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51

“Current Financial Assets” includes the amounts drawn down against the credit facilities granted by

the Company to companies in its Group and the balances receivable from them relating to income

tax.

"Current Payables” includes the balances relating to cash surpluses managed by the Company on

behalf of its Group companies and the balances payable to them relating to income tax.

The sale of television advertising services has been managed by the Group company Atres

Advertising, S.L. (Sole-Shareholder Company) since its incorporation. On 1 April 2010, Atresmedia

Corporación de Medios de Comunicación, S.A. decided to begin billing the aforementioned service

from Atres Advertising, S.L. (Sole-Shareholder Company), in line with the most widely used sales

model in the television advertising industry. Accordingly, Atresmedia Corporación de Medios de

Comunicación, S.A. invoices this Group company for the sale of advertising space and Atres

Advertising, S.L. (Sole-Shareholder Company) bills the end customers.

The Company centrally manages its cash and the cash of its subsidiaries (see Note 19.5).

19.3 Remuneration of directors and senior executives

The remuneration earned in 2015 by the current and former members of the Company’s Board of

Directors (composed at 31 December 2015 of three women and nine men) in the form of salaries,

attendance fees and life insurance premiums amounted to EUR 4,274 thousand, EUR 777 thousand

and EUR 15 thousand, respectively. In 2014 this remuneration amounted to EUR 3,940 thousand,

EUR 795 thousand and EUR 16 thousand, respectively.

In 2015 remuneration in the form of salaries and life insurance premiums of senior executives who

are not directors amounted to EUR 5,456 thousand and EUR 29 thousand, respectively (2014: EUR

6,468 thousand and EUR 30 thousand, respectively).

The Company has not granted any loans or advances to its Board members or senior executives

and it does not have any supplementary pension, retirement bonus, special indemnity or life

insurance obligations to them in their capacity as directors and executives.

19.4 Information regarding situations of conflict of interest involving the directors

Pursuant to Article 229 et seq. of the Spanish Limited Liability Companies Law (LSC), the following

information is included:

In 2015 none of the directors reported to the Board of Directors any direct or indirect conflict of

interest that they or persons related to them, as defined in Article 213 of the LSC, might have with

respect to the Company.

19.5 Financial structure

As indicated in Note 1, the Company is the head of a group of subsidiaries. It holds its cash and

cash equivalents at banks with high credit ratings.

External financing is basically obtained by the Company, which also manages the financial transactions of the

rest of the Group, including both financing activities and asset management activities (see Note 19.2).