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Annual Report & Accounts 2014 - REPORT OF THE GROUP FINANCE DIRECTOR
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ANNUAL REPORT 2014 12 rEport oF thE GroUp FINaNcE DIrEctor continued DIvIDENDS Table 5: History of dividends paid and declared since 1 July 2013 declaration date fiscal year fiscal year paid payable 2013 2014 2014 2015 €cents €cents €cents €cents 1 July 2013 10.5 - - - 25 september 2013 10.5 - - - 9 January 2014 11.5 - 11.5 - 9 april 2014 16.0 - 16.0 - 15 July 2014 - 12.5 12.5 - 22 september 2014 - 15 15 - 12 January 2015 - 2.5 - 12.5 20 march 2015 - 15.5 - 15.5 48.5 55.5 55.0 28.0 as previously announced, the group is committed to paying dividends on a quarterly basis and paying a cash amount broadly equivalent to 75% of its clean net operating cashflows, taking into account an assessment of its working capital needs. the actual percentages were 79% in 2014 and 72% in 2013. details of the clean net operating cashflow calculation are included in table 7. should the relevant resolutions be approved by shareholders, the final and special dividends totaling 15.5 €cents per share will be payable on 6 may 2015 to shareholders on the register at the close of business on friday 10 april 2015. the shares will go ex-dividend on thursday 9 april 2015. NEt cUrrENt (LIaBILItIES)/aSSEtS the net position is obviously affected by the timing of the dividend payments, which totaled €33.6 million during 2014 (2013: €15.0 million). such is the strategy of the group towards its dividend payments that gvc aims to keep its net current assets relatively equal to its net current liabilities, but ensuring at all times that its balances with customers are covered and meet regulatory requirements. Table 6: Liquidity position as at 31 December 2014 €000's €000's restricted cash* 3,506 add: cash in transit with payment processors 22,222 total 25,728 less: customer balances (13,036) surplus over customer liabilities 12,692 free cash 14,323 trade payables (12,166) 2,157 loan installments paid in 2014 to providers of lease finance (1,362) installment payable to william hill in december 2014 (2,933) less imputed interest on william hill loan 198 (2,735) corporate and other taxes reclaimable less payable (1,089) other tax liabilities (1,338) accruals, prepayments and other net current assets (9,273) net current liabilities (948) * Restricted cash refers to balances at banks where the cash has to be ring-fenced for regulatory reasons.