Page 184 - 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)
MEDIASET ESPAÑA (consolidated)
TOTAL PAYMENTS
MADEWITHINTHE
MAXIMUM LEGAL
PERIOD
TOTAL PAYMENTS
FOR THEYEAR
Deferrals exceeding the maximum legal
payment period at year end (*)
Average debt payment
period over 60 days
514,612 540,163 21,668 4
MEDIASET ESPAÑA (consolidated)
TOTAL PAYMENTS
MADEWITHINTHE
MAXIMUM LEGAL
PERIOD
TOTAL PAYMENTS
FOR THEYEAR
Deferrals exceeding the maximum legal
payment period at year end (*)
Average debt payment
period over 75 days
541,439 569,432 25,551 4
(*) Deferrals exceeding the legal payment period at the end of the year relate mainly to administrative incidents in the processing of invoices,
which are currently being resolved.
22.3. Capital management policy
The Group’s capital management policy is focused on securing a return on investment for shareholders that maximizes
the profitability of their contribution to the company with the least amount of risk possible, contributing with an
attractive risk investment in line with the current economic and business environment. The capital structure of the
company places it in an excellent position as a result of its significant capacity to generate positive cash flows, even in
the current markets condition.
22.4. Risk management policy
To efficiently manage the risks to which the Mediaset España Group is exposed, certain control and prevention
mechanisms have been designed and implemented, led by the senior executives of the Group in the Audit Committees.
These mechanisms have been put into place in the corporate governance rules and have been applied throughout the
Group.
The measures adopted by the Group to manage risks can be classified into three main categories and were designed to
cover exposure to credit risk, liquidity risk, and market risk.
22.4. 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 Group maximum exposure to credit risk at December 31, 2013 and December 31, 2012 was as follows: