47
Furthermore, the risk system includes, due to its special impact, the reputational risks that basically
refer to the two most important aspects of Corporate Responsibility: respect for the law and
voluntary compliancewith theAtresmediaGroup’s principles and values:
−
Risks associatedwith regulatory compliance, such as the General Audiovisual Communication Law,
the Advertising Law, the environmental compliance laws, those relating to the securities market,
Competence regulations, etc., as well as those contained in the self-regulation Codes entered into
by theGroup.
−
Risks associatedwithprogrammingbroadcastingwhich infringes theGroup's ethical values.
E.4
Identifywhether theEntityhas a risk tolerance level.
Atresmediahasdefined its risk tolerance level basedon twomain criteria:
−
Processor target potentiallyaffectedby the risk
−
Level of operations/results affected
E.5
Indicate
the riskswhichhavearisen in theyear.
Regulatory risk:
On 27 November 2012, the Supreme Court Room Three handed down a Ruling dismissing the Council of
Minster's Resolution of 16 July 2010, which had assigned to each of the digital terrestrial television (DTT)
service licenceholders, including Antena 3 de Televisión, S.A. (nowAtresmedia CorporacióndeMedios de
Comunicación, S.A.) andGestora de Inversiones Audiovisuales La Sexta, S.A., the capacity equivalent to a
multiple statedigital coverage integratedby four channels.
Such assignment was made in line with the group of rules which, since 1997, with the approval of the
Spanish National Digital Terrestrial Television Plan, and, especially, under Law 10/2005, of 14 June,
regulated the transition of analogue terrestrial television to DTT, culminating in 2010. Such assignment
wasmade subject to verification by the Government of the strict compliance by the licence holders with
all the requirements and obligations imposed to boost the transition to DTT, as a condition to access the
multiple.
On 22 March 2013, the Council of Ministers adopted a resolution for the enforcement of the
aforementioned SupremeCourt Ruling. This resolution stipulated theobligation to cease tobroadcast the
channels which had been affected by the previous rejection of the Council of Minister's Resolution of 16
July 2010, but likewise the continuity of the broadcasts was authorised on a transitory basis, in order to
safeguard the general interests arising from the release of the digital dividend up to the culmination of
thisprocess.
Subsequently, on 18 December 2013, the Supreme Court handed down an Order to enforce this Ruling
which, among othermatters, partially dismissed the aforementionedCouncil ofMinster's Resolution and,
furthermore, determined the channels affectedby theRulingarising from thisOrder, which includes three
of thosewhichare currentlyoperatedbyAtresmedia.
In the light of the appearance of this regulatory risk, the Atresmedia Group applied the corresponding
controls andperformed:
-
An internal andexternal legal analysisof the related legal aspects.
-
An economic analysis of the potential impact of the effectivematerialisationof the aforementioned
risk.
-
A risk analysis, of its potential consequences and of the existing controls to reduce it by the Audit
Committeeand theBoardofDirectors.
Based on these analyses, the Atresmedia Group's interpretation is based on the fact that all the
commitments and obligations imposed by it have been met and accordingly, its estimate is based on
reaching a satisfactory solution, and it does not consider it necessary to make any adjustment or
significantmodification to the financial statements.
