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FINANCIAL STATEMENTS AND MANAGEMENT REPORT 2015
Participating loan granted to Conecta 5 Telecinco, S.A.U.
In 2015 and 2014, the Company had a participating loan agreement with Conecta 5Telecinco, S.A.U. amounting to 6,000
thousand euros
Non-current loan granted to Mediacinco Cartera, S.L.
In July of 2014, a partial payment of 26,105 thousand euros was made, and its maturity was postponed until December
31, 2016, at a 3-month Euribor rate plus market spread. Therefore, the balance at year end amounted to 33,463
thousand euros.The Company accrued interest totaling 1,431 thousand euros throughout 2014.
In July of 2015, partial payment of 3,984 thousand euros was made. At December, 2015, this loan had a balance of
30,225 thousand, euros, which was transferred to current loans as it matured on December 31, 2016. Accrued interest
in 2015 amounted to 773 thousand euros.
7.2.3. Non-current loans to associated companies
Non-current loan to Pegaso Televisión, Inc.
In 2015, the non-current loan to PegasoTelevision amounted to 4,053 thousand euros (3,634 thousand euros in 2014).
7.3. Impairment testing
Emissions Digitals de Catalunya, S.A.
At December 31, no impairment tests were performed on the Company’s investment in “Emissions Digitals de
Catalunya,” as there were no indications that it existed; although the Company had negative equity at year end, there are
participating loans granted by the majority shareholder, which is helping to restore equity.
Premiere Megaplex, S.A.U.
At year end, the Company performed an impairment test on its investment in Premiere Megaplex, S.A.U.
The test was done by comparing the recoverable amount with the Company’s net carrying amount. In order to
perform this calculation, the estimated future cash flows were discounted based on the main foreseen trend of business
parameters with regard to Premiere Megaplex, S.A.U.’s activity.
These projections cover a 4-year period, and the resultant valuation was created based on a reasonable discount rate
by contemplating both the market in which the Company operates and the prevalent free risk rate at the time. Growth
rates in line with the forecasted medium- and long-term trend of the sector were also taken into account for cash flows
to perpetuity not considered during the projected period.