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In 2009, the Group transferred approximately EUR 50 million from “Current assets - Income tax current assets” to “Non-current assets - Deferred tax assets” due to the reclassifcation of the impairment of Edam Acquisition Holding I Cooperativa U.A.

The unused tax credits mainly relate to tax credits for investments in flm productions, Most were generated in 2009, with EUR 15,499 thousand applied and EUR 8,684 thousand worth of new tax credits generated in the year, These tax credits may be used over the next 10 years.

Other relates mainly to the temporary diference generated by the impairment of the investee Edam Acquisition Holding I Cooperative U.A.

The Group estimated the taxable profts which it expects to obtain over the next fve fscal years (period for which it considers the estimates to be reliable) based on budgeted projections. It has likewise analysed the reversal period of taxable temporary diferences, Based on this analysis, the Group has recognised deferred tax assets for tax credits and deductible temporary diferences which it considers probable will be recoverable in the future.

20. Guarantee commitments to third parties

The breakdown, by nature, of the guarantees provided and received at 31 December 2010 and 31 December 2009 are as follows:

Nature of Guarantee

31.12.2010 (thousands of euros)

31.12.2009 (thousands of euros) Guarantees provided

Surety bonds for contracts, concessions and tenders 38,148 46,726 Payments into court 127 364

38,275 47,090

Guarantees received 20,575 26,515

20.1. Guarantees provided

The frst category of guarantees includes EUR 6,010 thousand securing the performance of the obligations arising from the concession to indirectly manage the television service, in accordance with Law 107/1988, of 3 May, and the General Secretariat of Communications Resolution dated 25 January 1989, This concession was renewed for a further ten years by the decision of the Spanish Cabinet on 10 March 2000, made public through a General Secretariat of Communications Resolution of that same date and published in the Ofcial State Gazette on 11 March 2000.

Subsequently, with efect from 3 April 2010, the concession was renewed for another 10 years by the Council of Ministers’ resolution of 26 March 2010, publicly announced in the General Secretariat of Communications’ Resolution of 7 April 2010 and published in the Ofcial State Gazette on 14 April 2010.

The Group has provided guarantees totalling EUR 280 thousand to the Directorate-General for the Development of the Information Society (Ministry of Science and Technology, now the Ministry of Industry

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES