19. Other gains/losses
a)
Net gain (loss) due to changes in the value of financial instruments at fair value
This heading in the consolidated statement of profit or loss includes primarily the net gains
or losses due to changes in the fair value of the currency hedges and IRSs disclosed in Note
14 to these consolidated financial statements and the negative impact arising from the
recognition at fair value of the non-current payables to suppliers included under " Other Non-
Current Liabilities" (see Note 12).
In 2015 and 2014 the net gains or losses due to changes in fair value included under the
aforementioned heading, detailed by item, were as follows:
Thousands of euros
2015
2014
Hedging instruments (Note 14)
(6,029)
16,658
Other derivatives (Note 8)
(87)
(595)
Other non-current liabilities (Note 12)
(1,886)
2,894
Total
(8,002)
18,957
b)
Exchange differences
“Exchange Differences” includes the exchange differences arising from the Group's
commercial transactions, relating mainly to the purchase of audiovisual productions in
foreign currencies.
c)
Financial loss
“Financial Loss” in the consolidated statement of profit or loss for 2015 includes mainly the
interest expense on bank borrowings. At 31 December 2015, the finance costs amounted to
EUR 11,001 thousand and finance income amounted to EUR 2,016 thousand.
“Financial Loss” in the consolidated statement of profit or loss for 2014 includes mainly the
interest expense on bank borrowings. At 31 December 2014, the finance costs amounted to
EUR 13,459 thousand and finance income amounted to EUR 1,669 thousand.
d)
Impairment and gains or losses on disposals of financial assets
“Impairment and Gains or Losses on Disposals of Financial Assets” in the consolidated
statement of profit or loss includes, on the one hand, the impairment losses recognised in
the year on financial assets, which were determined on the basis of an analysis of the
recoverability of these investments, including investments in companies accounted for using
the equity method, and, on the other hand, the net gains or losses arising from the disposal
of these assets and assets held for sale (see Note 8).
At 31 December 2015, the amount recognised under “Impairment and Gains or Losses on
Disposals of Financial Assets” relates mainly to the impairment arising from the adjustment
to fair value of the non-current investments in equity instruments and the gains on the
disposal of these instruments.
At 31 December 2014, the amount recognised under “Impairment and Gains or Losses on
Disposals of Financial Assets” relates mainly to the impairment arising from the adjustment
to fair value of the non-current investments in equity instruments.