Page 182 - eco_eng

22.4.6. Sensitivity analysis and estimates of the impact of changes in exchange rates

on the separate income statement.

The fnancial instruments exposed to EUR/USD exchange-rate risk, mainly consisting of future currency-purchase agreements, have undergone a sensitivity test at the statement of fnancial position date.

The exposed statement of fnancial position value of these fnancial instruments was corrected by applying a symmetrical percentage change, equal to the 1-year implicit volatility of the currency in question published by Reuters (14,6% for 2010 and 13,2% for 2009), to the year-end exchange rate.

The sensitivity test shows that the variations on the year-end exchange rate would have had an impact on the Separate Income Statement account that, in any event, is not signifcant.

Analysis of accounts payables to suppliers in foreign currency:

31/12/2010 31/12/2009

USD Exc. Rate Diferences USD Exc. Rate Diferences

13,643 1,3362 332 11,934 1,4406 -334

Sensitivity test

13,643 1,1414 2,072 11,934 1,2501 926 13,643 1,5310 -965 11,934 1,6311 -1,299

Analysis of derivatives on purchases from suppliers in foreign currencies:

31/12/2010 31/12/2009

USD Exc. Rate Diferences USD Exc. Rate Diferences

17,305 1,3362 -467 12,724 1,4406 435

Sensitivity test

17,305 1,1414 -2,678 12,724 1,2501 -910 17,305 1,5310 1,180 12,724 1,6311 1,467

23. Income and expenses

23.1. The detail of the Group’s ordinary revenue is as follows:

Activity

2010 (thousands of euros)

2009 (thousands of euros)

Publiespaña Group advertising revenue 794,501 589,791 Other advertising revenue 423 355 Revenue from the rendering of services 30,063 32,948 Other 12,814 10,461 Total 837,801 633,555

182

Gestevisión Telecinco, S.A. AND SUBSIDIARIES