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Annual Report & Accounts 2014 - REPORT OF THE GROUP FINANCE DIRECTOR
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GVC HOLDINGS PLC ANNUAL REPORT 2014 9 SUmmarY • the combination of the world cup, higher sports margin and a full year of the acquired sportingbet business led to ngr increasing by a third over 2013 to €225 million on wagers of €1.5 billion • contribution margin remained buoyant at 55% despite a considerable investment in marketing in the latin america region, before, during and after the world cup • the clean eBitda margin rose slightly over 2013 to 22% (€49.2 million) leading to a 28.4% increase for the year • operating profit at €42.9 million was 26.9% higher than 2013 (normalised to exclude exceptional items) despite a 4.6% increase in depreciation and amortisation resulting from purchases of equipment and capitalisation of development software • Basic eps rose to 66.4 €cents, up 195% • cnoc as defined below in table 1, was €42.6 million out of which the group distributed €33.6 million in dividends equal to a distribution ratio of 79% (2013: €18.1 million, dividend of €15 million, distribution ratio 83%) Table 1: Summary of key financial measures (totals may not sum due to rounding and percentages have been calculated on the underlying rather than the summarised figures). In €millions 2014 2013 change % change Sports wagers 1,463.5 1,169.5 294 25% Sports margin 9.8% 9.6% sports revenue 110.2 90.8 19.4 21% gaming revenue 114.6 91.3 23.3 26% total proforma revenue 224.8 182.1 42.7 23% total NGr 224.8 170.0 54.8 32% contribution 123.3 102.6 20.7 20% contribution divided by pfr = 55% 56% Expenditure (74.1) (64.3) (9.8) (15)% clean EBItDa 49.2 38.3 10.9 28% clean eBitda/proforma revenue 22% 21% depreciation and amortisation (3.9) (3.7) (0.2) (5)% share option charges (0.8) (0.7) (0.1) - Betit valuation charge (1.6) - (1.6) - finance charges (1.6) (1.1) (0.5) (45)% pBt and exceptional items 41.3 32.8 8.7 26% exceptional items - (19.7) 19.7 - taxation (0.7) (0.7) profit after taxation 40.6 12.3 28.2 230% rEport oF thE GroUp FINaNcE DIrEctor BUSINESS rEvIEw