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The market variables that influence the value of this asset are the market price of the Parent's
share, its volatility and its dividend yield. The Group's estimated results also have an
influence. The market price and historical volatility at 31 December 2013 were used to
measure the value of the asset at that date, and the market consensus at year-end and credit
risk (due to application of IFRS 13) were used to estimate results and the dividend yield.
9.
Programme rights
The detail of “Programme Rights” is as follows:
Thousands of euros
2014
2013
Programme rights, net
Rights on external productions
277,114
242,329
In-house productions and productions in process
18,782
36,456
Sports broadcasting rights
3,214
3,460
Write-down of external productions
(38,406)
(33,755)
260,704
248,490
Advances to suppliers
25,171
31,543
Total
285,875
280,033
At 31 December 2014, the Parent had commitments, mainly for the purchase of audiovisual
property rights, amounting to EUR 279,146 thousand (2013: EUR 114,342 thousand). In
addition, the Parent 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 amounted to EUR 94,312 thousand (2013: EUR 80,400 thousand).
It is estimated that inventoriable in-house productions will be amortised in full and
approximately EUR 140,000 thousand of external production rights will be amortised in 2015.
The changes in the write-downs included under “Programme Rights” in the consolidated
balance sheet were as follows (in thousands of euros):
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 Parent’s programme
schedule. In addition, the group has made an adjustement amounted to EUR 3 thousands in
the value of certain media rights as a result of the clousure of three media channels. These
write-downs were recognised under “Programme Amortisation and Other Procurements” in the
consolidated income statement.
Balance at
Disposals or
reductions
Balance at
Disposals or
reductions
Balance at
31/12/12
Additions Transfers
31/12/13
Additions
Transfers
31/12/14
Write-downs
(19,516)
(6,976)
(9,509)
2,246
(33,755)
(7,073)
315
2,106
(38,406)