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Financial Statements of Gaming VC Holdings S.A.
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58 3. FINANCIAL ASSETS 3.1 Formation Expenses The movements in the year are as follows EURO Cost Balance as at 1 Jan 2008 11,432,128 Additions for the year Balance as at 31 Dec 2008 11,432,128 Amortisation Balance as at 1 Jan 2008 6,953,282 Charge for the year 2,286,426 Balance as at 31 Dec 2008 9,239,708 Carrying Amounts As at 31 Dec 2007 4,478,846 As at 31 Dec 2008 2,192,420 3.2 Shares in affiliated undertakings Financial assets represent shares in the following undertakings: Acquisition Value Net book Shareholders’ Result for cost adjustment value equity(*) the year(*) EURO EURO EURO EURO Gaming VC (Cyprus) Limited , 100% 105,000,000 (41,546,086) 63,453,914 63,571,440 2,422 Gaming VC Corporation Limited, Malta, 100% 240,000 240,000 2,282,191 2,060,616 Gaming VC Corporation S.p.A Italy, 100% 120,000 120,000 (2,178,892) (2,296,664) *The figures are taken from the annual accounts as at December 31, 2008. The shareholders equity includes the result for the year as well as the interim dividend paid in Cyprus in 2008. As at December 31, 2006, the Company decided to record a value adjustment on its shares in Gaming VC (Cyprus) Limited for an amount of EURO 41,546,086 in order to reflect the durable reduction in the value of this investment. In July 2007 GVC Holdings incorporated two wholly owned subsidiaries, GVC Corporation Limited in Malta and GVC Corporation SpA in Italy. No provision has been made for the Company’s investments in Gaming VC Corporation SpA as the directors believe the deficit on shareholders’ equity will reverse in future periods.