ashion stores, supermarket chains, realtors, etc. The system entails: analysis of the project jointly by Ferconsa and the customer, project budgeting and definition of work units susceptible to change in order to adapt the project to a specific location, construction of various projects in parallel, optimization and continuous improvement of the project using information from the site, and settlement of actual measurements in accordance with the unit prices established. Telecommunications: Ferconsa is also specialized in the field of Telecommunications, due to the ongoing technological changes in this sector. Ferconsa has set up its own teams with experience in telecommunications projects, external plants, civil works, installations and maintenance. Modified Bitumen: As an independent company in the sector, DITECPESA always offers customers the most appropriate products and technology for their projects, obtained by internal research or via technical collaboration agreements with major oil groups. Industrial stacks: Through its subsidiary, Karman, the company engages in the design, planning and construction of industrial chimneys and telecommunications towers; and the inspection, diagnosis and maintenance of industrial chimneys. Karman also designs and builds metallic chimneys, piles for bridges and, in general, sliding formwork at heights. Sliding formwork: Through its subsidiary Bygging Encofrados Deslizantes, S.A., the company engages in the design, manufacture and technical assistance of slipforms for: Batteries of silos Single silos Post-stressed tanks Sewage digesters Caissons for ports Elevator shafts and stairwells. New Technology: Ferrovial Agroman plus four of Spain’s top construction companies are partners in Obralia, Spain’s major e-commerce portal for the construction industry. Obralia is a vertical portal that provides construction services and is open to the entire sector. It introduces construction companies to the new economy and provides them with the most improved management tools, the possibility of extending their markets, plus direct access to basic information for their work. This portal provides value to all the participants in the market, including developers, property companies, architects, engineers, construction companies, subcontractors, suppliers and the workers themselves. PROPERTY DEVELOPMENT With around 19,000 homes in development and a stable presence in 40 cities in Spain, Ferrovial´s Real Estate division focuses on the residential segment (mainly first homes) and property brokerage (through realtor Don Piso). In 2004, Ferrovial´s real estate division sold 2,408 homes and handed approximately 3,873. As of December 2004, the company had land on which to build 1.3 million square meters of property. In 2004, Ferrovial acquired land worth 213 million euro for homebuilding. In the tertiary segment, Ferrovial engages in the development of Omega project, a new concept of business park located in Arroyo de la Vega (Alcobendas, Madrid). Home-building: Ferrovial Inmobiliaria markets a product and service characterized by transparent information, personalized customer care, assured financing and guaranteed after-sales service. In 2004, Ferrovial´s real estate division sold 2,408 homes and delivered 3,873. Ferrovial is developing approximately 19,000 homes in 39 cities in Spain; in Madrid. Condominum management: Through Lardos 1000 Ferrovial offers real estate services to third parties that consist primarily of managing and administering condominium developments; this area generates stable revenues through management fees. Ferrovial operates in Madrid, Barcelona, Murcia and Baleares Islands. Property asset management: Ferrovial Inmobiliaria also owns property for lease: it buys land and property and develops office buildings for lease or for sale in the medium term at considerable capital gains. Ferrovial engages in the development of the Omega project -a new concept of Business Park located in Arroyo de la Vega (Alcobendas, Madrid). Plannig management: The company operates in the Sanchinarro area in Madrid. Ferrovial Inmobiliaria owns 18.65% of the
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