66
The changes in “Deferred Tax Liabilities” were as follows:
DEFERRED TAX LIABILITIES
Thousands of euros
Balance at
31/12/11
Additions Disposals
Inclusions
due tomerger
Balance at
31/12/12
Additions Disposals
Balance at
31/12/13
Recognition of intangible assets at fair
value
-
-
(81)
31,319
31,238
-
(324)
30,914
Grants
136
114
-
-
250
-
(191)
59
Amortisation of merger goodwill
-
-
-
-
-
372
-
372
Total
136
114
(81)
31,319
31,488
372
(515)
31,345
“Hedging Instruments” in the “Deferred Tax Assets” table is not included in the temporary
differences or deferred tax assets in the tables in Note 22-c) since for tax purposes they are
recognised directly in equity.
The “Recognition of Intangible Assets at Fair Value” deferred tax liability relates to the
temporary difference arising as a result of the difference between the carrying amount and the
tax base of the identified trademark and signal broadcasting licence (IAS 12).
The trademark is amortised for accounting purposes at a rate of 5%, the amortisation charge
in 2013 being EUR 1,079 thousand.
The amortisation is not deductible for tax purposes and, therefore, gives rise to a positive
adjustment to the taxable profit which is recognised as a deferred tax liability.
The different interpretation provided under International Financial Reporting Standards, as
compared with local accounting standards, in relation to the recognition of intangible assets at
fair value, gives rise to a greater deferred tax liability under IFRSs than that recognised in
accordance with the Spanish National Chart of Accounts, to which the income tax legislation is
not applicable.
On the basis of the timing estimate of future profits made by the Parent’s directors for the
offset and use of these deferred tax assets, EUR 18,208 thousand were considered to be
recoverable in the long term while EUR 2,248 thousand were considered to be recoverable in
the short term. Both amounts are recognised under “Deferred Tax Assets”.
Also, on the basis of the aforementioned timing estimate of future profits, the directors
consider that there are no reasonable doubts as to the recovery of the amounts recognised in
the accompanying balance sheet within the statutory time periods and limits on the basis of
the projections prepared.
The key assumptions on which these projections are based relate mainly to advertising
markets, audience, advertising efficiency ratios and the evolution of expenses. Except for
advertising, the data of which are measured on the basis of external sources of information,
the assumptions are based on past experience and reasonable projections approved by Parent
management and updated in accordance with the performance of the advertising markets.
These future projections cover the next ten years.
The Group analyses the sensitivity of the projections to reasonable changes in the key
assumptions used to determine the recoverability of these assets. Therefore, the sensitivity
analyses are prepared under various scenarios based on the variables that are considered to
be most relevant, i.e. advertising income, which depends mainly on the performance of the
advertising market, the investment share reached and the operating margin achieved. The
discount rate used ranges from 9% to 10%.
