Note 10.- Financial Assets Available for Sale
10.1. The following table shows a breakdown of financial assets available for sale during 2009 and 2008:

The heading of Conversion Rate Differences contains the losses recognized during the exercise for losses caused by value depreciation in financial assets available for sale in the amount of € 12,440 thousand (see Note 9.2) for certain investments in the Bioenergy business segment, especially when reducing the book value down to the fair value.

10.2. The following table shows those entities which, in accordance with the standards in force, were not within the Consolidation Perimeter during 2009 and 2008 (see Note 2.2) and for which the shareholding in that company, both direct and indirect of the parent company, is between 5% and 20%. The net book value of these holdings is € 10,961 thousand.

10.3. All communications necessary have been made to the entities in which the Group has a holding of over 10%, as required under Article 86 of the Amended Text of Law of Anonymous Companies.
10.4. There are no events or circumstances known which impact the portfolio of such investments, such as litigations, trade restrictions, etc
10.5. There are no agreements in place regarding the sale or purchase of these investments which for the purposes of the Group consolidated annual accounts could be considered as material.
10.6. The value of interest amounts accrued and not paid is not significant
10.7. There are no fix yield securities in arrears. The average profitability rate of fix yield securities is in line with the market.

10.8. Abengoa, S.A. has a 3% holding in Xfera, S.A. recorded at a cost of € 33,275 thousand which is held in the Group under the ownership of Telvent Investments, S.A. (company owned 100% by Abengoa, S.A.).

Additionally the shareholders of Xfera have granted this entity with various participative loans which will result in a total payment to Telvent of € 19,260 thousand (€ 15,210 thousand in 2008) being 3% of the total balance of the amount loaned by the shareholders.

To value the holding, as in prior periods, once Xfera’s activies are commenced, under the trade name of Yoigo, the main reference points to value the holding were the projected future generation of cash (based upon the company’s business plan) and an adequate discount rate for the sector in which the company operates.

The result of said method of evaluation does not significantly differ from the fair value at 31st December 2009, as no active listed market price exists.

As a result of the purchase of its holding in Xfera, Telvent GIT, S.A. from the start the company was required to provide guarantees to the Spanish Administration regarding compliance of the investment, commercialisation, employment and development of the red acquired by Xfera Móviles, S.A. together with other guarantees as mentioned in relation to the Radio-electronic Spectrum Rate which in relation to the Group, the guaranteed amount is € 12,085 thousand.

10.9. The Group applies IAS 39 to determine whether a financial asset available for sale has suffered any impairment to its carrying value. This process requires notable levels of estimation and judgment. To assess for impairment, the Group evaluates, amongst other factors, for how long and to what extent with the value of the investment be below its cost; considering the financial health and outlook for the business in the short term of the entity, including factors such as the performance of the industry and sector, changes in technology and operating cash flows and financing.