Basic HTML Version
173
FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
For the purposes of credit risk Group management differentiates between financial assets arising from operations and
those arising from investments.
22.4.2. Operating activities
Most of the operating activities of the Group consist of adver tising revenues.
Group management has developed a policy whereby credit limit by customer type and authorisation levels in order to
approve transactions are established.
The financial assets considered as part of the operating activities are trade receivables for sales and services.
From a business standpoint, the Group considers the adver tisers to be the end customer ; none of these represents
significant business revenue in terms of the Group’s total turnover. It is standard sector practice to use media agencies as
intermediaries between adver tisers and the television channel offering the adver tising space.The risk of concentration
of balances with these intermediaries is broken down below:
2011
2010
Thousands of euros
Total amount
No, of customers
Total amount
No, of customers
From 0 to 100
9,062
805
10,660
946
From 100 to 200
6,143
45
8,867
62
From 200 to 500
13,299
41
12,667
41
From 500 to 1,000
14,766
21
13,448
19
Over 1,000
187,527
26
235,651
34
Total
230,797
938
281,293
1,102
Provisions
(17,032)
(18,272)
Net
213,765
938
263,021
1,102
These balances all mature within less than 12 months.
The movement in provisions was EUR 2,312 thousand.
The Group constantly monitors the age of its debt, and there were no risk situations at year-end.
22.4.3. Investing activities
The financial assets considered as investment activity are non-current loans (Note 11), non-current financial investments
(Note 11) and current financial investments (Note 13).Those notes provide information on the concentration of this
risk and the related maturities.
A Financial Risk Management Procedures Manual sets for th the general criteria governing investments of the Group’s
Treasury surpluses, which, in broad terms, are as follows:
• The investments are made with institutions (whether domestic or foreign) of recognised financial solvency.
• The investments are placed in conservative products (bank deposits, debt repos, etc,) on which, in general, the
repayment of the invested capital is guaranteed.