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8.
Financial assets and other non-current assets
The detail of “Non-Current Financial Assets” and “Derivative Financial Instruments” in the
consolidated balance sheets at 31 December 2015 and 2014 is as follows:
Non-current financial instruments
Thousands of euros
Equity
instruments
Loans, derivatives
and other
Total
2015
2014
2015
2014
2015
2014
Loans and receivables
-
-
328
297
328
297
Available-for-sale financial assets
11,530
5,957
-
-
11,530
5,957
Non-current financial assets
11,530
5,957
328
297
11,858
6,254
Other derivatives
-
-
-
87
-
87
Hedging derivatives (Note 14)
-
-
2,770
4,397
2,770
4,397
Derivative financial instruments
-
-
2,770
4,484
2,770
4,484
Total
11,530
5,957
3,098
4,781
14,628
10,738
“Non-Current Financial Assets - Available-For-Sale Financial Assets” includes non-current
financial investments in the equity instruments of companies over which the Group does not
exercise significant influence either because its ownership interest is below 20% or because
it does not participate in the setting of financial or commercial policies. The increase in this
heading in 2015 relates to the Group's strategy to diversify the avenues for growth other
than advertising income.
In 2014 the Group acquired ownership interests of 40% and 14% in the “Enelmar
Productions” Economic Interest Grouping (EIG) and “Producciones Ramses” EIG,
respectively. In view of the peculiarities of the taxation of EIGs (see Note 21-d), at 2014
year-end, the Group had deferred tax assets amounting to EUR 10,724 thousand, disposing
of both financial assets in full.
In relation to “Other Derivatives”, in December 2012 the Parent entered into several
agreements with the former shareholders of Gestora de Inversiones Audiovisuales La Sexta,
S.A., including one whereby, in exchange for a fixed market consideration determined at the
date of the agreement and deliverable by Atresmedia Corporación de Medios de
Comunicación, S.A. (premium), the aforementioned counterparty undertook to pay the
Parent a variable cash amount to be determined on the basis of the future economic results
of Atresmedia and payable in 2017.
On 24 February 2014, as a result of the negotiation process for this agreement and forming
part thereof, other agreements were reached with Gamp Audiovisual, S.A. and Imagina
Media Audiovisual, S.L. consisting of the cancellation of their proportional share of the
aforementioned financial derivative agreement. The recognition of the cancellation had a
negative impact on the shareholders' equity of the Parent.
At 31 December 2015 and 2014, the balance of “Other Derivatives” represented the fair
value (Level 2) at that date of the derivative financial instrument arranged with Gala
Desarrollos Comerciales, S.L., the terms and conditions of which are unchanged, as indicated
in Note 11-h. Changes in the value of the financial instrument are recognised under “Net
Gain (Loss) Due to Changes in the Value of Financial Instruments at Fair Value” in the
consolidated statement of profit or loss.