Consolidated Financial Statements 2004 - Browsable Version

INDEX

Consolidated directors' report New products Results Consolidated management account Shares and shareholders Consolidated annual accounts Consolidated profit and loss accounts Notes to the consolidated annual accounts Activity of the Controlling Company Basis of presentation of the consolidated annual accounts Capital increase of Sotogrande, S.A. Distribution of profits Accounting policies Formation expenses Intangible assets Tangible fixed assets Investments Goodwill on consolidation Deferred expenses Inventories Trade debtors Other debtors Current asset investments Shareholders' equity Outside shareholders Deferred income

Provisions for charges and liabilities and trade provisions Debenture and bond issues Along-term trade creditors Bank loans Other long-term creditors Trade creditors Other creditors Income Expenses Tax note Contribution of the companies thar are in the scope of consolidation to net consolidated profit Transition to international financial information standars Guarantees given to third parties and other contingencies Remuneration and other declarations of the board of directors Information about environmental policy Post balance sheet events Explanation added for translation to english Consolidated statements of source and application of funds for the years ended on 31 December 2004 and 2003 Appendix I Appendix II