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31 December 2014, the swap points (offer/bid) and the interest rates prevailing at the
measurement date.
The foreign currency derivatives have been arranged in such a way that they are fully effective
at each reference date and, accordingly, are recognised in full in equity, until the inventories
are recognised.
The sensitivity analysis indicates that positive or negative changes of 10% in spot EUR/USD
exchange rates would give rise to changes of approximately EUR 35 million in the fair value of
the foreign currency derivatives (2013: EUR 14 million). Increases in the value of the euro
(depreciation of the US dollar) would increase negative values while decreases in the value of
the euro would increase positive values.
Interest rate hedges
In August 2013 the Company arranged interest rate derivatives (IRSs) in order to fix the
financial cost arising from the floating interest rates applicable to each of the tranches of
syndicated financing arranged at that date.
These IRSs expire on August 2017 and the hedged amount is EUR 111,209 thousand with a
fixed interest rate of 1.01%. At 31 December 2014, the fair value thereof amounted to EUR 5
thousand (2013: EUR 5 thousand)
11.- Inventories
The detail of “Inventories” in the balance sheets at 31 December 2014 and 2013 is as follows:
Thousands of euros
Programme rights, net-
Rights on outside productions
280,497
254,144
In-house productions and programmes in process
18,782
36,455
Sports broadcasting rights
3,214
3,460
Inventory write-downs - outside productions
(37,800)
(33,754)
264,693
260,305
Consumables and other inventories-
Dubbings, soundtracks and titles
2,454
2,076
Other materials
1,026
940
3,480
3,016
Advances to suppliers
17,712
29,181
285,885
292,502
“Advances to Suppliers” in the accompanying balance sheets at 31 December 2014 and 2013
includes basically advances paid in connection with outside production commitments.
The changes in the write-downs relating to “Inventories” in the accompanying balance sheets
were as follows (in thousands of euros):