Note 7.- Investments in Associate Companies
7.1. The table below shows investments held in associate companies in 2009 and 2008:

The “Other Movements” amounts, in general, reflect changes in the consolidation perimeter as well as the effect of the conversion differences.

The most significant movement relates to the impact of appreciation of the Brazilian Real upon businesses within the industrial engineering and construction group (primarily power transmission lines in Latin America).

The amounts of subsidiaries related to entities located outside Spain was € 61,383 thousand (€ 32,442 thousand in 2008).