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149

CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATED MANAGEMENT REPORT 2015

as available for sale, are not recognized on the separate income statement. Reversals of impairment losses on debt

instruments are reversed through profit or loss; if the increase in fair value of the instrument can be objectively related

to an event occurring after the impairment loss was recognized in the separate income statement.

4.12. Non-current assets held for sale

This includes assets whose carrying amount is expected to be realized through a sale transaction, rather than through

continuing use, and meeting the following requirements:

• When they are immediately available for sale in their present condition, subject to the normal terms of sale; and

• When it is highly probable that they will be sold.

Non-current assets held-for-sale are measured at the lower of carrying amount and fair value less costs to sell.

Immediately prior to its classification as held for sale, the asset’s carrying amount is valued in accordance with applicable

IFRS standards.

4.13. Inventories

The cost of producing in-house productions is determined taking into account all the costs allocable to the product

incurred by the Group.The cost of inventories acquired in a business combination is measured at fair value at the date

of the acquisition. Advances paid for programs are also included.

The production costs are expensed when the related programs are broadcast.

4.14. Cash and cash equivalents

Cash and cash equivalents comprise cash, current accounts and short-term deposits maturing at three months or less.

4.15. Grants

The amounts received from official bodies are recognized when they are received, accepting the inherent conditions therein.

The difference between the nominal value and the fair value of the loan is deducted from the carrying amount of the

related asset and is allocated to the separate income statement according to financial criteria.

4.16. Treasury shares

Own equity instruments which are reacquired (treasury shares) are recognized at cost and deducted from equity. No

gain or loss is recognized in the separate income statement on the purchase, sale, issue or cancellation of the parent’s

own equity instruments. Voting rights related to treasury shares are nullified for the Group and no dividends are

allocated to them.

4.17. Financial liabilities

Financial liabilities are initially measured at fair value less attributable transaction costs. Following initial recognition, financial

liabilities are measured at amortized cost, with any differences between cost and redemption value recognized in the

consolidated separate income statement over the period of the borrowings, using the effective interest rate method.