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Annual Report & Accounts 2013 - NOTES
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The facility is repayable in three instalments and should GVC declare dividends in excess of 58 €cents per share, William Hill are entitled to receive an accelerated repayment equal to the excess of the actual dividend over 58 €cents per share. The instalments as well as the impact of the discount are shown below: Amount in Euro's Non- Base Current current Currency Total liabilities liabilities £000's €000's €000's €000's Loan balance on initial recognition 6,862 8,020 Revaluation at 31 December exchange rate - 236 6,862 8,256 (i) the first instalment by no later than 31 December 2014; 2,287 2,752 2,752 - (ii) the second instalment by no later than 31 December 2015; and 2,287 2,752 - 2,752 (iii) by no later than 30 June 2016, the balance of the facility 2,288 2,752 - 2,752 Loan balance before discount 6,862 8,256 2,752 5,504 Discount on recognition of the loan - (780) (424) (356) Unwinding of discount at 31 December 2013 - 186 186 - Loan balance at 31 December 2013 - 7,662 2,514 5,148 Future discount - 594 238 356 6,862 8,256 2,752 5,504 17. OTHER TAXATION PAYABLE 2013 2012 €000's €000's Employment related tax liabilities associated with Sportingbet 2,264 - Social security 1,402 186 Betting taxes 516 - 4,182 186 18. COMMITMENTS UNDER OPERATING AND FINANCE LEASES 18.1 Finance Leases The Group in the year entered into a finance lease for the purchase of computer hardware and software together with support services for these, commencing in June 2013. As at the 31 December 2013 the life outstanding on this lease was 2 years and 5 months. The average effective rate of borrowing for the lease was 2.8%. The obligations under finance leases are: 2013 2012 €000's €000's Computer equipment 543 - Software 827 - Hardware and software support 753 - Finance charges (€43k charge in 2013, €74k in future periods) 117 - Total lease cost 2,240 - Future finance charges (74) 2,166 - Recognised in trade payables 945 - Recognised in long-term liabilities 1,221 - Present value of minimum lease payments: No later than one year 945 - Later than one year and no later than five years 1,295 - Total payments 2,240 - GVC HOLDINGS PLC ANNUAL REPORT 2013 51 NOTES TO THE FINANCIAL STATEMENTS