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Barcelona, Valencia and Bilbao Stock Exchanges through the Spanish stock market
interconnection system. This listing took place on 22 January 2015.
Outlook for the Group
For the first time in several years the outlook for the context in which the Group operates is
clearly positive. Although the Spanish economy is far from being in an acceptable situation,
the dynamic is highly favourable and all forward-looking and confidence indicators point to a
further significant improvement in activity with job creation and decreased unemployment.
Credit demand must encounter the necessary funds while the many indebted sectors must
deleverage, which will only be achieved if, as is expected, the economy grows. European
monetary policy has been implementing the necessary stimuli, first in word and more
recently, in deed. The new tax reform should also help to improve availability for both families
and businesses. Lastly, oil prices, the strength of the US dollar (with certain opposing effects)
and a glimpse of an improvement in Europe support the forecast of significant growth in GDP
and consumption.
Against this backdrop, traditional television and radio businesses will be able to take
advantage of the expected growth in the advertising market, which looks to maintain or
improve the current market share. To this end, a commercial policy is in place that offers our
advertisers the best media for their business communication. This media takes the form of a
higher quality and more innovative and varied programming tailored to viewers. These are
proven and recognised attributes which the Group will continue to develop.
In addition, plans are being made to strengthen the new activities so that, in the medium
term, they make up a significant portion of our activity based on our expertise on the
audiovisual stage while continuing our progress into the connected world. Significant
successes have already achieved, such as the 17 million unique users of our web pages and
3.9 million downloads of our Atresplayer online content platform.
As usual, this is all framed within a demanding cost management structure, thus ensuring that
growth translates into a stable source of value creation. Also, ensuring the soundness of the
Group's financial position and maintaining the shareholder remuneration policy complete the
framework for action for the coming future.
Research and development activities
The Group does not itself carry on any specific research and development activities. However,
it invests, on an ongoing basis, in all new technologies related to engineering, systems and
content distribution. In this field Atresmedia Corporación de Medios de Comunicación, S.A.
has and uses state-of-the-art technology, which enables it to be at the forefront in the
deployment of digital activities and in the Internet.
Treasury share acquisitions
On 18 February 2014, a partial novation was arranged of the merger agreement entered into
with Gestora de Inversiones Audiovisuales La Sexta and its shareholders, which had been
reached on 14 December 2011. This novation related to the terms and conditions whereby La
Sexta shareholders earned the right to receive an additional ownership interest of 7% in the