Consolidated Annual Accounts 2017

Atresmedia Corporación de Medios de Comunicación, S.A. 2017 FINANCIAL STATEMENTS 33 Total amounts of the outstanding forward currency purchase contracts entered into by the Company at year-end 2017 and 2016: Fair value (thousands of euros) Classification Type Maturity Amount contracted (thousand euros) Ineffective portion recognised in profit or loss (thousands of euros) Assets Liabilities Currency forwards Foreign currency hedge Purchase of USD 2018 89,540 - 23 5,367 Currency forwards Foreign currency hedge Purchase of USD 2019 28,818 - - 2,166 Currency forwards Foreign currency hedge Purchase of USD 2020 7,708 - - 510 Currency forwards Foreign currency hedge Purchase of USD 2021 289 - - 21 Data at 31 December 2016: Fair value (thousands of euros) Classification Type Maturity Amount contracted (thousand euros) Ineffective portion recognised in profit or loss (thousands of euros) Assets Liabilities Currency forwards Foreign currency hedge Purchase of USD 2017 113,477 - 8,767 3 Currency forwards Foreign currency hedge Purchase of USD 2018 52,173 - 2,832 21 Currency forwards Foreign currency hedge Purchase of USD 2019 6,266 - 282 15 Currency forwards Foreign currency hedge Purchase of USD 2020 723 - 26 - Currency forwards Foreign currency hedge Purchase of USD 2021 276 - 9 - At 31 December 2017, the estimated fair value of the Company's foreign currency derivatives, which are designated and effective as cash flow hedges, represented a financial asset of EUR 23 thousand and a financial liability of EUR 8,064 thousand (2016: asset of EUR 11,916 thousand and liability of EUR 39 thousand). This amount was deferred and recognised in equity, taking into account the tax effect. The measurement method consists of estimating the present value of the future cash flows that will arise under the terms and conditions arranged by the parties for the derivative instrument. The spot price is taken to be the reference exchange rate of the European Central Bank on 31 December 2017, the swap points (offer/bid), the interest rates prevailing at the measurement date and the credit risk. The sensitivity analysis of the foreign currency derivative financial instruments demonstrates that changes of +/-10% in the USD/EUR exchange rate prevailing at year-end would give rise to changes in fair value within a range of EUR +/-12.2 million for hedges whose underlying is in force at year-end, and changes of EUR +/-2.5 million for hedges whose underlying is not yet in force and therefore affect equity. Appreciations in the USD/EUR exchange rate give rise to increases in value, and depreciations to decreases. The sensitivity analysis of the balances payable to suppliers in USD, shows that changes of +/-10% in the USD/EUR exchange rate prevailing at year-end would give rise to changes in the fair value recognised of around EUR +/-10.0 million, and would be sufficiently offset by the changes in the value of the derivatives entered into. In 2016, changes of +/-10% in the exchange rate prevailing at year-end would give rise to changes in fair value of derivative instruments within a range of EUR +/-13.6 million for hedges whose underlying was in force at year-end and changes of EUR +/-5.3 million for hedges whose underlying not yet in force and therefore affected equity.