44
At 2013 year-end, the balance of “Other Derivatives” represented the fair value (Level 2) of
the financial instrument at that date. The positive impact thereof amounted to EUR 2,011
thousand and was included under “Net Gain (Loss) due to Changes in the Value of Financial
Instruments at Fair Value” in the consolidated income statement. The market variables that
influence the value of this asset are themarket price of the Parent's share, its volatility and its
dividend yield. The Group's estimated results also have an influence. The market price and
historical volatility at 31 December 2013 were used to measure the value of the asset at that
date, and the market consensus at year-end and credit risk (due to application of IFRS 13)
were used to estimate results and the dividend yield.
10.Programme rights
The detail of “Programme Rights” is as follows:
Thousands of euros
2013
2012
Programme rights, net
Rights on external productions
242,329
178,050
In-house productions and productions in process
36,456
43,876
Sports broadcasting rights
3,460
3,214
Write-down of external productions
(33,755)
(19,516)
248,490
205,624
Advances to suppliers
31,543
33,353
Total
280,033
238,977
At 31 December 2013, the Parent had commitments, mainly for the purchase of audiovisual
property rights, amounting to EUR 114,342 thousand (2012: EUR 149,617 thousand). In
addition, the Parent has purchase commitments to distributors, the definitive amount and
price of which will be determined once the programmes are produced and, in certain cases, by
establishing the acquisition price on the basis of box-office takings. In 2013 the best estimate
of these commitments amounted to EUR 80,400 thousand (2012: EUR 12,826 thousand).
It is estimated that inventoriable in-house productions will be amortised in full and
approximately EUR 160,000 thousand of external production rights will be amortised in 2014.
The changes in the write-downs included under “Programme Rights” in the consolidated
balance sheet were as follows (in thousands of euros):
The write-downs recognised arose since it was decided that certain titles would not be
marketable and it was not likely that they would form part of the Parent’s programme
schedule. These write-downs were recognised under “Programme Amortisation and Other
Procurements” in the consolidated income statement.
Balance at
Disposals or
reductions
Balance at
Disposals or
reductions
Balance at
31/12/11
Additions
31/12/12
Additions
Transfers
31/12/13
Write-downs
(17,801)
(1,956)
241
(19,516)
(6,976)
(9,509)
2,246
(33,755)
