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Related-party transactions

Related-party transactions are measured according to the valuation methods described above.

The prices of related-party transactions are adequately documented; hence the Company’s directors consider there to be no risk of signifcant liabilities arising from these.

Classifcation of current and non-current assets and liabilities

Assets and liabilities are classifed in the balance sheet as current and non-current. Accordingly, assets and liabilities are classifed as current when they are associated with the Company’s operating cycle and it is expected that they will be sold, consumed, realized or settled within the normal course of that cycle; if they difer from the aforementioned assets, and are expected to mature, to be sold or settled within one year; if they are held for trading or are cash and cash equivalents whose use is not restricted to one year.

Audiovisual rights, classifed as intangible assets, are included in full as non-current assets. Note 6 details those which the Company expects to use within a period of less than 12 months.

Environmental issues

In view of the business activities carried out by the Company, it does not have any environmental liability, expenses, assets, provisions or contingencies that might be material with respect to its equity, fnancial position or results. Therefore, no specifc environmental disclosures have been included in these notes to the fnancial statements.

Termination benefts

In accordance with prevailing labour legislation, the Company is required to pay indemnities to employees who are dismissed under certain circumstances. Reasonably quantifable indemnity payments are recognized as an expense in the year in which the Company creates a valid expectation on the part of the afected third parties that the dismissals will occur.

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Financial Statements, Management and Corporate Governance Report. 2010