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MEDIASET ESPAÑA COMUNICACIÓN, S.A.
IMPORT EXCHANGE INSURANCE
12/31/2015
12/31/2015
USD
Exc. Rate
Differences
USD
Exc. Rate
Differences
22,082
1.0887
865
21,026
1.2141
1,193
Sensitivity Test
22,082
0.9791
3,117
21,026
1.1059
2,880
22,082
1.1983
(976)
21,026
1.3223
(219)
EXPORT EXCHANGE INSURANCE
12/31/2015
12/31/2014
USD
Exc. Rate
Differences
USD
Exc. Rate
Differences
83
1.0887
1
393
1.2141
(16)
Sensitivity Test
83
0.9791
(8)
393
1.1059
(48)
83
1.1983
8
393
1.3223
10
3. Liquidity risk
The Company’s financial structure is at a low liquidity risk, given the absence of financial leveraging and the recurrence
of operational cash flow generated every year.
Liquidity risk would result from the Company having insufficient funds or access to sufficient funds at an acceptable cost
to meet its payment obligations at all times.The Company’s objective is to maintain sufficient available funds.
The Company’s policies establish the minimum liquidity levels required at all times:
• Excess liquidity may only be invested in certain types of assets (see previous section on credit risk/investment
activities) the liquidity of which is guaranteed.
• The amount of the Company’s revolving credit lines ensures that the Company is able to meet its operating needs
as well as finance new short-term investment projects. At year-end 2015, the credit lines available totaled 280,000
thousand euros (entirely available). At year-end 2014, the credit lines available totaled 345,000 thousand euros (none
of which had been drawn down). Given the market situation, these credit lines have been contracted under very
competitive financial conditions, which strengthen the financial sector’s perception that the Company is creditworthy.
The undiscounted contractual maturity dates of financial liabilities at December 31, 2015 are as follows:
Thousands of euros
Up to 6 months 6 months - 1 year 1-5 years More than 5 years
Total
Non-current borrowings
-
-
7,554
-
7,554
Current borrowings
76,148
25
-
-
76,173
Current borrowings from
Group companies and associates
-
130,058
-
-
130,058
Trade and other payables
83,096
21,304
-
-
104,400
159,244
151,387
7,554
-
318,185