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Annual Report & Accounts 2014 - NOTES
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note b: As part of the group's acquisition of sportingbet pLc, a call option was granted to William hill pLc over certain assets of sportingbet's spanish business. the call option assets were: (i) the spread your Wings spain pLc (“syWs”) customer List; (ii) the syWs customer Balances; (iii) the entire issued share capital of syWs; and (iv) the entire issued share capital of Asesores en tecnología y Diseño, s.L. (“AtD”). William hill exercised the call option over all of the call option assets, as a result the group was entitled to receive the economic benefit of the assets until 16 september 2013. the group did not consider that it exercised control over the spanish business in the prior period and its results were therefore not consolidated. the benefit to the group arising from the management fee earned in the prior period was shown as exceptional income. 3.2 employees the average monthly number of persons (including Directors) employed by the group during the year was: 2014 2013 number of personnel With employment contracts or service contracts 507 556 contractors 42 49 549 605 4. financial income and eXpense 2014 2013 €000's €000's Discount arising on drawdown of non-interest bearing loan (see note 14) - 780 unwinding of discount on non-interest bearing loan (see note 14) - (186) net discount on non-interest bearing loan - 594 Financial income - interest income 16 33 16 627 Financial expense - interest payable - unwinding of discount on non-interest bearing loan (see note 14) (238) - - Finance lease interest (see note 16) (67) (43) - unwinding of discount on Betboo deferred consideration (see note 10) (710) (1,677) - Foreign exchange revaluation (627) - - other expense (4) (11) (1,646) (1,731) 4.1 foreign exchange differences on 1 January 2014 the functional currency of certain foreign operations was changed from gBp to euRo in order to reflect the primary economic environment where cash is generated and expensed. During 2013, due to a number of subsidiaries having a different functional currency to the group presentational currency, exchange difference of €359,000 were recognised in other comprehensive income. Due to the change in these functional currencies to euros in 2014 no retranslation differences arose. the foreign exchange differences above arose as follows: 2014 €000's Retranslation of the William hill non-interest bearing loan (467) Retranslation of amounts due in respect of finance leases (160) (627) GVC HOLDINGS PLC ANNUAL REPORT 2014 41 notes to the consolidated financial statements