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Annual Report & Accounts 2016 - Notes
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90 Financial statements continued GVC Holdings PLC Annual Report 2016 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED for the year ended 31 December 2016 10. INVESTMENTS AND AVAILABLE FOR SALE (AFS) FINANCIAL ASSETS CONTINUED 10.1 Available For Sale assets (AFS) On 14 May 2014, the Group acquired a 15% stake in Betit Holdings Limited ("BHL") from Betit Securities Limited ("BSL"). The consideration was for €3.5m, which was attributed to both the available for sale asset (€5.2m) and the option liability (€1.7m) taken on at acquisition. The asset held for sale consideration, together with professional fees incurred at the time, amounted to a total upfront cost of €5.4m which was impaired at 31 December 2015 to €2.6m. This asset was impaired by €0.7m prior to being sold during the year. The value of bwin.party's available for sale assets on acquisition was €3.5m. The value of these has decreased by €3.1m during the period, principally as a result of the dividend declared by the Aldorino Trust of €3.1m which resulted in the full impairment of this investment. Also as part of the bwin.party acquisition assets held for sale of €2.2m were recategorised as AFS after the acquisition date. 10.2 Associates The value of bwin.party's associates on acquisition was €1.0m. The value of this investment had increased by €0.1m by 31 December 2016 based on the share of underlying profit in the associate. The Group holds 50% of the voting rights in relation to this entity and amounts related to this entity as at 31 December 2016 are presented in the table below: €m Non-current assets 0.1 Current assets 2.2 Current liabilities 0.5 Revenues 2.6 Profit 0.4 11. RECEIVABLES AND PREPAYMENTS 2016 €m 2015 €m Balances with payment processors 60.0 21.7 Trade receivables - 0.1 Other receivables 27.6 1.3 Loans and receivables 87.6 23.1 Prepayments 16.7 11.5 Deferred consideration 0.9 - CURRENT ASSETS 105.2 34.6 Contingent consideration 4.0 - Deferred consideration 0.9 - NON-CURRENT ASSETS 4.9 - Payment processor balances are funds held by third party collection agencies subject to collection after one month, or balances used to make refunds to players. Prepayments include payments as at 31 December 2016 for goods or services which will be consumed after 1 January 2017. Contingent consideration relates to amounts receivable for the sale of domain names following the acquisition of bwin and is measured at fair value. The non-discounted book values for these amounts are €6.0m (2015: €nil) due later than one year but not later than five years. Deferred consideration relates to amounts receivable for the sale of Conspo which was previously classified as held for sale. The non-discounted book values for these amounts are €0.9m (2015: €nil) due within one year and €1.0m (2015: €nil) due later than one year but not later than five years.