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Annual Report & Accounts 2014 - NOTES
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the following table shows the Levels within the hierarchy of financial assets and liabilities measured at fair value on a recurring basis at 31 December 2014 and 31 December 2013: At 31 December 2014 level 1 level 2 level 3 total €000's €000's €000's €000's financial assets Available for sale financial asset - - 3,801 3,801 - - 3,801 3,801 financial liabilities Betboo deferred consideration - - (3,953) (3,953) Betit option liability - - (1,745) (1,745) non-interest bearing loan - (5,511) - (5,511) - (5,511) (5,698) (11,209) At 31 December 2013 level 1 level 2 level 3 total €000's €000's €000's €000's financial liabilities Betboo deferred consideration - - (7,582) (7,582) non-interest bearing loan - (7,662) - (7,662) - (7,662) (7,582) (15,244) there were no transfers between levels in 2014 or 2013. Measure of fair value of financial instruments: the group's finance team performs valuations of financial items for financial reporting purposes, including Level 3 fair values, in consultation with third party valuation specialists for complex valuations. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. the valuation techniques used for the available for sale financial asset and the associated option liability classed as level 3 in 2014 are described in detail in note 9. the valuation techniques for the Betboo deferred consideration and the non-interest bearing loan are described in detail in notes 10 and 14 respectively. 20.7 summary of financial assets and liabilities by category the carrying amounts of the group's financial assets and liabilities recognised at the balance sheet date are categorised as follows: 2014 2013 €000's €000's non-current assets: Available for sale Financial Asset 3,801 - non-current assets 3,801 - current assets: Financial assets measured as loans and receivables: - trade and other receivables 23,833 19,885 - cash and cash equivalents 17,829 18,808 current assets 41,662 38,693 current liabilities: Financial liabilities measured at amortised cost: - trade and other payables 42,550 36,442 non-current liabilities - non-interest loans and borrowings 2,777 5,148 - Deferred consideration 3,953 7,582 - Betit option liability (level 3) 1,745 - non-current liabilities 8,475 12,730 GVC HOLDINGS PLC ANNUAL REPORT 2014 57 notes to the consolidated financial statements