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Annual Report & Accounts 2015 - NOTES
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3. operatinG costs 2015 2014 Notes €000's €000's Wages and salaries, including directors (excluding incentive schemes) 23,878 21,744 directors incentive schemes (see page 30) 7,168 6,918 other employees incentive schemes 9,411 6,947 ----- ----- incentive schemes 16,579 13,865 amounts paid to long term contractors 3,333 3,270 Compulsory social security contributions 2,251 2,137 Compulsory pension contributions 722 627 health and other benefits 902 758 Recruitment and training 789 654 Personnel expenditure (excluding share option charges) 48,454 43,055 Professional fees 4,662 4,489 technology costs 23,659 20,991 office, travel and other costs 3,471 5,251 Foreign exchange differences on operating activity 1,038 340 administrative costs 81,284 74,126 equity settled share option charges 20 509 552 Cash settled share option (credit)/charges 20 (60) 184 exceptional items 3.1 24,496 - impairment of available for sale asset 9 1,216 1,593 movement in the fair value of derivative financial instruments 10 (4,817) - depreciation 7 875 675 amortisation 8 4,110 3,237 107,613 80,367 3.1 exceptional items the Group incurred expenditure on exceptional items (as defined in accounting policy note 1.13) of €24,496,000 (2014: €nil). these are items which are both exceptional in size and nature. 2015 2014 €000's €000's Proposed acquisition of bwin.party - legal advice 5,101 - - Nominated advisors 1,636 - - Reporting accountants 2,629 - - other professional fees 3,177 - total professional fees 12,543 - - Currency option, including fair value adjustment 9,531 - PR fees 847 - loan fees 100 - total acquisition costs 23,021 - Non-deal income/expenditure - Romania tax amnesty payments 1,180 - - other 295 - total non-acquisition costs 1,475 - total exceptional items 24,496 - 3.1.1 currency option as part of the requirements for the acquisition of bwin.party, GVC had to "cash-confirm" that it had sufficient GBP funds to meet the obligations of the acquisition; namely 25p per bwin.party share. as the loan facility from Cerberus was denominated in euro, an american style call option was purchased for €5.3 million on 4 september 2015 to sell €365,000,000 and purchase £256,138,750 (a rate of £1:€1.4250). the counterparty to this trade was Nomura. 64 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the consolidated financial statements continued for the year ended 31 december 2015