The Group’s cash is held in a variety of leading financial institutions. At the balance sheet date, the principal
positions were as follows:
Barclays 17,185 14,090
Bank of Valletta (Malta) 1,000 1,256
Other 649 513
Total 18,834 15,859
The currency components of the cash balances were, in Euro equivalents:
Euros 18,651 15,773
US dollars 22 63
GB Pounds 147 9
Other 14 14
Bank of Valletta has a Fitch credit rating of A- and a Moody’s Investor Service rating of A3. Barclays has a Fitch
credit rating of AA- and a Moody’s Investor Service rating of Aa3. The Group is seeking to diversify its banking
Customers depositing funds for our betaland.com and betpro.it websites do so directly with GVC. The funds
are held in dedicated bank and processor accounts and, in the case of betaland.com, are reported monthly
to the Maltese regulator, the LGA, to comply with their requirements regarding the holding of segregated
funds to cover such balances. There is no similar requirement from the Italian regulator, but the same policy
is applied internally. At year-end the balances were c997k (2007: c547k).
Customers depositing funds for betting on our other sites, principally www.casinoclub.com and
www.pokerkings.com, do so via Webdollar, an affiliate of Boss Media AB. Webdollar retain at all times
sufficient funds to cover these balances, clearing down to GVC only the funds lost by players. Neither these
customer balances, nor the associated funds held by Webdollar, are shown on the balance sheet of GVC either
within receivables or trade payables.
Reserves and dividends
The Group paid an interim dividend of c0.20 per share on 31 October 2008, and, subject to shareholder
approval, the final dividend, a further c0.20 per share will be paid on 29 May 2009 to all shareholders on the
register on 1 May 2009. The dividend will be paid in GBP, based upon the Euro/GBP spot rate offered by
Barclays Bank plc on Tuesday 8 May 2009.
Dividends are paid out of the reserves of Gaming VC Holdings S.A, (“GVC Lux”) as a stand-alone corporate
entity, and not on a consolidated basis. The calculation of reserves for GVC Lux. is performed under
Luxembourg GAAP, not IFRS, as Luxembourg, whilst being in the EU, has not adopted IFRS.
As GVC Lux is not a trading company, its reserves are dependent on dividends received from elsewhere in the
Group. Additionally, under Luxembourg corporate law, there is a legal reserve. Each year, 5% of the profit
after tax is transferrable to the legal reserve, until an amount of c3,113,576 (or 10% of the issued share capital
if greater) is reached.