<< < > >>
 
| Full PDF report | Print this page |
Annual Report & Accounts 2016 - Notes to the Company Statements
slide
<< < > >>
113 5. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED 5.2 Cerberus loan early repayment option On 2 February 2016, a further €380m was drawn down under the Cerberus Loan facility. The facility has a repayment date of 4 September 2017 but has been repaid earlier (see note 30 in the consolidated Group). Early repayment will change the profile and size of the cash payments and this feature has been identified as an embedded derivative therefore separated from the host contract. Changes in the Group's credit rating will have an impact on the value of the option for early repayment. The option has been valued by a third party valuation specialist based on the contracted cashflows under the terms of the facility and applying a probability weighted measure to the cost saving opportunities. The value of the early repayment at 31 December 2016 was €22.5m. 5.3 Betit option On 14 May 2014, the Group acquired a 15% stake in Betit Holdings Limited ("BHL"). The Group had a call option to acquire the balance of the outstanding shares which could be exercised no earlier than 1 July 2017 and no later than 30 September 2017, and would be subject to further Maltese Gaming Authority clearance and the Stock Exchange Rules. The minimum call option price was €70m, and the actual price would be determined by the mix of revenues between regulated and non-regulated markets and certain multiples attaching thereto. In the year, the Group disposed of its investment in BHL and its call option was also disposed of as part of this arrangement. The net loss on disposal of the investment and the option has been included within changes in value of available for sale assets. 6. CASH AT BANK AND IN HAND 2016 €m 2015 €m Bank balances 98.5 0.3 7. CREDITORS 2016 €m 2015 €m Amounts due to Group undertakings 167.9 186.5 Interest bearing loan (see note 8.1 below) 403.5 - Non-interest bearing loan (see note 8.2 below) - 3.0 Share option liability (note 10) - 9.7 Forward contract liability - 9.9 Other creditors 9.3 4.4 Creditors: amounts due within one year 580.7 213.5 Other creditors - 0.7 Share option liability - 2.1 Interest bearing loan - 19.8 Creditors: amounts after more than one year - 22.6