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The evolution of operating expenses is highly satisfactory, as they have increased by only
0.7% while maintaining the cost synergies achieved in the merger with La Sexta and the high
degree of discipline that has always characterised the Group in this regard.
Profit from operations amounted to EUR 76 million, compared to EUR 25 million in 2013. Profit
before tax stood at EUR 87 million, compared to EUR 30 million in 2012.
As a result of Spanish Corporation Tax Law 27/2014, of 27 November, effective from 1
January 2015, which establishes, among other changes, a change in the income tax rate to
28% in 2015 and 25% in 2016 and subsequent years. Accordingly, the Parent made an
income tax adjustment of EUR 33,506 thousand on the basis of the calculation of the balance
of "Deferred Tax Assets" and "Deferred Tax Liabilities" at the 28% rate and a subsequent
calculation of these balances at 25% based on the Parent's best estimate of the recovery of
tax assets in future years. This extraordinary adjustment did not and will not have any effect
on the Company's cash flows.
Net profit amounted to EUR 45 million, exceeding 31% on the previous year.
Significant events for the Company after the reporting period
José Manuel Lara Bosch, Chairman of the Board of Directors and of its Executive Committee,
died on 31 January 2015, as reported in a relevant event communication to the Spanish
National Securities Market Commission (CNMV) on 2 February 2015.
On February 25, 2015 , the board of directors of the parent company has agreed to appoint
Mr. José Crehuelas Margenat as Chairman of the Board and member of the Managing
Committee.
On 30 January 2015, GAMP AUDIOVISUAL, S.A. reported to the CNMV a sale of the Parent's
shares. Following the sale, GAMP AUDIOVISUAL, S.A. held 2.52% of the Company's voting
power, which along with the participation of Imagina Media Audivisual, S.L. makes them
jointly owned 7% of the voting rights.
Gamp Audiovisual S.A., as part of Imagina corporate group restructuring, has been absorbed
by Mediapro Contenidos S.L., Sole Shareholder, associated company. The merger is still
pending of registration in the Commercial Market Register. Once the merger is registered,
Mediapro Contenidos S.L., Sole Shareholder, becomes the owner of 2.52% of which is now
owner Gamp Audiovisual S.A.
On February 16, 2015 the resignation of director Gamp Audiovisual S.A was communicated.
To cover his vacancy, on the date of the preparation of these annual accounts and because of
the shareholder proposal, Imagina Media Audivisual, S.L., it has been appointed the director
of Mediaproducción, S.L. Sole Shareholder. It has appointed as representative for its
performance to the same person who once named the company that has been replaced, Mr.
Josep Maria Benet Ferran.
As detailed in Note 11-a to these consolidated financial statements, the Parent's Board of
Directors resolved to request the official listing of these 1,181,296 shares on the Madrid,
Barcelona, Valencia and Bilbao Stock Exchanges through the Spanish stock market
interconnection system. This listing took place on 22 January 2015.