50
“Provisions for litigation” relates mainly to the best estimate in this connection. The payment
schedule related to litigation is based on court judgments and is therefore difficult to estimate.
“Other Provisions” relatesmainly to estimated future payments. The period additions, use and
excessive amounts of both these types of provisions are recognised under “Other Operating
Expenses” in the consolidated income statement.
As regards the changes in provisions in 2012, the inclusions due to merger related to the
recognition of the liabilities assumed at the acquisition date as a result of the business
combination described inNote 4.
In 2012 the tax authorities issued assessments amounting to EUR 6,903 thousand, in relation
to the levy on games of luck, betting or chance, raffles and tombolas, against the absorbed
company Gestora de Inversiones Audiovisuales La Sexta, S.A. In this respect, the merger
agreements established that La Sexta shareholdersmust indemnify Atresmedia Corporación de
Medios de Comunicación, S.A. for any economic loss that could arise from these assessments.
Also,
“Other Non-Current Liabilities”
relates mainly to the amounts maturing at more than
twelve months of the payables to suppliers of external production rights; these maturities are
set on the basis of the availability periods of those rights. These payables do not bear interest
and their fair value amounts to approximately EUR 58million.
The detail, by maturity, of the items included under “Other Non-Current Liabilities” is as
follows:
Thousands of euros
2015
2016
2017
2018
2019 and
subsequent
years
Total
Trade payables
52,908
9,383
807
37
-
63,135
Other non-current payables
465
10
10
33
5
523
Other non-current liabilities
53,373
9,393
817
70
5
63,658
14.Bank borrowings
On 2 August 2013, the Parent Atresmedia Corporación de Medios de Comunicación, S.A.
arranged syndicated financing of EUR 270,000 thousand in order to repay the existing bilateral
credit facilities, meet the obligations included in the financial structure assumed as a result of
the merger by absorption of Gestora de Inversiones Audiovisuales La Sexta, S.A. and to
satisfy the Parent's general cash needs.
74% of the total amount is a four-year loan with partial repayments and the remaining 26% is
a revolving credit facilitymaturing at four years. Nine banks with which the Parent has regular
dealings participated in the transaction.
The applicable interest rate is Euribor plus a market spread and the transaction is subject to
compliance with financial covenants habitually used in transactions of this kind, relating to the
debt to EBITDA ratio and the interest coverage ratio. This transaction was guaranteed by a
security interest in all the treasury shares. Under the agreement reached with the former
shareholders of La Sexta (see Note 28), this guarantee was partially released and,
consequently, 1,145,594 shares of the Parent remain pledged as security. The fair value of
this financing approximates its carrying amount.
The detail of the items included under
“BankBorrowings”
at 31 December 2013 and 2012 is
as follows:
