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FINANCIAL STATEMENTS AND MANAGEMENT REPORT 2015
b) Derivatives and other financial liabilities
b.1) Non-current borrowings
“Non-current borrowings” mainly includes a loan granted by Catalunya Comunicacio, S.L.U. totaling 8,800 thousand
euros for the acquisition of the investment in Emissions Digitals de Catalunya, S.A.U., of which 1,061 were classified as
current in 2015. Said loan matures in 4 years and bears an interest rate of 2%. In 2015, a total of 359 thousand euros
had been repaid.
b.2) Borrowings from Group companies
The interest rate on these borrowings is EURIBOR plus a market spread. Loans to Group companies consist of swap
facilities. Also included under this heading are current payables for income tax payable with Group companies stemming
from the tax consolidation. Note 19 provides the breakdown of these balances.
b.3) Others
The breakdown at December 31, 2015 and 2014 is as follows:
Balance 12/31/15
Balance 12/31/14
Trade and other payables
104,400
94,879
Other financial liabilities
76,148
74,967
180,548
169,846
Other financial liabilities mainly consist of current borrowings from suppliers of audiovisual rights.
b.4) Derivatives
The Company carries out derivative transactions to hedge currency risk on the purchases of audiovisual property rights
in the year and when necessary to hedge currency risk on trade transactions in other currencies with customers, which
are recognized in the Company’s balance sheet. As required by the corresponding measurement and recognition policy,
these derivatives are classified as “held for trading.”
At year end 2015, derivative financial instruments were recognized under “Financial assets” (Note 8.1.c).
The breakdown of the notional amounts of Company’s derivatives at December 31, 2014 was as follows:
Liabilities
Notional amount/Maturity
up to one year
Amount in thousand $
Fair
value
$
(€/$)
exchange rate
Purchase of unmatured currency:
Purchase of dollars in euros
-
-
-
-
Sale of dollars in euros
307
393
1.2141
(16)
Net
307
393
1.2141
(16)
The foreign currency derivatives associated with the property rights are measured at the difference between the
present value of the quoted foreign currency hedge at the forward exchange rate in the contract and the value of the
quoted foreign currency hedge at year end.