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Annual Report & Accounts 2014 - REPORT OF THE GROUP FINANCE DIRECTOR
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GVC HOLDINGS PLC ANNUAL REPORT 2014 13 SUmmarISED caShFLow the group's cashflow position for 2014 is summarised below: Table 7: Summarised cash flow 2014 2013 €000's €000's €000's €000's clean EBItDa 49,162 38,299 exceptional items - (19,711) capitalised software development (3,343) (4) net payment of corporate taxes (508) (437) equipment purchased and asset lease repayments (1,951) (37) working capital and other movements (742) 2,719* -------- -------- cLEaN NEt opEratING caShFLowS (“cNoc”) 42,618 20,829 Dividends paid (33,607) (14,979) Dividends as a % of cNoc 79% 72% othEr caShFLowS - Betboo earn-outs (4,339) (6,378) - investment in Betit (3,649) - - proceeds from exercise of share options 854 294 SportINGBEt acQUISItIoN caShFLowS - capital contribution from william hill - 42,562 - william hill loan (installment)/draw-down (2,856) 8,020 - cash acquired from sportingbet - 22,230 - Bank loans to sportingbet repaid at acquisition - (31,384) - deficit in other net current assets of sportingbet at acquisition* - (29,018) -------- -------- (2,856) 12,410 -------- -------- (979) 12,176 cash and cash equivalents at the beginning of the year 18,808 6,632 cash and cash equivalents at the end of the year 17,829 18,808 amount, in €cents per share 29.1 30.7 *adjusted for the customer liabilities of €11.4m acquired at acquisition. NoN-cUrrENt LIaBILItIES these consist of four principal items; the deferred consideration on the 2009 acquisition of Betboo; the interestfree loan from william hill; finances leases; and the Betit put option. a.) deferred consideration on Betboo under accounting rules, this item is a combination of gross amounts payable, €4.0 million at 31 december 2014, and which can vary, but are subject to a cap, and the “unwinding of the discount” €0.1 million and chargeable to the income statement. BUSINESS rEvIEw