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Annual Report & Accounts 2009 - Notes to the Financial Statements
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72 3. FINANCIAL ASSETS 3.1 Formation Expenses The movements in the year are as follows: EUR Cost Balance as at 1 Jan 2009 11,432,128 Additions for the year - ----------- Balance as at 31 Dec 2009 11,432,128 ----------- Amortisation Balance as at 1 Jan 2009 9,239,708 Charge for the year 2,192,240 ----------- Balance as at 31 Dec 2009 11,432,128 ----------- Carrying Amounts As at 31 Dec 2008 2,192,240 As at 31 Dec 2009 ------------ 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 63,557,350 (15,814) ------------ ------------ ----------- ----------- ----------- Gaming VC Corporation Limited, Malta, 100% 240,000 - 240,000 296,223 (1,985,968) ------------ ----------- ----------- ----------- ----------- Gaming VC Cyprus 2 Limited, 100% 2,000 - 2,000 2,000 - ------------ ----------- ----------- ----------- ----------- *The figures are taken from the annual accounts as at December 31, 2009. The shareholder's equity includes the result for the year as well as the interim dividend paid in Cyprus in 2008. In May 2009, Gaming VC Holdings incorporated a wholly owned subsidiary Gaming VC Cyprus 2 Limited. As announced on 17 December 2009, the group entered into an agreement to dispose of GVC Corporation S.p.A., its licensed Italian subsidiary, to local management for a nominal sum. The exceptional item recognises the legal costs incurred in this process together with the write-off of the investment held and the net assets parted with at the time of the sale, being 31 August 2009. 3.3 Amount owed by affiliated undertakings This amount corresponds primarily to costs due by Gaming VC (Malta) Limited, Gaming VC (Cyprus 2) Limited, betboo and Gaming VC (Jersey) Limited, subsidiaries of Gaming VC Holding SA.