Annual Report 2004 - FCC

ContentsFomento de Construcciones y Contratas, S.A. and subsidiaries(consolidated Group) as of december 31, 2004.1. Companies’ Business Activities 1592. Basis of Presentation of the Consolidated Financial Statements 1593. Valuation Standards 1604. Start-up Expenses 1645. Intangible Assets 1646. Tangible Fixed Assets 1657. Consolidation Goodwill 1668. Negative Consolidation Difference 1679. Investments Accounted for by the Equity Method 16710. Marketable Securities and Nontrade Loans 16811. Deferred Charges 16912. Inventories 16913. Trade Receivables for Sales and Services 17014. Shareholders’ Equity 17115. Minority Interests 17316. Subsidies 17317. Provisions for Contingencies and Expenses 17318. Nontrade Payables 17419. Operating Allowances 17520. Tax Matters 17521. Guarantee Commitments to Third Parties and Other Contingent Liabilities 17622. Revenues and Expenses 17723. Environmental Information 17924. Fees Paid to Auditors 18025. Information on the Board of Directors 18026. Transition to International Financial Reporting Standards (IFRSs) 18127. Cost Accounting Consolidated Statement of Income 18228. Explanation Added for Translation to English 182Exhibit I .Exhibit II.Exhibit III.Exhibit IV.Consolidable SubsidiariesMultigroup CompaniesCompanies Accounted for by the Equity MethodChanges in the Composition of the Consolidated Group