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Annual Report & Accounts 2014 - NOTES
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13. tRade and otheR payaBles 2014 2013 €000's €000's other trade payables 12,166 9,586 cash settled share option liability (refer to note 19) 184 - Accruals 14,611 11,044 26,961 20,630 14. non-inteRest BeaRinG loan As part of the group's acquisition of sportingbet pLc, a credit facility was made available to the group by William hill pLc. At 31 December 2014 the group had drawn down €5,867,084 (4,590,832) (2013: €8,255,619 (6,861,956)) of this facility. the loan was revalued at the 31 December exchange rate of 1.28. iAs 39 Financial instruments: Recognition and measurement, states that all financial liabilities should initially be measured at their fair value and subsequently measured at amortised cost using the effective interest rate method. the loan has therefore been discounted at a rate of 4% and will be unwound over the period of the loan. the facility is repayable in three instalments and should gVc declare dividends in excess of 58 €cents per share, William hill is entitled to receive an accelerated repayment equal to the excess of the actual dividend over 58 €cents per share. the instalments as well as the impact of the discount are shown below: amount in euro's non- Base current current currency total liabilities liabilities 000's €000's €000's €000's Loan balance at 1 January 2014 6,862 8,256 Repayment of first instalment (2,271) (2,856) Revaluation at 31 December 2014 exchange rate - 467 4,591 5,867 (i) the second instalment by no later than 31 December 2015; and 2,295 2,933 2,933 - (ii) by no later than 30 June 2016, the balance of the facility 2,296 2,934 - 2,934 loan balance before discount 4,591 5,867 2,933 2,934 Discount on recognition of the loan - (780) (623) (157) unwinding of discount at 31 December 2014 - 424 424 - loan balance at 31 december 2014 - 5,511 2,734 2,777 Future discount - 356 237 119 4,591 5,867 2,971 2,896 15. otheR taXation payaBle 2014 2013 €000's €000's employment related tax liabilities associated with sportingbet - 2,264 social security 695 1,402 Betting taxes 643 516 1,338 4,182 GVC HOLDINGS PLC ANNUAL REPORT 2014 49 notes to the consolidated financial statements