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Annual Report & Accounts 2015 - NOTES TO THE COMPANY FINANCIAL STATEMENTS
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subsidiaries the significant subsidiaries of the Company are detailed below: ownership interest subsidiary country of incorporation 2015 2014 GVC services B.V.* Netherlands antilles 100% 100% intera N.V. Netherlands antilles 100% 100% Bluebell B.V. (previously GVC sports B.V.) Netherlands antilles 100% 100% GVC administration services limited england and Wales 100% 100% sportingbet limited england and Wales 100% 100% sportingbet (management services) limited england and Wales 100% 100% sportingbet (it services) limited england and Wales 100% 100% sportingbet (Product services) limited england and Wales 100% 100% sporting odds limited england and Wales 100% 100% interactive sports (C.i.) limited alderney 100% 100% longfrie limited Guernsey 100% 100% Gaming VC Corporation limited malta 100% 100% martingale malta 2 limited malta 100% 100% headlong limited malta 100% 100% *also has a branch registered in Israel 4. deBtors 2015 2014 €000's €000's amounts owed by Group undertakings 131,067 43,022 other debtors 3,310 3,344 Prepayments and accrued income 7,938 158 142,315 46,524 5. WinUnited option asset 2015 2014 €000's €000's Winunited option 3,808 - on 24 march 2015, the Company contracted with Winunited limited for the day-to-day back office operations of the Winunited business. Under the terms of the agreement, the Company obtained a call option to purchase the Winunited assets comprising goodwill, customers, licenses, brands and websites. the exercise period for the option is in the three months prior to the five year anniversary of the 24 march 2015. No consideration was paid for the call option. at 31 december 2015 the option was valued by a third party valuation specialist using a monte Carlo valuation model and two methodologies: a discounted cash flow and a multiples based calculation. a long-term growth rate of 2% was assumed, and a discount rate of 15% based on industry peers and observable inputs. Based on this model, the value of the call option at 31 december 2015 was €3.1 million. this increase in the fair value of the option has been recognised in the income statement in accordance with ias 39. 6. cash at BanK and in hand 2015 2014 €000's €000's Bank balances 333 137 GVC HOLDINGS PLC ANNUAL REPORT 2015 97 company financial statements