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MEDIASET ESPAÑA COMUNICACIÓN, S.A.
Telecinco Cinema, S.A.U.
This subsidiary is engaged in cinematographic co-productions in compliance with the legal precepts that apply to
television concessionaires. Therefore, it is not possible to obtain reliably evaluate the amount recoverable either by
calculating the present value of the future cash flows from the investment or by estimating dividends to be received,
which depend on the number of productions made in the future, on the type of production and on their commercial
success. For this reason, the Company has adjusted the valuation in accordance with the equity of the subsidiary as at
year-and 2015 and 2014. Given that the value of the capital and reserves of Telecinco Cinema, S.A.U. was negative at
December 31, 2011, a provision was recognized as indicated in Note 7.2.2.
Adver tisement 4 Adventure, S.L.U. (previously Sogecable Media, S.L.U.)
Considering the transaction described in Note 7.2.1, and due to the characteristics of this investee’s activity, it is not
possible to obtain a reliable estimate of the current value of future cash flows from the investment, or through the
estimate of dividends receivable.Therefore, the Company adjusted this valuation based on the investee’s net equity at
year-end 2015 in the amount of 6,884 thousand euros.