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Key issues in relation to the measurement and estimation of uncertainty
In preparing the accompanying financial statements estimates were made by the Company's
directors in order to measure certain of the assets, liabilities, income, expenses and
obligations reported herein. These estimates relate basically to the following:
-
The assessment of possible impairment losses on certain assets (see Notes 4.4 and 8).
-
The useful life of the property, plant and equipment and intangible assets (see Notes
4.1 and 4.2).
-
The calculation of provisions (see Notes 4.9 and 13).
-
Programme amortisation (see Notes 4.5 and 18.2).
-
The calculation of income tax and recoverability of tax losses (see Notes 4.7 and 16).
Although these estimates were made on the basis of the best information available at 2014
year-end, events that take place in the future might make it necessary to change these
estimates (upwards or downwards) in coming years. Changes in accounting estimates would
be applied prospectively.
At 2014 year-end the Company had a working capital deficiency of EUR 18,884 thousand
covered in full by the undrawn portion of the syndicated loan.
Comparative information
The information relating to 2014 contained in these notes to the financial statements is
presented, for comparison purposes, with the information for 2013.
Grouping of items
Certain items in the balance sheet, income statement, statement of changes in equity and
statement of cash flows are grouped together to facilitate their understanding; however,
whenever the amounts involved are material, the information is broken down in the related
notes to the financial statements.
Changes in accounting policies
In 2014 there were no significant changes in accounting policies with respect to those applied
in 2013.
Correction of errors
In preparing the accompanying financial statements no significant errors were detected that
would have made it necessary to restate the amounts included in the financial statements for
2012.
Effect of not consolidating
The Company is the majority shareholder of certain companies and has ownership interests
equal to or exceeding 20% in the share capital of other companies (see Note 8). The separate
financial statements at 31 December 2014 do not reflect the increases in the value of the
Company’s ownership interests in these companies which would arise from fully consolidating
majority ownership interests and accounting for investments in associates using the equity
method. Pursuant to current legislation, the Company prepared consolidated financial
statements separately in accordance with International Financial Reporting Standards.