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Annual Report & Accounts 2015 - NOTES
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21. financial instrUments and risK manaGement continued 21.2 foreign exchange risk continued 21.2.1 analysis of the statement of Financial Position by Currency continued at 31 december 2014 euro GBp other total €000's €000's €000's €000's non-current assets 148,454 10,539 215 159,208 Receivables and prepayments 10,578 1,926 15,101 27,605 tax reclaimable 1,593 2,332 - 3,925 other taxes reclaimable 5 134 - 139 Cash and cash equivalents 11,320 4,533 1,976 17,829 total current assets 23,496 8,925 17,077 49,498 trade and other payables (7,322) (18,183) (5,553) (31,058) Balances with customers (6,366) (4,298) (2,372) (13,036) deferred consideration (2,347) - - (2,347) taxation payable (4,962) (53) 1 (5,014) other taxation liabilities (241) (941) (156) (1,338) total current liabilities (21,238) (23,475) (8,080) (52,793) net current assets/(liabilities) 2,258 (14,550) 8,997 (3,295) Betit option - (1,745) - (1,745) interest bearing loan and borrowings - (327) - (327) Non-interest bearing loan and borrowings - (2,777) - (2,777) deferred consideration (1,606) - - (1,606) total non-current liabilities (1,606) (4,849) - (6,455) total assets less total liabilities 149,106 (8,860) 9,212 149,458 a significant proportion of the Group's financial assets and liabilities are denominated in euros, which minimises the Group's exposure to foreign exchange risk. management do not consider the impact of possible exchange rate movements based on current market conditions to be material to the net result for the year. 21.3 interest rate risk the Group earns interest from bank deposits. during the year, the Group held cash on deposits with a range of maturities of less than three months. the Group has a non-interest bearing loan (see note 14.2) which does not carry any interest rate risk. on 4 september 2015, the Group entered into an agreement with Cerberus Business Finance llC for a loan of up to €400m, in order to part-fund the proposed acquisition of bwin.party. at 31 december 2015, the Group had €19.8 million of committed and drawn-down borrowing facilities under this loan arrangement, with a further €380.0 million of committed un-drawn facilities (2014: €nil). the interest on these loans is based on eURiBoR with a floor of 1%, plus a margin of 11.5%. management do not consider the impact of possible interest rate movements based on current market conditions to be material to the net result for the year or the equity position at the year end for either the year ended 31 december 2014 or 31 december 2015. 21.4 credit risk the Group seldom has any significant concentrations of credit risk, with exposure spread over a large number of customers. the Group grants credit facilities to its customers and the maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of Financial Position. the Group has material exposure to credit risk through amounts owed by payment processors (third party collection agencies) of €21.7 million (2014: €22.2 million) and cash balances held with banking institutions of €28.2 million (2014: €17.8 million). the Group considers the credit risk associated with these balances to be low, having assessed the credit ratings and financial strength of the counter-parties involved. the Group is seeking to diversify its banking deposits to further reduce credit risk. No provision for impairment has been made at 31 december 2015 (2014: €nil). No receivable amounts were past due date at 31 december 2015 (2014: €nil). 80 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the consolidated financial statements continued for the year ended 31 december 2015