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Annual Report & Accounts 2015 - REPORT OF THE GROUP FINANCE DIRECTOR
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sUMMARiseD cAshFLoW the Group's cashflow position for 2015 is summarised below: Table 7: Summarised cashflow 2015 2014 €000's €000's €000's €000's clean eBitDA 54,077 49,162 exceptional items (non-acquisition related) (1,475) - Capitalised software development (5,003) (3,343) net payment of corporate taxes (657) (508) equipment purchased (1,156) (802) asset lease repayments (1,768) (1,149) working capital and other movements 8,916 (742) -------- -------- cLeAn net oPeRAtinG cAshFLoWs ('cnoc') 52,934 42,618 Dividends paid (34,319) (33,607) Dividends as a % of cnoc 65% 79% otheR cAshFLoWs - Betboo earn-outs (2,401) (4,339) - investment in Betit - (3,649) - proceeds from exercise of share options - 854 - settlement of share options (509) - - sportingbet: william hill loan instalments (3,245) (2,856) AcQUisition cAshFLoWs: bwin.party - Cerberus drawdown 20,000 - - Cerberus financing costs (7,025) - - Cerberus legal fees (1,950) - - other legal and professional fees (13,490) - - option payment (5,329) - - hedge receipts 5,675 - -------- -------- (2,119) - -------- -------- 10,341 (979) Cash and cash equivalents at the beginning of the year 17,829 18,808 cash and cash equivalents at the end of the year 28,170 17,829 Amount, in €cents per share 46.0 29.1 sUMMARiseD BALAnce sheet AnD LiQUiDitY the net position is affected by the timing of the dividend payments, which totalled €34.3 million during 2015 (2014: €33.6 million). such is the strategy of the Group towards its dividend payments that GvC aimed to keep its net Current assets relatively equal to its net Current Liabilities, but ensuring at all times that its balances with customers are covered and meet regulatory requirements. 18 RePoRt oF the GRoUP FinAnce DiRectoR continued GVC HOLDINGS PLC ANNUAL REPORT 2015