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Total 		1
THOUSANDS OF EUROS 		1
Total 		1
THOUSANDS OF EUROS 		1
THOUSANDS OF EUROS 		1
2014 		1
2015 		1
1. Group activities 		11
2. Basis of presentation of the consolidated financial statements and basis of consolidation 		14
New standards, amendments and interpretations mandatorily applicable on or after 1 January 2015 		15
3. Accounting policies 		23
Administrative concessions 		25
Licences and trademarks 		25
Advances on purchases of rights 		30
Write-downs 		30
Classification of programme rights 		30
Foreign exchange hedges 		31
Interest rate hedges 		31
4. Goodwill 		33
5. Other intangible assets 		35
The changes in “Treasury Shares” in 2015 and 2014 were as follows: 		45
a) Guarantee commitments to third parties 		52
b) Litigation and contingent liabilities 		53
a) Credit risk 		53
b) Liquidity risk 		53
c) Market risk (including interest rate and foreign currency risk) 		53
Basic earnings per share 		69
Business performance and situation of the Group 		72
Treasury share acquisitions 		74
Use of financial instruments by the Group and main financial risks 		75
(Thousands of euros) 		84
4.1 Intangible assets 		93
4.4 Operating leases 		95
4.5 Financial instruments 		95
4.5.1. Financial assets 		95
4.5.2 Financial liabilities 		97
4.5.3 Equity instruments 		97
4.5.4 Hedges 		97
4.6 Inventories 		98
Programme rights 		98
Raw and other materials 		99
Provisions 		99
Classification of programmes 		99
4.7 Foreign currency transactions 		99
4.8 Income tax 		100
4.9 Revenue and expense recognition 		100
4.10 Provisions and contingencies 		101
4.11 Termination benefits 		101
4.12 Environmental assets and liabilities 		101
4.13 Business combinations 		101
4.14 Related party transactions 		102
The Company performs all its transactions with related parties on an arm's length basis. Also, the transfer prices are adequately supported and, therefore, the Company's directors consider that there are no material risks in this connection that might... 		102
4.15 Non-current assets and disposal groups classified as held for sale 		102
4.16 Current and non-current items 		102
Current assets are assets associated with the normal operating cycle, which in general is considered to be one year; other assets which are expected to mature, be disposed of or be realised within twelve months from the end of the reporting period, fi... 		102
Similarly, current liabilities are liabilities associated with the normal operating cycle, financial liabilities held for trading, except for financial derivatives that will be settled in a period exceeding one year; and, in general, all obligations t... 		103
5.- Intangible assets 		103
Legal reserve 		117
Other reserves 		117
Total 		106
Total 		107
Total 		107
Business performance and situation of the Company 		137
Significant events for the Company after the reporting period 		138
Treasury share acquisitions 		138
Use of financial instruments by the Company and main financial risks 		139
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