122 / 148
Balance at
01-01-14
Additions
Transfers
Disposals
or
reductions
Balance at
31-12-14
Inventory
write-downs
(33,754)
(6,347)
529
1,772
(37,800)
Balance at
31-12-12
Additions
Transfers
Disposals
or
reductions
Balance at
31-12-13
Inventory
write-downs
(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. In addition, regarding the impact of the closure of three
channels (see Note 1), the Company has made an adjustment in the value of certain media
rights amounted to EUR 3 million. These movements are reflected in the caption consumption
and other programs of the accompanying income statement.
At 31 December 2014, the Company had commitments, mainly for the purchase of audiovisual
property rights, amounting to EUR 279,146 thousand (31 December 2013: EUR 116,704
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 2014
the best estimate of these commitments amounts to EUR 94,312 thousand (2013: EUR 80,400
thousand).
It is estimated that in 2015 inventoriable in-house productions will be amortised in full and
approximately EUR 140,000 thousand of programme rights on outside productions (see Note
4.5).
12.- Equity and shareholders’ equity
On 29 October 2012, the merger resolutions adopted by the shareholders of Atresmedia
Corporación de Medios de Comunicación, S.A., as the absorbing company, and Gestora de
Inversiones Audiovisuales La Sexta, S.A., as the absorbed company, at their respective Annual
General Meetings on 25 April 2012, were executed in public deeds, as a result of which the
draft terms of merger were fully approved.
Following the merger resolution approved by the shareholders at the Annual General Meetings
of the two companies and the filing of the merger deed at the Madrid Mercantile Registry on
31 October 2012, the shareholders of La Sexta received, as consideration for the assets and
liabilities of this company, 15,801,296 shares of Atresmedia Corporación de Medios de
Comunicación, S.A., which represented 7% of its share capital.
For the purposes of the share exchange, on 29 October 2012 Atresmedia Corporación de
Medios de Comunicación, S.A. 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, which took place on 31 October 2012.
As a result, once this period had ended, the Company's Board of Directors, acting under
powers delegated from the Annual General Meeting of 25 April 2012 in which the merger was