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Otherwise, until the legal reserve exceeds 20% of share capital, it can only be used to offset
losses, provided that sufficient other reserves are not available for this purpose.
At 31 December 2014, the legal reserve had reached the legally required minimum (EUR
33,860 thousand).
OTHER RESERVES
“Other Reserves” includes an amount of EUR 281 thousand which is restricted as to its use
since it corresponds to the “Reserve for the Adjustment of Share Capital to Euros”.
As a result of the capital reduction made in 2006, a reserve of EUR 8,333 thousand was
established, equal to the par value of the retired shares, which may only be used if the same
requirements as those for the reduction of share capital are met, pursuant to Article 335-c of
the Spanish Limited Liability Companies Law.
The remaining reserves recognised under “Other Reserves” are unrestricted.
12.2 Other equity instruments
Pursuant to the agreement to merge the two companies, the Parent (Atresmedia Corporación
de Medios de Comunicación, S.A.) and Gestora de Inversiones Audiovisuales La Sexta, S.A.
agreed to grant La Sexta shareholders an additional ownership interest of 15,818,704
Atresmedia Corporación de Medios de Comunicación, S.A. shares representing 7% of its share
capital, although the delivery thereof is conditional upon the consolidated earnings of
Atresmedia from 2012 to 2016.
On 19 February 2014 the Parent reported, through a relevant event communication and
subsequent to a resolution of its Board of Directors, the partial novation of this agreement,
under which Atresmedia Corporación de Medios de Comunicación, S.A., with Gamp
Audiovisual, S.A. and Imagina Media Audiovisual, S.L., agreed to bring forward and definitively
adjust the delivery of the additional ownership interest that would correspond to these
companies. Accordingly, on 24 February 2014, ownership interests in Atresmedia Corporación
de Medios de Comunicación, S.A. equal to 2.079% and 1.631% of its share capital,
respectively, were delivered with a charge to treasury shares
The terms and conditions agreed upon in the integration agreement relating to Gala
Desarrollos Comerciales, S.L. remain unchanged and, accordingly, it continues to be entitled to
receive an additional ownership interest of 0.508% of the share capital of Atresmedia
Corporación de Medios de Comunicación, S.A., conditional upon the earnings performance of
the Atresmedia Group in the period 2012 to 2016. The delivery of these additional shares will
be carried out in full through treasury shares of the Parent and, therefore, does not constitute
an additional issue.
"Other Equity Instruments" includes the measurement of the aforementioned consideration at
the fair value of the shares whose delivery continues to be deferred. This measurement was
calculated on the basis of the forward price of the shares of Atresmedia Corporación de Medios
de Comunicación, S.A. on 5 October 2012 taking into account a 0.90% IRS rate and in
accordance with management's estimate of the profit for 2012 to 2016 in order to estimate
the time of delivery.
12.3 Treasury shares
The detail of “Treasury shares” in the consolidated balance sheets at 31 December 2014 and
2013 is as follows:
-