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consolidated statement of inicial position at 31 december 2010 and 2009

(Thousands of euros)

The accompanying Notes 1 to 26 are an integral part of this consolidated fnancial statement at 31 December 2010.

ASSETS 31/12/10 31/12/09

NON-CURRENT ASSETS

Property, plant and equipment (Note 6) 49,177 48,533 Intangible assets (Note 7) 5,707 4,500 Audiovisual Property rights (Note 8) 264,864 193,988 Goodwill (Note 9) 537,080 -Equity Method Investments (Note 10) 496,725 132,141 Non current fnancial assets (Note 11) 61,087 36,529 Deferred Tax Assets (Note 18.3) 154,049 108,215 Total non-current assets 1,568,689 523,906

Current Assets

Inventories 11,710 6,571 Accounts receivables 270,457 182,003

Trade receivables for sales and services 263,021 171,223

Trade receivables from related parties (Note 25.1) 5,805 2,587

Sundry receivables 51 8

Employee receivables 132 86

Income Tax current assets (Note 19.3) 120 2,439

Other receivable from public authorities (Note 19.3) 1,328 5,660 Other current assets (Note 12) 13,666 10,910 Other current fnancial assets (Note 13) 28,489 5,136 Cash and cash equivalents (Note 14) 87,900 5,564 Total current assets 412,222 210,184

TOTAL ASSETS 1,980,911 734,090

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES