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Annual Report & Accounts 2015 - REPORT OF THE GROUP FINANCE DIRECTOR
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Table 8: Balance Sheet and Customer liquidity position as at 31 December 2015 customer Balance liquidity sheet coverage €000's €000's €000's non-current assets 159,166 Balances with payment processors 21,708 21,708 prepayments - deal related 7,651 prepayments - other 3,888 -------- 11,539 restricted cash* 6,838 free cash 21,332 -------- 28,170 28,170 trade and other payables (32,016) Balances with customers (14,808) (14,808) Loans and leases: current (3,711) Loans and leases: non-current - deal related (19,821) -------- (23,532) forward contract - deal related (9,877) share option liability: current (9,740) share option liability: non-current (2,036) -------- (11,776) option liability: non-current (736) other net current assets 286 total 128,124 35,070 * Restricted cash refers to balances at banks where the cash has to be ring-fenced for regulatory reasons. non-cURRent LiABiLities these consist of three principal items: the initial loan draw down from Cerberus; share option liabilities due in 2017; and the Betit put option. a.) Loan from Cerberus: initial draw down on 4 september 2015, the Group drew down €20.0 million of its €400.0 million facility with Cerberus. the initial drawdown was utilised to pay for professional fees and upfront loan costs, including a foreign currency option for converting the loan receipts into GBp in order to settle the acquisition price for bwin.party and associated costs. the effective interest rate has been calculated based on anticipated costs including loan arrangement and drawdown fees, ongoing interest payments, and other amounts payable during the period of the loan. the loan is repayable in full by 4 september 2017. b.) share option liability During the year, directors surrendered 3,200,000 fully vested share options and were awarded associated cash settlements of €12.2 million, which has been recognised as a deduction from equity. these cash payments were to be made over a two year period, but were subsequently put on hold pending the outcome of the bwin.party acquisition, and have been fully settled following completion of the acquisition. at the year end, one payment had been made, on an "on account" basis, and the liability, which is denominated in GBp, was restated in euros. the balance at 31 December 2015 was €11.7 million, of which €9.7 million was a current liability and €2.0 million was non-current, based on the original payment schedules. c.) Betit option liability in accordance with the requirements of ias 39, the options embedded in the Betit contract are required to be measured at fair value and recognised in the statement of financial position. Based on the valuation at 31 December 2015, the net liability is now €0.7 million, reduced from €1.7 million at 31 December 2014. the options are potentially exercisable, subject to certain conditions, between 1 July 2017 and 30 september 2017. GVC HOLDINGS PLC ANNUAL REPORT 2015 BUsiness ReVieW 19