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Annual Report & Accounts 2014 - REPORT OF THE GROUP FINANCE DIRECTOR
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ANNUAL REPORT 2014 14 rEport oF thE GroUp FINaNcE DIrEctor continued Table 8: Analysis of Betboo deferred consideration € millions due to acquisition sub accounting founders costs total discount total arising on acquisition 21.4 0.3 21.7 (8.6) 13.1 charge to income statement - prior to 2013 - - - (6.1) (6.1) - during 2013 - - - (1.7) (1.7) - due in 2014 - - - (0.7) (0.7) - due in future periods - - - (0.1) (0.1) payments made - on acquisition 2.8 0.3 3.1 - 3.1 - up to 31.12.2012 3.8 - 3.8 - 3.8 - during 2013 6.4 - 6.4 - 6.4 - during 2014 4.3 - 4.3 - 4.3 payments due - in 2015 2.4 - 2.4 - 2.4 - in 2016 1.7 - 1.7 - 1.7 lifetime balances 21.4 0.3 21.7 (8.6) 13.1 Balances due at 31.12.2014 4.0 - 4.0 (0.1) 3.9 b.) interest free loan from william hill as part of the sportingbet acquisition there was a loan facility from william hill of up to 15 million. as at 1 January 2014 the balance stood at 6.9 million of which 2.3 million was repaid in the year. the balance of 4.6 million was revalued to €5.9 million using the exchange rate prevailing at the year end of 1.28. 2.3 million (€2.9 million) is repayable in less than one year and thus accounted for as a current liability and the balance is shown on the balance sheet as a non-current liability. it is repayable in one further installment due on 30 June 2016. should gvc declare dividends in excess of 58 €cents per share, william hill are entitled to receive an accelerated repayment equal to the excess of the actual dividend over 58 €cents per share. whilst the loan is interest free, ias 39 requires the group to account for imputed interest calculated at 4%. Table 9: William Hill loan recognised in non-current liabilities 2014 €000's gross amount of loan payable after one year 2,934 imputed interest (157) amount recognised in non-current liabilities 2,777 c.) finance leases this represents the lease finance taken-out for the purchase of software and similar underpinning the sportsbook platform. Table 10: Analysis of finance lease liabilities 2014 2013 €000's €000's property, plant and equipment capitalised 644 543 software capitalised 1,133 827 1,777 1,370 hardware and software support to be expensed 951 753 total amount financed 2,728 2,123 finance charges 110 43 payments made (1,149) - total amounts repayable to provider of lease finance 1,689 2,166 payable in 2015 (included in current liabilities) 1,362 945 payable in future periods (included in non-current liabilities) 327 1,221 1,689 2,166