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MEDIASET ESPAÑA COMUNICACIÓN, S.A. AND SUBSIDIARIES
Mediaset España’s stock market price in 2015 dropped 3.97%, with its listed price at December 31, 2015 of 10.03 euros.
The year’s minimum was reflected on October 1, with a listed price of 9.69 euros; the maximum was recorded on July
16, when it reached 13.10 euros. The daily average of traded securities was 2,123,756 with an average daily volume
of 22,753 thousand euros, with a total traded volume of 5,847.5 million euros, representing a 21% increase over the
preceding year.
In terms of stock market capitalization, at December 31 3,672.7 million euros were reached, placing us at the head of
Spain’s communication media groups, and at a huge distance from our main competitor, and 32% over the sum of the
remaining sector companies which are listed on the Spanish stock exchange; in Europe, our Group ranks fourth after
ITV, Prosieben, and Mediaset.
Mediaset España ranks 28th among IBEX 35 companies in terms of market cap.
CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY
Good practice in corporate governance means establishing rules, principles, and incentives at companies that help
safeguard the interests of the company and its shareholders, and guarantee greater transparency in management.
Mediaset España’s commitment to the regulations and principles of good government has been evident since it first was
listed on the market in 2004. Since then, our focus has been on adapting our different regulating bodies to the Code of
Good Governance as well as others inexistent until now: our Code of Ethics is obligatory for any natural or legal person
collaborating in any and all capacities with us, as well as the Rules of Internal Conduct of Mediaset España Comunicación,
S.A. and subsidiaries with regards to the securities market.
This also contemplates a review of the quantitative and qualitative composition of the Board of Directors and the
Commissions in order to comply with recommendations in this regard.
Mediaset España Comunicación,S.A.and subsidiaries’Corporate Governance Report,Report on Corporate Responsibility,
and Remuneration Policy are approved at its General Shareholders’ Meeting, and were verified by independent auditors
(PricewaterhouseCoopers) which rated it top among IBEX-35 companies in a study of Corporate Governance
compliance, as do other specialized institutions.
HEDGING
The Group uses financial instruments to hedge the impact of foreign exchange differences in connection with transactions
(primarily the acquisition of external production rights) denominated in foreign currency. These hedges are designed
to offset the impact on the income statement of exchange-rate fluctuations in outstanding amounts payable on these
transactions. Specifically, the Group buys foreign currency forward for the amounts payable so as to match the forecast
payment dates.
RISK CONTROL
The Group’s risk management policies are described in Note 23.5 of the accompanying consolidated financial statements.
RESEARCH AND DEVELOPMENT COSTS
The Group’s biggest investments go to the current and future content broadcast by the Group. It does not have a
specific R&D department, although innovation is one of our crucial areas of development.