Deloitte

Translation of financial statements originally issued in Spanish and prepared in accordance with the

regulatory financial reporting framework applicable to the Company in Spain (see Notes 2 and 22).

In the event of a discrepancy, the Spanish-language version prevails.

ATRESMEDIA CORPORACIÓN DE MEDIOS DE COMUNICACIÓN, S.A.

STATEMENT OF CASH FLOWS FOR 2015

(Thousands of euros)

2015

2014

CASH FLOWS FROM OPERATING ACTIVITIES (I)

33,203

(1,079)

Profit for the year before tax

107,649

87,130

Adjustments for:

4,669

10,547

- Depreciation and amortisation charge

14,654

13,692

- Impairment losses

(2,559) (15,209)

- Changes in provisions

7,541

7,958

- Gains on derecognition and disposal of non-current assets

- Finance income

(29,489)

(9,901)

- Finance costs

11,435

13,456

- Exchange differences

(4,961)

19,463

- Changes in fair value of financial instruments

8,002 (18,957)

Changes in working capital

(70,333) (67,265)

- Inventories

(63,585)

2,732

- Trade and other receivables

(4,829)

2,598

- Trade and other payables

(9,760) (41,629)

- Other current assets and liabilities

7,841 (30,966)

Other cash flows from operating activities

(8,782) (31,491)

- Interest paid

(9,514) (15,977)

- Dividends received

23,263

3,359

- Income tax recovered (paid)

(22,531) (18,873)

CASH FLOWS FROM INVESTING ACTIVITIES (II)

(17,158) (26,719)

Payments due to investment

(23,321) (26,719)

- Group companies and associates

(9,452) (14,201)

- Property, plant and equipment and intangible assets

(13,869) (12,518)

Proceeds from disposal

6,163

- Group companies and associates

6,163

CASH FLOWS FROM FINANCING ACTIVITIES (III)

(46,113)

2,853

Proceeds and payments relating to equity instruments

(7,215)

79,680

- Disposal of treasury shares

(7,215)

79,680

Proceeds and payments relating to financial liability instruments

24,015 (29,912)

- Repayment of bank borrowings

(5,915)

(41,244)

- Proceeds from issue of borrowings from Group companies and associates

29,930

11,332

Dividends and returns on other equity instruments paid

(62,913) (46,915)

- Dividends

(62,913) (46,915)

EFFECT OF FOREIGN EXCHANGE RATE CHANGES (IV)

NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS

(I+II+III+IV)

(30,068) (24,945)

Cash and cash equivalents at beginning of year

31,000

55,945

Cash and cash equivalents at end of year

932

31,000

The accompanying Notes 1 to 22 are an integral part of the statement of cash flows for 2015.