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52
MEDIASET ESPAÑA COMUNICACIÓN, S.A.
a) Bank borrowings
In 2011 the Company has renewed and increased its credit facilities to a total of EUR 303,000 thousand. These bear
interest at EURIBOR plus a market spread in line with the Company’s solvency.
At the date of authorisation for issue of these financial statements, some of these credit facilities had been renewed and
their maturities extended to 2014.
At 31 December 2011, the Company had undrawn credit amounting to EUR 241,241 thousand. This amounts to a
considerable increase in its available working capital at 31 December 2011.
In 2010 existing credit facilities were renewed and extended up to a total of EUR 303,000 thousand.These bear interest
at EURIBOR plus a market spread in line with the Company’s solvency.The credit facilities mature between January 2011
and December 2012.
At 31 December 2010 EUR 242,815 thousand had not been drawn down.
b) Derivatives and other financial liabilities
b.1) Borrowings form Group companies
The interest rate on these borrowings is EURIBOR plus a market spread. Loans to Group companies consist of swap
facilities. Also included under this heading are current payables for income tax payable with Group companies stemming
from the tax consolidation. Note 19 provides the breakdown of these balances.
b.2) Others
The breakdown at 31 December 2011 and 2010 is as follows:
Balance
31/12/11
Balance
31/12/10
Trade and other payables
222,319
147,128
Other financial liabilities
98,098
36,959
320,417
184,087
Other financial liabilities consist of current borrowings from suppliers of audiovisual rights.
b.3) Derivatives
The Company carries out derivative transactions to hedge currency risk on the purchases of audiovisual proper ty rights
in the year and when necessary to hedge currency risk on trade transactions in other currencies with customers, which
are recognised in the Company’s balance sheet.
The foreign currency derivatives associated with the proper ty rights are measured at the difference between the
present value of the quoted foreign currency hedge at the forward exchange rate in the contract and the value of the
quoted foreign currency hedge at year end.
The Company did not hold any instruments of this type in its balance sheet at 31 December 2011 and 2010.