Page 150 - MEDIASET ESPAÑA / 2013. Financial Statements, Management and Corporate Governance Report

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MEDIASET ESPAÑA COMUNICACIÓN, S.A. AND SUBSIDIARIES
NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2013
(Expressed in thousand of euros)
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred
control of the asset, a new asset is recognized to the extent of the Group’s continuing involvement in the asset.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Group could be required
to repay.
4.18.2. Financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged, canceled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition
of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is
recognized in the separate income statement.
4.19. Provisions and contingencies
Provisions are recognized in the consolidated statement of financial position where the Group has a present
obligation (either legal or tacit) as a result of a past event and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation. Amounts recognized as provisions are the best estimate
of the amounts required to offset the current value of those obligations at the consolidated statement of financial
position date.
Provisions are reviewed at each year end and adjusted to reflect the current best estimate of the liability.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
where appropriate, the risks specific to the liability.When discounting is used, the increase in the provision due to the
passage of time is recognized as an interest expense.
4.20. Income tax
The parent, Mediaset España Comunicación, S.A., files consolidated income tax returns with the following subsidiaries:
• Grupo Editorial Tele 5, S.A.U.
• Telecinco Cinema, S.A.U.
• Publiespaña, S.A.U.
• Publimedia, S.A.U.
• Mediacinco Cartera, S.L.
• Conecta 5 Telecinco, S.A.U.
• Sogecable Editorial, S.A.U.
• Sogecable Media, S.A.U.
• Premiere Megaplex, S.A.U
• Integración Transmedia, S.A.U.