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Annual Report & Accounts 2015 - REPORT OF THE GROUP FINANCE DIRECTOR
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a cash flow, aggregated as if bwin.party had been acquired on 1 January 2015, would appear as below: AGGReGAteD cAsh FLoW Year ended 31 December 2015 Re- Bwin Aggregated € millions Bwin Disposals classification restated GVc (Unaudited) clean eBitDA 108.5 (2.1) 3.0 109.4 54.1 163.5 plant and equipment (38.3) (38.3) (1.2) (39.5) Capitalised development costs (19.4) (19.4) (5.0) (24.4) exceptional items incurred in cash - - (1.5) (1.5) Debt & Lease repayments (3.6) (3.6) (5.0) (8.6) investments made and similar 2.8 2.8 - 2.8 earn-out repayments - (2.4) (2.4) Cash settled share options - (0.5) (0.5) Loans drawn down (gross) - 20.0 20.0 Draw down fees, interest and legal expenses - (9.0) (9.0) other deal related professional fees - (13.5) (13.5) fx option premium paid, less return of premium received - 0.3 0.3 net finance expenses (0.8) (0.8) - (0.8) net payment of taxes (8.2) (8.2) - (8.2) net issue of shares 0.2 0.2 - 0.2 working capital movements (10.1) (10.1) 8.4 (1.7) Cash movement for the year before dividend 31.1 (2.1) 3.0 32.0 44.7 76.7 Dividend paid (43.2) (43.2) (34.3) (77.5) Cash movement for year (12.1) (2.1) 3.0 (11.2) 10.4 (0.8) Cash at start of year 164.4 - 13.5 177.9 17.8 195.7 Cash at end of year 152.3 (2.1) 16.5 166.7 28.2 194.9 Clean net operating cash flow 31.7 - - 31.7 52.9 84.6 Future trading updates and financial calendar it is anticipated that GvC will make further announcements on or around the following dates: w/c 25 april 2016 - publication of report and accounts on the Company's website, www.gvc-plc.com 30 april 2016 - posting of report and accounts and notice of aGm 24 may 2016 - aGm trading update, result of aGm July 2016 - h1 trading update september 2016 - interim results Richard cooper Group finance Director 22 april 2016 GVC HOLDINGS PLC ANNUAL REPORT 2015 BUsiness ReVieW 25