our opinion on the financial statements is unmodified
in our opinion the Group financial statements:
• give a true and fair view of the state of the Group's affairs as at 31 december 2015 and of its profit for the
year then ended; and
• have been properly prepared in accordance with international financial reporting standards (ifrss) as
adopted by the european union.
We have reported separately on the parent company financial statements of GVc Holdings plc for the year.
Who we are reporting to
this report is made solely to the company's members, as a body, in accordance with the terms of our engagement
letter dated 27 october 2015. our audit work has been undertaken so that we might state to the company's
members those matters we are required to state to them in an auditor's report and for no other purpose. to the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and
the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
What we have audited
GVc Holdings plc's financial statements for the year ended 31 december 2015 comprise the consolidated income
statement, the consolidated statement of comprehensive income, the consolidated statement of financial
position, the consolidated statement of changes in equity, the consolidated statement of cash flows and the
the financial reporting framework that has been applied in their preparation is applicable law and ifrss as adopted
by the european union.
overview of our audit approach
• overall group materiality: €1.7 million, which represents 3.4% of the Group's earnings before taxation less
• We performed full scope audits at the key business operations in the uK, ireland and malta; and
• Key audit risks were identified as post balance sheet date reporting, revenue recognition, valuation of
derivative financial instruments and impairment of goodwill and intangible assets.
our assessment of risk
in arriving at our opinions set out in this report, we highlight the following risks that, in our judgement, had the
greatest effect on our audit.
GVC HOLDINGS PLC ANNUAL REPORT 2015 41
independent auditor's report to tHe memBers of
GVc HoldinGs plc
auditor's report and primary financial statements