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The terms and conditions agreed upon in the integration agreement relating to Gala Desarrollos
Comerciales, S.L. remain unchanged and, accordingly, it continues to be entitled to receive an
additional ownership interest of 0.508% of the share capital of Atresmedia Corporación de Medios
de Comunicación, S.A., conditional upon the earnings performance of the Atresmedia Group in the
period from 2012 to 2016, as indicated above. The delivery of these additional shares will be
carried out in full through treasury shares of the Company and, therefore, does not constitute an
additional issue.
"Other Equity Instruments" includes the measurement of the aforementioned consideration at the
fair value of the shares whose delivery was deferred. This measurement was calculated on the
basis of the forward price of the shares of Atresmedia Corporación de Medios de Comunicación,
S.A. on 5 October 2012 taking into account a 0.90% IRS rate and in accordance with
management's estimate of the profit for 2012 to 2016 in order to estimate the time of delivery.
12.3 Treasury shares
The detail of the treasury shares held by the Company at the end of 2015 and 2014 is as follows:
No. of
shares
Par value
(euros)
Average
acquisition
price
(euros)
Total
acquisition cost
(Thousands
of euros)
2015
789,738
592,304
10.97
8,666
2014
1,145,594
859,196
6.29
7,202
At 31 December 2015, the shares of the Company held by it represented 0.350% of the
Company's share capital and totalled 789,738 shares, with a value of EUR 8,666 thousand and an
average acquisition price of EUR 10.97 per share.
The changes in “Treasury Shares” in 2015 and 2014 were as follows:
Number of shares
2015
2014
At beginning of year
1,145,594
15,818,704
Purchases
558,957
-
Sales
-
(6,298,784)
Delivery (Note 12.2)
(914,813)
(8,374,326)
At end of year
789,738
1,145,594
Pursuant to the partial novation of the integration agreement entered into on 14 December 2011,
which definitively concluded a series of matters related to the guarantee and commitment regime
of the initial integration agreement for the merger with Gestora de Medios Audiovisuales la Sexta,
S.A., the Company delivered to the shareholders Imagina Media Audiovisual, S.L. and Mediapro
Contenidos, S.L. (Sole-Shareholder Company) an additional ownership interest equal to 0.248% of
the Company's share capital, i.e. a total of 558,957 shares (see Note 8-b).
Also, under the integration agreement relating to Gala Desarrollos Comerciales, S.L. (see Note
12.2), a portion of the aforementioned additional ownership interest, equivalent to 0.158%
(355,856 shares) was transferred to that company.
On 6 March 2014, the Company reported through a relevant event communication the sale for EUR
79,680 thousand of a total of 6,298,784 treasury shares representing 2.79% of its share capital.
The carrying amount of these shares was EUR 39,601 thousand. The difference between both
amounts was recognised in equity. This transaction carried a cost of 1% on the sale price, which
was also recognised in equity.