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Annual Report & Accounts 2016 - Chief Financial Officer's review
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31 Cashflow The table below shows a simplified cashflow for the year: 2016 €m 2015 €m Clean EBITDA 193.5 54.1 Capitalised software development and other intangibles (19.0) (5.0) Property, plant and equipment purchases (15.8) (1.2) Interest paid including loan costs (47.6) (9.0) Corporate taxes (7.9) (0.6) Other working capital movements (31.9) 6.7 FREE CASHFLOW 71.3 45.0 Exceptional items (cash) (86.4) (14.6) Acquisition of bwin.party (net of cash acquired) (189.4) - Proceeds of issued share capital net of costs 193.8 - Proceeds from disposal of assets held for sale 20.9 - Interest bearing loan drawdown 380.0 20.0 Repayment of loans (55.5) (3.2) Dividends paid - (34.3) Other cash movements 4.8 (2.4) NET CASH GENERATED 339.5 10.5 Foreign exchange (0.7) (0.1) Cash and equivalents at beginning of the year 28.2 17.8 CASH AND CASH EQUIVALENTS AT END OF YEAR 367.0 28.2 Cash has increased to €367.0m at 31 December 2016 from €28.2m following the acquisition of bwin.party. To fund the Acquisition the Group drew down a further €380.0m from the Cerberus loan facility and issued shares with proceeds net of costs of €193.8m. The cash cost of acquiring bwin.party was €189.4m and comprises €305.1m paid to share and option holders net of €116.2m of cash acquired. During the year the Group repaid €55.5m of loan balances. The repayments consisted of the final €3.0m instalment of the William Hill loan, a €13.5m repayment of the Cerberus Loan and €39.0m of loan balances for bwin.party. The principal items within other working capital movement relate to the settlement of 2015 employee remuneration arrangements across both GVC and bwin.party, and the settlement of trade creditors. Paul Miles Chief Financial Officer 23 March 2017