standardised image. To this end, the new brand implementation process, initiated in 2009, was continued in 2010. This change involves the modernisation of a logo which was over 20 years old, while at the same time bringing it into line with abertis corporate branding and maintaining the essence of sabas identity.

Environmental management

saba pursues an active environmental policy to ensure a rational use of resources and minimise waste, thereby contributing to sustainable development. In order to reinforce the line of action initiated in recent years, in 2010 saba introduced ecosaba zones at its car parks, whereby various containers are provided to offer customers maximum opportunities for recycling. In addition, at the end of the year, a number of spaces in various car parks were set aside for charging electric vehicles, both cars and motorbikes.

Technology

sabas car parks are equipped with cutting-edge technology to facilitate vehicle and pedestrian traffic, improve the safety of its facilities, optimise management and enhance customer satisfaction. Among the technological

Certification

saba Espaa incorporated Quality and Environmental Audits with the aim of achieving not only economic savings but also improved efficiency. As a result, integrated certification of both the ISO 9001 for Quality and ISO 14001 for Environment standards was obtained for the first time. Work has also been undertaken with a view to adding OHSAS 18001 for Occupational Health and Safety next year.

Company structure

saba aparcamientos, S.A. (saba)

SABA ITALIA, S.p.A.

50% 80% 20% S.E.A. Societ Edile Appalti S.p.a
PARCHEGGIO LARGO BELLINI S.r.L.
SABA APARCAMIENTOS DE LEVANTE, S.L.

50% Parkings Ilicitanos

PORT MOBILITY S.p.A.

PARCHEGGI PISA S.r.L.

30% Iter S.p.a. 100%
BOLOGNA & FIERA PARKING S.p.A.
70% 15%Cividin Rco S.p.a 15% Riccegi S.p.a

S.I.P.A. S.p.A.

SABA INMOBILIARIA DE APARCAMIENTOS, S.L.

PARK MAGGIORE S.p.A.

99.99%

MODENA PARCHEGGI S.p.A.

VERONA PORTA TRENTO S.p.A.
CONCESIONARIA PLAZA DE LA CIUDADANA, S.A.

88.04%

SABAPORTUGALPARQUES DE ESTACIONAMENTO, S.A.
SOCIETAT DAPARCAMENTS DE TERRASSA, S.A. (satsa)
10.75% Egarvia 1.21% Cambra Comer Terrassa
Liz Estacionamentos, S.A.

33.33%

LAS MERCEDES, SOCIEDAD CONCESIONARIA, S.L.
60% 7.5% Famlia Rossell 7.5% Economistes Associats 25% Crdit Andorr
33.33% Sarkis. S.A. 33.33% Promociones Inmob. Alavesas. S.A.
SOCIETAT PIRENAICA DAPARCAMENTS, S.A. (spasa)
SABA APARCAMENT SANTA CATERINA, S.L.
SABA ESTACIONAMIENTOS DE CHILE, S.A.

99.88% 99.99%

SANEF-SABA PARKINGS FRANCE, S.A.
Saba Park Chile, S.A. CONCESIONARIA SUBTERRA, S.A.
Consolidation method: full equity proportionate
Concesionaria Estacionamientos Paseo Bulnes, S.A.
CONCESIONARIA SUBTERRA DOS, S.A.
3.2 Significant Events of the Year
On 9 March 2010, Saba Italia, S.p.A. signed a concession renegotiation agreement with the Cremona Municipality contemplating a reduction in investment toward the construction of the Piazza Marconi car park (from four to two storeys), an increase of 133 aboveground parking spaces and a 10-year extension of the concessions duration (from 26 to 36 years). On 27 May 2010, Saba Aparcamientos, S.A. acquired its first car park in Palma de Mallorca. The centre has 284 spaces and is situated in Plaza de Porta de Sant Antoni in the citys old quarter. On 28 May 2010, Saba Italia, S.p.A. started operating a new car park in the city of Pisa. Located in Plaza Vittorio Emmanuele II, this is the first underground facility developed next to the citys historic centre. The concession term for this centre still has 20 years to run and it has a capacity of 283 spaces. On 8 June 2010, Saba Italia, S.p.A. signed a concession renegotiation agreement with the Trieste Municipality for the restructuring and management of the Silos and Giulia car parks, which involves increasing the duration by 18 years (from 16 to 34 years), in exchange for greater investment. On 27 August 2010, Saba Portugal - Parques de Estacionamiento, S.A. started operating the aboveground regulated parking area in the city of Setbal. With an operating term of 10 years, this new concession has 357 spaces. On 29 October 2010, Saba Aparcamientos, S.A. acquired 8% On 21 September 2010, Saba Aparcamientos, S.A. reached an agreement with CG Parks (Groupe CDG) for the sale of its stake in the company Rabat Parking, S.A. for the amount of EUR 1.4 million. sabas holding in this company was 51%. of the company Saba Aparcament Santa Caterina, S.L., the remaining 92% of which it already owned. This company has a 380-space car park in the city of Girona with a residual concession term of 30 years. On 30 September 2010, Saba Aparcamientos, S.A. brought into service 12 charging points for electric vehicles, installed in four car parks in the city of Barcelona. This action is part of sabas policy of continuous improvement and it is consistent with the companys interest in improving urban mobility and the environment in the cities in which it has a presence.
3.3 Activities and operating centres
The figure for short-stay vehicles passing through car parks managed by saba in 2010 stands at 56.1 million, a number largely in line with that of the previous year (56.2 million vehicles). Customers taking out subscriptions numbered 35,047 at 31 December 2010, showing virtually no change over the previous year 2009 (35,154 subscribers). At the year-end date, 31 December 2010, saba was managing a total of 201 operating centres, representing a total volume of spaces of 135,948, broken down by ownership and contractual system as follows:

Finally, a more effective tax rate, the consequence of the reversal of tax provisions in Chile which led to lower Corporation Tax charges, has contributed to a Result attributable to shareholders in 2010 5.2% higher than in 2009 (EUR 11,443 thousand and EUR 10,882 thousand respectively).

Balance sheet

Non-current assets Tangible fixed assets Goodwill and other intangible assets Holdings in associates Other non-current assets Current assets Total assets
2010 119,367 472,745 2,306 54,613 49,668 698,699
2009 129,215 449,615 2,303 48,691 53,920 683,18,243 132,518 10,882 8,042 69,069 175,602 191,205 7,547 10,847 59,789 683,744
LIABILITIES Net equity Share capital Premiums and reserves Profit (loss) Minority interests Non-current liabilities Financial borrowings Payables to Group companies and associates Other non-current liabilities Current liabilities Financial borrowings Payables to Group companies and associates Other current liabilities Total liabilities
2010 18,243 147,635 11,443 7,067 68,102 183,128 190,003 7,657 8,901 56,520 698,699
At 31 December 2010, total assets stood at EUR 698,699 thousand, representing an increase of EUR 14,955 thousand (+2.2%) over the 2009 financial year. This increase reflects investments recorded in 2010 which amounted to EUR 34,367 thousand, minus the years provisions for amortisation. At 31 December 2010, net equity stood at EUR 184,388 thousand (up EUR 14,703 thousand compared with 2009). The main movements in the year are the profit (up EUR 11,443 thousand), the translation differences for the Chilean investees which produced an increase in net equity (up EUR 4,122 thousand) and other effects recognised directly in net equity (- EUR 862 thousand). Debt with Group companies (basically with Abertis Infraestructuras, S.A., the parent company of the abertis group, to which saba belongs) and with financial institutions increased from EUR 263,065 thousand in 2009 to EUR 267,788 thousand in 2010 (up EUR 4,723 thousand). Year-on-year comparative debt reflects a reduction compared with total liabilities (38.3% in 2010 against 38.47% in 2009). The Debt:EBITDA ratio is also down (4.3x in 2010 against 4.4x in 2009). Its intended use is to finance expansion and investment operations.

Investments

The Groups investments in 2010 reached EUR 35,612 thousand, of which EUR 28,663 thousand (80.5%) was dedicated to expansion and the remaining EUR 6,949 thousand (19.5%) to operating investment.

Reserves 5,476

Retained earnings and other reserves 137,924

Minority interests 8,042

Total equity 169,685

113 11,443 149,480

35 (1,448) 438 7,067
4,157 (1,335) 11,881 184,388

18,243

These consolidated statements of changes in equity should be read in conjunction with the Notes included in pages 10 to 133. (*) Certain amounts included in these consolidated statements of changes in equity do not correspond to those included in the consolidated annual accounts for the financial year ended 31.12.2009; they reflect adjustments made through the application of IFRIC 12 as indicated in Note 3.r and Note 30.
Consolidated cash flow statements (in thousands of euros)
Notes Profit from operations: Profits for the financial year Adjustments to: Taxes Amortisation of financial year Change in provision for asset impairment (Profit)/loss from the sale of PP&E intangible assets and other assets Change in provisions for pensions Change in other provisions Interest income Interest expense Deferred income recognised in profit and loss Share in profit/loss of companies accounted for using the equity method Profit from operations
Net cash flow from operating activities: Profit from operations Changes in current assets/liabilities: Profit tax paid/(collected) Change in current assets Change in current liabilities (A) Total net cash flow from operating activities Net cash flow from investment activities: Business combinations and changes in the scope of consolidation Acquisition of investments in associates Proceeds from sales of PP&E Purchase of PP&E and intangible assets Purchase of available-for-sale assets Interest received Other creditors Others (B) Total net cash flow in investment activities Net cash flow from financing activities: Proceeds/(repayment) of borrowings Proceeds/(repayment) of Group borrowings Interest paid (C) Total net cash flow from financing activities Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C) Initial balance of cash and cash equivalents Final balance of cash and cash equivalents 20 (4,650) 5,580 (18,611) (17,681) 1,124 9,209 10,333 (4,974) 9,172 (12,776) (8,578) (1,810) 11,019 9,209 6/1,342 (313) (34,474) 119 1,313 (4,495) (1,311) (37,819) (34) 1,881 (31,481) 1,506 1,878 (4,909) (235) (31,394) (9,105) 5,376 (2,716) 56,624 (9,671) (2,390) (5,230) 38,162 63,069 55,453

2. BASIS OF PRESENTATION a) Basis of presentation These consolidated financial statements have been prepared voluntarily in accordance with the International Financial Reporting Standards as adopted by the European Union under Regulation (EC) No. 1606/2002 of the European Parliament and of the Council on 19 July 2002 (hereinafter, IFRS) and subsequent regulations in force on 31 December 2010. In addition, the duty to present consolidated financial statements under IFRS approved by the European Union is governed by the eleventh final provision of Law 62/2003, dated 30 December, concerning tax, administrative and corporate measures (BOE, the Spanish official state gazette, 31 December 2004). The first consolidated financial statements to be prepared under IFRS were those of 31 December 2007. Consequently, IFRS 1 First-time Adoption of International Financial Reporting Standards was applied at the transition date (1 January 2006). These consolidated financial statements prepared under IFRS have been prepared by the Directors of saba in order to provide a true and fair view of the consolidated equity and the financial position of the Group at 31 December 2010, the consolidated results of its operations, overall consolidated results, the changes in consolidated equity and cash flows in accordance with the current laws and regulations referred to above. At the date of preparation of these consolidated financial statements, certain standards and interpretations are under review by the relevant international regulatory bodies. In any event, the application of these standards and interpretations will be considered by the Group once they are adopted by the European Union, should this occur. The preparation of consolidated financial statements under IFRS requires management to make certain accounting estimates and certain judgments. These are continuously evaluated and are based on historic experience and other factors, including those expectations of future events that are considered reasonable under the circumstances. While the estimates considered have been made based on the best available information at the time of preparing these consolidated financial statements, in accordance with IAS 8, any future modification of these estimates would be applied prospectively from that point on, recognising the impact of the change on the estimates made for the purposes of the consolidated profit and loss account for the year in question (see Note 5). The main estimates and judgements taken into consideration in preparing the consolidated financial statements are those listed in Note 5. The Group does not perform a sensitivity analysis on any variable, since it considers that this would not materially affect results in view of the nature of its business, the maturity of its main operating centres and the economic and political conditions of the countries where it conducts its activities. The consolidated financial statements have been prepared on the basis of historical cost, except where expressly indicated otherwise in this report. The consolidated financial statements have been prepared on the basis of the principal of uniformity of recognition and valuation. Nevertheless, it should be borne in mind that the consolidated accounts for 2010 have been prepared in accordance with the IFRS in force at 31 December 2010, which have been applied uniformly to all the financial years presented. In this respect, it should be pointed out that IFRIC 12 Service concession arrangements has been adopted in these financial statements; see the explanations in Notes 3.r and 30.

II) Standardisation of timing and valuation All companies included in the scope of consolidation close their financial years on 31 December, and for the purposes of the consolidation process the respective financial statements prepared under IFRS principles have been used. However, according to current legislation, these companies file individual financial statements in accordance with the applicable rules in their country of origin. The valuation standards applied by Group companies are essentially the same. However, where necessary, to ensure the uniformity of accounting policies at the companies included in the scope of consolidation with those adopted by the Group, the appropriate valuation standardisation adjustments are made. III) Goodwill The Group uses the acquisition accounting method to account for the acquisition of its subsidiaries. The consideration transferred for the acquisition of a subsidiary corresponds to the fair value of the assets transferred, the liabilities incurred and the investments in the equity issued by the Group. The consideration transferred also includes the fair value of any asset or liability arising from a contingent consideration agreement. Costs related to the acquisition are recognised as expenses in the financial year in which they are incurred. The identifiable assets acquired and the liabilities and contingent liabilities assumed in a business combination are initially valued at their fair value as at the date of acquisition. For each business combination, the Group can opt to recognise any non-controlling investment in the acquiree at fair value or at the proportional share of the non-controlling investment of the identifiable net assets of the acquiree. Goodwill is valued as the excess of the total consideration transferred, the amount of any non-controlling investment in the acquiree and the fair value as at the date of acquisition of the investment in the net equity of the acquiree previously held by the acquirer over the net amount as at the date of acquisition of the identifiable assets acquired and the liabilities assumed. Should this amount be less than the fair value of the net assets of the acquired subsidiary, where a purchase at advantageous terms is involved, the difference is directly recognised as profit in the statement of comprehensive income. However, under the provisions of IFRS 1 First-time Adoption of International Financial Reporting Standards, goodwill resulting from business combinations prior to 1 January 2004 (abertiss IFRS transition date) was not re-estimated based on the above criterion. In both cases, in accordance with IFRS 3, consolidation goodwill ceased to be written off systematically from 1 January 2004 onwards (when abertis, the parent company of the Group to which saba belongs, made the transition to IFRS). Accordingly, any impairment of this kind of asset is reviewed annually via an impairment test, to determine whether its value has decreased to an amount that is lower than its carrying amount, in which case the corresponding write-off is recognised in the consolidated profit and loss account for the year (see Note 3.d). Impairments relating to goodwill cannot be subsequently reversed. If the business combination is achieved in stages (step acquisition) as provided by IFRS 3, each transaction is taken separately using the information regarding transaction cost and fair value of the stake acquired on the date of each exchange, so as to determine the amount of goodwill associated with each of the acquisitions based on the aforementioned criteria. IV) Elimination of internal transactionss Any intercompany balances and transactions are eliminated, as are unrealised gains with third parties on transactions between Group companies. Unrealised losses are also eliminated, unless the transaction provides evidence of a loss due to the impairment of the transferred asset.

Goodwill 1 January 2010 (Restated - see Note 30) Cost Accumulated depreciation and impairment Provisions Net carrying amount 2010 Net carrying amount at January 1 Translation differences Additions Write-offs Transfers Changes to scope and business combinations Amortisation charge for the year Impairment Allocation of grants to results Others Net carrying amount At 31 December 2010 Cost Accumulated depreciation and impairment Net carrying amount 17,206 (2,302) 14,904 14,(72) (2) 14,904 16,552 (2,410) 14,142
Research and development expenses (29) 134
Concessions, patents and trademarks 623,984 (190,624) 433,360 433,360 3,463 20,392 (29) 15,050 (21,886) (128) 690 4,624 455,536 664,174 (208,638) 455,536
7,234 (5,273) 1,961 1,(499) (747) 1,311 7,316 (6,005) 1,311
1,252 (1,252) (6) 1,612 (822) 2,082 (1,222) 860
649,174 (199,559) 449,615 449,615 4,293 22,611 (29) 15,050 (72) (23,207) (128) 690 3,922 472,745 690,912 (218,167) 472,745
Additions in 2010 (EUR 22,611 thousand) are basically the acquisition of new administrative concessions for the operation of car parks (EUR 20,392 thousand) in Spain (EUR 4,531 thousand) and Italy (EUR 15,311 thousand). Additions in 2009 (EUR 26,039 thousand) are basically the acquisition of new administrative concessions for the operation of car parks (EUR 23,550 thousand) in Italy (EUR 3,199 thousand) and France (EUR 19,412 thousand). In the case of France this amount includes committed investment (EUR 5,503 thousand). Transfers for the financial year 2010 in the amount of EUR 15,050 thousand correspond to Administrative Concessions transferred to intangible fixed assets, according to type (see Note 6). At 31 December 2010, as a decrease in intangible assets, capital grants are recorded in the amount of EUR 31,712 thousand (the same as 2009) corresponding to concessional assets. Their straight-line recognition in profit and loss over the useful life of the asset has amounted to EUR 690 thousand (EUR 760 thousand at 31 December 2009), thus reducing the amortisation charge for the financial year.
These capital grants correspond to those granted to Saba Italia, S.p.A. (EUR 27,922 thousand at 31 December in 2009 and 2010), to Saba Aparcamientos, S.A. (EUR 2,698 thousand at 31 December in 2009 and 2010) and to Saba Aparcament Santa Caterina, S.L. (EUR 1,091 thousand in the financial years 2009 and 2010). The amount of capitalised finance costs in 2009 (see Note 3.a) totalled EUR 1,097 thousand (EUR 1,232 thousand in the financial year 2009). There are a number of bank loans, totalling EUR 5,972 thousand (EUR 7,456 thousand in 2009), which are secured by mortgages on certain tangible assets, mainly property, plant and equipment (see Note 14). Assets where the Group is lessee under a finance lease are as follows:
Capitalised finance lease costs Accumulated depreciation Net book amount 2010 12,476 (1,615) 10,12,476 (1,409) 11,067

2010 15,069 (1,143) 13,320 1,14,938 30,891

641 15,085 15,726 46,617

626 13,900 14,526 49,797
In view of the nature of the saba groups business, there are no concentrations of credit risk with respect to trade receivables, since there is a large number of customers distributed over various Group companies and operating centres. There were no significant impairment losses on trade receivables during the year ending at 31 December 2010 and 31 December 2009. The balance recorded is not considered to pose recovery problems, except for the amount of impairment recognised, and should be fully collected.
The detail of current and non-current receivables, at 31 December 2010 and 2009 by currency, is as follows (in thousands of euros):
At 31 December 2009 Current trade and other receivables Non-current trade and other receivables Total Moroccan dirham 240 Chilean peso 11,642 7,059 18,701

Euro 23,391 7,465 30,856

Total 35,271 14,526 49,797
At 31 December 2010 Current trade and other receivables Non-current trade and other receivables Total

Euro 18,127 8,899 27,026

Moroccan dirham -
Chilean peso 12,764 6,827 19,591
Total 30,891 15,726 46,617
The balance of Other receivables in non-current assets mainly includes the long-term maturity of balances in favour of Sociedad Concesionaria Plaza de la Ciudadana, S.A. for EUR 6,745 thousand (EUR 6,906 thousand in 2009) and Saba Italia, S.p.A. for EUR 7,801 thousand (EUR 5,736 thousand in 2009). The balance in favour of Sociedad Concesionaria Plaza de la Ciudadana, S.A. corresponds to the grant received by the company for the construction of a car park and adjacent cultural centre in Plaza de la Ciudadana (Santiago de Chile) for EUR 6,745 thousand (EUR 6,884 thousand in 2009), recognised net of tax under Intangible assets. In the case of Saba Italia, S.p.A., the amount includes the grant prescribed by the Tognolli Law 122/89, to promote the construction of car parks in urban areas of high population density (EUR 934 thousand in 2010 and EUR 233 thousand in 2009) and a long-term loan from various local government bodies and entities for various items (EUR 6,867 thousand in 2010 and EUR 5,461 thousand in 2009). Other receivables under current assets mainly corresponds to: Saba Italia, S.p.A. (EUR 3,432 thousand in 2010 and EUR 4,826 thousand in 2009), mainly for the short-term maturities of the above-mentioned items; Saba Estacionamientos de Chile, S.A. (EUR 5,213 thousand in 2010 and 6,236 in 2009) in respect of temporary financial investment with maturities of over 3 months for the same item corresponding to the Sociedad Concesionaria Plaza de la Ciudadana (EUR 2,661 thousand in 2010 and EUR 1,690 thousand in 2009) and the current portion of the grant for Plaza de la Ciudadana (EUR 2,054 thousand in 2010 and EUR 1,734 thousand in 2009); Saba Aparcamientos, S.A. (EUR 621 thousand in 2010 and EUR 285 thousand in 2009) for various short term loans. The rest of the current balance includes the short term maturities of trade items.

Distribution of profit 10,882 (10,882) -
Profit (loss) 11,443 11,443

Others 113 113

31 December 2010 138,037 11,443 149,480
Restriction on the distribution of reserves Reserve required by the articles of association Pursuant to the parent companys articles of association, it must assign 5% of the profit (loss) for the year of this parent company (individual) to this reserve. It may only be used pursuant to the provisions of the articles of association. Revaluation reserve (Royal Decree Law 7/1996, dated 7 June) This reserve results from the balance sheet revaluation governed by article 5 of the Royal Decree Law and which saba availed of. At 31 December 2010 it stood at EUR 20,743 thousand. This balance may therefore be used for: Offsetting accounting losses. Increasing share capital. Unrestricted reserves once ten years have elapsed since the balance sheet date on which the revaluations were recognised for the revalued items that have been fully depreciated or disposed of. Legal reserve In accordance with Article 274 of the Consolidated Text of the Spanish Corporations Law, a figure equivalent to 10% of profits must be passed over to the legal reserve until the reserve reaches at least 20% of the share capital. The legal reserve cannot be distributed to shareholders, except in the event of liquidation of the parent company. The legal reserve can be used to increase capital insofar as it exceeds 10% of the increased share capital figure. Otherwise, until the legal reserve exceeds 20% of share capital, it can only be used to offset losses, provided that there are not sufficient other reserves available for this purpose.
The breakdown of reserves at the Group by company is as follows:
Parent company reserves Reserves at companies consolidated using the full consolidation and equity methods: Societat dAparcaments de Terrassa, S.A. Saba Inmobiliaria, S.A. Saba Aparcament de Sta. Caterina, S.A. Societat Pirenaica dAparcaments, S.A. Saba Italia Saba Portugal Saba Estacionamientos de Chile Soc. Concesionaria Pl. Ciudadana Rabat Parking Group Saba Aparcamientos de Levante, S.L. Sanef Saba Parking France, S.A. Joint ventures Las Mercedes Companies accounted for using the equity method Total reserves (d) (a)+(b)+(c)+(d) (c) (b) (a) 2010 141,129,586

d) Proposal for distribution of profit The Directors of Saba Aparcamientos, S.A. submitted the following proposed distribution of sabas 2010 profits for approval at the General Shareholders Meeting (in thousands of euros):
2010 Basis of distribution (profit and loss) Distribution: Reserve required by the articles of association Voluntary reserves 621 11,793 12,414 12,414
e) Earnings per share The basic earnings per share are calculated by dividing the profit attributable to the Group from equity instruments among the weighted average number of ordinary shares in circulation during the financial year, not including own shares acquired by the Group. The calculation of the basic earnings per share for the 2009 and 2010 financial years is as follows:
Profit attributable to Group shareholders Weighted average number of ordinary shares in circulation (thousands) Earnings per share 2010 11,443 18,243 0.10,882 18,243 0.596
14. FINANCIAL BORROWINGS The breakdown of borrowings is as follows:
Non-current Loans with credit institutions Non-current borrowings Current Loans with credit institutions Interest on loans and debentures Current borrowings Financial borrowings 7,7,657 75,759 7,7,547 76,616 68,102 68,102 69,069 69,2009
The carrying amount of non-current borrowings from credit institutions at 2010 year-end is EUR 68,102 thousand (EUR 69,069 thousand in 2009). This amount is estimated to agree with fair value. At year-end, 31 December 2010, 80% of borrowings were at a fixed rate or hedged rate (71% in 2009), so possible interest rate changes are not expected to have a significant impact on these consolidated financial statements. Maturities of debentures and non-current bank borrowings are as follows:
Between 1 and 2 years Between 2 and 5 years More than 5 years Non-current borrowings 2010 14,999 17,362 35,741 68,13,561 19,028 36,480 69,069
Average maturity of non-current bank borrowings is 2019. Current borrowings mature as follows:
1 to 6 months 6 to 12 months Current borrowings

6,988 7,657

2009 4,021 3,526 7,547
The weighted average interest rate on bank borrowings for 2010 was approximately 6.12% (in 2009 it was 6.26%). The Groups borrowings are denominated in the following currencies:

2009 (Restated - see Note 30) 18,126 (5,438) 471 (160) (626) (1,149) (6,902)
The main items of corporation tax in the year (for fully and proportionately consolidated companies) are as follows:
Current tax Deferred tax Other tax effects (*) Tax expense

2010 (8,508) 3,(5,063)

2009 (Restated - see Note 30) (8,378) 1,480 (4) (6,902)
c) Deferred tax The balance of recognised deferred tax assets and liabilities, and the movement during the year, are as follows:
2010 Deferred tax assets At 1 January Credit/(debit) to profit and loss account Credit/(debit) for translation differences Credit/(debit) to equity At 31 December 32,164 3,284 37,005 Deferred tax liabilities (34,062) (394) (560) (793) (35,809) 2009 (Restated - see Note 30) Deferred tax assets 28,166 3,185 32,164 Deferred tax liabilities (34,971) (1,699) (630) 3,238 (34,062)
The breakdown by current or non-current is as follows:
Deferred tax assets Non-current Current Total Deferred tax liabilities Non-current Current Total

2010 37,005 37,005

2009 32,164 32,164

35,809 35,809

34,062 34,062
Deferred tax assets recorded at the close of the financial years 2010 and 2009 correspond principally to tax losses incurred by subsidiaries to be carried forward to future financial years (Saba Italia, S.p.A. and Saba Estacionamientos de Chile, S.A.), to the temporary differences associated with the real estate capital gain derived from the recovery of a car park registered by Saba Aparcamientos, S.A. and the application of IFRIC 12 (see Notes 3.r and 30). The recoverability of deferred tax assets is assessed when they are generated in accordance with the performance of earnings at companies relative to their respective business plans.
In this regard, tax loss carryforwards at 31 December 2009 and 2010 are as follows:
2010 Utilised in 2010 SabaPortugal Saba Italia Saba Estacionamientos Chile TOTAL Loss carryforwards Unused 29,641 31,473 Last year of offset n/a
2009 Utilised in 2009 SabaPortugal Saba Italia Saba Estacionamientos Chile TOTAL 1,288 2,346
Loss carryforwards Unused 859 20,697 4,356 Last year of offset 2015 n/a n/a
Deferred tax liabilities recorded at the 2010 and 2009 year-ends mainly correspond to the acquisition and subsequent merger of Italian subsidiaries Serensima, S.r.l. and Inmobiliaria Stazione, S.R.l. (deferred tax liability for the higher value of land and buildings revealed in the merger). Furthermore, there is a deferred tax liability generated by Saba Estacionamientos de Chile as a result of application of accelerated amortisation at the Providencia concessions, in accordance with Chilean tax regulations.
18. EMPLOYEE BENEFITS Saba Aparcamientos, S.A. has defined contribution pension commitments with its employees and operates employee pension plans. It also has defined contribution pension obligations instrumented in insurance polices pursuant to the regulations which govern the outsourcing of pension commitments. As for long-service bonuses (a defined benefit), the parent company recognises a provision on its balance sheet for said obligation. This provision is determined each year based on actuarial hypotheses. Saba Italia, S.p.A. has both defined contribution pension and defined benefit obligations. Because Italian legislation permits maintenance of internal pension funds, the company allocates the corresponding provision for future payments. This provision is updated annually based on actuarial calculations. Provisions for pensions and similar commitments includes the amounts provisioned by Saba Italia, S.p.A. to cover bonus payments to employees upon retirement or termination of employment, the balance of which at 31 December 2010 is EUR 2,259 thousand (EUR 2,390 thousand in 2009). It also includes the provision for retirement and long-service bonuses for Saba Aparcamientos, S.A. for EUR 298 thousand (EUR 177 thousand in 2009).

88.04% 100.00% 92.00% 60.00% 51.00% 100.00% 100.00% 100.00%

100.00% 100.00%

saba saba saba saba saba saba saba saba saba saba
Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation
PwC Not audited Not audited Other auditors Other auditors PwC PwC PwC
Sabaportugal- Parque de estacionamiento, S.A. Saba Italia, S.p.A. Saba Italia, S.p.A. Saba Italia, S.p.A. Saba Italia, S.p.A. Saba E. Chile, S.A. Saba E. Chile, S.A. Saba E. Chile, S.A. Saba Park Chile, S.A. Saba E. Chile, S.A
1,424 15,098 10,244 1,262 1
99.00% 70.00% 70.00% 72.50% 99.88% 99.99% 99.99% 99.99% 0.01%
Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation Full consolidation
Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation Car park operation
PwC PwC PwC Collegio Sindacale /PWC PwC PwC PwC PwC PwC
APPENDIX II. Joint ventures included in the scope of consolidation
At 31 December 2010 Company DIRECT SHAREHOLDINGS Saba Levante, S.L. Sanef- saba Parking France Avda. Parc Logstic, 12-20. Barcelona 30 Boulevard Gallieni. 92130 Issy-les Moulineaux Registered address
At 31 December 2009 Company DIRECT SHAREHOLDINGS Saba Levante, S.L. Sanef- saba Parking France Registered address
Avda. Parc Logstic, 12-20. Barcelona 30 Boulevard Gallieni. 92130 Issy-les Moulineaux

3,929 94

50.00% 50.00%

saba saba

Proportionate consolidation Proportionate consolidation
Car park operation Car park operation

Not audited PWC

Not audited -
APPENDIX III. Associates included in the scope of consolidation
At 31 December 2010 Company DIRECT SHAREHOLDINGS Las Mercedes Sociedad Concesionaria, S.L. INDIRECT SHAREHOLDINGS Via saba Italia Port Mobility Bologna & Fiera Park, S.c.a.r.l. Parcheggi Modena Semplicit SpA Metro Perugia Scarl Loc. Prato del Turco Civitavecchia (Italy) Via Maserati, 16. Bologna (Italy) Via Carlo Pisacane, 2 Carpi (Italy) Corso Vannucci 10 Perugia (Italy) Pian di Massiano Perugia (Italy) 220 1,10.00% 12.50% 13.30% 12.60% 20.20% Las Mercedes, s/n. Las Arenas-Getxo. Vizcaya 539 33.33% Registered address Shareholding Cost % (*) (thousands of euros)