138 / 140
the request to discontinue the appeals made at the Supreme Court against the resolutions of
the Spanish Cabinet of 28 May and 11 June 2010, as detailed in Note 1 to the financial
statements for 2015.
Profit from operations amounted to EUR 90 million, compared to EUR 76 million in 2014.
Profit before tax stood at EUR 108 million, an increase of 24%.
Net profit amounted to EUR 89 million, up from EUR 45 million in 2014. It should be
remembered that in 2014, as a result of Income Tax Law 27/2014, of 27 November,
establishing new tax rates (28% in 2015 and 25% in 2016 and subsequent years), the
Company made an extraordinary income tax adjustment amounting to EUR 33,506
thousand.
Significant events for the Company after the reporting period
There were no significant events between the reporting date and the date of formal
preparation of the Company's financial statements.
Outlook for the Company
The consensus of economic forecasts for 2016 and 2017 continues to be positive, with actual
GDP growth at around 2.7% for both years, similar figures for private consumer spending,
foreseeable increases in employment and a decrease in the rate of unemployment. It is true
that domestic and international scenarios have recently become more uncertain, which must
be taken into consideration when drawing up plans or setting targets for 2016.
Based on this favourable economic performance, the outlook for the advertising market is
also clearly positive. In the main scenario, advertising will continue to grow at a good pace
both as a whole and in the markets in which the Group is most active: television, radio and
Internet. Accordingly, the core activities of television and radio will hopefully continue along
the path of growth seen over the last two years. The maintenance of cost control will
continue to be a basic management objective and, therefore, expenditure will remain close to
current levels despite having more channels than in 2015 (6 as opposed to 4.5).
Moreover, the risk control policy applied in recent years will continue. In this regard, the
business opportunities that may arise or that are sought by the Group to increase its value
will be exploited to the maximum, although care will be taken not to endanger the
Company's and Group's financial equilibrium, as a whole. All the foregoing will be completed
by the habitual shareholder remuneration policy of recent years.
Research and development activities
The Company did not carry out any specific research and development activities. However, it
updates its investments in all new technologies related to engineering, systems and content
distribution on an on-going basis. In this field Atresmedia Corporación de Medios de
Comunicación, S.A. has and uses state-of-the-art technology, which enables it to be at the
forefront in the deployment of digital activities and in the Internet.
Treasury share acquisitions
Pursuant to the partial novation of the integration agreement entered into on 14 December
2011, which definitively concluded a series of matters related to the guarantee and
commitment regime of the initial integration agreement for the merger with Gestora de
Medios Audiovisuales la Sexta, S.A., the Company delivered to the shareholders Imagina