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On 31 October 2012, the merger by absorption of Gestora de Inversiones Audiovisuales La
Sexta ("La Sexta") into Antena 3 de Televisión was registered at the Mercantile Registry of
Madrid.
As a result of the merger, Antena 3 de Televisión acquired all the assets and liabilities of La
Sexta by universal succession and was subrogated to all the rights and obligations of the
absorbed company.
The merger became effective for accounting purposes on 5 October 2012.
The Company opted to avail itself of the special tax regime for mergers, spin-offs, asset
contributions and security exchanges provided in Title VII, Chapter VIII of the Consolidated
Spanish Corporation Tax Law approved by Legislative Royal Decree 4/2004, of 5 March.
In the process of allocating the price of the business combination to assets and liabilities, the
La Sexta trademark and the La Sexta multiplex operating licence were identified. The
trademark will be amortised for accounting purposes over 20 years and the licence is
considered to have an indefinite useful life.
On 8 November 2013 the merger, whereby Estaciones Radiofónicas de Aragón, S.A. (Sole-
Shareholder Company), Ipar Onda, S.A. (Sole-Shareholder Company), Onda Cero, S.A. (Sole-
Shareholder Company) and Radio Media Galicia, S.L. (Sole-Shareholder Company) were
absorbed by Uniprex, S.A. (Sole-Shareholder Company) and dissolved without liquidation, was
executed in a public deed, which also reflected the approval of the balance sheet for the year
ended 31 December 2012 as the merger balance sheet.
Merger goodwill for tax purposes amounted to EUR 554 thousand (EUR 260 thousand of Ipar
Onda, S.A. and EUR 295 thousand of Radio Media Galicia, S.L.) and is being amortised at an
annual rate of 5%, regardless of the rate at which the related amortisation is charged to profit
or loss for accounting purposes. This amortisation is deductible for tax purposes (see Note 5).
On 3 November 2014, the merger, whereby Publiseis Iniciativas Publicitarias was absorbed by
Atres Advertising, S.L.U. and dissolved without liquidation, was executed in a public deed
subsequent to the sale of the ownership interest by Atresmedia Corporación to its subsidiary.
In addition, the balance sheet for the year ended 31 December 2013 was approved as the
merger balance sheet. The company availed itself of the special merger regime provided for in
Title VII, Chapter VIII of the Consolidated Spanish Corporation Tax Law.
b) Reconciliation of the accounting profit to the income tax expense
The reconciliation of the accounting profit to the income tax expense is as follows:
Thousands of euros
2014
2013
Consolidated profit before tax
95,327
47,807
Permanent differences
4,769
7,312
Tax losses incurred prior to the formation of the tax
group used in 2013
(9)
(4,029)
Adjusted profit (loss)
100,087
51,090
Tax rate
30.00%
30.00%
Adjusted profit (loss) multiplied by tax rate
30,026
15,327
Tax credits
(13,158)
(13,198)