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71

The evolution of operating expenses is highly satisfactory, as they have increased by only

0.8% 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 111 million, compared to EUR 62 million in 2013.

Profit before tax stood at EUR 95 million, compared to EUR 48 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 33,135 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 47 million, up from EUR 46 million in 2013.

Significant events for the Group 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,