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Annual Report & Accounts 2015 - NOTES
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on 18 december 2015, it was decided to terminate this option and replace its cash-confirmation obligations with a "flexibleforward", a forward contract with option components. entering into this transaction resulted in a refund of €5.6 million and a new sale of €365,000,000 and purchase of £260,719,500 (a rate of £1:€1.400). By 31 december, foreign exchange rates had moved and the rate used by GVC for the translation of its GBP current assets and current liabilities was £1:€1.36249, whilst the effective rate behind the valuation of the GBP obligation under the flexible forward was €1.3621. this resulted in a revaluation charge of €9.9 million shown as a forward contract liability. this is more fully shown in the tables below: Balance at paid received p&l 31.12.15 details €000s €000s €000s €000s arrangement cashflows (5,329) 5,675 346 - arrangement valuations - - (9,877) (9,877) (5,329) 5,675 (9,531) (9,877) euro sale under flexible forward €365,000,000 Rate €1.4000 GBP purchase under flexible forward £260,719,500 implicit rate in valuation €1.3621 Revaluation €355,123,000 Valuation expense €9,877,000 3.2 employees the average monthly number of persons (including directors) employed by the Group during the year was: 2015 2014 number of personnel With employment contracts or service contracts 527 507 Contractors 49 42 576 549 4. financial income and eXpense 2015 2014 €000's €000's Financial income - interest income 4 16 4 16 Financial expense - interest payable - Unwinding of discount on non-interest bearing loan (238) (238) - Finance lease interest (82) (67) - Unwinding of discount on Betboo deferred consideration (54) (710) - Foreign exchange revaluation (see note 4.1) (627) (627) - interest on Cerberus loan (see note 14.1)* (1,245) - - other expense - (4) (2,246) (1,646) * this includes interest payments at the contracted rate of 12.5% and an accrual for exit and similar fees not yet due. 4.1 foreign exchange differences the foreign exchange differences above arose as follows: 2015 2014 €000's €000's Retranslation of the William hill non-interest bearing loan (516) (467) Retranslation of amounts due in respect of finance leases (69) (160) other (42) - (627) (627) GVC HOLDINGS PLC ANNUAL REPORT 2015 65 notes to the consolidated financial statements