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December 2010 the outstanding amounts payable to suppliers over 85 days was EUR 90,057 thousand, This fgure is due mainly to administrative tasks in the processing of invoices and the impact of the increase in consolidation scope.

22.3. Capital management policy

The Group’s capital management policy is focused on securing a return on investment for shareholders that maximises the proftability of their contribution to the company thereby making the Company a highly attractive investment vehicle for the market, The capital structure of the company places it in an excellent position as a result of its signifcant capacity to generate positive cash fows, even in the current markets condition.

22.4. Risk management policy

To efciently manage the risks to which the Telecinco Group is exposed, certain control and prevention mechanisms have been designed and implemented, led by the senior executives of the Group in the Audit Committees, These mechanisms have been put into place in the corporate governance rules and have been applied throughout the Group.

The measures adopted by the Group to manage risks can be classifed into three main categories and were designed to cover exposure to credit risk, liquidity risk and market risk.

22.4.1. Credit risk

Credit risk exists when a potential lossmay arise from the Company’s counterparty not meeting its contractual obligations, i,e,, the possibility that fnancial assets will not be recovered at their carrying amount within the established timeframe.

The Group maximum exposure to credit risk at December 31, 2010 and December 31, 2009 was as follows:

2010 Thousands of euros

2009 Thousands of euros

Non-current receivables 61,087 34,537

Non-current fnancial investments - 1,992

Trade and other receivables 264,652 179,415

Current receivables from Group companies and associates 5,805 2,587

Current investments 28,489 5,136

Cash and cash equivalents 87,900 5,564

447,933 229,231

For the purposes of credit risk Group management diferentiates between fnancial assets arising from operations and those arising from investments.

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Financial Statements, Management and Corporate Governance Report. 2010