Annual Report and Notice of AGM
09 Abril 2010 - 1:05AM
UK Regulatory
TIDMARE
RNS Number : 9319J
Arena Leisure PLC
09 April 2010
Arena Leisure Plc
("Arena", the "Group", or the "Company")
2009 Annual Report and Notice of 2010 Annual General Meeting
2009 Annual Report
Following the release on 1 March 2010 of Arena's annual results announcement for
the year ended 31 December 2009 the Company has today published its annual
report and accounts for the year ended 31 December 2009 (the "Annual Report").
The Annual Report can be found on the Company's website,
www.arenaleisureplc.com. Copies have also been posted today to those
shareholders who elected to receive paper copies of the Annual Report.
The Notice of Annual General Meeting ("Notice of Meeting") has been published on
the Company's website and the Form of Proxy for the 2010 Annual General Meeting
has today been posted to shareholders.
In accordance with Listing Rule 9.6.1 two copies of the Annual Report and Notice
of Meeting have been sent to the UK Listing Authority and will be available for
viewing shortly at the Document Viewing Facility which is located at: Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
2010 Annual General Meeting
The Arena Leisure Plc 2010 Annual General Meeting will be held at 12 noon on
Wednesday 19 May 2010 at Lingfield Park Racecourse.
Disclosure and Transparency Rule 6.3.5
The information below, which is extracted from the 2009 Annual Report, is
included solely for the purpose of complying with DTR 6.3.5 and the requirements
it imposes on issuers as to how to make public annual financial reports. It
should be read in conjunction with Arena's Preliminary Announcement issued on 1
March 2010. Together these constitute the material required by DTR 6.3.5 to be
communicated to the media in unedited full text through a Regulatory Information
Service. This material is not a substitute for reading the full 2009 Annual
Report. Page numbers and cross-references in the extracted information below
refer to page numbers and cross-references in the 2009 Annual Report.
Principal Risks
The Group regularly reviews ongoing and potential risks which may impact on the
planned execution of strategy and operational performance with a consequential
impact on value. In so doing, management and the Board ensure that appropriate
systems, procedures and controls are in place to mitigate the occurrence and
impact of such risks.
+----------------------------------+----------------------------------+
| Risk type and impact | Mitigation |
+----------------------------------+----------------------------------+
| | |
+----------------------------------+----------------------------------+
| Development risk | |
+----------------------------------+----------------------------------+
| The Group is currently deploying | In order to mitigate the |
| its strategy for the creation of | inherent risks in such a |
| value through maximising the | development programme, the Group |
| potential utilisation of real | has or will: |
| estate and land assets. Central | - Undertake detailed feasibility |
| to this strategy are a number of | studies in respect of the new |
| planned and active development | developments using highly |
| projects. | qualified and experienced |
| | consultants to assess the |
| The current major developments | business |
| are: | potential in each location; |
| - A new hotel and leisure | - Choose to work with |
| facility at Lingfield Park with | internationally recognised hotel |
| construction substantially | brands with significant |
| complete; | experience and market presence |
| - A new hotel extension and | based upon established |
| casino (subject to securing a | management contract and |
| licence) at Wolverhampton | franchise models; |
| Racecourse; | - Employ suitably experienced |
| - A new hotel and residential | and qualified project managers |
| development at Doncaster | for each construction project |
| Racecourse; | who are dedicated |
| - Planning application for | to delivering the development |
| residential development at | from planning through to |
| Folkestone Racecourse; and | completion; and |
| - Planning application for | - Enter into fixed price |
| racecourse and associated | contracts with suitably |
| development at Royal Windsor | experienced and established |
| Racecourse. | building contractors. |
| | |
+----------------------------------+----------------------------------+
| | |
+----------------------------------+----------------------------------+
| Commercial and operational risk | |
+----------------------------------+----------------------------------+
| The Group's business is exposed | Management have taken mitigating |
| to weaknesses in consumer spend, | actions to protect the Group |
| particularly in the private | from current and potential |
| hospitality segment, and to poor | operational risks. |
| weather conditions during the | - The operating cost base has |
| summer months which can severely | been aligned with reduced |
| impact income and, consequently, | customer revenue and the |
| profit. In the current economic | operating synergies arising from |
| downturn this risk has had a | bringing our catering operation |
| material impact on the Group's | in-house have protected profits; |
| trading. | - The Group has appointed |
| | suitably experienced and |
| A significant proportion of the | qualified senior management to |
| Group's annual income is derived | oversee and direct the operation |
| from the statutory Levy on | and standards of performance |
| bookmakers' profits from UK | across all of Arena's |
| horseracing. There is a risk | racecourses; |
| that a replacement for this | - Appropriate systems and |
| scheme may have a potentially | structures are in place to |
| detrimental impact on income. | ensure proper training and |
| A significant proportion of the | supervision of staff, and |
| Group's annual income is derived | management information systems |
| from its contract for the supply | monitor performance on a regular |
| of racing content to Licensed | basis against predetermined |
| Betting Offices. | targets; and |
| | - The Group has made a |
| | significant investment in |
| | information technology, covering |
| | key business areas and, in |
| | particular: reservations, |
| | ticketing and points of sale and |
| | customer relationship |
| | management. These systems are |
| | substantially embedded assets |
| | with a consequent improvement in |
| | the control environment of the |
| | Group. |
| | - There is high level of |
| | involvement of management in the |
| | key industry bodies. The recent |
| | settlement of the 2010/11 Levy |
| | without recourse to the |
| | Secretary of State and the |
| | intention of all parties to seek |
| | a longer-term solution indicate |
| | a reduced risk; and |
| | - The Group enters into |
| | long-term contracts for the |
| | provision of racing content and |
| | has entered into an early |
| | agreement for the period from |
| | 2012 to 2016, securing this |
| | income for the medium term. |
+----------------------------------+----------------------------------+
| | |
+----------------------------------+----------------------------------+
| Strategic risk | |
+----------------------------------+----------------------------------+
| The Group manages a number of | To mitigate this risk the Group |
| strategic risks related to the | has taken the following action: |
| delivery of value through | - Maintaining a close |
| exploiting its multiple sources | relationship with our current |
| of value creation. | lender, as well as building and |
| - The current credit markets | maintaining relationships with |
| have reduced the availability | other potential lenders. In |
| and increased the cost of | addition, management and the |
| additional debt funding which | Board continue to consider other |
| has a potential impact on the | alternative sources of |
| Group's ability to source | investment capital; and |
| acceptable funding for future | - Detailed planning strategies |
| development projects; and | have been developed in |
| - Potential failure to achieve | conjunction with a suitably |
| acceptable planning consents, of | qualified property consultant. |
| which the most significant are | Regular meetings are held with |
| those at Folkestone Racecourse | local council executives and |
| and Royal Windsor Racecourse, | planning departments and |
| are mitigated by appropriate | representations are made through |
| management actions. | the Local Development Framework |
| | process. |
+----------------------------------+----------------------------------+
| | |
+----------------------------------+----------------------------------+
| Health and safety risk | |
+----------------------------------+----------------------------------+
| The Group must ensure it | The Group takes the following |
| adequately satisfies health and | action to ensure the health and |
| safety standards. | safety of Arena employees and |
| | customers: |
| | - The Group has employed |
| | suitably qualified and |
| | experienced health and safety |
| | managers to ensure that the |
| | Group's health and safety |
| | policies are communicated and |
| | complied with; |
| | - Each racecourse employs an |
| | on-site food safety specialist |
| | whose training is overseen by |
| | the Group's National Catering |
| | Manager. These on-site |
| | employees are, in turn, |
| | responsible for ensuring all |
| | racecourse catering staff |
| | receive food hygiene training; |
| | and |
| | - From a racing perspective, the |
| | Group employs a Health and |
| | Safety Manager, who is |
| | responsible for communicating |
| | controls and procedures across |
| | the Group. She is a member of |
| | the Racecourse Association's |
| | Safety Advisory Group and |
| | ensures that industry best |
| | practice is implemented across |
| | all seven racecourses. |
+----------------------------------+----------------------------------+
Related Party Transactions
During the period 1 January 2010 to 9 April 2010, there were no transactions,
loans, or proposed transactions between the Company and any related parties
which were material to either the Company or the related party, or which were
unusual in their nature or conditions (see also Note 34 to the 2009 Annual
Report on page 70).
DTR 4.1 Statement
The Directors confirm to the best of their knowledge:
· The Group financial statements have been prepared in accordance with IFRS
as adopted by the EU and Article 4 of the IAS Regulation and give a true and
fair view of the assets, liabilities, financial position and profit and loss of
the Group.
· The Annual Report includes a fair review of the development and
performance of the business and the financial position of the Group and the
parent company, together with a description of the principal risks and
uncertainties that they face.
By order of the Board
Robert Mercer FCMA
Company Secretary
26 February 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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