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Annual Report & Accounts 2015 - NOTES TO THE COMPANY FINANCIAL STATEMENTS
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7. creditors: amoUnts fallinG dUe Within one year 2015 2014 €000's €000's amounts due to Group undertakings 186,439 127,189 Non-interest bearing loan (see note 7.1 below) 3,020 2,735 share option liability (note 10) 9,740 184 Forward contract liability 9,877 - other creditors 4,434 2,119 213,510 132,227 7.1 non-interest bearing loan as part of the Company's acquisition of sportingbet PlC, a credit facility was made available to the Company by William hill PlC. at 31 december 2015 the Company 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 2015 2014 2014 Base currency total Base 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 8. creditors: amoUnts fallinG dUe after more than one year 2015 2014 €000's €000's interest bearing loan (see note 8.1 below) 19,821 - Non-interest bearing loan (see note 7.1) - 2,777 share option liability (see note 10) 2,036 - Betit option (see note 8.2 below) 736 1,745 22,593 4,522 8.1 interest bearing loan on 4 september 2015, the Company 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. Under the terms of the loan, a 'hedging loan' of up to €20m could be drawn on in advance of the acquisition, in order to fund a hedging arrangement for the conversion of the loan funds into GBP and to pay for initial costs including loan arrangement fees. accordingly, €20m was drawn down immediately on entering into the contract. the balance of €380m was drawn down on 1 February 2016 and so was not recorded as a liability at the year end. the full amount of the loan is to be repaid by 4 september 2017. 98 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the company financial statements continued for the year ended 31 december 2015