Consolidated Annual Accounts 2017

Atresmedia Corporación de Medios de Comunicación, S.A. 2017 FINANCIAL STATEMENTS 38 14.- Non-current and payables 14.1 Non-current financial liabilities The balance of non-current payables at year-end 2017 and 2016 is as follows (in thousands of euros): Non-current financial instruments Bank borrowings Derivatives and other Total 2017 2016 2017 2016 2017 2016 Debts and payables 190,229 103,478 44 7,189 190,273 110,667 Derivatives - - 3,861 1,963 3,861 1,963 Total 190,229 103,478 3,905 9,152 194,134 112,630 Breakdown by maturity of non-current payables: 2019 2020 2021 2022 Total Bank borrowings 35,000 35,000 35,000 85,229 190,229 Derivatives 2,166 510 21 1,164 3,861 Other debts and payables 26 9 9 - 44 Total at 31/12/17 37,192 35,519 35,030 86,393 194,134 2018 2019 2020 2021 2022 and beyond Total Bank borrowings 27,000 76,478 - - - 103,478 Derivatives 1,948 15 - - - 1,963 Trade payables 6,954 157 - - - 7,111 Other debts and payables 9 42 9 9 9 78 Total at 31/12/16 35,911 76,692 9 9 9 112,630 On 26 July 2017, the Company arranged a new syndicated loan with a limit of EUR 350,000 thousand, which was earmarked to repay the syndicated financing arranged in May 2015 and to meet the Company's general corporate and cash requirements. Eight banks with which the Company has regular dealings participated in the transaction. Of the total amount, 50% is a five-year loan, with partial repayments, and 50% a revolving credit facility maturing at five years. At 31 December 2017, the limit was still EUR 350,000 thousand, with only a partial drawdown of the credit tranche. The Company recognised a new financial liability, extinguished the previous liability and recognised the costs and fees of EUR 1,203 thousand, since the terms of both are substantially different: the present value of the cash flows under the new terms (discounted using the original effective interest rate) differs by more than 10 per cent from the discounted present value of the remaining cash flows from the original financial liability. The applicable interest rate is Euribor plus a market spread and the transaction is subject to compliance with financial covenants habitually used in transactions of this kind: the debt to gross operating profit ratio and the interest coverage ratio. The Company's directors expects the covenants to be complied with at 31 December 2017. The fair value of this financing approximates its carrying amount. At the date the transaction was arranged, the risk of changes in interest rates was hedged with a fixed interest-rate swap for amount equal to 90% of the loan tranche (see Note 10). The Company also has bilateral financing facilities to meets its cash requirements. “Non-current trade payables” at 31 December 2016 related mainly to the amounts maturing at more than 12 months of payables to suppliers of external production rights; these maturities are set on the basis of the availability periods of those rights. These payables do not accrue interest and their measurement at fair value had a negative impact of EUR 1,886 thousand in 2016 recognised under “Net gain/(loss) on changes in value of financial