Page 164 - MEDIASET ESPAÑA / 2012. Financial Statements, Management and Corporate Governance Report

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MEDIASET ESPAÑA COMUNICACIÓN, S.A. AND SUBSIDIARIES
22. FINANCIAL INSTRUMENTS
22.1. Derivatives
The Group uses financial instruments to hedge the foreign currency risks relating to purchases of audiovisual property
rights in the year and, when necessary, to hedge those related to commercial transactions with customers, which are
recognized in the consolidated statement of financial position. As required by the corresponding measurement and
recognition policy, these derivatives are classified as “held for trading.”
The breakdown, by maturity, of the notional amounts of derivatives outstanding at the Group at December 31, 2012 is
as follows:
2012 Notional amount/ Maturity
up to one year
Amount in $
Fair value
Dollars Year - end (€/$)
exc. rate
Purchase of unmatured currency
Purchase of dollars in euros 26,201 34,050 1.3194 (417)
Sales of dollars in euros - - - -
Net 26,201 34,050 (417)
The breakdown, by maturity, of the notional amounts of derivatives outstanding at the Group at December 31, 2011 is
as follows:
2011
Notional amount/
Maturity up to one
year
Amount in $
Fair value
Dollars Year - end (€/$) exc.
rate
Purchase of unmatured currency
Purchase of dollars in euros 32,649 44,877 1.2939 2,112
Sales of dollars in euros - - - -
Net 32,649 44,877 2,112
The foreign currency derivatives associated with the property 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.