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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
• The Company is head of a Group of subsidiaries making up the Mediaset España Comunicación Group (“the
Group”). Consequently, Mediaset España Comunicación, S.A. is required to prepare, in addition to its individual
financial statements, consolidated financial statements for the Group, which also include its investments in asso-
ciates.The consolidated Group companies are as follows:
FULLY CONSOLIDATED COMPANIES
COUNTRY 2011 2010
Grupo Editorial Tele 5, S.A.U.
Spain
100% 100%
Agencia de Televisión Latino-Americana de Servicios y Noticias España,
S.A.U.(*)
Spain
-
100%
Telecinco Cinema, S.A.U.
Spain
100% 100%
Publiespaña, S.A.U.
Spain
100% 100%
Conecta 5 Telecinco, S.A.U.
Spain
100% 100%
Mediacinco Cartera, S.L.
Spain
75% 75%
Canal Factoría de Ficción, S.A.U.
Spain
100% 100%
Atlas Media, S.A.U. (3)
Spain
-
100%
Agencia de Televisión Latino-Americana de Servicios y Noticias País Vasco,
S.A.U. (3)
Spain
-
100%
MiCartera Media, S.A.U. (3)
Spain
-
100%
Publimedia Gestión, S.A.U. (1)
Spain
100% 100%
Sociedad General de TV Cuatro, S.A.U. (*)
Spain
-
100%
Compañía Independiente de Noticias de Televisión, S.L. (*)
Spain
-
100%
Sogecable Media, S.A.U.
Spain
100% 100%
Sogecable Editorial, S.A.U.
Spain
100% 100%
Premiere Megaplex, S.A.U.(**)
Spain
100% -
COMPANIES ACCOUNTED FOR USINGTHE EQUITY METHOD
COUNTRY 2011 2010
Premiere Megaplex, S.A. (**)
Spain
-
50%
Pegaso Televisión, Inc
USA
44% 44%
EdamAcquisition Holding I Coöperatief U.A. (2)
Netherlands
-
33%
Bigbang Media, S.L.
Spain
30% 30%
Producciones Mandarina, S.L.
Spain
30% 30%
La Fábrica de la Tele, S.L.
Spain
30% 30%
DTS, Distribuidora de Televisión Digital, S.A. (4)
Spain
22% 22%
(1) The ownership interest in these companies is held through Publiespaña, S.A.U.
(2)The ownership interest in this company is held through Mediacinco Car tera, S.L. In 2011, this investment has been classified under
“Non-current financial assets”.
(3) Liquidated up in 2011.
(*) Companies absorbed by Mediaset España Comunicación in 2011.
(**) At 31 December 2011, the ownership interest stood at 100%.Therefore, the company was fully consolidated.