127 / 148
2016
2017
2018
2019
2020 and
subsequent
years
Total
Bank borrowings
62,331
64,000
-
-
-
126,331
Trade payables
45,639
4,710
42
-
-
50,391
Derivatives
7
-
-
-
-
7
Other payables
75
9
9
9
18
120
Total 31/12/2014
108,052
68,719
51
9
18
176,849
The detail at December 31, 2013, by maturity, of “Non-Current Payables” is as follows (in
thousands of euros):
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
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 the merger by absorption of Gestora de Inversiones
Audiovisuales La Sexta, S.A. and to satisfy the Company's general cash needs. At December
31, 2014, the limit of the funding amounted to EUR 235,750 thousand.
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 12.2), 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 the maturities at more than twelve
months 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 50 million.
14.2 Current financial liabilities
At 31 December 2014, current bank borrowings amounted to EUR 38,859 thousand (2013:
EUR 6,305 thousand).
The rate of interest paid by the Company in 2014 on the loans and credit facilities arranged
with banks was mainly tied to Euribor.