Planificación de la evaluación y resultados

With a balance of more than €1,000 thousand 20 93,212 With a balance between €1,000 thousand and €500 thousand 9 6,778 With a balance between €500 thousand and €200 thousand 28 8,365 With a balance between €200 thousand and €100 thousand 23 3,426 With a balance of less than €100 thousand 538 1,964

Impairment allowances (29,821)

TOTAL 618 83,924

2011/2012

NO OF DEBTORS THOUSANDS OF EUROS

With a balance of more than €1,000 thousand 17 94,472 With a balance between €1,000 thousand and €500 thousand 11 8,249 With a balance between €500 thousand and €200 thousand 41 12,444 With a balance between €200 thousand and €100 thousand 39 5,224 With a balance of less than €100 thousand 529 6,960

Impairment allowances (28,402)

The breakdown of these balances by age is the following:

Thousands of euros JUNE 30, 2013 JUNE 30, 2012

Not due 64,695 72,871

Past due, not impaired

Less than 30 days 13,837 14,959

30 – 60 days 1,101 3,374

60 – 90 days 820 363

90 - 120 days 417 458

More than 120 days 3,054 6,922

19,229 26,076 Doubtful receivables 29,821 28,402 Impairment allowances (29,821) (28,402)

83,924 98,947

The various implicated departments analyze and monitor these exposures on a monthly basis with a view to pinpointing risky situations and collection delays and to take the necessary pre- cautions, including legal measures if warranted, to enable re- covery of amounts past due as quickly as possible. In addition, in order to guarantee collection of receivables, the Group often demands suitable collateral and guarantees..

• Investing activities

The Group’s investment policies allow the Group’s Finance and Administration Department to make investments under the following guidelines:

• They must be arranged with financial institutions domiciled in Spain and of renowned solvency and liquidity.

• Acceptable investment products include bank deposits, re- pos, promissory notes issued by highly solvent financial institutions, interest-bearing accounts and other similar fi- nancial products. Investment in speculative financial pro- ducts or those in which the counterparty is not clearly and explicitly identified are expressly prohibited.

• Investments should be diversified to ensure that the risk is not significantly concentrated in any one institution.

• Investments in current financial assets are made in liquid assets with an original maturity of less than three months, or with a repurchase commitment or a secondary market to guarantee their immediate convertibility to cash if necessary. • The Group’s power of attorney policy dictates the parameters for the use of joint and several signatures based on amount.

19.2 Market risk

Interest rate risk is the potential loss triggered by fluctuations in the fair value or future cash flows from assets or liabilities as well as due to changes in the discount rates used to determine the carrying amount of its assets, particularly player valuations, due to changes in market interest rates.

In relation to the estimation of its players’ value in use, the Group performs the analysis and considers the circumstances outlined in Note 3.6 when assessing potential impairment losses.

As indicated in Note 14.1, at June 30, 2013, the Group recog- nized two loans it had contracted from two financial entities after the third outstanding loan recognized at June 30, 2012 had matured during the current period. In addition, one of the remaining outstanding loans was restructured during the peri- od, partially amortizing it and extending maturity an additional three years beyond the initially arranged repayment date. The principal pending amortization amounts to €112,917 thousand in nominal terms (June 30, 2012: €138,135 thousand). The in- terest rate is variable and is calculated by taking Euribor plus a market spread.

Given the long-term nature of this financing arrangement, the Group has contracted appropriate hedges to limit a potential increase in Euribor over and above a specific rate.

19.3 Liquidity risk

Liquidity risk is the possibility that the Group will have insuffi- cient funds or lack access to sufficient funds at an acceptable

cost to meet its payment obligations at all times. The Group’s objective is to maintain sufficient available funds. Group poli- cies establish the minimum liquidity levels required at all times. The undiscounted contractual maturity schedule for its finan-

cial liabilities were as follows:

2012/2013 Thousands of euros UP TO 3 MONTHS 3 MONTHS - 1 YEAR ONE TO FIVE YEARS SUBSEQUENT YEARS TOTAL

Other financial liabilities 10,127 16,281 89,118 - 115,526 Amounts owed to suppliers of fixed assets

Player transfer accounts payable 42,164 1,412 32,399 42 76,017 Broadcasting accounts payable 29,351 3,250 16,186 1,865 50,652

Trade and other payables - - - - -

Other financial liabilities 164,117 6,203 - - 170,320

245,759 27,146 137,703 1,907 412,515 2011/2012 Thousands of euros UP TO 3 MONTHS 3 MONTHS - 1 YEAR ONE TO FIVE YEARS SUBSEQUENT YEARS TOTAL

Other financial liabilities 42,562 - 100,747 - 143,309 Amounts owed to suppliers of fixed assets

Player transfer accounts payable 27,184 1,257 38,264 42 66,747 Broadcasting accounts payable 44,230 1,100 17,604 - 62,934

Trade and other payables - - - - -

Other financial liabilities 147,321 33,977 - - 181,298

261,297 36,334 156,615 42 454,288

In determining liquidity risk, however, the relevant indicator would be the net balance between receivables and payables. To this end, the table below provides contractual maturity

schedule for the Group’s financial assets:

2012/2013

Thousands of euros UP TO 3 MONTHS 3 MONTHS - 1 YEAR ONE TO FIVE YEARS TOTAL

Trade receivables 36,978 19 - 36,997

Accounts receivable from sporting entities 30,709 7,056 8,709 46,474

Other receivables 798 - 453 1,251

Tax receivables - 1,995 - 1,995

Current financial investments - - - -

TOTAL 68,485 9,070 9,162 86,717

2011/2012

Thousands of euros UP TO 3 MONTHS 3 MONTHS - 1 YEAR ONE TO FIVE YEARS TOTAL

Trade receivables 47,113 1,599 - 48,712

Accounts receivable from sporting entities 30,149 6,390 13,696 50,235

Other receivables 959 - 431 1,390

Tax receivables 29 1,711 - 1,740

Current financial investments - 40,585 - 40,585

TOTAL 78,250 50,285 14,127 142,662

As indicated in Note 14.4, “Working capital,” a significant por- tion of the balances comprising “Trade and other accounts payable” is recurring, i.e. they are renewed from one year to the next due to the intrinsic nature of the Group’s business operations.

Payment commitments to suppliers of property, plant, and equipment and to sporting entities in relation to player trans- fers are amply covered by operating income to be collected in upcoming years, as well as available cash and credit lines discussed in Note 14.2.

19.4 Information on late payments to suppliers in commercial transactions

In compliance with Law 15/2010 of July 5, modifying Law 3/2004 of December 29, which establishes measures to be taken in combating arrears in commercial transactions, be-

low we include a breakdown of the total amount of payments made to suppliers during the year ended June 30, 2013, dis- closing those that exceeded the legal payment deadlines; the weighted average period of time exceeded for payments; and the balance pending payment to suppliers exceeding the legal deadline at year end:

Thousands of euros PAYMENTS MADE AND PAYMENTS PENDING SETTLEMENT AT THE BALANCE SHEET DATE JUNE 30, 2013 JUNE 30, 2012

Within the legally-established deadline (*) 189,432 163,079

Percentage 100% 100%

Other - -

Total payments during the year 189,432 163,079

Weighted average period of time exceeded for overdue payments (days) - - Overdue payments exceeding the legal payment deadline at the closing date - -

(*)75 days for the year 2012 and 60 days from January 1, 2013.

20. OTHER DISCLOSURES 20.1 Workforce structure

The Group’s headcount by professional category is as follows:

2012/2013