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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
22.4.6. Sensitivity analysis and estimates of the impact of changes in exchange rates
on the separate income statement.
The financial instruments exposed to EUR/USD exchange-rate risk, mainly consisting of future currency-purchase
agreements, have undergone a sensitivity test at the statement of financial position date.
The exposed statement of financial position value of these financial instruments was corrected by applying a symmetrical
percentage change, equal to the 1-year implicit volatility of the currency in question published by Reuters (15,4% for
2011 and 14,6% for 2010), to the year-end exchange rate.
The sensitivity test shows that the variations on the year-end exchange rate would have had an impact on the Separate
Income Statement account that, in any event, is not significant.
Analysis of accounts payables to suppliers in foreign currency:
31/12/11
31/12/10
USD Exc. Rate
Differences
USD Exc. Rate Differences
44,877
1.2939
2,112
13,643
1.3362
332
Sensitivity test
44,877
1.0947
8,407
13,643
1.1414
2,072
44,877
1.4931
-2,502
13,643
1.5310
-965
Analysis of derivatives on purchases from suppliers in foreign currencies:
31/12/11
31/12/10
USD
E,R,
Differences
USD
E,R,
Differences
61,664
1.2939
-2,947
17,305
1,3362
-467
Sensitivity analysis
61,664
1,0947
-11,619
17,305
1,1414
-2,678
61,664
1,4931
3,411
17,305
1,5310
1,180
23. INCOME AND EXPENSES
23.1. The breakdown of the Group’s ordinary revenue is as follows:
(Thousands of euros)
Activity
2011
2010
Publiespaña Group advertising revenue
947,482
794,501
Other advertising revenue
1,182
423
Revenue from the rendering of services
21,554
30,063
Other
14,684
12,814
Total
984,902
837,801