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Annual Report & Accounts 2016 - Notes
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106 Financial statements continued GVC Holdings PLC Annual Report 2016 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED for the year ended 31 December 2016 28. BUSINESS COMBINATIONS CONTINUED 28.1 Acquisition of bwin.party continued All contingent liabilities have been provided for. In the year ended 31 December 2015, bwin.party reported revenue of €576.4m and loss before tax of €40.2m. If the Acquisition had occurred at the beginning of the year, the revenue of the combined entity in the 12 months to 31 December 2016 would have been €873.5m and the loss after tax would have been €131.8m. Following the acquisition, GVC has already achieved significant synergistic savings through integration and restructuring of operations and expects further benefits in 2017. 29. NON-CONTROLLING INTERESTS Non-controlling interests included a 10% holding in bwin.party entertainment (NJ) LLC, a company incorporated in the United States. The loss attributable to the non-controlling interest was €0.3m. The balance of retained earnings attributable to non-controlling interests is disclosed in the table below: Total €m As at 31 December 2015 - Acquired through business combination (1.2) Loss attributable to non-controlling interests (0.3) AS AT 31 DECEMBER 2016 (1.5) 30. SUBSEQUENT EVENTS In October 2016, the Group secured a one year €250m loan facility from Nomura International plc, which was used in part to repay the outstanding loan provided by Cerberus Business Finance LLP associated with the acquisition of bwin.party. The Nomura Loan provided a short-term facility at a reduced overall cost from that associated with the Cerberus Loan. The Group has now successfully secured long-term and increased debt facilities comprising of a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity six years) and a €70m revolving credit facility (maturity five years).