At 31 December 2012 Euro GBP Other Total
€000's €000's €000's €000's
Non-current assets 66,176 - - 66,176
Receivables and prepayments 10,608 1,286 5,462 17,356
Tax reclaimable 943 - - 943
Cash and cash equivalents 5,566 165 901 6,632
Total current assets 17,117 1,451 6,363 24,931
Trade and other payables (14,222) (2,662) (386) (17,270)
Balances with customers (525) (59) (1,128) (1,712)
Taxation payable (1,146) (38) (1) (1,185)
Other taxation liabilities (20) (128) (38) (186)
Total current liabilities (15,913) (2,887) (1,553) (20,353)
Net current assets 1,204 (1,436) 4,810 4,578
Non-current liabilities -
- Deferred consideration* (12,283) - - (12,283)
Total assets less total liabilities 55,097 (1,436) 4,810 58,471
*priced in US Dollars but at a fixed Euro exchange rate.
A significant proportion of the Group's financial assets and liabilities are denominated in Euros, which minimises the Group's
exposure to foreign exchange risk. Management do not consider the impact of possible exchange rate movements based
on current market conditions to be material to the net result for the year.
22.3 Interest Rate Risk
The Group earns interest from bank deposits. During the year, the Group held cash on deposits with a range of maturities
of less than three months. The Group had no committed borrowing facilities as at 31 December 2013 (2012: €nil).
Management do not consider the impact of possible interest rate movements based on current market conditions to be
material to the net result for the year or the equity position at the year end for either the year ended 31 December 2012 or
31 December 2013.
22.4 Credit Risk
The Group has seldom any significant concentrations of credit risk with exposure spread over a large number of customers.
The Group grants credit facilities to its customers and the maximum exposure to credit risk is represented by the carrying
amount of each financial asset in the balance sheet.
The Group has material exposure to credit risk through amounts owed by payment processors (third party collection
agencies) of €18.3 million (2012: €13.4 million) and cash balances held with banking institutions of €18.8 million (2012:
€6.6 million). The Group considers the credit risk associated with these balances to be low, having assessed the credit
ratings and financial strength of the counter-parties involved. The Group is seeking to diversify its banking deposits to further
reduce credit risk.
No provision for impairment has been made at 31 December 2013 (2012: €nil). No receivable amounts were past due date
at 31 December 2013 (2012: €nil).
22.5 Liquidity Risk
At 31 December 2013, the Group had cash and cash equivalents of €18.8 million (2012: €6.6 million) and considers liquidity
risk to be low for the business. All financial liabilities at the year-end are due within one year, with the exception of the
deferred consideration on Betboo.
22.6 Fair Values
The carrying amounts of the financial assets and liabilities, including deferred consideration in the Balance Sheet at 31
December 2013 and 2012 for the Group and Company are a reasonable approximation of their fair values. All trade and
other receivables and payables have a maturity of less than one year.
GVC HOLDINGS PLC ANNUAL REPORT 2013 57
NOTES TO THE FINANCIAL STATEMENTS