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consolidated statement of profit or loss at the time of broadcast of the event on
which the rights were acquired.
Advances on purchases of rights
Payments made to external production distributors prior to the commencement of the
term of the rights are recognised under “Programme Rights - Advances on Purchases of
Rights” in the consolidated balance sheet and if such payments are in foreign currency
they are translated to euros at the year-end exchange rate.
Write-downs
The Group recognises write-downs to reduce the unamortised value of in-house
productions and of the rights on external productions which it considers will not be
shown. When these rights expire, the valuation adjustments are recognised in profit or
loss when the cost of the rights is derecognised.
Classification of programme rights
In accordance with standard practice in the industry in which the corporate Group
operates, programme rights are classified as current assets, since they are consumed in
the operating cycle. There are no programme assets specifically acquired to be
consumed within a period of over twelve months.
g)
Non-current assets and liabilities classified as held for sale and discontinued
operations
The Group classifies under this heading in the consolidated balance sheet the non-
current assets and disposal groups whose carrying amount is expected to be recovered
through a sale transaction or liquidation rather than through continued use.
The non-current assets of discontinued operations are recognised at the lower of carrying
amount and market value.
The non-current liabilities of discontinued operations include the fair value of the
liabilities associated with the aforementioned assets which are expected to be settled at
short term.
At 2015 year-end there were no assets or liabilities recognised in this connection in the
consolidated balance sheet.
h)
Classification of financial assets and liabilities as current or non-current
In the accompanying consolidated balance sheet, financial assets and liabilities are
classified on the basis of the time in which it is estimated that they will be realised or
settled, i.e. financial assets and liabilities that are expected to be realised or settled over
the course of the company's normal business cycle or within no more than 12 months
are classified as current items, and those which do not meet these requirements are
classified as non-current items.
Deferred tax assets and liabilities are classified as non-current regardless of when they
are expected to be realised or settled.
i)
Hedging derivatives