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Annual Report & Accounts 2014 - REPORT OF THE GROUP FINANCE DIRECTOR
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ANNUAL REPORT 2014 10 rEport oF thE GroUp FINaNcE DIrEctor continued In €millions 2014 2013 change % change Basic, non dilutive eps in €cents 66.4 22.5 195% dividend paid in the year / share in €cents 55.0 28.0 96% dividends declared for the year / share in €cents 55.5 48.5 14% clean net operating cashflows (“cNoc”) 42.6 18.1 135% dividends paid (33.6) (15.0) 124% cash and cash in transit 40.0 37.1 2.9 8% - Cash and cash equivalents 17.8 18.8 - Balances with payment processors 22.2 18.3 customer liabilities (13.0) (13.3) 0.3 2% net current (liabilities)/assets (0.9) 0.3 (1.2) (400)% non-current liabilities (8.8) (14.0) - Interest bearing loans and borrowings (0.4) (1.2) - Non-interest bearing loan and borrowings (2.8) (5.2) - Deferred consideration on Betboo (3.9) (7.6) - Betit valuation liability (1.7) - Shareholder funds 149.5 141.1 number of shares in issue 61,276,480 60,906,760 number of shares under option 6,806,947 3,801,667 rEvENUES sports wagers grew 25% to €1,463.5 million (2013: €1,169.5 million). they averaged €4.0 million per day and rose to €4.4 million per day in Q4 (Q4-2013: €3.9 million). sports margins differ widely across the multiple markets in which gvc operates as a consequence of the maturity of each market and the sports followed within them. a sports margin of 9.8% (2013: 9.6%) was achieved despite the industry-wide backdrop of 'punter-friendly' results in Q4-2014. sports ngr represents the sports gross margin less free bets and promotional bonuses. customers have a variety of gaming opportunities ranging from casino, through to poker and, in certain markets, Bingo. sports and gaming revenues are relatively equal now, and in 2014 sports ngr represented 49% of proforma revenue and gaming ngr represented 51%. 2014 saw a 24% increase in proforma revenues over 2013. in the prior year accounting standards required the third party contract with east pioneer corporation Bv to be consolidated from 19 march 2013 whereas prior to this the results were not consolidated. to report a like-for-like figure to 2014, the group uses proforma revenue as a measure. the difference between proforma revenue and ngr in 2014 was €nil (2013: €20 million). Table 2: Average revenues per day since 1 January 2014 €000's Q1-2015* Q1-2014 Q2-2014 Q3-2014 Q4-2014 sports wagers per day 4,601 3,765 3,907 3,995 4,366 sports margin % 8.9% 10.0% 9.8% 10.5% 9.0% ngr per day 661 559 602 655 647 * to 18 march 2015. average sports wagers per day have risen by 22% to €4.6 million in Q1-2015 compared to Q1-2014 (€3.8 million). ngr per day has increased by 18% over the same period. coNtrIBUtIoN contribution is gvc's measure of revenues less cost of sales, and costs with a high correlation to revenues, such as partner shares, affiliate commissions and other marketing expenditure. cost of sales includes payment processing charges, software royalties and local betting taxes, and value added taxes where the group has a manifest liability.