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CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATED MANAGEMENT REPORT 2015
4.19.2. 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.
4.20 Provisions
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 determined by discounting expected future cash
outflows based on market interest rates.When discounting is used, the increase in the provision due to the passage of
time is recognized as an interest expense.
4.21. 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 Gestión, S.A.U.
• Mediacinco Cartera, S.L.
• Conecta 5 Telecinco, S.A.U.
• Sogecable Editorial, S.A.U.
• Advertisement 4 Adventure, S.L.U. (previously Sogecable Media, S.L.U.)
• Premiere Megaplex, S.A.U.
• Integración Transmedia, S.A.U.
The income tax expense for the year is recognized in the separate income statement, except in cases in which it relates
to items that are recognized directly in the statement of other comprehensive income or statement of changes in equity,
in which case the related tax is also recognized in equity.
Deferred tax assets and liabilities are recognized on the basis of the temporary differences between the carrying
amounts of the assets or liabilities and their tax bases and are measured on the basis of the tax rates that are expected
to apply in the period when the asset is realized or the liability is settled. Deferred tax assets and liabilities arising from
changes in the statement of comprehensive income are charged or credited directly to the statement of comprehensive
income. Deferred tax assets and tax loss and tax credit carryforwards are only recognized when the probability of their
future realization is reasonably assured and are adjusted subsequently if it is not considered probable that taxable profits
will be obtained in the future.