Page 53 - MEDIASET ESPAÑA / 2012. Financial Statements, Management and Corporate Governance Report

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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT. 2012
a) Bank borrowings
In 2012, existing credit facilities were renewed and extended up to a total of 345,000 thousand euros. These bear
interest at IBOR plus a market spread in line with Company solvency.
Of the total 345,000 thousand euros in credit facilities, 280,000 thousand euros fall due during 2013, while the remaining
65,000 thousand euros are payable during 2014.
At December 31, 2012, the Company had undrawn credit amounting to 344,869 thousand euros. This amounts to a
considerable increase in its available working capital at December 31, 2012.
At year end 2011, the Company had credit facilities amounting to 303,000 thousand euros; 241,241 thousand euros
had not been drawn down.
b) Derivatives and other financial liabilities
b.1) Borrowings form Group companies
The interest rate on these borrowings is IBOR 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 December 31, 2012 and 2011 is as follows:
Balance 12/31/12 Balance 12/31/11
Trade and other payables 125,078 208,679
Other financial liabilities 70,599 98,098
195.677 306,777
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 property rights
in the year and when necessary to hedge currency risk on trade transactions in other currencies with customers, which
are recognized in the Company’s balance sheet. 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 Company’s derivatives at December 31, 2012 is as follows:
Liabilities
Notional amount/
Maturity up to one year
Amount in thousand $
Fair value
$ (€/$) exchange rate
Purchase of unmatured currency:
Purchase of dollars in euros 26,201 34,050 1.3194 417
Sale of dollars in euros - - - -
Net 26.201 34,050 1.3194 417