54 / 148
45
consequently, 1,145,594 shares of the Parent remain pledged as security. The fair value of
this financing approximates its carrying amount.
The detail of the items included under “Bank Borrowings” at 31 December 2014 and 2013 is as
follows:
2014
2013
Thousands of euros
Limit
Short-term
balance
drawn down
Long-term
balance
drawn down
Limit
Short-term
balance
drawn
Long-term
balance
drawn down
Syndicated financing
235,750
37,574
126,331
270,000
2,671
200,129
Interest payable
-
1,432
-
-
3,918
-
Total
235,750
39,007
126,331
270,000
6,589
200,129
The detail at December 31, 2014, by maturity, of the long-term balances drawn down is as
follows:
The detail at December 31, 2013, by maturity, of the long-term balances drawn down is as
follows:
14.
Derivative financial instruments and other financial liabilities
a) Hedging derivatives
Foreign currency hedges
The Group uses currency derivatives to hedge significant future transactions and cash flows.
The instruments purchased are denominated in US dollars.
The Group applies hedge accounting and documents the hedging relationships and measures
their effectiveness as required by IAS 39. All these relationships are cash flow hedges of firm
commitments, in which the risk hedged is the exposure to the EUR/USD forward exchange
rate, which results in variability in the cash flows payable in euros for broadcasting rights.
For 2014, due to the commencement of the period in which the broadcasting rights underlying
the hedge will be in force, EUR 635 thousand were capitalised to inventories from equity. For
2013 the amount deducted from equity and recognised as a deduction from inventories was
Thousands of euros
2016
2017
Total
Syndicated financing
62,331
64,000
126,331
Thousands of euros
2015
2016
2017
Total
Syndicated financing
36,350
62,602
101,177
200,129