53
Interest rate hedges
In August 2013 the Parent arranged interest rate swaps in order to fix the finance cost arising
from the floating rates applicable to each of the tranches of the syndicated financing arranged
at that date. These swaps expire in August 2017 and the hedged amount is EUR 111,209
thousand, with an fixed interest rate of 1.01%. At 31 December 2013, the fair value of the
swaps amounted to EUR 5 thousand and was recognised as a financial asset.
b) Other current andnon-current financial liabilities
Themain item under “Other Current Financial Liabilities” relatesmainly to the account payable
by Gestora de Inversiones Audiovisuales La Sexta, S.A. to its shareholders, which was
assumed by the Parent in the merger transaction carried out in 2012. This account payable
amounted to EUR 34,687 thousand at 31 December 2013 and bears interest a floating rate
tied to Euribor plus amarket spread (see Note 23).
At 31 December 2012, a portion of this debt was included under “Non-Current Financial
Liabilities”.
16.Trade and other payables
The detail of trade and other payables in the consolidated balance sheets at 31 December
2013 and 2012 is as follows:
Thousands of euros
2013
2012
Payable to suppliers
353,236
348,250
Payable to associates and related parties (Note 23)
67,927
127,063
Total payable to suppliers
421,163
475,313
Other accounts payable to public authorities (Note 22-d)
15,740
13,598
Other non-trade payables
18,330
22,272
Customer advances
3,649
3,906
Total other payables
37,719
39,776
The maximum payment period applicable to the Parent under Law 3/2004, of 29 December,
on combating late payment in commercial transactions and pursuant to the transitional
provisions contained in Law 15/2010, of 5 July, was 60 days in 2013 (2012: 75 days).
The detail of the amounts paid and payable at 31 December 2013 is as follows (in thousands
of euros):
Amount
%
Within themaximum payment period
230,546
38%
Remainder
371,564
62%
Total paymentsmade in2013
602,110
Weighted average period of late payment (in days)
47
Payments at year-end not made in themaximum payment period
38,355
