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Annual Report & Accounts 2013 - NOTES
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2. SEGMENTAL REPORTING continued 2.2 Reporting by Segment 2013 2012 Notes €000's €000's STATEMENT OF TURNOVER Sports wagers 1,169,505 518,931 Sports margin 9.6% 11.3% Gross margin 112,081 58,647 Sports NGR 90,823 50,621 Gaming NGR 89,750 56,566 180,573 107,143 Revenue recognised by GVC 168,407 60,325 Revenue recognised by B2B partners (up until 19 March 2013) 12,166 46,818 180,573 107,143 SEGMENTAL REPORTING Total revenue 168,407 60,325 Variable costs (65,776) (23,849) Contribution 102,631 36,476 Contribution margin 61% 60% Other operating costs 4 Personnel expenditure (32,507) (10,811) Professional fees (2,523) (1,177) Technology costs (19,795) (2,856) Office, travel and other costs (5,146) (1,909) Third party service costs (2,427) (3,925) Foreign exchange differences (1,934) (346) Clean EBITDA 38,299 15,452 Exceptional items 4 (19,711) 208 Share option charges 4 (730) (79) EBITDA 17,858 15,581 Depreciation and amortisation 4 (3,740) (2,547) Financial income 5 627 2 Financial expense 5 (11) - Finance lease interest 5 (43) - Unwinding of discount on deferred consideration 5 (1,677) (2,206) Profit before tax 13,014 10,830 Taxation 6 (711) (480) Profit after tax from continuing operations 12,303 10,350 NET ASSETS Non-current assets 154,768 66,176 Current assets 44,570 24,931 Current liabilities (44,291) (20,353) Net current assets 279 4,578 Non-current liabilities (13,951) (12,283) Net assets 141,096 58,471 Total assets 199,338 91,107 Total liabilities (58,242) (32,636) ANNUAL REPORT 2013 38 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2013