Page 171 - MEDIASET ESPAÑA / 2012. Financial Statements, Management and Corporate Governance Report

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FINANCIAL STATEMENTS AND MANAGEMENT. ANNUAL CORPORATE GOVERNANCE REPORT. BALANCE SHEETS 2012
The sensitivity test shows that the impact of variations on the interest rates applied to the cash surpluses at December
31 would, in any event, not be significant and would exclusively affect the amount of financial income.
Reference
rate (%)
Cash
surpluses
Annual
interest 100 bp Annual
interest -10 bp Annual
interest
31-12-12 0.109% 73,716 80 1.109 818 0.009 7
31-12-11 1.024% 26,449 271 2.024 535 0.924 191
22.4.6. Sensitivity analysis and estimates of the impact of changes in exchange rates on the
separate income statement.
The financial instruments exposed to euros/$ exchange-rate risk, mainly consisting of future currency-purchase
agreements, have undergone a sensitivity test at the statement of financial position date.
The exposed statement of financial position value of these financial instruments was corrected by applying a symmetrical
percentage change, equal to the 1-year implicit volatility of the currency in question published by Reuters (2012: 9.1675%
and 2011: 15.40%), to the year-end exchange rate.
The sensitivity test shows that the variations on the year-end exchange rate would have had an impact on the Separate
income statement account that, in any event, is not significant.
Analysis of accounts payables to suppliers in foreign currency:
12/31/12 12/31/11
$ Exc. Rate Differences $ Exc. Rate Differences
34,050 1.3194 -417 44,877 1.2939 2,112
Sensitivity test
34,050 1.1984 2,153 44,877 1.0947 8,407
34,050 1.4404 -2,544 44,877 1.4931 -2,502
Analysis of derivatives on purchases from suppliers in foreign currencies:
12/31/12 12/31/11
$ E,R, Differences $ E,R, Differences
38,536 1.3194 455 61,664 1.2939 -2,947
Sensitivity analysis
38,536 1.1984 -2,493 61,664 1,0947 -11,619
38,536 1.4404 2,909 61,664 1,4931 3,411