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Annual Report & Accounts 2013 - NOTES
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6. TAXATION continued 6.1 Taxation Amounts Recognised in the Balance Sheet Current Tax Deferred Tax Payable Receivable Asset Liability Total €000's €000's €000's €000's €000's Balances at 1 January 2012 (1,771) 1,529 83 - (159) Paid/(received) during the year ended 31 December 2012 1,946 (1,529) - - 417 Charge in income statement for prior years (70) - - - (70) (Charge)/credit in income statement for the year ended 31 December 2012 (1,290) 943 - - (347) Balances at 31 December 2012 (1,185) 943 83 - (159) Balances at 1 January 2013 (1,185) 943 83 - (159) Paid/(received) during the year ended 31 December 2013 1,268 (832) - - 436 (Charge)/credit acquired on acquisition (820) 409 - (411) Credit/(charge) in income statement for prior years 7 (111) (83) - (187) (Charge)/credit in income statement for the year ended 31 December 2013 (1,992) 1,468 - - (524) Balances at 31 December 2013 (2,722) 1,877 - - (845) Tax reclaimable represents a portion of the tax paid by Maltese entities in the Group which is refundable by the Maltese tax authorities to the parent company shortly after the submission of the audited accounts and tax computation for the company the tax is payable in. Unrelieved tax losses remain available to offset against future trading profits. Should suitable taxable profits arise, these losses would represent a deferred tax asset of approximately €931,000. 7. DISCONTINUED OPERATIONS On 10 April 2012, the Group announced that it had entered into an arrangement to dispose of its Betaland business to a third party for a nominal sum. The declining profitability of Betaland led the Board to conclude that it was no longer in the shareholders' interests for the Group to continue to own this business, the disposal was completed on 4 May 2012. At the time of disposal the net assets of this business were nil. The results from Betaland are shown below: 2013 2012 €000's €000's Net gaming revenue - 4,500 Cost of sales - (1,451) Gross profit - 3,049 Marketing and revenue shares - (2,995) Contribution - 54 Other operating costs - (1,059) Clean EBITDA/cashflow from operating activities - (1,005) Exceptional items - - EBITDA - (1,005) Depreciation and amortisation - (173) Financial income and expenses - 1 Loss before tax - (1,177) Tax - 63 Loss after tax - (1,114) There were no cash flows from financing or investing activities in the period before disposal. ANNUAL REPORT 2013 42 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2013