Consolidated Annual Accounts 2017

Atresmedia Corporación de Medios de Comunicación, S.A. 2017 FINANCIAL STATEMENTS 7 quality and three in high definition. A single bidder could not be allocated more than one licence to operate a standard channel and one licence to operate a high definition channel. Atresmedia submitted two bids, one for a standard channel and the other for a high definition channel, which were accepted by the assessment board. As a result of this tender, on 16 October 2015 the Company was awarded a licence to broadcast a high definition public television channel, through which it began to broadcast the Atreseries channel on 22 December 2015. Its TV programming consists of Spanish series (current and old Antena 3 and la Sexta series), as well as international series, mini-series and films. On 14 December 2011, following a resolution by its Board of Directors, Atresmedia Corporación de Medios de Comunicación, S.A. entered into an agreement with the shareholders of Gestora de Inversiones Audiovisuales La Sexta, S.A. to merge the two companies, through the merger by absorption of La Sexta into Atresmedia Corporación de Medios de Comunicación, S.A., contingent on authorisation by the regulatory and competition authorities. On 25 January 2012, the Boards of Directors of Atresmedia Corporación de Medios de Comunicación, S.A. and Gestora de Inversiones Audiovisuales La Sexta, S.A. approved the Common Terms of Merger of the two companies. The Company's shareholders at the General Meeting held on 25 April 2012 approved the merger by absorption between Atresmedia Corporación de Medios de Comunicación, S.A. (absorbing company) and Gestora de Inversiones Audiovisuales La Sexta, S.A., under the Common Terms of Merger filed with the Madrid Mercantile Register (Registro Mercantil) on 7 February 2012. The merger was authorised by the Spanish anti-trust authorities on 24 August 2012, by virtue of a resolution adopted by the Spanish Cabinet on the same date. On 5 October 2012, the Spanish Cabinet also resolved to authorise the transfer of the audiovisual communication licence held by La Sexta and the assignment for private use of the associated public radioelectric domain. From that date onwards, the operations of La Sexta are deemed to be performed for accounting purposes by Atresmedia Corporación de Medios de Comunicación, S.A. The public deed of merger between Atresmedia Corporación de Medios de Comunicación, S.A. and Gestora de Inversiones Audiovisuales La Sexta, S.A. was filed with the Madrid Mercantile Register on 31 October 2012, and, as a result, the latter was dissolved and all its assets and liabilities were transferred en bloc to the former. The Company is the head of a group of subsidiaries and is obliged under current legislation to prepare, in addition to its own separate financial statements, the Atresmedia Group’s consolidated financial statements, which also include its interests in joint ventures and investments in associates. Atresmedia's consolidated financial statements for 2017 were authorised for issue by the directors at the Board of Directors Meeting held on 28 February 2018. The financial statements for 2016 were approved by shareholders at the General Meeting held on 19 April 2017, without modifications. The key financial highlights of the 2017 consolidated financial statements are: total assets of EUR 1,349 million, equity of EUR 446 million, revenue of EUR 984 million, and profit for the year of EUR 142 million. Given the Company's activities, it has no environmental liabilities, expenses, assets, provisions or contingencies that could have a significant effect on its equity, financial position and results of operations. Therefore, no specific environmental disclosures have been included in these notes to the financial statements.