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IFRS 9, Financial Instruments

IFRS 9 will in the future replace the current part of IAS 39 relating to classification and

measurement. There are very significant differences with respect to the current

standard, in relation to financial assets, including the approval of a new classification

model based on only two categories, namely instruments measured at amortised cost

and those measured at fair value, the disappearance of the current “held-to-maturity

investments” and “available-for-sale financial assets” categories, impairment analyses

only for assets measured at amortised cost and the non-separation of embedded

derivatives in financial asset contracts.

In relation to financial liabilities, the classification categories proposed by IFRS 9 are

similar to those currently contained in IAS 39 and, therefore, there should not be any

very significant differences except, in the case of the fair value option for financial

liabilities, for the requirement to recognise changes in fair value attributable to own

credit risk as a component of equity

There will also be major changes in relation to hedge accounting, since the approach of

IFRS 9 is very different from that of the current IAS 39 in that it attempts to align hedge

accounting with economic risk management.

Responsibility for the information and use of estimates

The information contained in these consolidated financial statements is the responsibility

of the Parent's directors.

In the Group's consolidated financial statements for 2015 estimates were occasionally

made in order to quantify certain of the assets, liabilities, income, expenses and

obligations reported herein.

These estimates relate basically to the following:

The impairment losses on certain assets (see Notes 5, 6, 9 and 10),

The useful life of the property, plant and equipment and intangible assets (see Notes

3-c and 3-d).

The measurement of goodwill arising on consolidation (see Note 4),

Programme amortisation (see Note 3-f),

The fair value of certain unquoted assets (see Notes 8 and 14), and

Provisions (see Note 12)

Although these estimates were made on the basis of the best information available at 31

December 2015 on the events analysed, 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, recognising the effects

of the change in estimates in the related consolidated statements of profit or loss.

At 2015 year-end the Group had working capital of EUR 48,074 thousand.