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MEDIASET ESPAÑA COMUNICACIÓN, S.A.
If the Company has not transferred or retained substantially all of the risks and rewards, the financial asset is derecognised
if control over the asset has not been retained.The situation is determined in accordance with the transferee’s capacity
to transfer the asset. If control over the asset is retained, the Company continues to recognise it to the extent to which it
is exposed to the changes in the value of the transferred asset, i.e., due to its continuing involvement, and the associated
liability is also derecognised.
When the financial asset is derecognised, the difference between the consideration received, net of attributable
transaction costs, including any new financial asset obtained less any liability assumed, and any cumulative gain or loss
directly recognised in equity, determines the gain or loss generated upon derecognition and is included in the income
statement in the year to which it relates.
The Company does not derecognise financial assets and it recognises a financial liability for an amount equal to the
compensation received in the transfers of financial assets in which it has retained substantially the risks and rewards
incidental to ownership, such as discounted bills, recourse factoring, disposals of financial assets under repurchase
agreements at fixed prices or sale price plus interest, and securitizations of financial assets in which the company, as
transferor, retains subordinated debt or other types of guarantees that substantially absorb estimated losses.
Financial liabilities
A) Recognition and measurement
The Company classifies its financial liabilities into the following categories:
1. Trade and other payables
2. Financial liabilities held for trading
3. Other financial liabilities at fair value through profit or loss
Financial liabilities are initially measured at fair value, which, unless there is evidence to the contrary, is equivalent to the
fair value of the consideration received. For financial liabilities included in trade and other payables, directly attributable
transaction costs are par t of the initial recognition; for other financial liabilities, these costs are recognised in the income
statement. Liabilities maturing in less than twelve months as of the balance sheet date are classified as current, and those
maturing at over twelve months as non-current.
a.1) Trade and other payables
Trade and other payables comprises financial liabilities arising from the purchase of goods and services in the ordinary
course of the Company’s business.The category also includes non-trade payables, which are defined as financial liabilities
that, in addition to not being derivative instruments, have not commercial substance.
Upon initial recognition in the balance sheet, they are recognised at fair value, which, unless there is evidence to the
contrary, is the transaction price, which is equivalent to the fair value of the consideration received, adjusted by directly
attributable transaction costs.
Following initial recognition, financial assets included in this category are measured at amor tised cost. Interest is recognised
in the income statement using the effective interest rate method.
Never theless, trade payables maturing within less than one year with no contractual interest rate, as well as called-up
payments on shares the amount of which is expected in the shor t term are carried at nominal value, both in the initial
recognition and in the subsequent recognition, when the effect of not discounting cash flows is not significant.