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The provisional accounting statement prepared in accordance with legal requirements evidencing
the existence of sufficient liquidity for the distribution of the dividends is as follows:
LIQUIDITY STATEMENT FOR THE PAYMENT
OF THE 2015 INTERIM DIVIDEND
Thousands of euros
Liquidity at 31 October 2015
150,331
Projected cash until 31 December 2015:
Current transactions from November to December 2015
8,557
Financial transactions from November to December 2015
10,347
Projected dividend payment
(37,717)
Projected liquidity at 31 December 2015
131,518
4.- Accounting policies
The principal accounting policies used by the Company in preparing its financial statements for
2015 and 2014, in accordance with the Spanish National Chart of Accounts, were as follows:
4.1 Intangible assets
As a general rule, intangible assets are recognised initially at acquisition or production cost. They
are subsequently measured at cost less any accumulated amortisation and any accumulated
impairment losses. These assets are amortised over their years of useful life.
Licences and trademarks
These accounts include the amounts relating to the licence and the trademark identified in the
purchase price allocation process arising from the merger with Gestora de Inversiones
Audiovisuales La Sexta, S.A.
The trademark is amortised on a straight-line basis over its useful life, which is estimated to be 20
years.
With regard to the licence, based on an analysis of all the relevant factors, the Company considers
that there is no foreseeable limit to the period over which it is expected to generate net cash
inflows for the Company. As a result, the licence was classified as an intangible asset with an
indefinite useful life and, therefore, it is not amortised. This indefinite useful life assessment is
reviewed at each reporting date and is consistent with the Company's related business plans.
The Company has reviewed the licence and trademark valuations identified in the purchase price
allocation process performed within the framework of the aforementioned merger. For this review,
which included the participation of an independent expert, the standard procedures for analyses of
this kind were used, and it was concluded that the assigned values are within reasonable valuation
ranges. Consequently, it was not necessary to modify the initial estimates or make any
adjustments at 2015 year-end.
Since the asset has an indefinite useful life, a recoverability assessment was performed at year-
end. The key assumptions on which the cash flow projections are based relate mainly to
advertising markets, audience, advertising efficiency ratios and the evolution of expenses. Except
for advertising data, which is measured on the basis of external sources of information, the