40
2015
2016
2017
2018
2019 and
subsequent
years
Total
Bank borrowings
36,350
62,602
101,177
-
-
200,129
Trade payables
52,908
9,383
807
37
-
63,135
Derivatives
189
18
-
-
-
207
Other payables
71
10
10
33
5
129
Total at 31/12/13
89,518
72,013 101,994
70
5 263,600
2014
2015
2016
2017
2018 and
subsequent
years
Total
Other payables
32
101
10
10
30
183
Derivatives
197
-
-
-
-
197
Total at 31/12/12
229
101
10
10
30
380
On 2 August 2013, the Company 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 themerger by absorption of Gestora de Inversiones Audiovisuales
La Sexta, S.A. and to satisfy the Company'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 facility maturing at four years. Nine banks with which the Company 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 balance of "Non-Current Trade Payables" relates to thematurities at more than twelvemonths
of the amounts payable to suppliers for rights on outside productions set on the basis of the
periods in which the productions become available. These payables do not bear interest and the
fair value thereof amounts to approximately EUR 58million.
16.2Current financial liabilities
At 31 December 2013, current bank borrowings amounted to EUR 6,305 thousand (2012: EUR
137,388 thousand), including the amounts drawn down (in 2012) against the credit facilities and
the related interest. These facilities were repaid with the syndicated financing that was arranged
(see Note 16.1)
The rate of interest paid by the Company in 2013 on the loans and credit facilities arranged with
banks wasmainly tied to Euribor.
