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Annual Report & Accounts 2013 - NOTES
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The deferred consideration has been discounted to reflect its fair value at the date of acquisition. The effect of this discount will be unwound over the period of the deferral with a charge to the income statement contained within interest expense. The expected impact of this over the earn-out period is shown below: Prior periods 2012 2013 2014 2015 2016 Total €000's €000's €000's €000's €000's €000's €000's Balance at 1 January - 12,940 12,283 7,582 4,532 2,186 - Fair value of deferred consideration 9,942 - - - - - 9,942 Unwinding of discount charged to income statement 3,941 2,206 1,677 710 54 11 8,599 Payments made (943) (2,863) (6,378) - - - (10,184) Payments anticipated - - - (3,760) (2,400) (2,197) (8,357) Balance at 31 December 12,940 12,283 7,582 4,532 2,186 - - Total payments to date and anticipated are as follows: Total €000's At acquisition 2,840 Up to 31 December 2013 10,184 Anticipated future payments 8,357 Total (Cap $30,000,000 at 1.4031 = €21,381,227) 21,381 13. RECEIVABLES AND PREPAYMENTS 2013 2012 €000's €000's Balances with payment processors 18,270 13,419 Trade receivables 274 862 Other receivables 1,341 1,105 Loans and receivables 19,885 15,386 Prepayments 3,694 1,970 23,579 17,356 Payment processor balances described as receivables are funds held by third party collection agencies subject to collection after one month, or balances used to make refunds to players. Prepayments include payments as at 31 December 2013 for goods or services which will be consumed after 1 January 2014. Payment processor debtor days: 2013 2012 €000's €000's On revenue per income statement: Balance with payment processors 18,270 13,419 Revenue 168,407 60,325 Debtor days (balances with payment processors/revenue x 365 days) 40 days 82 days On pro-forma revenue: Balance with payment processors 18,270 13,419 Pro-forma revenue 180,573 107,490 Debtor days (balances with payment processors/revenue x 365 days) 37 days 46 days GVC HOLDINGS PLC ANNUAL REPORT 2013 49 NOTES TO THE FINANCIAL STATEMENTS