54
MEDIASET ESPAÑA COMUNICACIÓN, S.A.
At year end 2011, derivative financial instruments were recognized under “Financial assets” (Note 8.1 b).
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.
8.3 Risk management policy
The Company’s operations are exposed to different basic categories of financial risk:
1. Credit risk
Credit risk exists when a potential loss may arise from the Company’s counterparty not meeting its contractual obligations,
i.e., the possibility that financial assets will not be recovered at their carrying amount within the established timeframe.
The Company’s maximum exposure to credit risk at December 31, 2012 and 2011 was as follows:
Thousands of euros
2012
2011
Non-current receivables from Group companies and associates
13,964
7,145
Non-current financial investments
1,020
5,902
Trade and other receivables
150,220
188,715
Current receivables from Group companies and associates
118,395
191,605
Current investments
752
53,468
Cash and cash equivalents
46,593
11,043
330,944
457,878
For the purposes of credit risk management the Company differentiates between financial assets arising from operations
and those arising from investments.
Operating activities
Most of the balance of trade payables consists of operations with Group companies that, therefore, do not present a risk.
The breakdown of trade receivables at December 31, 2012 and 2011 was as follows:
2012
2011
Number of
customers
Thousands of
euros
Number of
customers
Thousands
of euros
With a balance of more than 1,000 thousand euros
7
144,870
6
178,355
With a balance between 1,000 and 500 thousand euros
-
-
7
3,735
With a balance between 500 and 200 thousand euros
7
1,682
12
2,824
With a balance between 200 and 100 thousand euros
8
1,146
12
1,694
With a balance of less than 100 thousand euros
146
2,470
231
2,046
Total
168
150,168
268
188,654
1...,44,45,46,47,48,49,50,51,52,53 55,56,57,58,59,60,61,62,63,64,...201