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Significant figures

In 2014 Saba has, for the first time, drafted its annual consolidated financial statements, applying IFRS 10 - “Consolidated FinancialStatements” and IFRS 11 - “Joint Arrangements”.

In this regard, IFRS 10 has changed the existing definition ofcontrol until its entry into force, so that the new definition of controlcontains three elements that must be met: power over the investee, exposure or the right to the variable results of investment and the ability to use that power, so that it can influencethe amount of those returns. On the other hand, the fundamental change introduced by IFRS 11 regarding the previous standard is the elimination of the option of proportionate consolidation for jointly controlled entities, which have become incorporated by the equity method.

Based on these assumptions, the Group has undertaken a review process to reassess existing monitoring situations on the Group’s companies, as well as the reclassificationof all assets and liabilities of each of the previously consolidated companies by proportional integration.

Saba’s total assets on 31st December 2014 reached 1,575 billion euros. The consolidated net worth on 31st December 2014 amounted to €568 million whereas gross financial debt (financiadebt without counting derivative liability) stood at €673 million.



At 2014 financialyear-end, income* from operations reached €215 million (+20% compared to 2013 restated). Of the total, 81% came from the car park activity, whereas 19% came from the logistics parks business. In 2014, the activity in the car parks of the Group presents a positive trend for the firsttime since the financialcrisis began in 2008, and is reflected in comparable growth of1.6% and 21.1%, if Adif is taken into consideration.

On the other hand, the EBITDA** registered in the 2014 financialyear amounts to €93 million (+24% compared to 2013 restated), with a 43% margin, which has increasingly evolved in recent years, despite an environment of falling activity, thanks mainly to the implementation of efficiency measures and new developmentoperations.

(*) Scope of management.
(**) EBITDA proforma: profit from operations + divestments result + amortisation provision.