51
2013
2012
Thousands of euros
Limit
Short-term
balance
drawndown
Long-term
balance
drawndown
Limit
Short-term
balance
drawndown
Long-term
balance
drawn
Syndicated financing
270,000
2,671
200,129
-
-
-
Bank loans
-
-
-
6,452
6,226
226
Credit facilities
-
-
-
256,300
130,479
-
Interest payable
-
3,918
-
-
964
-
Total
270,000
6,589
200,129
262,752
137,669
226
The detail, bymaturity, of the long-term balances drawn down is as follows:
15.Derivative financial instruments andother financial liabilities
a) Hedgingderivatives
Foreign currency hedges
The Group uses currency derivatives to hedge significant future transactions and cash flows.
The instruments purchased are denominated in US dollars.
The Group applies hedge accounting and documents the hedging relationships and measures
their effectiveness as required by IAS 39. All these relationships are cash flow hedges of firm
commitments, in which the risk hedged is the exposure to the EUR/USD forward exchange
rate, which results in variability in the cash flows payable in euros for broadcasting rights.
For 2013, due to the commencement of the period inwhich the broadcasting rights underlying
the hedge will be in force, EUR 52 thousand were capitalised to inventories from equity. For
2012 the amount deducted from equity and recognised as a deduction from inventories was
EUR 303 thousand. The changes in the fair value of the derivatives arranged by the Group
depend on the changes in the EUR/USD exchange rate and on the euro interest rate curves.
At 31 December 2013, the Group had arranged instruments to hedge its foreign currency
asset and liability positions amounting to USD 89,863 thousand, at a weighted average
exchange rate of EUR 1.3117/USD 1. At 31 December 2012, the Group had arranged hedging
instruments amounting to USD 89,611 thousand, at a weighted average exchange rate of EUR
1.3058/USD 1.
At the end of 2013 and 2012, the total amounts of the outstanding forward currency purchase
contracts entered into by the Group were as follows (the maturity dates reflect the time when
the hedged items will be recognised and when the value of the hedging derivatives in equity
will be adjusted as an increase in/reduction of inventories):
Thousands of euros
2015
2016
2017
Total
Syndicated financing
36,350
62,602
101,177
200,129
