45 / 148
36
Non-current financial instruments
Thousands of euros
Equity
instruments
Loans, derivatives and
other
Total
2014
2013
2014
2013
2014
2013
Loans and receivables
-
-
297
297
297
297
Available-for-sale financial assets
5,957
1,472
-
-
5,957
1,472
Non-current financial assets
5,957
1,472
297
297
6,254
1,769
Other derivatives
-
-
87
9,413
87
9,413
Hedgong Derivatives (Note 14)
-
-
4,397
-
4,397
-
Derivative financial instruments
-
-
4,484
9,413
4,484
9,413
Total
5,957
1,472
4,781
9,710
10,738
11,182
“Non-Current Financial Assets - Available-For-Sale Financial Assets” includes non-current
financial investments in the equity instruments of companies over which the Group does not
exercise significant influence either because its ownership interest is below 20% or because it
does not participate in the setting of financial or commercial policies.
In 2014 the Group acquired ownership interests of 40% and 14% in the “Enelmar Productions”
Economic Interest Grouping (EIG) and “Producciones Ramses” EIG, respectively. In view of the
peculiarities of the taxation of EIGs (see Note 21-d), at 2014 year-end, the Group had
deferred tax assets amounting to EUR 10,724 thousand, disposing of both financial assets in
full.
At 2013 year-end, the balance of this item related to the 45% ownership interest in El Armario
de la Tele, S.L., measured at the cost incurred; the Group's 15% ownership interest in
Audiovisual Española 2000, S.A. was fully impaired. The impact of this impairment was
included under “Impairment of Financial Assets” in the consolidated income statement.
In relation to “Other Derivatives”, in December 2012 the Parent entered into several
agreements with the former shareholders of Gestora de Inversiones Audiovisuales La Sexta,
S.A., including one whereby, in exchange for a fixed market consideration determined at the
date of the agreement and deliverable by Atresmedia Corporación de Medios de Comunicación,
S.A. (premium), the aforementioned counterparty undertook to pay the Parent a variable cash
amount to be determined on the basis of the future economic results of Atresmedia and
payable in 2017.
On 24 February 2014, as a result of the negotiation process for this agreement and forming
part thereof, other agreements were reached with Gamp Audiovisual, S.A. and Imagina Media
Audiovisual, S.L. consisting of the cancellation of their proportional share of the
aforementioned financial derivative agreement. The recognition of the cancellation had a
negative impact on the shareholders' equity of the Parent.
At 31 December 2014, the balance of “Other Derivatives” represented the fair value (Level 2)
at that date of the derivative financial instrument arranged with Gala Desarrollos Comerciales,
S.L., the terms and conditions of which are unchanged, as indicated in Note 11-h. Changes in
the value of the financial instrument are recognised under “Net Gain (Loss) Due to Changes in
the Value of Financial Instruments at Fair Value” in the consolidated statement of profit or
loss.