36
The changes in the write-downs relating to “Inventories” in the accompanying balance sheets were
as follows (in thousands of euros):
Balance at
31/12/11
Additions
Disposals
or
reductions
Balance at
31/12/12
Additions
Transfers
Disposals
or
reductions
Balance at
31/12/13
Inventory
write-downs
(17,566)
(1,956)
6
(19,516)
(6,976)
(9,508)
2,246
(33,754)
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 Company’s programme schedule. These
write-downs were recognised under "Programme Amortisation and Other” in the accompanying
income statement.
At 31 December 2013, the Company had commitments, mainly for the purchase of audiovisual
property rights, amounting to EUR 116,704 thousand (31 December 2012: EUR 149,617
thousand). In addition, the Company 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 amounts to EUR 80,400 thousand (2012: EUR 12,826 thousand).
It is estimated that in 2014 inventoriable in-house productions will be amortised in full and
approximately EUR 160,000 thousand of programme rights on outside productions (see Note 4.5).
14.- Equity and shareholders’ equity
On 29 October 2012, the Company increased share capital by a nominal amount of EUR 10,965
thousand through the issue of (i) 13,438,704 shares of EUR 0.75 par value each, of the same class
and series as the shares outstanding prior to the increase and without dividend rights with a
charge to the profit generated before the date on which the merger was filed at the Mercantile
Registry, irrespective of the payment date, and (ii) 1,181,296 shares of EUR 0.75 par value each,
of a different class and carrying the same restriction on dividend rights as the aforementioned
shares, applicable for 24 months following the date on which the merger was filed at the
Mercantile Registry.
The aforementioned capital increase, the sole purpose of which was to cater for part of the share
exchange on the merger, was approved by the shareholders at the Company's Annual General
Meeting held on 25 April 2012 on the terms and conditions included in the draft terms of merger
andwas conditional upon the obtainment of the related administrative authorisations.
The new shares were issued at EUR 3.37 each, equal to the closingmarket price of the Atresmedia
share on 5 October 2012, the date on which the capital increase resolution became effective. The
difference between the issue price and the par value (i.e. EUR 2.62 per share) was treated as a
share premium. The total capital increase amounted to EUR 49,269 thousand. The capital increase,
including both the par value and the share premium thereof, was fully paid as a result of the
transfer en bloc of the assets and liabilities of the acquired company at the date on which the
merger deedwas filed at theMadridMercantile Registry (i.e. 31October 2012).
In accordance with Article 304.2 of the Spanish Limited Liability Companies Law, approved by
Legislative Royal Decree 1/2010, of 2 July, shareholder pre-emption rights were disapplied on the
occasion of the increase.
At 31 December 2013 and 2012, the share capital of the Company amounted to EUR 169,300
thousand and was represented by 225,732,800 fully subscribed and paid shares of EUR 0.75 par
value each, with the same rights except for the restriction on dividend rights mentioned in Note
14.3.
