraciones a futuro involucran riesgos conocidos y desconocidos, incertidumbres y otros factores importantes que podrían causar que los resultados, el desempeño, los logros o la posición financiera reales del Grupo sean sustancialmente diferentes de los resultados, el desempeño, la logros o posición financiera expresados o implícitos en dichas declaraciones prospectivas. Dichas declaraciones prospectivas se basan en numerosos supuestos relacionados con el desempeño operativo del Grupo, las estrategias comerciales presentes y futuras y el entorno en el que operará el Grupo en el futuro. Estas declaraciones prospectivas se refieren únicamente a la fecha de este anuncio. Sujeto a las Reglas de cotización de la Autoridad de Conducta Financiera, el Grupo renuncia expresamente a cualquier obligación o compromiso de difundir cualquier actualización o revisión de cualquier declaración prospectiva, contenida en este documento para reflejar cualquier cambio en las expectativas del Grupo, con respecto a esto o cualquier cambio. en eventos, condiciones o circunstancias en los que se basa dicha declaración. No se puede confiar en el rendimiento pasado como guía para el rendimiento futuro.
Revision del negocio
The six months to 31 December 2023 saw good revenue and profit growth across all of the Group's business units. In the UK, both Grosvenor and Mecca venues saw accelerated revenue growth with profit conversion benefitting from the high operating leverage and the year-on-year decline in energy prices, albeit attenuated by rising employment costs. In Spain, Enracha venues continues to trade very strongly with revenues above pre-pandemic levels. In Digital, the continued growth in revenue is driving much stronger profitability and, despite the impact of the upcoming regulatory changes, we anticipate further margin improvements in the medium term.
At Group level, underlying LFL NGR of £362.6m was up 9% against the prior year. All businesses were in LFL revenue growth year-on-year with Grosvenor venues +10%, Mecca venues +9%, Enracha venues +10% and Digital +8%.
Group underlying LFL operating profit of £21.7m compared with just £2.7m1 in the first half of 2022/23 and £17.5m1 in the second half, reflecting the continued improvement in revenues and the significantly reduced energy costs offsetting the impact of higher employment costs. The Group's LFL energy costs in H1 were £8.6m compared with £14.0m in the first half of 2022/23. LFL employment costs rose from £106.6m in H1 2022/23 to £114.9m in the first half of 2023/24. Total energy costs are expected to be c.£18.5m for the full year (£28.6m in 2022/23) with total employment costs expected to be up 7%.
With trading performance in line with expectations, no impairment charges or reversals were recognised in the half, compared with £95.4m of net impairment charges and reversals in the prior period.
NGR / millón de libras esterlinas | 1S 2023/24 | 1S 2022/23 | Cambios |
Lugares de Grosvenor | 167.5 | 152.1 | 10% |
Lugares de la Meca | 67.2 | 61.9 | 9% |
Lugares de Enracha | 19.5 | 17.8 | 10% |
Recursos | 108.4 | 100.8 | 8% |
LFL subyacente2 Grupo procesos | 362.6 | 332.6 | 9% |
Impacto de las aperturas, cierres y tipos de cambio de lugares3 | - | 6.3 | - |
Grupo subyacente | 362.6 | 338.9 | 7% |
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|
|
|
Beneficio operativo / £m | 1S 2023/24 | 1S 2022/23 | Cambios |
Lugares de Grosvenor | 14.0 | 4.7 | 198% |
Lugares de la Meca | 0.1 | (4.8) | - |
Lugares de Enracha | 5.0 | 3.9 | 28% |
Recursos | 10.1 | 5.41 | 87% |
Costos centrales | (7.5) | (6.5) | 15% |
Subyacente4 LFL2 Grupo procesos | 21.7 | 2.71 | - |
Impacto de las aperturas, cierres y tipos de cambio de lugares3 | (0.1) | (1.5) | - |
Grupo total | 21.6 | 1.21 | - |
1. Restated, refer to CFO review for further details.
2. Los resultados se presentan en términos comparables ("LFL"), lo que elimina el impacto de las aperturas y cierres de clubes., movimientos cambiarios y operaciones discontinuadas.
3. Un análisis completo de estos ajustes se puede encontrar en la sección Medidas Alternativas de Desempeño (“APM”).
4. Antes del impacto de partidas reveladas por separado.
Lugares de Grosvenor
Indicadores clave de desempeño financiero:
1S 2023/24 £ m | H1 2022/23 £ m | Cambios | |
LFL1 NGR Londres Resto del Reino Unido | 167.5 56.4 111.1 | 152.1 52.4 99.7 | 10% 8% 11% |
RGN totales | 167.5 | 153.4 | 9% |
Subyacente2 LFL1 beneficio operativo | 14.0 | 4.7 | 198% |
Total profit / (loss) | 13.7 | (42.4) | - |
1. Los resultados se presentan en términos comparables ("LFL"), lo que elimina el impacto de las aperturas y cierres de clubes, los movimientos de divisas y las operaciones discontinuadas.
2. Antes del impacto de partidas reveladas por separado.
Grosvenor venues' LFL NGR grew 10% versus the first half of 2022/23 to £167.5m. Compared with the second half of 2022/23 the growth was also 10%. Trading continues to slowly improve in line with the continued enhancements to customer risk management practices and investment in our colleagues, our products and our facilities. Visit volumes grew 8% on the same period last year, with spend per visit up 2%. The slow growth in spend per visit reflects the decline in high-net-worth tourists visiting the UK. This is partly driven by the absence of tax-free shopping post-Brexit and the lack of credit facilities available in other jurisdictions.
Average NGR per week in the period was £6.4m which compares with £5.8m in 2022/23. Our expectation is that revenues can at least reach £7.0m per week, excluding the impact of the Gambling Act Review, through continued improvements in customer risk management supported by technology and the skills of our venue management teams and with further improvements to products and facilities.
At a product level, Grosvenor continues to see good growth in electronic gaming with electronic roulette NGR growing 13% and gaming machine revenues growing 16% in the period. Table gaming revenues grew 7%. The growth in electronic gaming serves to further highlight the critical importance of being able to better meet the needs of today's customers through stronger supply and more choice of content through the proposed UK legislative changes.
The largely fixed and semi-fixed cost base of the Grosvenor business delivers high operating leverage as revenues grow. Underlying LFL operating profit nearly trebled from £4.7m in the first half of last year to £14.0m this year. Energy costs declined £2.4m, whilst employment costs were up £5.4m. At a statutory level, operating profit improved from a loss of £42.4m in the first half of 2022/23 to a profit of £13.7m this half. There were no impairment charges in the period, compared to net impairment charges of £43.1m in the same period last year, reflecting the continued improvements in the trading performance of the Grosvenor business.
The Group has continued to invest in the Grosvenor business to further improve the quality of the customer proposition and to prepare the estate for the implementation of the UK Government's policy proposals for casinos which it expects to implement this year. The material legislative changes are an increase in the number of gaming machines to up to 80 per casino (current restriction is just 20 machines per casino licence), and the introduction of sports betting and electronic payments for gaming within casinos. A detailed implementation plan has been developed with preparatory investments planned for the enablement works across the estate commencing in the second half of this financial year.
£2.5m has been invested in property refurbishments and improvements in the period with major works completed at Grosvenor Northampton. £1.9m has been invested in product upgrades, notably new electronic gaming terminals, gaming machines, gaming tables and roulette wheels.
The current UK casino gaming machine market has two main suppliers, and we are seeking to extend the choice of machines and games available to UK consumers by broadening the supplier base. In recent months, Grosvenor has contracted with Aristocrat, the world's leading casino machine supplier, to introduce its machines and game packs to UK casino customers. The early results look very encouraging. Discussions are taking place with additional international gaming machine suppliers.
Lugares de la Meca
Indicadores clave de desempeño financiero:
1S 2023/24 £ m | H1 2022/23 £ m | Cambios | |
LFL1 NGR | 67.2 | 61.9 | 9% |
RGN totales | 67.2 | 67.0 | 0% |
Subyacente2 LFL1 operating profit / (loss) | 0.1 | (4.8) | - |
Pérdida total) | (1.0) | (61.8) | (98)% |
1. Los resultados se presentan en términos comparables ("LFL"), lo que elimina el impacto de las aperturas y cierres de clubes, los movimientos de divisas y las operaciones discontinuadas.
2. Antes del impacto de partidas reveladas por separado.
The first half of 2023/24 has seen a continuation of the turnaround in performance of the Mecca business which got fully underway in 2022/23. The impact of the pandemic lockdowns resulted in a material step down in active customer numbers and visits across the UK land-based bingo sector. The industry emerged from the pandemic with excess supply and large numbers of loss-making venues. Bingo venues are important social amenities which play a key community role and the decision to permanently close is not taken lightly. Disappointingly, Mecca has been forced to closed 20 loss making venues since reopening to our customers in May 2021, with one further venue closing in the first half of 2023/24, reducing the estate to 55 venues. Two further closures are planned for the second half of the year.
The result of closures has been to migrate customers and bingo liquidity to stronger, more vibrant Mecca venues offering bigger prize boards at good value prices. Investment in this smaller estate includes improved gaming machine areas (eight Mecca venues completed in the period) and more modern and striking external presentation of the Mecca brand and offering (four Mecca venues completed in the period) has helped to further revitalise the business. £5.9m has been invested in developments and improvements in the first half of the year.
Mecca venues' LFL NGR grew 9% in the first half to £67.2m. LFL visit volumes grew 2% with active customers up 2% and spend per visit up 7% on the prior year.
LFL main stage bingo NGR grew 20% on the prior year, with LFL revenues now back in growth (+10%) compared with pre-pandemic 2019. Interval games grew 5% year on year with gaming machine revenues growing 9% on a like for like basis. Compared with 2019, LFL gaming machine revenues are flat, highlighting the vital importance of the UK Government's planned reform of the current 80/20 rule which requires at least 80% of gaming machines to be Category C machines with a maximum prize of £100 and no more than 20% Category B3 machines which have a maximum prize of £500. Category B3 machines, which are typically more modern digital cabinets with stronger game packs and are popular with our customers, capture over 70% of machine play. A further consultation has been published by Government reviewing the relative merits of a two to one Category B3 to Category C machine ratio and a three to one ratio. Either would be beneficial changes, enabling bingo venues to better meet the needs of today's consumers.
With LFL NGR growing £5.3m in the first half, Mecca moved into an underlying LFL operating profit of £0.1m compared with a loss of £4.8m in the prior period. In terms of key costs within the business, LFL energy costs declined by £2.4m, with LFL employment costs increasing by £0.9m. With the positive momentum within the business, we expect Mecca to be profitable at the year end.
Lugares de Enracha
Indicadores clave de desempeño financiero:
1S 2023/24 £ m | H1 2022/23 £ m | Cambios | |
LFL1 NGR | 19.5 | 17.8 | 10% |
RGN totales | 19.5 | 17.7 | 10% |
Subyacente2 LFL1 beneficio operativo | 5.0 | 3.9 | 28% |
Beneficio total | 5.0 | 3.8 | 32% |
1. Los resultados se presentan en términos comparables ("LFL"), lo que elimina el impacto de los cierres de clubes, los movimientos de divisas y las operaciones discontinuadas.
2. Antes del impacto de partidas reveladas por separado.
The Enracha estate of nine bingo, machine gaming and sports betting venues in Spain continued to perform strongly in the period with LFL NGR up 10% on the prior year to £19.5m. Visit volumes and active customers both increased 9%, with spend per visit up 1%.
Whilst customer visits remain behind pre-pandemic levels, LFL revenues in the period were up 21% on the same period in 2019.
Underlying LFL operating profit grew 28% to £5.0m.
Capital investment of £0.8m centred on the continued rollout of the Enracha customer loyalty card, a new CRM system to support customers within the loyalty programme and enhanced machine jackpot displays. A small refurbishment was concluded in Enracha Reus with two larger refurbishments planned for venues in Sabadell and Seville in the second half of the year.
Recursos
Indicadores clave de desempeño financiero:
1S 2023/24 £ m | H1 2022/23 £ m | Cambios | |
Total1 NGR la meca Grosvenor Other UK including Stride legacy brands Enracha/Yo Passion Gaming | 108.4 39.8 33.5 19.5 13.3 2.3 | 100.8 36.0 27.8 22.2 11.6 3.2 | 8% 11% 21% (12)% 15% (28)% |
Subyacente2 LFL1 beneficio operativo | 10.1 | 5.43 | 87% |
Beneficio total | 6.3 | 0.73 | - |
1. Digital NGR was not impacted by any LFL adjustments in the period.
2. Antes del impacto de partidas reveladas por separado.
3. Restated, refer to CFO review for further details.
Good progress has continued in the development of the Group's digital business. LFL NGR grew 8% to £108.4m. The digital business delivered LFL operating profit of £10.1m, up 87% on the first half of 2022/23.
In the UK, digital NGR grew 8% to £92.8m with strong growth in Grosvenor (+21%) and Mecca (+11%) supported by the continued healthy growth levels seen in cross-channel customer revenues. Other UK facing brands, including the legacy Stride brands, saw revenues decline 12% with marketing investment levels reset to ensure effective returns.
As outlined in the November 2023 Capital Markets Day Event, the next phase of growth in the UK digital business is centred around four technology developments:
1. | A single content management system, which will enable front end functionality and content to be built once and deployed across all of our UK facing brands, will be fully implemented by late summer 2024 with the Grosvenor and Mecca brands being deployed in Q3 and Q4 respectively. Once deployed across the legacy Stride brands, this will significantly improve the promotional content, functionality and capabilities of the customer offering; |
2. | We are well advanced with in housing the development of new apps with a new Grosvenor app expected to be ready for release in Q4. Currently, a relatively small proportion of our digital revenues is driven by our iOS and android apps, and we expect this to materially change with greater functionality and as we personalise the offering to better meet the needs of the cross-channel customer; |
3. | The development of the Group's central engagement platform has been completed and we are now building out increased real time data capabilities across our digital and venues businesses. This will support continued improvements to player risk management, more effective interactions with our customers and more personalised, timely and relevant content and promotions; and |
4. | The RIDE platform modernisation programme continues at pace with regular development releases enhancing the capabilities of the platform. We expect to complete the critical functionality and capability requirements by the end of the first half of 2024/25 which, supported by the single content management system and the central engagement platform, will result in a step change in the speed at which we can deliver site and service enhancements to our customers. |
In Spain, the Yo and Enracha brands grew LFL NGR by 15% to £13.3m in the period. In December 2023, the Spanish business was successfully relocated to Ceuta.
The development of live bingo, a streamed video bingo service, has been soft launched to customers and we expect to go live with this market leading development in Q3.
The application to the Portuguese regulator, SRIJ, for a licence for YoBingo is nearing the final phase of the homologation programme and we expect to have launched this service by the end of this calendar year.
Recent changes in the local fiscal regulations in India have substantially increased the tax burden on the Group's Indian rummy business, Passion Gaming. Following a strategic review, the Group has decided to divest its controlling stake in Passion Gaming to its founder and non-controlling equity stakeholder for an expected consideration of £0.2m. The divestment is expected to be completed in the second half of the current financial year and the business has been treated as an asset held for sale at the balance sheet date. Resulting in a £0.5m write down in assets to the fair value less cost of sale, as reflected in separately disclosed items.
Liquidez del grupo
The Group ended the half with net cash pre IFRS 16 of £17.6m.
In January 2024, the Group successfully secured a new £120m club facility, comprising a £30m Term Loan and a £90m Revolving Credit Facility ('RCF'). The tenor for the Term Loan element is two years and nine months and the RCF is three years. Both the Term Loan and RCF have market typical tenor extension options which are at the lender's discretion.
The new facility retains the two financial covenants which were applicable to its previous facilities, net debt to EBITDA not to exceed 3x and EBITDA to net interest payable of no less than 3x. In addition, there is an additional covenant referred to as a Fixed Charge Cover ratio, where (net interest payable plus operating leases) to (EBITDA plus net operating leases) can be no less than 1.5x. The Group expects to retain significant headroom against these covenants.
Actualización de sostenibilidad
Rank remains committed to its sustainability strategy of building a more resilient and responsible business. In the first half, the Group has made good progress across all four focus areas of Customers, Colleagues, Environment and Communities.
Clientes
The key activity in the first half of the year in further enhancing the protections we provide to our customers has been the completion of the build of the central engagement platform, a new platform which brings all our data together and provides stronger real time capabilities in responding to customer behaviour.
In Grosvenor venues the access to real time data via the central engagement platform is enabling regular enhancements to the risk app, a real time tool which provides prompts to colleagues for interactions with customers based upon their play patterns.
In Mecca venues the priority activity has been the development of the Playsafe system to remove manual tracking of customer dwell times on gaming machines and provide real time customer play data and alerts to our colleagues. We expect this to be fully operational in the second half of the year.
Within the UK digital business we are building out further real time use cases using the central engagement platform to identify potentially at risk behaviour to enable us to intervene in a more targeted way, providing support where required and avoiding unnecessary friction for customers playing happily within their means.
In the Spanish digital business priority has been implementing phase one measures within the Government's Safer Gambling Decree and preparing for the phase two measures which will be introduced in Q3.
During the calendar year 2023 our UK facing casino, bingo and digital businesses successfully completed Gambling Commission compliance assessments.
Colegas
During the period, the Group continued the global roll out of its employee value proposition, Work.Win.Grow. This helps foster a culture that meets the expectations of our colleagues whilst improving the attraction, recruitment and retention of talented colleagues.
Significant preparation work has been undertaken readying the business for the launch of a new colleague communication and engagement app. Due to launch in the second half of the year, all our colleagues will for the first time have easy access to timely and relevant information and be able to engage with colleagues across the Group.
Entorno
Good progress has been made in the period, with approximately 65% of the Group's targeted emission reductions for the current financial year already secured. Alongside ongoing energy efficiency initiatives, a programme of net zero audits has commenced in the UK. These will initially focus on the Group's top 20 energy consuming venues and will provide targeted and bespoke energy consumption reduction plans for each venue.
It is essential we encourage the right behaviours across all colleagues if the Group is meet its net zero ambitions. The Group completed the roll out of an energy consumption dashboard to 20 of its UK venues, providing rich real time energy usage information. We are now able to engage, challenge and share best practice regarding energy reduction strategies.
During the half, the Group also commenced a thorough review of its Spanish venues to create a local tailored net zero plan that aligns with the Group's overall objective of meeting its intermediate ambition of being net zero across scope 1,2 and some scope 3 emissions by 2035, and all scopes by 2050.
Comunidades
During the period, the Group continued to develop its community strategy of actively contributing to its local communities. Rank has a long history of volunteering and fundraising and launched a new volunteering policy which provides all colleagues with one day a year to volunteer for local worthy causes.
The Group continued to support our UK based charity partner, Carers Trust, raising over £144k in the period. Conscious of Rank's global footprint, the Group is focused on developing its community network across all its locations to ensure all colleagues have opportunities to better support their local communities.
Actualización regulatoria
The UK Government published a white paper in April 2023 announcing a series of policy changes for gambling legislation and regulation. The legislative changes will be implemented by secondary legislation, following consultations conducted by the Department of Culture, Media and Sport ('DCMS'). The regulatory changes will be implemented by the UK Gambling Commission, again following public consultations. Those legislative changes requiring primary legislation are unlikely to be pursued by Government in the immediate term.
DCMS has carried out consultations on the key land-based gambling reforms outlined in the white paper which can be implemented by secondary legislation, with the expectation that this legislative process will be completed in summer 2024.
Subject to the outcome of the consultation process, we would expect the secondary legislation to:
· | double the number of gaming machines in the Grosvenor Casino estate; |
· | enable sports betting, which will improve the accessibility of UK casinos; |
· | allow electronic payments in both casinos and bingo venues; and |
· | replace the current 80/20 rule restricting Category B3 machines to just 20% of the total number of machines in a bingo venue. DCMS has recently published a further consultation on two further options altering the current ratio to 2:1 or 3:1 Category B3 machines to Category C or D machines. |
DCMS has also conducted consultations on a reduction in the maximum stakes permitted for online slot games with various options ranging from £2 to £15 and the possibility of a lower maximum stake for consumers under 25 years of age. The DCMS Select Committee recently concluded that the maximum should be set at £5 (£2 for under 25s) and, if this were the outcome, we would expect an impact to digital profitability of circa £4m.
The consultation on a new statutory levy for research, prevention and treatment of problem gambling proposed payment rates by gambling sector. When implemented, we would expect our payments to increase by £4m per year by 2027.
The UK land-based gambling industry's customer proposition is very largely determined by statute and gambling reviews offer a generational opportunity to modernise the offer to better compete with the digital market and with other hospitality and leisure options for consumers. It is clearly more difficult to quantify the financial impact of the land-based reforms which will enable casinos and bingo venues to better meet the expectations of today's consumers. However, we expect the anticipated reforms, both statutory and regulatory, will deliver a significant net upside for the Group from the Government's Gambling Review.
Revisión del CFO
Dentro de esta sección, todos los comparativos del año anterior son para los seis meses terminados el 31 de diciembre de 2022.
Ingresos netos de juego informados ('NGR')
For the six months ended 31 December 2023, total NGR increased by 7% to £362.6m with improved NGR performance across all of the Group's business units.
Beneficio operativo
The Group delivered an operating profit of £16.2m for the period, compared to an operating loss of £103.0m1 in the prior period. The improvement in operating profit was due to improved NGR performance across the Group and no impairment charges in the current period, compared to net impairment charges of £95.4m in the prior period.
Energy costs are significant for the Group and to provide the Group with some certainty it operates a Group hedging policy. This allows the Group to fix a portion of its future energy costs up to two years in advance, near term energy costs can be fixed up to 100%. 85% of the Group's energy costs have been fixed for H2 2023/24 and we expect energy costs to be approximately £18.5m. At current market prices, energy costs are expected to be broadly flat in 2024/25.
Elementos divulgados por separado ('SDI')
SDIs are infrequent in nature and/or do not relate to Rank's underlying business performance.
Total SDIs for the six months ended 31 December 2023 were £5.4m.
Las principales IDE del año fueron las siguientes:
· | Amortisation costs of £3.2m relating to the acquired intangible assets of Stride and YoBingo; |
· | A £1.6m increase in the Group's property related provision relating to potential venue or property closures; and |
· | £0.5m in relation to the planned disposal of Passion Gaming. |
Further details regarding the SDIs can be found in note 3.
Reexpresión del período anterior
These consolidated interim financial statements include a prior year restatement in relation to prior year costs identified in the Digital business which erroneously had not been recognised in the prior year consolidated interim income statements.
Unrecorded costs in Digital business
During the period, the Group identified an accumulated total of £4.4m of prior year adjustments comprising £3.2m of trading related costs which erroneously had not been recognised in the prior year financial statements, and £1.2m of excess releases to income which erroneously had been recognised in the prior year financial statements. Of the total value of £4.4m, £0.5m relates to 2022/23 which will be corrected as a prior period adjustment in the 2023/24 financial statements. With £1.7m relating to H1 2022/23 and £(1.2)m to H2 2022/23. The remaining £4.4m relates to pre 2022/23.
The adjustments to cash relate to the trading related costs being erroneously recognised as cash in transit.
Cargo de financiamiento neto
The £5.3m underlying net financing charge for the six months ended 31 December 2023 was slightly lower than the prior period's charge of £6.0m principally due to lower finance lease interest charges and slightly higher finance income in the current period. The underlying net financing charge includes £2.8m of lease interest calculated under IFRS 16.
Having concluded a refinancing of the business in January 2024, net finance charges for 2023/24 are expected to be circa £14m, including the accelerated write-off of historical fees. Based on current interest rates, net finance charges for 2024/25 are expected to be £12.5 - 13.0m.
Flujo de caja y deuda neta
As at 31 December 2023, net debt was £144.7m. Debt comprised £54.0m of drawn revolving credit facilities and £162.3m in finance leases, offset by cash at bank of £71.6m.
During the period, the Group repaid its outstanding term loan of £44.4m as part of the first phase of refinancing that was completed in August 2023.
The Group finished the year with net cash for covenant purposes of £2.1m.
H1 2023/24 £ m | 1S 2022/23 £ m | |
Beneficio operativo de operaciones continuas | 21.6 | 1.21 |
depreciación y amortización | 23.9 | 31.5 |
Capital de trabajo | 20.6 | 18.31 |
Otro | 1.2 | 0.4 |
Entrada de efectivo de las operaciones | 67.3 | 51.4 |
Gastos de capital | (20.7) | (24.2) |
Intereses e impuestos netos | 2.9 | (10.0) |
Pagos de arrendamiento | (22.9) | (20.3) |
Flujos de caja en relación con las IDE | (3.1) | (2.6) |
Flujo de caja libre neto | 23.5 | (5.7) |
Adquisición de negocios y otros | - | (0.3) |
Total cash in/(out) flow | 23.5 | (6.0) |
Opening net (debt)/cash pre IFRS 16 | (5.9)1 | 12.51 |
Closing net cash pre IFRS 16 | 17.6 | 6.51 |
NIIF 16 pasivos por arrendamiento | (162.3) | (169.2) |
Cierre neto (deuda) post NIIF 16 | (144.7) | (162.7)1 |
1. Reformulado.
Taxation
The Group's underlying effective corporation tax rate in H1 2023/24 was 17.2% (H1 2022/23: (16.7)%) based on a tax charge of £2.8m on underlying profit before taxation.
The underlying effective corporation tax rate for 2023/24 is expected to be 17-19%.
On a statutory basis, the Group had an effective tax rate of 15.4% in H1 2023/24 (H1 2022/23: 5.7%) based on a tax charge of £1.6m on total profit of £10.4m. This is lower than effective tax rate on underlying profit due to the significant level of separately disclosed items which attract a tax credit.
Further details of the tax charge are provided in note 5.
Beneficio por acción ('EPS')
Basic EPS increased to 1.9p from a loss of 22.0p1 in the prior period. Underlying EPS increased to 2.9p from a loss of 1.2p1 in the prior period. For further details refer to note 7.
Tasa de impuesto en efectivo
In the six months ended 31 December 2023, the Group had an effective cash tax rate of (43.3)% on total profit before taxation (H1 2022/23: (2.3)%). The cash tax rate differs from the standard rate of UK tax due to refunds of UK tax overpaid in prior years.
The Group is expected to have a cash tax rate of approximately (20)% for the year ended 30 June 2024. Similar to the position for H1, the cash tax rate is driven by the refunds of UK tax overpaid in prior years.
Declaración de empresa en marcha
Based on the Group's cash flow forecasts and business plan, the Directors believe that the Group will generate sufficient cash to meet its liabilities and meet covenant requirements as they fall due for the period up to 31 January 2025. In making such statement, the Directors highlight forecasting accuracy in relation to the level of trading performance achieved as the key sensitivity in the approved base case.
The Directors have considered two downside scenarios which reflects a reduced trading performance, inflationary impacts on the cost base and various management controllable mitigations.
In each of the downside scenarios the Group will generate sufficient cash to meet its liabilities as they fall due and meet its covenant requirements to the period 31 January 2025 with scenario ii) requiring the implementation and execution of mitigating cost actions within the control of management.
Medidas de desempeño alternativas
Al evaluar, discutir y medir el desempeño financiero del Grupo, la administración se refiere a las medidas utilizadas para la gestión del desempeño interno. Estas medidas no están definidas ni especificadas en las Normas Internacionales de Información Financiera (NIIF) adoptadas en el Reino Unido y, como tales, se consideran Medidas Alternativas de Rendimiento ('APM').
Por su naturaleza, las APM no son aplicadas de manera uniforme por todos los preparadores, incluidos otros operadores de la industria del juego. En consecuencia, las APM utilizadas por el Grupo pueden no ser comparables con otras empresas dentro de la industria del Grupo.
Propósito
La administración utiliza las APM para ayudar a comparar y evaluar el desempeño histórico frente a los puntos de referencia de desempeño interno y entre períodos de informes. Estas medidas brindan una base constante y continua para evaluar el desempeño mediante la exclusión de elementos que son materialmente no recurrentes, incontrolables o excepcionales. Estas medidas pueden clasificarse en términos de sus principales características financieras.
Las medidas de ganancias permiten que la administración y los usuarios de los estados financieros evalúen y comparen el desempeño comercial subyacente durante el año. Son usados principalmente por la gerencia operativa para medir la contribución a la utilidad operativa y también son usados por la Junta para evaluar el desempeño contra el plan de negocios.
La siguiente tabla explica las APM clave aplicadas por el Grupo y mencionadas en estas declaraciones:
APM | Propósito | Medida NIIF equivalente más cercana | Ajustes para conciliar con los estados financieros principales | ||||||||
Ingresos netos de juego comparables ('LFL') subyacentes ('NGR') | Medida de ingresos | NGR |
| ||||||||
Beneficio/(pérdida) operativo subyacente de LFL después de la reasignación de costos centrales | Medida de beneficios | Ganancia / (pérdida) operativa |
| ||||||||
Beneficio/(pérdida) operativo subyacente de LFL antes de la reasignación de costos centrales | Medida de beneficios | Ganancia / (pérdida) operativa |
| ||||||||
Beneficio / (pérdida) subyacente antes de impuestos | Medida de beneficios | Beneficio / (pérdida) antes de impuestos |
| ||||||||
Subyacente (pérdida) / ganancia después de impuestos | Medida de beneficios | Beneficio / (pérdida) después de impuestos |
| ||||||||
Subyacente (pérdida) / ganancias por acción | Medida de beneficios | Ganancias / (pérdidas) por acción |
| ||||||||
Flujo de caja libre | Medida de efectivo | Efectivo neto generado por actividades operativas |
· |
Justificación de los ajustes - Medida de beneficio y deuda
1 | Elementos divulgados por separado ('SDI')
|
Los SDI son partidas que no guardan relación con el rendimiento operativo continuo subyacente del Grupo. El ajuste ayuda a los usuarios de las cuentas a evaluar mejor el desempeño subyacente del Grupo, ayuda a alinearse con las medidas utilizadas para operar el negocio y aún mantiene la claridad de los números reportados por ley.
Se pueden encontrar más detalles sobre las IDE en la Revisión financiera y en la nota 3.
2 | Contribución de las aperturas, cierres, enajenaciones, negocios adquiridos y operaciones discontinuadas de cualquier lugar
|
In the current period (H1 2023/24), the Group closed one Mecca venue. For the purpose of calculating like-for-like ('LFL') measures its contribution has been excluded from the prior period numbers and current period numbers, to ensure comparatives are made to measures on the same basis.
3. | Movimientos de divisas |
Durante el año, los tipos de cambio pueden fluctuar, por lo tanto, al utilizar un tipo de cambio fijo durante todo el año, se puede calcular y eliminar el impacto en el desempeño comercial en el extranjero.
Las siguientes tablas concilian las medidas de rendimiento subyacentes con las medidas informadas de las operaciones continuas del Grupo.
£ m | 1S 2023/24 | 1S 2022/23 |
Ingresos netos de juego LFL subyacentes (NGR) | 362.6 | 332.6 |
Recintos abiertos, cerrados y dispuestos | - | 6.4 |
Divisas ('FX') | - | (0.1) |
NGR subyacente - operaciones continuas | 362.6 | 338.9 |
Cálculo del subyacente LFL NGR comparativo
| 1S 2022/23 |
Reportado subyacente LFL NGR | 337.4 |
Reversal of H1 2022/23 closed venues | 1.5 |
H1 2023/24 closed venues | (6.4) |
H1 2023/24 FX | 0.1 |
LFL NGR subyacente reexpresado | 332.6 |
£ m | 1S 2023/24 | 1S 2022/23 |
Beneficio operativo subyacente de LFL | 21.7 | 4.7 |
Restatement of Digital costs | - | (2.0) |
Restated underlying operating profit - continuing operations | 21.7 | 2.7 |
Recintos abiertos, cerrados y enajenados | (0.1) | (1.5) |
Beneficio operativo subyacente: operaciones continuas | 21.6 | 1.2 |
Elementos divulgados por separado | (5.4) | (104.2) |
Utilidad / (pérdida) operativa - operaciones continuas | 16.2 | (103.0) |
Cálculo del beneficio operativo LFL subyacente comparativo
£ m | 1S 2022/23 |
Beneficio operativo subyacente reportado de LFL | 4.2 |
Reversal of H1 2022/23 closed venues | (1.0) |
H1 2023/24 closed venues | 1.5 |
Restatement of Digital costs | (2.0) |
Beneficio operativo subyacente de LFL | 2.71 |
1 Restated.
£ m | 1S 2023/24 | 1S 2022/231 |
Impuesto corriente subyacente (cargo) | (1.5) | (1.3) |
Impuesto sobre partidas divulgadas por separado | 1.2 | 7.0 |
Impuesto diferido | (1.3) | 0.5 |
Impuesto (cargo) / crédito | (1.6) | 6.2 |
1 Restated, refer to CFO review for further details.
P | 1S 2023/24 | 1S 2022/231 |
EPS subyacente | 2.9 | (1.2) |
Elementos divulgados por separado | (1.0) | (20.8) |
EPS reportado | 1.9 | (22.0) |
1. Restated, refer to CFO review for further details.
Principales riesgos e incertidumbres
Key business risks are reviewed by the executive directors, other senior executives and the Board on a regular basis and, where appropriate, actions are taken to mitigate the key risks that are identified. We have a Group wide enterprise risk management framework and approach in place, integrated into our organisational management structure and responsibilities, with the Board having overall responsibility for risk management in the Group.
The principal risks and uncertainties that could impact the Group are detailed in the Group's Annual Report and Accounts 2023 and the Board of Directors confirm that they remain relevant for the remainder of the financial year. The principal risks are as follows:
· | Uncertain trading environment: Consumers' discretionary expenditure continues to be impacted by inflationary pressures and higher interest rates, although these pressures are beginning to show signs of easing. Such pressures influence customer behaviour and can reduce spend on entertainment and leisure activities such as those offered by the Group, as well as their propensity to visit our venues. These pressures, alongside the changing political landscape in the UK, could impact our financial performance and ability to deliver on our strategic plans.
Various cost pressures, including high wage inflation, are also impacting the operating margins of our venues businesses. Related risks caused by current macroeconomic and geopolitical uncertainty are energy availability and the increased cost of products and services, all of which could impact our future performance.
|
· | Cumplimiento de la ley y la normativa sobre juegos de azar: Los regímenes regulatorios y legislativos para las apuestas y los juegos en mercados clave se revisan constantemente y pueden cambiar (incluso en cuanto a su interpretación por parte de los reguladores) con poca antelación. Estos cambios podrían beneficiar o tener un efecto adverso en el negocio y se podrían incurrir en costos adicionales para cumplir. El incumplimiento conduce a un mayor riesgo de investigación(es) y acciones regulatorias y sanciones en forma de condiciones de licencia, sanciones financieras y/o pérdida de una licencia de operación.
|
· | Safe and sustainable gambling: Safe gambling underpins our strategy with one of our five strategic pillars being that we will build sustainable relationships with our customers by providing them with safe environments in which to play. This minimises the potential for our customers to suffer harm from their gambling and will assist the Group in ensuring that it grows the business in a sustainable way.
|
· | Gente: Es fundamental para el éxito de la organización y la imposibilidad de atraer o retener a personas clave puede afectar la capacidad del Grupo para cumplir con sus prioridades estratégicas.
|
· | Strategic programmes: Key projects and programmes could fail to deliver and/or take longer to deliver, resulting in missed market opportunities or missed synergies and savings for the Group.
|
· | Salud y seguridad: El incumplimiento de los requisitos de las diversas normas y reglamentos nacionales e internacionales relacionados con la seguridad de nuestros empleados y clientes podría exponer al Grupo (y a los Consejeros y empleados individuales) a acciones civiles, penales y/o regulatorias importantes con las consecuencias financieras y reputacionales asociadas. consecuencias.
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· | Data protection and management: The inability to adequately protect sensitive customer data and other key data could lead to information assets that could be leaked, exposed, hacked or transmitted. This could result in customer detriment, formal investigations and/or possible litigation leading to prosecution, fines and/or damage to our brands.
|
· | Resiliencia cibernética: Cyber-attacks can disrupt and cause considerable financial and reputational damage to the Group. If a cyber-attack were to occur, the Group could lose assets, reputation and business, and potentially face regulatory fines and/or litigation.
Las operaciones dependen en gran medida de la tecnología y los sistemas de información avanzados (como el uso de la computación en la nube) y existe el riesgo de que dicha tecnología o sistemas fallen o se produzcan interrupciones.
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· | Business continuity and Disaster Recovery: La planificación y preparación de la organización, para garantizar que pueda superar incidentes o desastres graves y reanudar las operaciones normales dentro de un período razonablemente corto, es fundamental para garantizar que haya un impacto mínimo en sus operaciones, clientes y reputación.
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· | Dependency on third parties and supply chain: El Grupo depende de varios de ellos para el funcionamiento de su negocio. El retiro o eliminación del mercado de uno o más de estos proveedores externos, el incumplimiento por parte de estos proveedores de sus obligaciones contractuales o los problemas de reputación que surjan en relación con estos proveedores podrían afectar negativamente las operaciones, especialmente cuando estos proveedores son de nicho.
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· | Fiscalidad: Los cambios en los regímenes fiscales en los mercados nacionales e internacionales pueden ocurrir con poca antelación. Estos cambios podrían beneficiar o tener un impacto adverso con costos adicionales potencialmente incurridos para cumplir.
|
· | Liquidity and funding: The Group is reliant on committed debt facilities with four lenders, all of which have specific obligations and covenants that need to be met, and multiple banks for clearing (transaction processing).
A loss of debt facilities and/or clearing facilities could result in the Group being unable to meet its obligations as they become due. |
Riesgos emergentes y en evolución
Although rates of inflation and energy costs have now stabilised and shown early signs of easing, the current economic pressures are still a cause for concern for many consumers. The directors continue to be vigilant of the changing economic backdrop and the impact on the Group. This is further supported by horizon scanning work performed by executive management in conjunction with the Board, with regular debate on new and emerging risks taking place.
Additionally, the Group continues to evolve its analysis of climate-related risks and opportunities. However, climate risks are currently not regarded as a principal risk and the risk itself is currently considered low.
Declaración de responsabilidad de los directores
Cada uno de los directores nombrados a continuación confirma que a su leal saber y entender:
· | The condensed consolidated financial statements, prepared under UK-adopted IAS 34 'Interim Financial Reporting', give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole; and |
· | El informe de gestión incluye una revisión fiel de la evolución y rendimiento del negocio y de la situación de la Sociedad y de los compromisos incluidos en la consolidación en su conjunto, junto con una descripción de los riesgos e incertidumbres a los que se enfrentan. |
Los directores de The Rank Group Plc son:
Chew Seong Aun
Lucinda Charles Jones
Richard Harris
Keith Laslop
Katie McAlister
John O'Reilly
Alex Thursday
karen whitworth
Firmado en nombre de la junta el 31 de enero de 2024
John O'Reilly | Richard Harris |
Director | Director Financiero |
Estado de resultados condensado consolidado
(No auditado)
por los seis meses terminados el 31 de diciembre de 2023
| Seis meses finalizados el 31 de diciembre de 2023 | Seis meses finalizados el 31 de diciembre de 2022 (replanteado) | |||||||||||
|
| Por separado |
| Por separado | |||||||||
|
| elementos divulgados |
| elementos divulgados | |||||||||
| Subyacente | (nota 3) | Total | Subyacente | (nota 3) | Total | |||||||
Note | £ m | £ m | £ m | £ m | £ m | £ m | |||||||
Operaciones continuas |
|
|
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Ingresos | 2 | 362.6 | - | 362.6 | 338.9 | - | 338.9 | ||||||
El costo de ventas |
2 | (208.3) | - | (208.3) | (208.4) | (95.4) | (303.8) | ||||||
Beneficio bruto (pérdida) | 154.3 | - | 154.3 | 130.5 | (95.4) | 35.1 | |||||||
Otros costos operativos | 2 | (132.7) | (5.4) | (138.1) | (129.3) | (8.8) | (138.1) | ||||||
Utilidad (pérdida) operativa | 2 | 21.6 | (5.4) | 16.2 | 1.2 | (104.2) | (103.0) | ||||||
Financiación: |
|
|
| ||||||||||
- costos financieros | (5.9) | - | (5.9) | (6.1) | - | (6.1) | |||||||
- ingresos financieros | 0.4 | - | 0.4 | 0.2 | - | 0.2 | |||||||
- otras ganancias (pérdidas) financieras | 0.2 | (0.5) | (0.3) | (0.1) | (0.1) | (0.2) | |||||||
Cargo de financiamiento neto total | 4 | (5.3) | (0.5) | (5.8) | (6.0) | (0.1) | (6.1) | ||||||
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|
|
| ||||||||||
Beneficio (pérdida) antes de impuestos | 16.3 | (5.9) | 10.4 | (4.8) | (104.3) | (109.1) | |||||||
Taxation | 5 | (2.8) | 1.2 | (1.6) | (0.8) | 7.0 | 6.2 | ||||||
Ganancia (pérdida) del período de operaciones continuas |
| 13.5 | (4.7) | 8.8 | (5.6) | (97.3) | (102.9) | ||||||
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|
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Beneficio (pérdida) del período |
| 13.5 | (4.7) | 8.8 | (5.6) | (97.3) | (102.9) | ||||||
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Atribuible a: |
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Accionistas de la matriz |
| 13.5 | (4.5) | 9.0 | (5.6) | (97.3) | (102.9) | ||||||
Participaciones no controladoras |
| - | (0.2) | (0.2) | - | - | - | ||||||
| 13.5 | (4.7) | 8.8 | (5.6) | (97.3) | (102.9) | |||||||
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Ganancia (pérdida) por acción atribuible a los accionistas |
|
| |||||||||||
- básico | 7 | 2.9p | (1.0) p | 1.9p | (1.2) p | (20.8) p | (22.0) p | ||||||
- diluido | 7 | 2.9p | (1.0) p | 1.9p | (1.2) p | (20.8) p | (22.0) p | ||||||
Ganancia (pérdida) por acción - operaciones continuas |
|
| |||||||||||
- básico | 7 | 2.9p | (1.0) p | 1.9p | (1.2) p | (20.8) p | (22.0) p | ||||||
- diluido | 7 | 2.9p | (1.0) p | 1.9p | (1.2) p | (20.8) p | (22.0) p | ||||||
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Estado consolidado condensado de resultados integrales
(No auditado)
por los seis meses terminados el 31 de diciembre de 2023
Seis meses terminaron
| Seis meses terminaron (Reafirmado) | |
| ||
£ m | £ m | |
Resultado integral: |
| |
Beneficio (pérdida) del período | 8.8 | (102.9) |
Otro resultado integral: |
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Partidas que pueden reclasificarse a resultados: |
| |
Ajustes cambiarios netos de impuestos | 0.3 | 1.3 |
Total utilidad (pérdida) integral del período | 9.1 | (101.6) |
Atribuible a: | ||
Accionistas de la matriz | 9.3 | (101.6) |
Participaciones no controladoras | (0.2) | - |
Balance general consolidado condensado
(No auditado)
al 31 de diciembre de 2023 y al 30 de junio de 2023
| Como en 31 diciembre | Como en 30 junio (replanteado) | |
|
| ||
Note | £ m | £ m | |
Activos |
| ||
Activos no corrientes |
| ||
Activos intangibles | 454.5 | 456.8 | |
Propiedad, planta y equipo. | 99.6 | 97.5 | |
Activos por derecho de uso | 65.7 | 64.1 | |
Activos por impuestos diferidos | 8.1 | 8.1 | |
Otros ingresos | 5.1 | 5.4 | |
633.0 | 631.9 | ||
| |||
Activos circulantes |
| ||
Los inventarios | 2.4 | 2.2 | |
Otros ingresos | 27.7 | 29.1 | |
Impuesto sobre la renta por cobrar | 6.0 | 15.0 | |
Activos clasificados como mantenidos para la venta | 8 | 2.1 | - |
Depósitos en efectivo y a corto plazo | 69.7 | 58.0 | |
107.9 | 104.3 | ||
| |||
los activos totales | 740.9 | 732.6 | |
|
| ||
Pasivos |
| ||
Pasivo circulante |
| ||
Comerciales y otras cuentas a pagar | (142.2) | (128.3) | |
Pasivos clasificados como mantenidos para la venta | 8 | (1.1) | - |
Pasivos por arrendamiento | (42.1) | (42.2) | |
Impuesto sobre la Renta por pagar | (2.5) | (5.7) | |
Pasivos financieros - préstamos y empréstitos | (54.4) | (63.7) | |
Provisiones | 9 | (3.6) | (7.3) |
(245.9) | (247.2) | ||
| |||
Pasivos corrientes netos | (138.0) | (142.9) | |
|
| ||
Pasivos no corrientes |
| ||
Pasivos por arrendamiento | (120.2) | (126.8) | |
Pasivos por impuestos diferidos | (1.6) | (1.5) | |
Provisiones | 9 | (34.5) | (31.7) |
Obligaciones por beneficios de jubilación |
| (3.4) | (3.4) |
| (159.7) | (163.4) | |
|
| ||
Pasivos totales |
| (405.6) | (410.6) |
|
|
| |
Activos netos |
| 335.3 | 325.6 |
|
|
| |
Capital y reservas atribuibles a los accionistas del Grupo | |||
Capital social | 65.0 | 65.0 | |
Compartir premium | 155.7 | 155.7 | |
Reserva de amortización de capital |
| 33.4 | 33.4 |
Reserva de traducción de intercambio |
| 14.3 | 14.0 |
Ganancias retenidas |
| 66.8 | 57.2 |
Patrimonio total antes de participaciones no controladoras |
| 335.2 | 325.3 |
Participaciones no controladoras |
| 0.1 | 0.3 |
Equidad total de los accionistas |
| 335.3 | 325.6 |
Estado de cambios en el patrimonio neto condensado consolidado
(No auditado)
por los seis meses terminados el 31 de diciembre de 2023
| Por los seis meses terminados el 31 de diciembre de 2023 |
|
| |||||
Capital social | Compartir premium | Reserva de amortización de capital | Reserva de traducción de intercambio | Ganancias retenidas | Reservas atribuibles a los accionistas del Grupo | Sin control de intereses | Equidad total | |
| £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m |
Al 1 de julio de 2023 | 65.0 | 155.7 | 33.4 | 14.0 | 61.6 | 329.7 | 0.3 | 330.0 |
Impact of prior period error (note 1) |
|
|
| (4.4) | (4.4) | (4.4) | ||
A 1 de julio de 2023 (modificado) | 65.0 | 155.7 | 33.4 | 14.0 | 57.2 | 325.3 | 0.3 | 325.6 |
Resultado integral: |
|
|
|
|
|
|
|
|
Beneficio (pérdida) del período | - | - | - | - | 9.0 | 9.0 | (0.2) | 8.8 |
Otro resultado integral: |
|
|
|
|
|
|
|
|
Ajustes cambiarios netos de impuestos | - | - | - | 0.3 | - | 0.3 | - | 0.3 |
Utilidad (pérdida) integral total del período | - | - | - | 0.3 | 9.0 | 9.3 | (0.2) | 9.1 |
Transacciones con propietarios: |
|
|
|
|
|
|
|
|
Crédito con respecto a planes de acciones para empleados, incluido el impuesto | - | - | - | - | 0.6 | 0.6 | - | 0.6 |
Al 31 de diciembre de 2023 | 65.0 | 155.7 | 33.4 | 14.3 | 66.8 | 335.2 | 0.1 | 335.3 |
| For the six months ended 31 December 2022 (Restated) |
|
| |||||
Capital social | Compartir premium | Reserva de amortización de capital | Reserva de traducción de intercambio | Ganancias retenidas | Reservas atribuibles a los accionistas del Grupo | Sin control de intereses | Equidad total | |
| £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m |
At 1 July 2022 (as reported) | 65.0 | 155.7 | 33.4 | 14.6 | 156.5 | 425.2 | (0.1) | 425.1 |
Impacto del error del período anterior | - | - | - | - | (3.9) | (3.9) | - | (3.9) |
A 1 de julio de 2022 (modificado) | 65.0 | 155.7 | 33.4 | 14.6 | 152.6 | 421.3 | (0.1) | 421.2 |
Resultado integral: |
|
|
|
|
|
|
|
|
Pérdida del período | - | - | - | - | (101.2) | (101.2) | - | (101.2) |
Impacto del error del período anterior | - | - | - | - | (1.7) | (1.7) | - | (1.7) |
Otro resultado integral: |
|
|
|
|
|
|
|
|
Ajustes cambiarios netos de impuestos | - | - | - | 1.3 | - | 1.3 | - | 1.3 |
Utilidad (pérdida) integral total del período | - | - | - | 1.3 | (102.9) | (101.6) | - | (101.6) |
Transacciones con propietarios: |
|
|
|
|
|
|
|
|
Crédito con respecto a planes de acciones para empleados, incluido el impuesto | - | - | - | - | 0.2 | 0.2 | - | 0.2 |
Al 31 de diciembre de 2022 | 65.0 | 155.7 | 33.4 | 15.9 | 49.9 | 319.9 | (0.1) | 319.8 |
Estado de flujo de efectivo condensado consolidado
(No auditado)
por los seis meses terminados el 31 de diciembre de 2023
| Seis meses terminaron 31 diciembre 2023 | Seis meses terminaron 2022 (reformulado) | |
|
| ||
Note | £ m | £ m | |
flujos de efectivo por actividades operacionales |
|
| |
Efectivo generado por operaciones | 11 | 63.0 | 48.6 |
Interés recibido |
| 0.5 | 0.1 |
Pago interesado |
| (2.1) | (7.6) |
Tax received (paid) |
| 4.5 | (2.5) |
Efectivo neto generado por actividades operativas |
| 65.9 | 38.6 |
|
|
| |
Flujos de efectivo de actividades de inversión |
|
| |
Compra de activos intangibles |
| (7.9) | (4.4) |
Compra de propiedad, planta y equipo | (11.4) | (19.8) | |
Pago de contraprestación contingente de combinación de negocios | 12 | - | (0.3) |
Efectivo neto utilizado en actividades de inversión |
| (19.3) | (24.5) |
|
|
| |
Flujos de efectivo de actividades de financiación |
|
| |
Reembolso de préstamos a plazo |
| (44.4) | - |
Reembolso de líneas de crédito renovables |
| (52.0) | - |
Disposición de líneas de crédito revolving |
| 88.0 | - |
Amortizaciones del principal del arrendamiento |
| (22.9) | (20.3) |
Efectivo neto utilizado en actividades de financiación. |
| (31.3) | (20.3) |
|
|
| |
Net increase (decrease) in cash and short-term deposits |
| 15.3 | (6.2) |
Efecto de las variaciones del tipo de cambio |
| (0.2) | 0.2 |
Cash and short-term deposits at start of period (as restated) |
| 56.5 | 91.3 |
Efectivo y depósitos a corto plazo al final del período |
| 71.6 | 85.3 |
|
1. Información general, bases de elaboración y políticas contables
Información general
Rank Group Plc ('la Compañía') y sus subsidiarias (en conjunto, 'el Grupo') operan servicios de juego en Gran Bretaña (incluidas las Islas del Canal), España e India.
La Compañía es una sociedad anónima que cotiza en la Bolsa de Valores de Londres y está constituida y domiciliada en Inglaterra y Gales con el número de registro 03140769. La dirección de su domicilio social es TOR, Saint-Cloud Way, Maidenhead, SL6 8BN.
La presente información financiera intermedia consolidada resumida fue aprobada para su emisión el 31 de enero de 2024.
This condensed consolidated interim 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 2023 were approved by the Board of Directors on 16 August 2023 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement made under Section 498 of the Companies Act 2006.
Esta información financiera intermedia consolidada resumida ha sido revisada pero no auditada.
Base de preparación
This condensed consolidated interim financial information for the six months ended 31 December 2023 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with UK-adopted International Accounting Standards (IAS) 34 'Interim financial reporting'. The condensed consolidated interim financial information should be read in conjunction with the financial statements for the 12-month period ended 30 June 2023, which have been prepared in accordance with UK-adopted International Accounting Standards.
Preocupación continua
Evaluación
In adopting the going concern basis for preparing the condensed consolidated interim financial statements, the Directors have considered the circumstances impacting the Group during the last year, along with recent trading performance as detailed in the trading review section, the latest forecast for 2023/24 and the long range forecast up until 31 January 2025 approved by the Board. The Directors have also reviewed the Group's projected compliance with its banking covenants and access to funding options for the period until 31 January 2025; the going concern period.
The assumptions are consistent with the assumptions made as at the June 2023 Annual Report, which were approved by the Board. Key considerations are the assumptions on the levels of customer visits and their average spend in the venues-based businesses, the number of first time and returning depositors in the digital businesses, and the average level of spend per visit for each.
The key base case assumptions on costs are as follows:
· Payroll costs are adjusted for increases in National Minimum Wage and pay rises in April 2024.
· Rent due is paid on time.
· Capital expenditure is in line with strategic plans.
· Se asumen condiciones de pago estándar para los pagos a proveedores.
The base case view contains certain discretionary costs within management control that could be reduced in the event of a revenue downturn. These include reductions to overheads, reduction to marketing costs, reductions to the venues' operating costs and reductions to capital expenditure.
The committed financing position in the base case within the going concern assessment period is that the Group have access to the following new committed facilities which were executed on 22 January 2024:
· Revolving credit facilities ("RCF") of £90.0m, repayable in 3 years.
· Term loan of £30.0m with bullet repayment in 2 years 9 months.
In undertaking their assessment, the Directors also reviewed compliance with the banking covenants ("Covenants") which are tested bi-annually at June and December. In the base case scenario, the Group expects to meet the Covenants at June 2024 and December 2024 and have available cash to meet liabilities as they fall due.
Análisis de sensibilidad
The base case view reflects the Directors' best estimate of the outcome for the going concern period. A number of plausible but severe downside risks, including consideration of controllable mitigating actions, have been modelled with particular focus on the potential impact to cash flows, cash headroom and covenant compliance throughout the going concern period.
The two downside scenarios modelled are:
(i) revenues in the Grosvenor and digital businesses fall by 5% from the base case scenario, with management taking no mitigating actions to reduce costs or capex.
Having modelled the downside scenario, the indication is that the Group would continue to meet its covenant requirements and have available cash to meet its liabilities.
(ii) a scenario explicitly designed to show under what revenue declines the Company would run out of liquidity, or the covenants would not be met. Revenues in Grosvenor fall by 39.5% in H2 FY24 and by 32% in FY25 with management taking actions including but not limited to: reduction in employment costs; reduction in marketing costs; no dividends paid. Management considers this scenario to be remote.
Having reviewed the stress test scenario, management are confident there are controllable mitigating actions as described under (ii) that they can put into place to prevent the scenario occurring.
Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period at least through to 31 January 2025. For these reasons, the Directors continue to adopt the going concern basis for the preparation of these condensed consolidated interim financial statements.
Declaración de empresa en marcha
Based on the Group's cash flow forecasts and business plan, the Directors believe that the Group will generate sufficient cash to meet its liabilities and meet covenant requirements as they fall due for the period up to 31 January 2025. In making such statement, the Directors highlight forecasting accuracy in relation to the level of trading performance achieved as the key sensitivity in the approved base case.
The Directors have considered two downside scenarios which reflects a reduced trading performance, inflationary impacts on the cost base and various management controllable mitigations.
In each of the downside scenarios, the Group will generate sufficient cash to meet its liabilities as they fall due and meet its covenant requirements to the period to 31 January 2025, with scenario (ii) requiring the implementation and execution of mitigating cost actions within the control of management.
Políticas de contabilidad
Normas, modificaciones e interpretaciones de normas existentes adoptadas por el Grupo
The accounting policies and methods of computation adopted in the condensed consolidated interim financial information are consistent with those followed in the Group's financial statements for the year ended 30 June 2023, with the exception of the accounting policy in respect of assets held for sale and discontinued operations, which is a new policy applied by the Group for the six months ended 31 December 2023. The policy is discussed in further detail below.
No hay normas o interpretaciones nuevas o modificadas que hayan entrado en vigor en el período a partir del 1 de julio de 2023 que hayan tenido un impacto material sobre los valores o revelaciones en la información financiera intermedia consolidada resumida.
El Grupo no ha adoptado anticipadamente ninguna norma, interpretación o enmienda que haya sido emitida pero que aún no sea efectiva.
Elementos divulgados por separado ('SDI')
The Group incurs costs and earns income that is non-recurring in nature or that, in the Directors' judgement, need to be disclosed separately by virtue of their size and incidence in order for users of the condensed consolidated interim financial information to obtain a proper understanding of the financial information and the underlying performance of the business.
These items include (but are not limited to):
? | Amortización de activos intangibles adquiridos; |
? | Ganancia o pérdida en la enajenación de negocios; |
? | Costos o ingresos asociados al cierre de locales; |
? | Costos de adquisición y disposición, incluidos los cambios en la contraprestación diferida o contingente; |
? | Cargos por deterioro; |
? | Reversión de cargos por deterioro previamente reconocidos; |
? | Disposiciones relacionadas con la propiedad; |
? | Costes de reestructuración como parte de un programa anunciado; |
? | Conversión y nueva medición de contraprestación contingente en moneda extranjera; |
? | Dispensación de intereses de provisiones por deterioro general; |
? | General dilapidations asset depreciation; |
? | Discontinued operations and assets classified as held for sale; |
? | Significant, material proceeds from tax appeals, and |
? | El impacto fiscal de todo lo anterior. |
Determinar si un elemento es parte de elementos de ajuste específicos requiere juicio para determinar la naturaleza y la intención de la transacción.
Activos mantenidos para la venta y operaciones discontinuadas
This is a new policy which the Group has applied for the first time, for the six months ended 31 December 2023.
The Group classifies non-current assets and disposal of an asset as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.
Property, plant and equipment, right-of-use assets and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the balance sheets.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group income statement.
Estimaciones y juicios
In preparing this condensed consolidated financial information, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses, including inflationary cost pressures impacting the cost of living and customer sentiment and behaviour. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30 June 2023.
Taxation
Los impuestos sobre la renta en los períodos intermedios se devengan utilizando la tasa impositiva que sería aplicable a las ganancias anuales totales esperadas.
Reexpresión del período anterior
These consolidated interim financial statements include a prior year restatement in relation to: prior year costs identified in the Digital business which erroneously had not been recognised in the prior year consolidated interim income statements.
Costes no registrados en el negocio Digital
During the period, the Group identified an accumulated total of £4.4m of prior year adjustments within the Digital business comprising £3.2m of trading related costs which erroneously had not been recognised in the prior year financial statements, and £1.2m of excess releases to income which erroneously had been recognised in the prior year financial statements. Of the total value of £4.4m, £0.5m relates to FY2022/23 which will be corrected as a prior period adjustment in FY23/24 financial statement. With £1.7m relating to H1 2022/23 and £(1.2)m to H2 2022/23. The remaining £3.9m relates to pre 2022/23.
The adjustments to cash relate to the trading related costs being erroneously recognised as cash in transit.
The prior period comparatives have been restated for the above items in accordance with IAS 8: 'Accounting Policies, Changes in Accounting Policies and Errors' and have impacted the primary financial statements as follows:
Estado de resultados
por los seis meses terminados el 31 de diciembre de 2022
Como se informó anteriormente | del Riesgo | Sin auditar y reformulado | |
£ m | £ m | £ m | |
|
|
|
|
Ingresos | 338.9 | - | 338.9 |
El costo de ventas | (303.8) | - | (303.8) |
Beneficio bruto | 35.1 | - | 35.1 |
Otros costos operativos | (136.1) | (2.0) | (138.1) |
Utilidad (pérdida) operativa | (101.0) | (2.0) | (103.0) |
Financiación: | |||
- finance costs | (6.1) | - | (6.1) |
- finance income | 0.2 | - | 0.2 |
- otras ganancias financieras | (0.2) | - | (0.2) |
Cargo de financiamiento neto total | (6.1) | - | (6.1) |
Pérdida antes de impuestos | (107.1) | (2.0) | (109.1) |
Taxation | 5.9 | 0.3 | 6.2 |
Loss profit for the period from continuing operations | (101.2) | (1.7) | (102.9) |
Pérdida del período | (101.2) | (1.7) | (102.9) |
Como se informó anteriormente | del Riesgo | Sin auditar y reformulado | |
£ m | £ m | £ m | |
Ganancias totales por acción atribuibles a los accionistas | |||
- básico | (21.6) p | (0.4) p | (22.0) p |
- diluido | (21.6) p | (0.4) p | (22.0) p |
Ganancias por acción subyacentes atribuibles a los accionistas | |||
- básico | (21.6) p | (0.4) p | (22.0) p |
- diluido | (21.6) p | (0.4) p | (22.0) p |
Balance
Al 30 de junio de 2023
Audited and reported £ m | del Riesgo £ m | Audited and restated £ m | |
Activos |
| ||
Otros ingresos | 6.2 | (0.8) | 5.4 |
Activos por impuestos diferidos | 7.6 | 0.5 | 8.1 |
Impuesto sobre la renta por cobrar | 14.9 | 0.1 | 15.0 |
Depósitos en efectivo y a corto plazo | 60.0 | (2.0) | 58.0 |
los activos totales | 738.4 | (2.2) | 736.2 |
|
| ||
Pasivos | |||
Comerciales y otras cuentas a pagar | (126.1) | (2.2) | (128.3) |
Pasivos totales | (408.4) | (2.2) | (410.6) |
|
| ||
Activos netos | 330.0 | (4.4) | 325.6 |
|
| ||
Equidad |
| ||
Ganancias retenidas | 61.6 | (4.4) | 57.2 |
Patrimonio total antes de participaciones no controladoras | 329.7 | (4.4) | 325.3 |
Participaciones no controladoras | 0.3 | - | 0.3 |
Equidad total de los accionistas | 330.0 | (4.4) | 325.6 |
Estado de flujo de efectivo
por los seis meses terminados el 31 de diciembre de 2022
Como se informó anteriormente £ m | del Riesgo £ m | Sin auditar y reformulado £ m | |
flujos de efectivo por actividades operacionales |
| ||
Efectivo generado por operaciones | 48.6 | - | 48.6 |
Efectivo neto generado por actividades operativas | 38.6 | - | 38.6 |
Efectivo neto utilizado en actividades de inversión | (24.5) | - | (24.5) |
Efectivo neto utilizado de actividades de financiación | (20.3) | - | (20.3) |
Net decrease in cash and short-term deposits | (6.2) | - | (6.2) |
Efectivo y depósito a corto plazo al inicio del período | 95.7 | (4.4) | (91.3) |
Efectivo y depósitos a corto plazo al final del período | 89.7 | (4.4) | 85.3 |
2. Información por segmentos
| Seis meses finalizados el 31 de diciembre de 2023 (no auditado) | |||||||||||
Recursos | Lugares de Grosvenor | Lugares de La Meca | Enracha Recintos | Costos centrales | Total | |||||||
£ m | £ m | £ m | £ m | £ m | £ m | |||||||
|
|
|
|
|
|
| ||||||
Ingresos por segmento | 108.4 | 167.5 | 67.2 | 19.5 | - | 362.6 | ||||||
|
| |||||||||||
Utilidad (pérdida) operativa | 10.1 | 14.0 | - | 5.0 | (7.5) | 21.6 | ||||||
Elementos divulgados por separado | (3.8) | (0.3) | (1.0) | - | (0.3) | (5.4) | ||||||
Resultado del segmento | 6.3 | 13.7 | (1.0) | 5.0 | (7.8) | 16.2 | ||||||
|
|
|
|
|
|
| ||||||
Costos financieros |
|
|
|
|
| (5.9) | ||||||
Ingresos financieros |
|
|
|
|
| 0.4 | ||||||
Otras ganancias financieras |
|
|
|
|
| (0.3) | ||||||
Beneficio antes de impuestos |
|
|
|
|
| 10.4 | ||||||
Taxation |
|
|
|
|
| (1.6) | ||||||
Beneficio del período de operaciones continuadas |
|
|
|
|
| 8.8 | ||||||
|
|
|
|
|
|
|
|
|
| |||
Six months ended 31 December 2022 (unaudited and restated) | ||||||||||||
Recursos | Lugares de Grosvenor | Lugares de La Meca | Salas de Enracha | Costos Centrales | Total | |||||||
£ m | £ m | £ m | £ m | £ m | £ m | |||||||
Ingresos por segmento | 100.8 | 153.4 | 67.0 | 17.7 | - | 338.9 | ||||||
Utilidad (pérdida) operativa | 5.4 | 4.3 | (5.9) | 3.9 | (6.5) | 1.2 | ||||||
Elementos divulgados por separado | (4.7) | (46.7) | (55.9) | (0.1) | 3.2 | (104.2) | ||||||
Resultado del segmento | 0.7 | (42.4) | (61.8) | 3.8 | (3.3) | (103.0) | ||||||
Costos financieros | (6.1) | |||||||||||
Ingresos financieros | 0.2 | |||||||||||
Otras pérdidas financieras | (0.2) | |||||||||||
Pérdida antes de impuestos | (109.1) | |||||||||||
Taxation | 6.2 | |||||||||||
Pérdida del período por operaciones continuas | (102.9) | |||||||||||
Under IFRS 8 - Operating Segments, segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision-Makers ("CODM").
Para aumentar la transparencia, el Grupo continúa incluyendo información adicional que analiza los costos totales por tipo y segmento. A continuación se presenta una conciliación de los costos totales, antes de partidas separadas, por tipo y segmento:
|
|
|
|
|
| |||
| Seis meses finalizados el 31 de diciembre de 2023 (no auditado) |
| ||||||
Recursos | Lugares de Grosvenor | Lugares de La Meca | Salas de Enracha | Costos centrales | Total | |||
£ m | £ m | £ m | £ m | £ m | £ m | |||
Empleo y costos relacionados | 16.5 | 67.9 | 22.7 | 9.4 | 3.4 | 119.9 | ||
Impuestos y deberes | 24.4 | 35.1 | 12.3 | 1.0 | 1.8 | 74.6 | ||
Costos directos | 26.4 | 15.2 | 10.6 | 1.7 | - | 53.9 | ||
Costos de propiedad | 0.3 | 5.2 | 2.3 | 0.3 | 0.1 | 8.2 | ||
Marketing | 19.3 | 4.1 | 2.3 | 1.4 | - | 27.1 | ||
depreciación y amortización | 7.1 | 11.9 | 2.7 | 0.7 | 1.5 | 23.9 | ||
Otro | 4.3 | 14.1 | 14.3 | - | 0.7 | 33.4 | ||
Total costs before SDI | 98.3 | 153.5 | 67.2 | 14.5 | 7.5 | 341.0 | ||
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El costo de ventas |
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| 208.3 | |||
Los costos de operación |
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| 132.7 | |||
Total costs before SDI |
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| 341.0 | ||
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| Six months ended 31 December 2022 (unaudited and restated) |
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Recursos | Lugares de Grosvenor | Lugares de La Meca | Salas de Enracha | Costos centrales | Total | |||
£ m | £ m | £ m | £ m | £ m | £ m | |||
Empleo y costos relacionados | 14.9 | 62.5 | 22.9 | 8.5 | 3.9 | 112.7 | ||
Impuestos y deberes | 24.2 | 33.5 | 12.8 | 1.0 | 0.3 | 71.8 | ||
Costos directos | 27.5 | 14.3 | 10.7 | 1.4 | - | 53.9 | ||
Costos de propiedad | 0.3 | 5.4 | 3.2 | 0.5 | 0.5 | 9.9 | ||
Marketing | 17.6 | 3.4 | 2.8 | 1.1 | 0.1 | 25.0 | ||
depreciación y amortización | 7.4 | 15.9 | 6.0 | 0.8 | 1.4 | 31.5 | ||
Otro | 3.5 | 14.1 | 14.5 | 0.5 | 0.3 | 32.9 | ||
Total costs before SDI | 95.4 | 149.1 | 72.9 | 13.8 | 6.5 | 337.7 | ||
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El costo de ventas | 208.4 | |||||||
Los costos de operación | 129.3 | |||||||
Total costs before SDI | 337.7 | |||||||
3. Elementos divulgados por separado
Seis meses terminaron 2023 | Seis meses terminaron 2022 | |
(No auditado) | (No auditado) | |
£ m | £ m | |
Elementos divulgados por separado |
| |
Amortización de activos intangibles adquiridos | (3.2) | (4.4) |
cierre de locales | (0.1) | (7.3) |
Provisiones relacionadas con la propiedad | (1.6) | - |
Impairment of assets held for sale (note 8) | (0.5) | - |
Cargos por deterioro | - | (95.4) |
Costos de integración | - | (0.1) |
Disposal provision | - | 3.7 |
Costos de transformación empresarial | - | (0.7) |
Impacto en el resultado operativo | (5.4) | (104.2) |
Interés | (0.5) | (0.1) |
Fiscalidad (nota 5) | 0.9 | 7.0 |
Total de partidas divulgadas por separado | (5.0) | (97.3) |
Amortización de activos intangibles adquiridos
Acquired intangible assets are amortised over the life of the assets with the charge being included in the Group's reported amortisation expense. Given these charges are material and non-cash in nature, the Group's underlying results have been adjusted to exclude the amortisation expense of £3.2m (2022: £4.4m) relating to the acquired intangible assets of Stride and YoBingo.
cierre de locales
During the period, the Group has recognised £0.1m of closure costs, related to a number of Mecca venues and additional incidental closure costs that could not be provided for at the year-end. Upon initial recognition of closure provisions, management uses its best estimates of the expected relevant costs to be incurred, as well as expected closure dates. These estimates are reviewed periodically to ensure they remain reasonable. During the six months ended 31 December 2022, the Group closed a number of Grosvenor and Mecca venues at a cost of £7.3m.
Estos son costos materiales únicos y, como tales, se han excluido de los resultados subyacentes.
Provisiones relacionadas con la propiedad
The Group recognised a dilapidation liability (and corresponding dilapidation asset) of £27.2m during the period ended 31 December 2022. As a result, the Group have recognised dilapidation asset depreciation of £0.7m (2022: £nil) and interest on dilapidation liability of £0.5m (2022: £nil) both recognised as separately disclosed items. During the period, the Group raised £0.8m in closure provisions for a number of Mecca venues which are already closed or due to close in the current financial year. Additionally, the Group created a £0.4m specific dilapidation provision for two of these venues. Concurrently, the Group released £0.4m from specific dilapidation provision for one Grosvenor venue.
Property related provisions do not relate to the operations of the Group, rather a direct result of potential club or property closure and are therefore excluded from underlying results.
Esta es una provisión importante y única y, como tal, ha sido excluida de los resultados subyacentes consistentes con el reconocimiento original de la provisión.
Cargos por deterioro
During the period, the Group recognised £nil impairment charges. During the six months ended 31 December 2022, the Group recognised impairment charges of £95.4m relating to Grosvenor venues and Mecca clubs. This was following an assessment whereby further impairment charges were recognised for a number of reasons, including lower than anticipated performances, further reduction in forecast earnings and a decision to close a number of clubs and venues.
Estos elementos son materiales, no recurrentes y, como tales, se han excluido de los resultados subyacentes.
Costos de integración
Costs directly associated with the integration of business acquisitions are charged to the income statement. Such items are material, infrequent in nature and are not considered to be part of the underlying business performance.
During the six months ended 31 December 2022, £0.1m of costs were excluded from the underlying operating results of the Group.
Disposal provision
In prior years, a provision was made for legacy industrial disease and personal injury claims, and other directly attributable costs arising as a consequence of the sale or closure of previously owned businesses. During the six months ended 31 December 2022, the Group re-considered this provision by reviewing the historic and recent claims including the final settlement made. The Group also assessed the likelihood of payment for existing and potential future claims and concluded, in most cases, that the payment could be not determined as probable. It was therefore determined necessary to release the provision of £3.7m in the six months ended 31 December 2022.
Costos de transformación empresarial
This was a multi-year change programme for the Group focused around revenue growth, cost savings, efficiencies and ensuring the key enablers are in place. The transformation programme started in January 2019 and expected to complete by 31 December 2021, but due to COVID-19 this period was extended. The multi-year change programme was a material, infrequent programme and was not considered to be part of the underlying business performance.
In the six months ended 31 December 2022, £0.7m of costs were excluded from the underlying performance of the Group.
4. Financiación
Seis meses terminaron 2023 | Seis meses terminaron 2022 | |
(No auditado) | (No auditado) | |
£ m | £ m | |
Costos financieros: |
| |
Intereses sobre deudas y préstamos | (2.2) | (2.2) |
Amortización de los costes de emisión de la deuda | (0.9) | (0.7) |
Intereses pagaderos por arrendamientos | (2.8) | (3.2) |
Costos financieros totales | (5.9) | (6.1) |
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Ingresos financieros: |
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Ingresos por intereses sobre depósitos bancarios a corto plazo | 0.4 | 0.2 |
Ingresos financieros totales | 0.4 | 0.2 |
Otras ganancias (pérdidas) financieras | 0.2 | (0.1) |
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Cargo financiero neto total antes de las partidas reveladas por separado | (5.3) | (6.0) |
Partidas reveladas por separado - intereses | (0.5) | (0.1) |
Cargo de financiamiento neto total | (5.8) | (6.1) |
5. Taxation
El impuesto a las ganancias se reconoce con base en la mejor estimación de la administración de la tasa anual promedio ponderada del impuesto a las ganancias esperada para el período financiero completo.
Seis meses terminaron 2023 | Seis meses terminaron 2022 | |
(No auditado) | (No auditado) | |
Impuesto sobre la renta corriente | £ m | £ m |
Impuesto sobre la renta actual - Reino Unido | - | 0.3 |
Impuesto sobre la renta corriente - en el extranjero | (1.5) | (1.1) |
Cargo por impuesto sobre la renta corriente | (1.5) | (0.8) |
Impuesto a la renta corriente del SDI | - | 3.0 |
Montos sobre provistos en periodos anteriores | - | (0.5) |
Crédito (cargo) de impuesto sobre la renta corriente total | (1.5) | 1.7 |
Impuesto diferido |
| |
Impuesto diferido - Reino Unido | (1.1) | - |
Impuesto diferido - en el extranjero | (0.6) | - |
Impuesto diferido sobre SDI | 1.2 | 4.0 |
Montos sobre provistos en el año anterior | 0.4 | 0.5 |
Crédito total de impuestos diferidos (cargos) | (0.1) | 4.5 |
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Crédito (cargo) fiscal en la declaración de la renta | (1.6) | 6.2 |
El efecto fiscal de las partidas dentro de otros resultados integrales es el siguiente:
Seis meses terminaron 2023 | Seis meses terminaron 2022 | |
(No auditado) | (No auditado) | |
£ m | £ m | |
Current tax credit on exchange movements offset in reserves | 0.1 | 0.2 |
Total tax credit on items within other comprehensive income | 0.1 | 0.2 |
Factores que afectan la tributación futura
El Grupo opera en varios territorios y, por lo tanto, sus ganancias están sujetas a impuestos en varias jurisdicciones. El Grupo monitorea la evolución del impuesto a las ganancias en estos territorios que podría afectar las obligaciones tributarias del Grupo.
El 20 de junio de 2023, se promulgó sustancialmente en el Reino Unido el Proyecto de Ley de Finanzas del Reino Unido, que incluye legislación para implementar los impuestos sobre la renta del Pilar Dos de la OCDE para períodos que comiencen a partir del 1 de enero de 2024. El Grupo ha aplicado la excepción en las Modificaciones a la NIC 12 emitidas en mayo. 2023 y no ha reconocido ni revelado información sobre activos o pasivos por impuestos diferidos relacionados con los impuestos sobre la renta del Pilar Dos.
UK corporation tax is calculated at 25.0% (six months ended 31 December 2022: 20.5%) of the estimated assessable profit for the period. Taxation for overseas operations is calculated at the local prevailing rates.
On 3 March 2021, the Chancellor of the Exchequer announced the increase in the main rate of corporation tax from 19.00% to 25.00% for the year starting 1 April 2023. This change was substantively enacted on 24 May 2021.
Este aumento de tasa aumentará el monto de los pagos de impuestos en efectivo que deberá realizar el Grupo.
Impuesto diferido
At 31 December 2023, there is a net deferred tax asset of £6.3m in respect of the UK. Deferred tax assets are recognised on tax losses to the extent that it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets are reviewed at each reporting date taking into account the recoverability of the deferred tax assets, future profitability and any restrictions on use. In considering their recoverability, the Group takes into account all relevant and available evidence to assess future profitability over a reasonably foreseeable time period. In assessing the probability of recovery, the Directors have reviewed the Group's Strategic Plan that has been used for both the Going Concern and the fixed asset impairment testing. This plan anticipates the existence of future taxable profits as the Group continues its recovery from the impact on trading from Covid-19. This recovery is expected primarily in the Grosvenor business with recent and ongoing investment in refurbishing venues and product enhancement driving additional revenues. Based on the Group's Strategic Plan, the deferred tax asset recognised on tax losses is expected to be recovered by 2028.
6. Dividendos
No interim dividend in respect of the period ended 31 December 2023 (31 December 2022: £nil) has been declared.
7. Underlying earnings per share
Las ganancias subyacentes se calculan ajustando las ganancias atribuibles a los accionistas de capital para excluir los elementos revelados por separado y los efectos fiscales relacionados. Las ganancias subyacentes son una de las medidas de desempeño comercial que utiliza internamente la gerencia para administrar las operaciones del negocio. La gerencia cree que la medida de las ganancias subyacentes ayuda a proporcionar una visión del desempeño subyacente del negocio.
Las ganancias netas subyacentes atribuibles a los accionistas de capital se derivan de la siguiente manera:
Seis meses terminaron 2023 | Seis meses terminaron 2022 | |
(No auditado) | (sin auditar y reformulado) | |
£ | £ | |
Ganancia (pérdida) atribuible a los accionistas | 9.0m | (102.9) m |
Ajustado para: |
| |
Elementos revelados por separado después de impuestos | 4.5m | 97.3m |
Ganancias (pérdidas) subyacentes atribuibles a los accionistas | 13.5m | (5.6) m |
Operaciones continuas | 13.5m | (5.6) m |
Número medio ponderado de acciones ordinarias en emisión | 468.4m | 468.4m |
Ganancias (pérdidas) subyacentes por acción - básicas | 2.9p | (1.2) p |
Operaciones continuas | 2.9p | (1.2) p |
Ganancias (pérdidas) por acción subyacentes - diluidas | 2.9p | (1.2) p |
Operaciones continuas | 2.9p | (1.2) p |
8. Assets and liabilities of disposal group classified as held for sale
At 31 December 2023 the Group had a detailed plan, which was largely complete, to sell its controlling equity stake in Passion Gaming Private Limited ("Passion Gaming"), its online operator of digital card games in India, to its founders and non-controlling equity stakeholders, for an expected consideration of £0.2m. The consideration is payable in cash on completion subject to customary adjustments. The sale is conditional on a limited number of conditions usual for this type of transaction and is expected to complete in the first quarter of 2024. The Passion Gaming business is included in the Digital segment.
The divestment is driven by the change in the local fiscal regulations which substantially increased the tax burden on Passion Gaming. These tax changes were announced at the beginning of August 2023 and came into effect on 1 October 2023. The Group conducted a review of its strategic options and concluded that divestment was the appropriate option.
The assets and liabilities at 31 December 2023 of Passion Gaming have been reclassified as a disposal group held for sale. The major classes of assets and liabilities held for sale, after adjustment for impairment, which relate to Passion Gaming consist of the following:
Como en | ||||
£ m | ||||
Activos intangibles | - | |||
Propiedad, planta y equipo. | - | |||
Cuentas comerciales y otras cuentas por cobrar | 0.2 | |||
Efectivo y equivalentes de efectivo | 1.9 | |||
Activos clasificados como mantenidos para la venta |
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| 2.1 | |
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Comerciales y otras cuentas a pagar | 0.8 | |||
Provisiones | 0.3 | |||
Pasivos clasificados como mantenidos para la venta |
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| 1.1 |
As at the date of reclassification of the Passion Gaming disposal group to held for sale on 31 December 2023, the fair value less cost to sell was less than the carrying amounts. The impairment loss arising on measurement to fair value less cost to sell was £0.5m which has been included as a separately disclosed item in other operating expenses within continuing operations in the income statement for the six months ended 31 December 2023 and includes expected transaction and completion costs.
The impairment loss of £0.5m arising on measurement to fair value less costs to sell has been applied to reduce the carrying amounts of intangible assets by £0.1m to £nil, property, plant and equipment by £0.1m to £nil with additional provisions of £0.3m being recognised.
Prior to disposal Passion Gaming will settle its outstanding intercompany liabilities of £0.8m in cash from the £1.9m cash balance included in the asset disposal group. The loss on disposal that will be recognised as a separately disclosed item on completion of the transaction will also include historical foreign exchange gains and losses previously recognised in equity which at 31 December 2023 amounted to a cumulative loss of £0.1m.
9. Provisiones
Relacionado con la propiedad | Disposición | Impuesto indirecto | Pagar | Garantía |
| ||
provisiones | provisiones | provisiones | provisiones | provisiones | Total | ||
| £ m | £ m | £ m | £ m | £ m | £ m | |
Al 1 de julio de 2023 (auditado) | 37.3 | 0.2 | 1.2 | 0.1 | 0.2 | 39.0 | |
Charge to income statement - SDI | 1.7 | - | - | - | - | 1.7 | |
Released to the income statement - SDI | (0.4) | - | - | - | - | (0.4) | |
Utilizado en el período | (1.0) | - | (1.2) | - | - | (2.2) | |
A 31 de diciembre de 2023 (sin auditar) | 37.6 | 0.2 | - | 0.1 | 0.2 | 38.1 | |
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Current | 3.1 | 0.2 | - | 0.1 | 0.2 | 3.6 | |
No corriente | 34.5 | - | - | - | - | 34.5 | |
A 31 de diciembre de 2023 (sin auditar) | 37.6 | 0.2 | - | 0.1 | 0.2 | 38.1 | |
Las provisiones se han realizado con base en la mejor estimación de la administración sobre los flujos de efectivo futuros, teniendo en cuenta los riesgos asociados con cada obligación.
Provisiones relacionadas con la propiedad
Where the Group no longer operates from a leased property, onerous property contract provisions are recognised for the lease net cost over the expected economic benefits. Unless a separate exit agreement with a landlord has already been agreed, the Group's policy is that this onerous contract provision includes all unavoidable costs of meeting the obligations of the contract. The amounts provided are based on the Group's best estimates of the likely committed outflows and site closure dates. These provisions do not include lease liabilities, however, do include unavoidable costs related to the lease such as service charges, insurance and other directly related costs. As at 31 December 2023, property related provisions include £34.7m (31 December 2022: £36.5m) provision for dilapidations and £2.9m (31 December 2022: £3.0m) onerous contracts provision.
Provisions for dilapidations are recognised where the Group has the obligation to make good its leased properties. The Group re-considered the basis of the general dilapidation provision estimate and recognised an additional asset and liability of £27.2m in financial year 2022-23 as general dilapidation provisions. Following the closures of venues in last three financial years, the possibility of future closures, together with a hardening position from landlords and recessionary environment making certain properties less attractive. These provisions are recognised based on historically settled dilapidations claims which form the basis of the estimated future cash outflows. Any difference between amounts expected to be settled and the actual cash outflow will be accounted for in the period when such determination is made within the income statement.
Where the Group is able to exit lease contracts before the expiry date or agree to sublets, this results in the release of any associated property provisions. Such events are subject to the agreement of the landlord; therefore, the Group makes no assumptions about the ability to either exit or sublet a property until a position is contractually agreed.
Disposiciones de eliminación
In prior years, a provision was made for legacy industrial disease and personal injury claims, and other directly attributable costs arising as a consequence of the sale or closure of previously owned businesses.
As at 31 December 2023, the balance of the disposal provision is £0.2m (31 December 2022: £0.2m), relating to one individual claim where the Group continues to pay.
Indirect tax provisions
The indirect tax provision relates to an amusement machine licence duty claim by HMRC. Rank was required to settle the claim from HMRC and accordingly a payment of £1.2m was made in August 2023. The balance is £nil at 31 December 2023 (31 December 2022: £1.2m).
Pay provisions
The balance of £0.1m (31 December 2022: £0.1m) relates to the remaining settlements associated with the National Minimum Wage (NMW) Regulations for those employees for whom the Group is still in contact for payment details.
Disposiciones de garantía
As a result of the Group's sale of its Blankenberge Casino in Belgium, a warranty provision of £0.8m was recognised in SDI as at 30 June 2021. This amount represented Rank's best estimate of liability in relation to certain indemnities and warranties provided to the purchaser. In the event that the provision for warranties is not called upon over the five-year period, this amount will be released to the Group income statement as an additional profit on sale. During the year ended 30 June 2023, the Group recognised £0.3m additional profit on sale within the SDI of the Group income statement (30 June 2022: £0.2m). The release represents Rank's best estimate of liability that have now passed due to the passage of time in which the purchaser can no longer claim.
As at 31 December 2023, the balance of the warranty provision is £0.2m.
10. Conciliación de préstamos a deuda neta
Los intereses devengados y las comisiones por instalaciones no amortizadas se clasifican como préstamos y empréstitos. A continuación, se presenta una conciliación de los préstamos y obligaciones revelados en el balance con la posición de deuda neta del Grupo:
At | At | |
2023 | 2022 | |
(No auditado) | (sin auditar y reformulado) | |
£ m | £ m | |
Total préstamos y empréstitos | (54.4) | (78.4) |
Ajustado para: |
| |
Interés acumulado | 0.4 | 0.4 |
Tarifas de instalación no amortizadas | - | (0.8) |
(54.0) | (78.8) | |
Efectivo y depósitos a corto plazo de operaciones | 69.7 | 85.3 |
Cash and short-term deposits from assets held for sale | 1.9 | - |
Net cash excluding IFRS16 lease liabilities | 17.6 | 6.5 |
NIIF 16 pasivos por arrendamiento | (162.3) | (169.2) |
Deuda neta | (144.7) | (162.7) |
11. Efectivo generado por operaciones
Seis meses terminaron 2023 (No auditado) | Seis meses terminaron 2022 (sin auditar y reformulado) | |
£ m | £ m | |
Beneficio (pérdida) del año | 8.8 | (103.2) |
Ajustes para: |
| |
depreciación y amortización | 23.9 | 31.5 |
Amortización de comisiones de contratación | 0.9 | - |
Pagos basados en acciones | 0.5 | 0.2 |
Cargo de financiamiento neto | 5.3 | 6.0 |
Cargo por impuesto sobre la renta | 2.8 | 1.1 |
Elementos divulgados por separado | 4.8 | 97.3 |
47.0 | 32.9 | |
Incremento de inventarios | (0.2) | (0.3) |
Disminución (aumento) de otras cuentas por cobrar | 8.2 | (3.2) |
Aumento de cuentas por pagar comerciales y otras | 11.1 | 21.8 |
66.1 | 51.2 | |
Efectivo utilización de provisiones | (2.3) | (1.8) |
Payments in respect of separately disclosed items | (0.8) | (0.8) |
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Efectivo generado por operaciones | 63.0 | 48.6 |
12. Pasivos contingentes
Arreglos de propiedad
El Grupo tiene determinados acuerdos de propiedad en virtud de los cuales los pagos de alquileres revierten al Grupo en caso de incumplimiento por parte de un tercero. A 31 de diciembre de 2023, no se considera probable que el tercero incurra en incumplimiento. Como tal, no se ha reconocido ninguna provisión en relación con estos acuerdos. Si la parte incumpliera estos acuerdos, la obligación para el Grupo sería de 0.8 millones de libras sobre una base de descuento.
Panorama legal y regulatorio
Dada la naturaleza del panorama legal y regulatorio de la industria, de vez en cuando el Grupo recibe avisos y comunicaciones de las autoridades reguladoras y otras partes con respecto a sus actividades y está sujeto a evaluaciones periódicas de cumplimiento de sus actividades autorizadas.
El Grupo reconoce que existe incertidumbre sobre cualquier multa o cargo que puedan imponer los reguladores como resultado de eventos pasados y, dependiendo del estado de dichas revisiones, no siempre es posible estimar de manera confiable la probabilidad, el momento y el valor del efectivo potencial. salidas
Reclamaciones de eliminación
As a consequence of historic sale or closure of previously owned businesses, the Group may be liable for legacy industrial disease and personal injury claims alongside any other directly attributable costs. The nature and timing of these claims is uncertain and depending on the result of the claim's assessment review, it is not always possible to reliably estimate the likelihood, timing and value of potential cash outflow.
Consideración contingente
On 21 April, the Group completed the purchase of the remaining 50% shareholding of Rank Interactive Limited (formerly known as Aspers Online Limited) for a total consideration £1.3m. Of this consideration, £0.5m was paid in cash on completion in lieu of the outstanding loan balance the Company owed to the seller and £0.8m in contingent consideration included in trade and other payables of the Group balance sheet. The contingent consideration will be equivalent to a percentage of the net gaming revenue generated from the acquired customer database. A present value of £0.8m was provisionally recognised for the contingent consideration and is dependent upon the date a competing online gaming operation is established.
During the six months ended 31 December 2023, the Group settled £nil (year ended 30 June 2023: £0.4m) of the contingent consideration leaving a balance of £0.4m.
13. Related parties and ultimate parent undertaking
Guoco Group Limited (Guoco), a company incorporated in Bermuda, and listed on the Hong Kong stock exchange has a controlling interest in The Rank Group Plc. The ultimate parent undertaking of Guoco is GuoLine Capital Assets Limited ('GuoLine') which is incorporated in Jersey. At 31 December 2023, entities controlled by GuoLine owned 57.4% (31 December 2022: 57.5%) of the Company's shares, including 53.3% (31 December 2022: 53.4%) through Guoco's wholly-owned subsidiary, Rank Assets Limited, the Company's immediate parent undertaking. Hong Leong Company (Malaysia) Berhad ("Hong Leong") was the ultimate parent company of Guoco until 16 April 2021 whereupon, following an internal restructure, GuoLine became the ultimate parent company of Guoco.
14. Eventos posteriores al balance
The Group has signed a total debt facility of £120.0m on 22 January 2024. The new debt facility comprises £90.0m of a revolving credit facility ("RCF") with a maturity of three years and £30.0m of a term loan with a maturity of two years and nine months. Upon the commencement of the new loan, £2.3m of unamortised fees will be written off in January 2024. The estimated arrangement fees for the new debt facility are approximately £1.8m and these fees will be amortised over the length of the £120.0m facility.
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