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Annual Report & Accounts 2013 - NOTES TO THE COMPANY FINANCIAL STATEMENTS
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3. INVESTMENTS 2013 2012 €000's €000's Investment in subsidiary undertakings At 1 January 64,154 64,153 Investments in the year* 84,409 1 At 31 December 148,563 64,154 *includes an investment of €83,918,184 in Sportingbet PLC, the company issued 29,018,075 shares at 248p as consideration Ownership Significant subsidiaries Country of incorporation interest 2013 2012 GVC Corporation B.V.* Netherlands Antilles 100% 100% Intera N.V. Netherlands Antilles 100% 100% GVC Sports B.V. Netherlands Antilles 100% 100% Gaming VC Corporation Limited Malta 100% 100% GVC Administration Services Limited England and Wales 100% 100% Sportingbet PLC England and Wales 100% N/A Interactive Sports (C.I.) Limited Alderney 100% N/A Sportingbet Management Services Limited England and Wales 100% N/A Sportingbet (IT Services) Limited England and Wales 100% N/A Sportingbet (Product Services) Limited England and Wales 100% N/A Sporting Odds Limited England and Wales 100% N/A *also has a branch registered in Israel 4. DEBTORS 2013 2012 €000's €000's Amounts owed by Group undertakings 23,787 8,190 Other debtors 1,310 943 Prepayments 255 1,218 25,352 10,351 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2013 2012 €000's €000's Amounts due to Group undertakings 71,973 43,092 Other creditors 3,993 540 75,966 43,632 6. CASH AND CASH EQUIVALENTS 2013 2012 €000's €000's Bank balances 2,085 19 7. NON-INTEREST BEARING LOAN As part of the Group's acquisition of Sportingbet PLC, a credit facility was made available to the Group by William Hill PLC to fund working capital. At the 31 December 2013 the Group had drawn down €8,255,619 (£6,861,956) of this facility. The loan was revalued at the 31 December exchange rate of 1.2031. IAS 39 Financial Instruments: Recognition and Measurement, states that all loans and receivables should initially be measured at their fair value. The loan has therefore been discounted at a rate of 4% and will be unwound over the period of the loan. GVC HOLDINGS PLC ANNUAL REPORT 2013 71 COMPANY FINANCIAL STATEMENTS