Page 59 - MEDIASET ESPAÑA / 2013. Financial Statements, Management and Corporate Governance Report

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MEDIASET ESPAÑA COMUNICACIÓN, S.A.
NOTES TOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED DECEMBER 31, 2013
(Thousands of euros)
12/31/2013 12/31/2012
USD Exc. Rate Differences USD Exc. Rate Differences
31,312 1.3791 (777) 34,050 1.3194 (417)
Sensitivity Test
31,312 1.2637 1,293 34,050 1.1984 2,153
31,312 1.4945 (2,528) 34,050 1.4404 (2,544)
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 2013, the credit lines available totaled 360,000
thousand euros (entirely available). At year-end 2012, the credit lines available totaled 345,000 thousand euros
(none of which has 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 2013 and 2012 with respect to Law 15/2010 of July 5, amending Law 3/2004
of December 29, establishing measures against late payment in commercial transactions.
2013
Total payments
within the maximum
legal payment period
Total payments
in 2013
Deferred payments exceeding the legal
payment deadline at the reporting date (*)
Average payment
period > 60 days
455,656 470,720 19,048 4
(*) Deferrals exceeding the legal payment period at the end of the year relate to administrative incidents in the processing of invoices.
2012
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 > 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.