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Annual Report & Accounts 2015 - REPORT OF THE GROUP FINANCE DIRECTOR
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my financial review is in two parts this year: part one takes readers through the primary financial statements of the GvC group for 2015, whilst part two deals with the impact and financing of the bwin.party acquisition. PARt one - A ReVieW oF 2015 BUsiness MoDeL Despite the underlying complexities of the Group, the business of GvC as it existed in 2015 can be presented in a simple and transparent way as the table below illustrates: Year ended 31 December 2015 Per day 'Formula' €000's €000's €000's a Wagers 1,682,955 4,611 b Margin % 9.2% c = a x b Gross margin 154,086 d sports bonus (40,234) e = c + d sports nGR 113,852 f Gaming nGR across all brands 133,878 g = e + f totAL nGR 247,730 679 h variable cost % 45.4% j = g x h variable costs (112,369) k = g + j contRiBUtion 135,361 m other expenditure (81,284) n = k + m cLeAn eBitDA 54,077 p = n / g cLeAn eBitDA % 21.8% q exceptional items (non-deal related) (1,475) r Capitalised development costs (5,003) s net corporate taxes paid (657) t working capital and other movements 8,916 u Capex and lease payments (2,924) v = sum q-u total of additional operating cashflows (1,143) w = n + v cLeAn net oPeRAtinG cAshFLoWs ('cnoc') 52,934 x = w / g noc % 21.4% y Dividends (34,319) z = y / w Dividends as a % of cnoc 65% • nGr increased by over 10% from €224.8 million to €247.7 million on wagers of €1.7 billion • Contribution margin remained at 55% • eBitDa increased 10% from €49.2 million to €54.1 million. the eBitDa margin remained in line with 2014 at 22% of revenue • operating profit at €27.7 million was 35.4% lower than 2014, due to the impact of exceptional items. operating profit increased by 21.7% on a normalised basis, excluding exceptional items • exceptional items totaled €24.5 million, of which €23.0 million related to bwin.party deal costs • Basic eps before exceptional items rose to 80.2 €cents (Diluted eps before exceptional items: 76.4 €cents), an increase of 20.8%. Basic eps after exceptional items fell to 40.2 €cents (Diluted eps: 38.3 €cents) • CnoC as defined below in table 1, was €52.9 million out of which the Group distributed €34.3 million in dividends equal to a distribution ratio of 65% (2014: €42.6 million, dividend of €33.6 million, distribution ratio 79%) GVC HOLDINGS PLC ANNUAL REPORT 2015 RePoRt oF the GRoUP FinAnce DiRectoR BUsiness ReVieW 13