56
MEDIASET ESPAÑA COMUNICACIÓN, S.A.
12/31/2012
12/31/2011
USD
Exc. Rate
Differences
USD
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)
3. Liquidity risk
The Company’s financial structure is at a low liquidity risk, given the low level of financial leveraging and, the recurrence
of operational cash flow generated every year.
Liquidity risk would result from the Company having insufficient funds or access to sufficient funds at an acceptable cost
to meet its payment obligations at all times.The Company’s objective is to maintain sufficient available funds.
The Company’s policies establish the minimum liquidity levels required at all times:
• Excess liquidity may only be invested in certain types of assets (see previous section on credit risk/investment
activities) the liquidity of which is guaranteed.
• The amount of the Company’s revolving credit lines ensures that the Company is able to meet its operating needs
as well as finance new short-term investment projects. At year end 2012, the credit lines available totaled 345,000
thousand euros (131 thousand euros had been drawn down). At year end 2011, the credit lines available totaled
303,000 thousand euros (61,759 thousand euros had been drawn down). Given the difficult market situation, these
credit lines have been contracted under very competitive financial conditions, which strengthens the financial sector’s
perception that the Company is creditworthy and sound.
The table below presents information for 2012 and 2011 with respect to Law 15/2010 of July 5, amending Law 3/2004
of December 29, establishing measures against late payment in commercial transactions,
2012
Total payments within the
maximum legal payment period
Total payments in
2012
Deferred payments exceeding
the legal payment deadline at the
reporting date (*)
Average payment period >
75 days
492,318
510,303
15,064
4
(*) Deferrals exceeding the legal payment period at the end of the year relate to administrative incidents in the processing of invoices.
2011
Total payments within the
maximum legal payment
period
Total payments
in 2011
Deferred payments exceeding the legal
payment deadline at the reporting date
(*)
Average payment period >
85 days
709,010
744,676
17,986
5
(*) Deferrals exceeding the legal payment period at the end of the year relate to administrative incidents in the processing of invoices.
1...,46,47,48,49,50,51,52,53,54,55 57,58,59,60,61,62,63,64,65,66,...201