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MEDIASET ESPAÑA COMUNICACIÓN, S.A. AND SUBSIDIARIES
within 60 days.There is a transitional period of 85 days from the entry into force of this law until 31 December 2011, of
75 days in 2012 and 60 from 1 January 2013. At 31 December 2010 the outstanding amounts payable to suppliers over
85 days was EUR 29,404 thousand.This figure is due mainly to administrative tasks in the processing of invoices and the
impact of the increase in consolidation scope.
Total payments made
within the maximum
legal period
Total payments for
the year
Deferrals exceeding the maximum
legal payment period at year end (*)
Average debt payment
period under 85 days
550,838
604,869
27,692
8
(*) Deferrals exceeding the legal payment period at the end of the year relate mainly to administrative incidents in the processing
of invoices, which are currently being resolved.
22.3. Capital management policy
The Group’s capital management policy is focused on securing a return on investment for shareholders that maximises
the profitability of their contribution to the company thereby making the Company a highly attractive investment vehicle
for the market.The capital structure of the company places it in an excellent position as a result of its significant capacity
to generate positive cash flows, even in the current markets condition.
22.4. Risk management policy
To efficiently manage the risks to which the Mediaset España Group is exposed, cer tain control and prevention
mechanisms have been designed and implemented, led by the senior executives of the Group in the Audit Committees.
These mechanisms have been put into place in the corporate governance rules and have been applied throughout the
Group.
The measures adopted by the Group to manage risks can be classified into three main categories and were designed to
cover exposure to credit risk, liquidity risk and market risk.
22.4.1. Credit risk
Credit risk exists when a potential loss may arise from the Company’s counterpar ty not meeting its contractual obligations,
i.e., the possibility that financial assets will not be recovered at their carrying amount within the established timeframe.
The Group maximum exposure to credit risk at 31 December 2011 and 31 December 2010 was as follows:
(Thousands of euros)
2011
2010
Non-current receivables
55,462
61,087
Non-current financial investments
-
-
Trade and other receivables
226,746
264,638
Current receivables from Group companies and associates
2,867
5,805
Current investments
55,790
28,489
Cash and cash equivalents
58,574
87,900
399,439
447,918