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Annual Report & Accounts 2015 - NOTES
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14. loans and BorroWinGs continued 14.1 interest bearing loan continued effective 2015 principal interest total €000's €000's €000's loan balance at 1 January 2015 - - - initial drawdown (20,000) - (20,000) initial costs and loan servicing fees paid - 799 799 interest instalments paid to 31 december 2015 - 625 625 effective interest due to 31 december 2015 (note 4) - (1,245) (1,245) loan balance at 31 december 2015 (20,000) 179 (19,821) split between: current liabilities - non-current liabilities (19,821) 14.2 non-interest bearing loan as part of the Group's acquisition of sportingbet PlC, a credit facility was made available to the Group by William hill PlC. at 31 december 2015 the Group had drawn down €3,138,515 (£2,303,513) (2014: €5,867,084 (£4,590,832)) of this facility. the loan was revalued at the 31 december exchange rate of €1.3625. ias 39 Financial instruments: Recognition and measurement, states that all financial liabilities should initially be measured at their fair value and subsequently measured at amortised cost using the effective interest rate method. the loan has therefore been discounted at a rate of 4% and will be unwound over the period of the loan. the facility is repayable in three instalments and should GVC declare dividends in excess of 58 €cents per share, William hill is entitled to receive an accelerated repayment equal to the excess of the actual dividend over 58 €cents per share. the instalments as well as the impact of the discount are shown below: 2015 2014 Base 2015 Base 2014 currency total currency total £000's €000's £000's €000's loan balance at 1 January 4,591 5,867 6,862 8,256 Repayment during the year (2,287) (3,245) (2,271) (2,856) Revaluation at 31 december exchange rate - 516 - 467 loan balance at 31 december 2,304 3,138 4,591 5,867 Undiscounted payments due within 12 months: 2,304 3,138 2,295 2,933 Undiscounted payments due between 12 and 24 months: - - 2,296 2,934 loan balance before discount 3,138 5,867 discount on recognition of the loan (780) (780) Unwinding of discount to date 662 425 loan balance at 31 december 3,020 5,512 split: current liabilities 3,020 2,735 non-current liabilities - 2,777 72 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the consolidated financial statements continued for the year ended 31 december 2015