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Annual Report & Accounts 2015 - REPORT OF THE CHIEF EXECUTIVE
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Quarter 2 has also started strongly. sports margins have improved within the bwin business, in part reflecting sports results but also improvements implemented since acquisition. we are also pleased with the performance of the gaming activities of bwin.party (party Gaming, party Casino, Cashcade, Gioco Digitale) since acquisition. at 17 april 2016, gross cash (and cash equivalents) were €327 million; customer liabilities were €120 million; and the principal amount of the Cerberus loan was €400 million, leading to net debt of €193 million. in addition, however, the Group had €52 million of cash in transit with payment processors. i end my report on a very upbeat note - the Board believe the Group has never been in a stronger position than now, benefitting from robust trading; diversified products and markets; highly motivated staff; and technological opportunities which will allow the Group to prosper. we look forward to a successful year. Kenneth Alexander Chief executive 22 april 2016 12 RePoRt oF the chieF eXecUtiVe continued GVC HOLDINGS PLC ANNUAL REPORT 2015