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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
Increased investment in Pegaso Televisión Inc.
In July 2010 Gestevisión Telecinco, S.A. conver ted EUR 4,063 thousand (USD 5,392 thousand) of loans to Pegaso into
share capital. Consequently, it increased its investment in Pegaso to 43.71% of its share capital.
7.2.2. Receivables from Group companies
Loan to Mediacinco Cartera, S.L.
The EUR 142,500 thousand balance of par ticipating loans in 2010 was offset in full in 2011 with the proceeds from the
capital increase and the share premium agreed by shareholders of Mediacinco Car tera, S.L. in an extraordinary meeting
as they considered the company had no reserves (Note 7.2.1). A provision of EUR 106,519 thousand was recognised
due to the equity situation of Mediacinco Cartera, S.L.
At 31 December 2010, this loan had a balance of EUR 75,662 thousand, which was transferred to current loans as it
matured on 30 June 2012 (Note 7).
At 31 December 2010, the following loans had been granted to Mediacinco Cartera, S.L.:
• A par ticipating loan of EUR 142,500 thousand. Due to the situation of the company’s equity, a provision for EUR
106,519 thousand had been recognised. This loan bears interest (provided Mediacinco Car tera, S.L. obtains a
profit) at the 1-month Euribor plus a spread of 2.5% and falls due on 30 June 2012.
• A loan of EUR 75,662 thousand maturing on 30 June 2012 and bearing interest at the 3-month Euribor plus a
spread of 1%.
The terms of these loans are identical to those of the loans granted by the other shareholder of Mediacinco Car tera, S.L.
Participating loan granted to Telecinco Cinema
The par ticipating loans amounted to EUR 28,500 thousand at 31 December 2011 and 2010. Give the situation of
Telecinco Cinema, S.A.U.’s equity, provisions were recognised for those loans amounting to EUR 24,347 thousand in
2010 and EUR 27,527 thousand in 2011.
Participating loan to Sogecable Media,S.L.U.
In 2011, the Company agreed to the par tial conversion of a EUR 1,600 thousand credit facility into a par ticipating loan
to Sogecable Media, S.L.U. A provision of EUR 1,463 thousand was recognised in 2011, decreasing the amount of the
par ticipating loan.
Participating loan to Conecta 5 Telecinco, S.A.U.
In 2011, the Company agreed to the par tial conversion of a EUR 6,000 thousand credit facility into a par ticipating loan
to Conecta 5 Telecinco, S.A.U. A provision of EUR 3,374 thousand was recognised in 2011, decreasing the amount of
the participating loan.
7.2.3. Loans to associated companies
Long-term credit to Pegaso Televisión Inc
This section includes the transfer from long-term credit to shor t term credit of Pegaso Televisión Inc. of EUR
3,410 thousand.