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Annual Report & Accounts 2015 - REPORT OF THE CHIEF EXECUTIVE
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the Group has achieved a record level of Clean eBitDa for 2015 at €54.1 million which is 10% higher than the prior year, giving rise to Clean net operating Cashflows of €52.9 million. the combination of GvC and bwin.party's operations for 2015 (less those activities disposed of during the year) would have resulted in the following "aggregated" results: Less disposed activities and other Restated Aggregated in €millions Bwin adjustments Bwin GVc (Unaudited) Per day sports wagers 2,708.5 - 2,708.5 1,683.0 4,391.5 12.0 sports margin % 9.0% - 9.0% 9.2% 9.1% total revenues 576.4 (14.3) 562.1 247.7 809.8 2.2 clean eBitDA (after FX differences) 108.5 0.9 109.4 54.1 163.5 Both GvC and bwin.party were impacted in 2015 by the full year of point of Consumption tax on uK gaming revenues and by eu vat imposed by certain jurisdictions on gaming revenues. the combined impact of that during 2015 when compared to 2014 was around €12.4 million. taxes are inevitable headwinds and it is through a balanced and well-diversified product and geographical profile of markets that GvC can best mitigate this exposure. a proforma revenue analysis for 2015 shows that no one market generates more than 25% of nGr and no one individual market which is not locally regulated generates more than 12% of nGr. Q1 2016 AnD cURRent tRADinG GvC has traditionally focused on "revenue per day" and we shall continue to do so as an easy to understand metric across all its business units. Average daily KPis expressed Year on Q1-2016* Q1-2015 year Prior quarter history in €000s 91 days 90 days change Q2-2015 Q3-2015 Q4-2015 sports wagers 10,626 4,558 133% 4,544 4,371 4,968 Sports Margin % 8.8% 9.0% 8.7% 9.9% 9.0% sports nGR 773 313 147% 299 337 316 Gaming nGR 1,016 352 189% 372 330 396 other revenue 54 - - - - - total nGR per day 1,843 665 177% 671 667 712 total nGR €m 167.7 60.0 180% * GVC for the three month period 1 January 2016 to 31 March 2016; bwin.party for the two month period from 1 February 2016 to 31 March 2016. ** wagers less payouts before bonuses. in Q1, Group daily total nGr increased by 177% on the previous year, boosted by the acquisition of bwin.party which was consolidated from 1 february 2016. Proforma nGR per day in constant currency Year on year €000s Q1-2016* Q1-2015* change GVc 746 665 12% Bwin.party 1,791 1,659 8% Group constant currency 2,537 2,324 9% Group actual 2,444 2,324 5% * bwin.party since 1 February 2016. GvC daily nGr in constant currency rose 12% in Q1 year on year. Daily nGr at bwin.party, since it became part of the Group, increased 8% on the comparable period in 2015. for the Group as a whole daily nGr in constant currency rose 9%. GVC HOLDINGS PLC ANNUAL REPORT 2015 11 BUsiness ReVieW