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Finance Director's Statement
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12 GVC Lux has c1.5 million of distributable reserves. However, the group has had tax clearance to make a dividend payment from share premium. The short-term impact of this is that the rate of withholding tax on the final dividend will be reduced from 15% to 2.7%, resulting in a net dividend per share of c0.195, as opposed to the historically lower amount of c0.17 per share. Proforma statement of reserves of Gaming VC Holdings S.A. prepared under Share Ordinary Legal Total Luxembourg GAAP (in d000’s) premium reserves reserve reserves At 31 Dec 07 53,957 (30,959) 322 23,320 Transfer to legal reserve (671) 671 Write-off of historical losses (38,145) 38,145 Final dividend paid in May 2008 (6,227) (6,227) 15,812 288 993 17,093 Profit for the year 7,455 7,455 Transfer to legal reserve (373) 373 Interim dividend paid October 2008 (6227) (6,227) Sub-total 15,812 1,143 1,366 18,321 Final dividend (5,084) (1,143) (6,227) Net result 10,728 1,366 12,094 Withholding tax thereon 0 171 0 171 Net dividend 4,913 1,143 6,056 Effective rate of withholding tax Nil 15.0% 2.7% For a reconciliation of Consolidated Balance Sheet of Gaming VC Holdings S.A. as prepared under IFRS to Company Balance Sheet of Gaming VC Holdings S.A. as prepared under Luxembourg GAAP please refer to page 50. Richard Cooper Group Finance Director 20 April 2009