Annual Report & Accounts 2015 - REPORT OF THE CHIEF EXECUTIVE
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)
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.
22 april 2016
RePoRt oF the chieF eXecUtiVe continued
GVC HOLDINGS PLC ANNUAL REPORT 2015