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In view of the business activity carried on by the Company, it does not have any environmental
liability, expenses, assets, provisions or contingencies that might be material with respect to its
equity, financial position or results. Therefore, no specific disclosures relating to environmental
issues are included in these notes to the financial statements.
2.- Basis of presentation of the financial statements
Regulatory financial reporting framework applicable to the Company
The accompanying financial statements were formally prepared by the Company’s directors in
accordance with the regulatory financial reporting framework applicable to the Company, which
consists of:
a) The Spanish Commercial Code and all other Spanish corporate law.
b) The Spanish National Chart of Accounts approved by Royal Decree 1514/2007 and its industry
adaptations, and Spanish National Securities Market Commission (CNMV) Circular 1/2008, of 30
January, on the periodic information of issuers whose securities are admitted to trading on
regulated markets.
c) The mandatory rules approved by the Spanish Accounting and Audit Institute in order to
implement the Spanish National Chart of Accounts and the relevant secondary legislation, in
addition to the mandatory rules approved by the Spanish National Securities Market Commission.
d) All other applicable Spanish accounting legislation.
Fair presentation
The accompanying financial statements, which were obtained from the Company's accounting
records, are presented in accordance with the regulatory financial reporting framework applicable
to the Company and, in particular, with the accounting principles and rules contained therein and,
accordingly, present fairly the Company's equity, financial position, results of operations and cash
flows for 2015. These financial statements, which were formally prepared by the Company's
directors, will be submitted for approval by the shareholders at the Annual General Meeting, and it
is considered that they will be approved without any changes. The financial statements for 2014
were approved by the shareholders at the Annual General Meeting held on 22 April 2015.
Non-obligatory accounting principles applied
No non-obligatory accounting principles were applied. Also, the directors formally prepared these
financial statements taking into account all the obligatory accounting principles and standards with
a significant effect hereon. All obligatory accounting principles were applied.
Key issues in relation to the measurement and estimation of uncertainty
In preparing the accompanying financial statements estimates were made by the Company's
directors in order to measure certain of the assets, liabilities, income, expenses and obligations
reported herein. These estimates relate basically to the following:
-
The assessment of possible impairment losses on certain assets (see Notes 4.4 and 8).
-
The useful life of the property, plant and equipment and intangible assets (see Notes 4.1
and 4.2).
-
The calculation of provisions (see Notes 4.9 and 13).
-
Programme amortisation (see Notes 4.5 and 18.2).
-
The calculation of income tax and recoverability of tax losses (see Notes 4.7 and 16.).
Although these estimates were made on the basis of the best information available at 2015 year-
end, 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.
At 2015 year-end the Company had working capital of EUR 31,386 thousand.