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Annual Report & Accounts 2012 - REPORT OF THE GROUP FINANCE DIRECTOR
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ANNUAL REPORT 2012 GVC H o l d i n g s 1.12 Profit after tax and earnings per share Profit after taxation was €9.2 million (2011: €145k loss). Basic earnings per share from continuing operations amounted to 32.3€cents up from a loss of 2.0€cents per share in 2011. 2. Cashflow The principal movements in the Group's cash position are summarized below: 2012 2011 €000's €000's Clean EBITDA 15,452 8,382 Exceptional items 208 (3,919) Discontinued activities (1,005) 731 14,655 5,194 Add: Proceeds of shares issued 196 420 Less: Betboo earn-out payments (2,863) (671) Less: Acquisition of property, plant and equipment and intangible assets (1,120) (1,605) Less: Net corporation tax paid (417) (271) 10,451 3,067 DIVIDENDS PAID (8,214) (6,225) Change in working capital (5,458) 6,460 Cash and cash equivalents bought forward 9,853 6,551 Cash and cash equivalents carried forward 6,632 9,853 More funds were tied up in B2B payment processing during the year through a combination of activity volume and more complex processing arrangements entered into to provide customers with a greater choice of payment streams. Dividends are declared on the basis of the Group's cash position created by its net operating cashflows and an assessment of the working capital requirements of the Group which can have some unpredictability, particularly in the working-capital intense B2B division. 3. Balance Sheet The net assets, net of dividend payment has increased by 2.3% rising to €58.5 million from €57.2 million in 2011. €000's Net assets at 1 January 2012 57,174 Total non-current assets Additions 1,120 Charge to depreciation and amortisation (2,720) Net change (1,600) Deferred consideration Charge to income statement (2,206) Earn-out payments made 2,863 Net change 657 Taxation Charge in the income statement 480 Credit in discontinued activities (63) Net payments made (417) Net change - Increase in other current assets 5,152 Increase in other current liabilities (2,912) Net assets at 31 December 2012 58,471 12 REPORT OF THE GROUP FINANCE DIRECTOR continued