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MEDIASET ESPAÑA COMUNICACIÓN, S.A. AND SUBSIDIARIES
Where the hedged item is the cost of a non-financial asset or liability, the amounts taken to equity are transferred to
the initial carrying amount of the non-financial asset or liability.
If the forecast transaction is no longer expected to occur, the amounts previously recognized in equity are transferred to
the separate income statement. If a hedging instrument expires or is sold, terminated or exercized without replacement
or rollover, or if its designation as a hedge is revoked, amounts previously recognized in equity remain in equity until the
forecast transaction occurs. If the related transaction is not expected to occur, the amount is taken to income.
The Group’s financial derivatives at December 31, 2012 and 2011 were classified as held for trading, with gains or losses
recognized in the consolidated separate income statement.
4.18. Derecognition of financial assets and liabilities
4.18.1. Financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is
derecognized when:
• The rights to receive cash flows from the assets have expired.
• The Group retains the right to receive the cash flows from the asset but has assumed the obligation to pay the
received cash flows in full without material delay to a third party under a pass-through arrangement.
• The Group has transferred its rights to receive cash flows from the asset and either (a) the Group has transferred
substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially
all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred
control of the asset, a new asset is recognized to the extent of the Group’s continuing involvement in the asset. Continuing
involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that the Group could be required to repay.
4.18.2. Financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged, canceled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition
of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is
recognized in the separate income statement.
4.19. Provisions and contingencies
Provisions are recognized in the consolidated statement of financial position where the Group has a present obligation
(either legal or tacit) as a result of a past event and it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation.Amounts recognized as provisions are the best estimate of the amounts
required to offset the current value of those obligations at the consolidated statement of financial position date.
Provisions are reviewed at each year end and adjusted to reflect the current best estimate of the liability.
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