• Legal and Financial Report
• 2009 Annual Consolidated Accounts
• Notes to the Consolidated Annual Accounts
• Note 7.- Investments in Associate Companies

• Consolidated Financial Statements
• Consolidated P&L Incomes Accounts
• Overall Consolidated Income Statement
• Consolidated Statements of Changes in Shareholders’ Equity
• Consolidated Statements of Changes in Cash Flow
• Notes to the Consolidated Annual Accounts
• Appendices
• Consolidated Management Report

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).