5. business report

Transcription

5. business report

Business
Report
INTRODUCTION
LAND PLOTS
RESIDENTIAL DEVELOPMENTS
CENTRAL REGION
ANDALUSIA
NORTHEAST REGION
NORTHERN REGION
AND CASTILLA-LA MANCHA
CANARY ISLANDS
REGIONAL GALICIA
PORTUGAL
RENTAL ASSETS
HUMAN RESOURCES
STOCK MARKET INFORMATION
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Annual Report 2004
Land plot acquired in Mérida. Badajoz
INMOBILIARIA URBIS, S.A. / Business Report
51
Annual Report 2004
INTRODUCTION
The purpose of this Business Report is to provide
a detailed analysis of the broad areas of the
Company’s actions, as well as the Human
Resources dedicated to servicing these.
The following are the five sections that make up
our Business Report:
Land Plots
Residential Development
Rental Assets
Human Resources
Stock Market Information
Each of these sections is analyzed using
managerial criteria and so, at times, the figures
reflected do not coincide with those featuring in
the accounts, although they are based entirely on
these.
The Business Analysis is complementary to the
Directors’ Report and on occasions repeats what
is contained therein, but since it is always a
document with more liberty, it allows management
to set out their opinions and to extrapolate these
to the future.
The Business Report uses the minimum possible
text and, based on tables and diagrams, provides
information that is complete and presented simply
in order to provide the maximum amount of
information for a quick view of our Company in
the minimum amount of time.
The great contribution of this Business Report is
that it opens up the possibility of talking about
projects for marketing, as well as future actions
and business strategy.
Land plot for a Senior Citizens’ Residence for Rental Properties. Zaragoza.
Business Report / INMOBILIARIA URBIS, S.A.
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Annual Report 2004
LAND PLOTS
Inmobiliaria Urbis has a large land bank, with 3.5
million square meters of building rights above
ground, acquired at an average impact cost of
336 euros/m2, well below the current market
price, meaning that important latent capital gains
have been accumulated: 945 million euros
according to the latest independent appraisal
carried out by C.B. Richard Ellis.
Land Plots
(Thousand euros)
Cost of land in stock
2004
%
332,776
37%
1,226
694
532
77%
20,143
22,801
(2,658)
(12%)
3,593,644
3,271,304
322,340
10%
336
271
65
24%
Cost of land pending delivery
Building rights
Average impact cost
This situation is the consequence of our
development business model, based on prior
planning development for the land. It should be
remembered that this activity is especially long
and complex in Spain, requiring a financial and
management capacity that not all residential
developers possess, especially in the case of the
smaller ones, which make up the great majority in
the Sector.
Change
864,642
Cost of land in subsidiaries
“Miralbueno” Land plot. Zaragoza.
2003
1,187,418
Inmobiliaria Urbis has the know-how and the
financial and management capacity for generating
medium and long-term value in the process of
urban development for the land. Taking the
importance of this factor into account in the final
price of residences, our business model is more
stable with regard to cyclical variations in demand
than is the case of developers that purchase land
at the end of the chain.
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Annual Report 2004
Furthermore, our Group has been especially
diligent in acquiring land plots at moments when
these presented themselves in the years prior to
the large price rises, and has been replacing its
stocks without pressure and in a selective and
conservative manner.
value as shown by the CB Richard Ellis valuations.
It shows not just the size of the latent capital
gains but also that these are growing, an
indication that the investments made in recent
years were well chosen.
The following graph shows the evolution in the
book value of our land plots and their market
Latent Capital Gains in Land Bank
Million of euros
2.127
2,100
1.680
1,750
1,400
1.213
1.004
1,050
784
700
548
436
1.187
865
634
350
0
2000
Market
2001
2002
2003
2004
Book
“Puente Princesa” Land plot. Madrid.
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Annual Report 2004
The following table and graphs also show our land bank by use and by regions:
URBIS GROUP: Land Bank (31 December 2004)
Region
Building rights above ground level (m2)
Residential
Others
Total
Andalucía
919,169
121,397
1,040,566
Aragón
132,123
9,303
141,426
Asturias
32,899
-
32,899
Baleares
30,428
34,050
64,478
Canarias
343,086
28,725
371,811
Cantabria
22,879
6,955
29,834
Castilla y León
72,686
9,938
82,624
Castilla-La Mancha
66,280
2,570
68,850
173,713
78,119
251,832
Extremadura
20,826
795
21,621
Galicia
74,510
7,927
82,437
La Rioja
10,626
-
10,626
Madrid
597,382
160,113
757,494
Murcia
194,102
32,147
226,249
Navarra
8,696
2,385
11,081
Valencia
348,934
8,878
357,813
42,003
-
42,003
3,090,342
503,302
3,593,644
Cataluña
Portugal (*)
TOTAL GRUPO URBIS
(*) Pending signature: 57,997 m2
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Annual Report 2004
What is notable is the geographical diversification,
with land in the 30 main cities in Spain and
Portugal. Another aspect that is very important is
that the land plots are aimed at the urban primary
residence sector, the one that is broadest, most
liquid and stable. Vacation or coastal products,
which have a more cyclical nature, account for
barely five per cent of the total.
“José Maestre” land plot. Valencia.
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Annual Report 2004
It should be added that our land bank ensures
various years of growth, even in less favorable
market scenarios than the current one. This
represents a significant competitive advantage
over companies that need to acquire new land
plots at the end of the chain, at very high prices,
in order to maintain their activity.
In any case, Urbis remains dynamic on its ordinary
land acquisition activity, thus the new investments
are already being planned for long-term growth,
2008-2009 onwards. Therefore, the purchases are
always very selective and according to our
business model, with a significant development
component, which allows for final prices that are
affordable for Spanish households.
In 2004 a total of 378.7 million euros was
invested in 746,531 m2 of building rights. The
average impact cost was, therefore, 507 euros/m2,
below that of market cost for end-chain land in
similar locations.
Of this total, 109 thousand square meters were
acquired for the land management business line,
which has a portfolio of assets of close to half a
million square meters.
Also of note in 2004 was our presence in Lisbon,
a city in which Urbis already has one hundred
thousand square meters of building rights. These
investments, which will mature in two or three
years, were made after having studied the
Portuguese market for various years and by taking
advantage of a cyclical depression in that market.
As for divestments made in the year, sales of land
and building lots amounted to 92.2 million euros,
which practically doubles the volume of 2003.
These higher sales fit in with the strategic option
of boosting operational profitability with more
active management of the land bank, thereby
capitalizing on the Company’s know-how.
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Annual Report 2004
Patraix land plot. Valencia.
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Annual Report 2004
RESIDENTIAL DEVELOPMENT
SANTANDER
LA CORUÑA
OVIEDO
PAMPLONA
GERONA
LOGROÑO
LEÓN
HUESCA
BURGOS
PONTEVEDRA
BARCELONA
ZARAGOZA
TARRAGONA
VALLADOLID
PALMA DE
MALLORCA
OPORTO
CASTELLÓN
MADRID
VALENCIA
TOLEDO
ALBACETE
LISBON
ALICANTE
CIUDAD REAL
BADAJOZ
MURCIA
CÓRDOBA
HUELVA
ALMERÍA
SEVILLE
MÁLAGA
GRANADA
CÁDIZ
TENERIFE
LAS PALMAS
Inmobiliaria Urbis Activity Areas
Central Region
Madrid
Andalusia
Almería
Cádiz
Córdoba
Granada
Huelva
Málaga
Seville
Northeastern
Region
Barcelona
Gerona
Huesca
Palma de Mallorca
Tarragona
Zaragoza
Regional Levante
Alicante
Castellón
Murcia
Valencia
Northern Region
and Castilla-La
Mancha
Albacete
Badajoz
Burgos
Ciudad Real
León
Logroño
Oviedo
Pamplona
Santander
Toledo
Valladolid
Regional Canarias
Las Palmas
Tenerife
Canary Islands
La Coruña
Pontevedra
Portugal
Lisbon
Oporto
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Annual Report 2004
We should start this chapter of our Report with
some comments on the Spanish residential
market which, in 2004, was once again
characterized by strong demand which, despite
increased supply, lead to price rises of above
15%.
Although the market’s rate of growth and the
duration of the upward trend, which began in
1997, continue to be the subject of alarmist
comment, it is our understanding that one
cannot talk of a “bubble”, but rather the
conjunction of an expansive cycle and of
structural changes in Spanish society and its
economy, which is driving demand.
It should also be explained that the data
referring to price increases and the number of
residences started are not alarming if analyzed
in perspective. Thus, a large part of the
accumulated rise in prices can be explained by a
process of convergence with other, more
developed, countries and the increase in the
number of housing projects commenced is due,
to a great extent, to the coastal secondary
residence market.
Also, the market’s strength is sustainable
because it is not based on merely speculative
aspects but on structural, demographic,
sociological, economic, and financial factors.
Inmobiliaria Urbis believes that the market as a
whole will end up evolving gradually from the
current expansive scenario towards another that
is more stable and structural, with a smooth
slowing down in sales rates and in price
increases, something we consider to be positive.
In any case, the Spanish residential market is
very heterogeneous and the accumulated price
rises have already begun to reduce demand in
some segments, basically in the most expensive
products and locations (luxury, Madrid…) and in
secondary residences (coastal…).
In short, we believe that the market as a whole is
moving towards a slow-down but that there will
continue to be a great potential demand for
primary residences at affordable prices. We also
think that, given the sector’s fragmentation,
there is potential for growth for those players
who are able to satisfy this demand.
Walkway of the housing development “Port Adriano”. Calviá. Mallorca.
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Annual Report 2004
As regards Inmobiliaria Urbis, the residential
development business performed very well in
2004, not just in its results, as commented above,
but also with respect to operational and
commercial variables.
Accordingly, housing development sales,
measured on a consistent basis as the figure for
contracts plus the variation in reserves, came to
711.7 million euros, some 23% higher than in
2003.
Turning to the portfolio for
reservations pending accounting
grew by 18% to 722.4 million
securing future revenues one year
contracts and
in results, this
euros, thereby
more.
Commercial Housing Sales (Million euros)
712 722
700
613
582 562
600
500
456
400
300
579
360
371
286
200
100
0
2000
Commercial Sales (Flow)
2001
2003
2004
Backlog order at 31 December (Stock)
The rate of sales, calculated on a consistent basis
as the average period for disposing of sellable
stock, went from 13.1 months in 2003 to 12.7
months in 2004, a very positive figure due to its
improvement and since it is much lower than the
average 24 months for construction and delivery.
In trend terms it is also of note that sales
accelerated in the second half of the year.
2002
All of these details confirm the good performance
of our primary residence and average priced
product. On this point it should be noted that
Urbis is present in more than 30 cities with a
primary residence product, at an average price of
215 thousand euros.
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Annual Report 2004
The Burgos, Logroño, Mérida, Santander, Toledo
and Oporto branches were set up in 2004 in line
with
the
expansion
diversification policy.
For the future, Urbis is forecasting that
residential sales will continue to grow despite
the slow-down expected for the sector as a
whole because we have the land necessary to
3) … In the sector that is broadest and most
stable…
be able to gain market share in the sector
which is broadest and most stable, at
affordable prices.
and
geographical
a) Urban primary residence.
b) Very adapted to local demand.
c) In more than 30 cities.
1) We have the land…
4) … At affordable prices.
a) 3.5 million square meters of building
rights.
b) Ensuring growth, without the need for new
investments, up until 2008.
2) … To gain market share…
a) A very fragmented and heterogeneous
sector with more than 5,000 players.
b) No company has a significant market share.
a) Housing development based on prior land
management, which implies more competitive
prices.
b) Urbis does not consider price rises in its
investment models.
Finally, we cannot conclude this chapter
without
mentioning
our
web
site,
www.promocionesurbis.com, a commercial
channel that makes it possible not just to select
and visit our developments, but also to print out
floor plans, calculate mortgages, make
reservations, etc. and which has become one of
the most advanced and most visited web sites in
the Sector.
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Annual Report 2004
CENTRAL REGIONAL DIVISION
ALGETE
SAN SEBATIÁN
DE LOS REYES
BOADILLA
DEL MONTE
MADRID
ALCORCÓN
RIVAS
VACIAMADRID
GETAFE
PINTO
VALDEMORO
Activity Areas
Madrid
Alcorcón
Algete
Boadilla del Monte
Getafe
Pinto
Rivas-Vaciamadrid
San Sebastián de los Reyes
Valdemoro
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Annual Report 2004
In 2004 there was a change in the Central
Region’s scope of action. For the aim of
improving management efficiency, it was decided
that this Regional Division would be assigned to
developing its activity exclusively within the
Madrid Region.
Housing Development Sales
(Thousand euros)
175,000
161,369
140,000
104,564
105,000
The Division has three branches: the Madrid-1
Branch, responsible for housing developments
within the capital area of Madrid; the Madrid-2
Branch, which works in the capital’s perimeter
area in its Eastern, Northern and Western areas;
and the Madrid-3 Branch, which is involved with
95,513
111,140
93,115
70,000
35,000
0
2000
2001
2002
2003
2004
Madrid’s southern areas and, especially, in the
municipal areas in the south of the Autonomous
Community of Madrid.
Sebastián de los Reyes; El Restón in Valdemoro;
the Mayorago of Boadailla and others. Likewise,
the property development described below was
satisfactorily pursued.
Significant advances were made during the year in
the planning aspects of the important land assets
that were either already owned by Urbis or which
were acquired during the year (Vallecas;
Tempranales and Cerro del Baile); in San
Housing Sales in 2004
Housing Development
City
Residences
m2
Premises
units
Garages and others
m2
units
m2
units
Parque Urbis Residential Development
Madrid
-
-
285
1
75
3
Altos de Arturo Soria II-III and IV
Madrid
17,264
52
874
6
3,054
143
UTE Rehousing Building La Veguilla
Madrid
33,510
267
-
-
13,910
700
Edificio UTE Realojos La Veguilla
Madrid
5,172
58
-
-
1,482
121
Alhaurin Residential Development
S.S. de los Reyes
435
2
-
-
-
-
El Olivar de Pinto
Pinto
6,435
66
240
3
2,631
134
La Florida Residential Development
Pinto
2,022
10
-
-
-
-
-
-
183
3
2,030
101
64,838
455
1,582
13
23,182
1,202
Other completed developments
Total
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Annual Report 2004
Developments Marketed in 2004
Development
Altos de Arturo Soria V-VI and VII
City
Housing
m2
Premises
m2
units
Garages and others
m2
units
units
Madrid
27,460
212
-
-
10,324
545
Parque Vaguada Residential Development Madrid
16,584
175
545
5
8,439
395
Monte Real Residential Development Madrid
8,131
86
-
-
5,010
204
La Dehesa Residential Development S.S. de los Reyes
8,626
64
320
4
3,758
173
Urbis Industrial Park
Algete
-
-
21,428
112
-
-
Getafe Tropic Costa
Getafe
10,562
120
-
-
7,879
325
El Mirador de la Gavia
Madrid
Total
10,342
113
4,000
233
-
-
81,705
770
26,293
354
35,410
1,642
Projected Housing Developments for Sale in 2005-2008
Development
Alameda del Mayorazgo I F. Colect.
City
Boadilla del Monte
2005
Housing
Others
m2 units
m2 units
10,440
72
4,896 216
2006-2008
Housing
Others
units
units
m2
m2
-
El Mayorazgo I Multi-family
Boadilla del Monte
8,400
42
-
-
-
-
-
-
El Mayorazgo II Multi-family
Boadilla del Monte
-
-
-
-
10,730
74
5,032
222
El Mayorazgo III Multi-family
Boadilla del Monte
-
-
-
-
10,585
73
4,964
219
El Mayorazgo IV Multi-family
Boadilla del Monte
-
-
-
-
7,105
49
3,332
147
El Mayorazgo V Multi-family
Boadilla del Monte
-
-
-
-
3,625
25
950
75
El Mayorazgo II Single-family
Boadilla del Monte
-
-
-
-
4,000
20
-
-
El Mayorazgo III Single-family
Boadilla del Monte
-
-
-
-
8,160
34
-
-
Boadilla Terciario
Boadilla del Monte
-
-
-
-
11,885
48
-
-
Puente de la Princesa I and II
Madrid
-
-
-
-
24,585
230
11,500
552
Mazarredo
Madrid
-
-
-
-
2,444
48
2,136
108
Canillejas
Madrid
-
-
-
-
6,586
65
2,894
163
Avda. San Luis Building
Madrid
11,513
146
9,935
212
-
-
-
-
Adelfas I and II
Madrid
12,293
115
5,750
276
7,431
74
2,812
148
Lot A-19-22 La Veguilla
Madrid
-
-
-
-
15,488
154
-
-
Tempranales I-II and III
S.S. de los Reyes
-
-
-
-
32,712
239
5,964
563
Cerro del Baile I and II
S.S. de los Reyes
-
-
-
-
15,735
124
2,357
251
Vallecas V.L. II (1-9-D)
Madrid
3,412
38
1.270
77
-
-
-
-
Vallecas V.L. III (2-28-A-D)
Madrid
7,009
79
2,870
159
-
-
-
-
Vallecas V.L. IV (1-57-C-D)
Madrid
-
-
-
-
6,460
64
2,582
129
Vallecas V.L. V (1-67-D)
Madrid
-
-
-
-
10,500
105
4,140
211
Vallecas V.L. VI (2-103-B)
Madrid
-
-
-
-
3,451
35
1,420
71
Vallecas V.L. U.E.5 P.43-A
Madrid
-
-
-
-
5,612
47
1,457
94
Vallecas V.L. U.E.5 34-C/39-B
Madrid
-
-
-
-
5,116
50
1,786
102
Villaverde Butarque PP UZP 1,05
Madrid
-
-
-
-
6,847
65
5,229
164
El Restón
Valdemoro
-
-
-
-
-
Total
45,552
292
3,116
98,619
784
27,837
940 199,057 1,623
58,555 3,219
The developments planned for marketing will be converted into sales as from two/three years from their
issue.
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Annual Report 2004
MADRID 1 BRANCH
During the financial year the Branch developed
and applied for a license for the new and
prestigious remodeling project, the “Edificio San
Almost all of the 52 housing units in the
“Edificio Garibay” building were handed over to
our customers by the end of the year.
Luis” building, located in Avenida de San Luis,
very close to Arturo Sória Street. This building,
which was originally planned for offices, is now
subject to a plan for an exclusive building with
146 residences and 23 offices, along with a
swimming pool, gymnasium, sauna and garden
areas with a building area of 14,375 m2.
The year 2005 saw the start of the partial
planning applications for three important actions.
“Mazarredo”, located in the street of the same
name in the Arganzuela district and which has a
building area of 2,444 m2 for 48 housing units.
Current condition of the Avenida
San Luis building and a model of
the planned building.
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Annual Report 2004
The “Canillejas” development on Avenida de
Arcentales, with a building capacity for 65
housing units and, finally, that for “Puente
Princesa”, with a building area of 24,585 m2,
allowing for the construction of around 250
housing units. This development has a
magnificent location between Antonio López
Street and the M-30, an area in which the
The “Alameda del Mayorazgo”
development in the
“Los Fresnos de Boadilla condominium”.
Boadilla del Monte.
motorway is to be put underground, making this
a landscaped area free from traffic.
In the exceptional area of “Los Fresnos de
Boadilla” in which Urbis will be building 389
residential
units
between
single-family
residences and multi-family buildings and the
town planning work has been completed; and, in
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Annual Report 2004
2005, work is to commence on the first 72
housing units in the “Alameda del Mayorazgo”
development. In this area there is an availability
of 12,000 m2 for tertiary use.
The most important development being carried
out by this Branch is the “Las Altos de Arturo
Sória” residential complex with 537 housing
units, 89% sold, consisting of various sports
facilities, gymnasium, paddle tennis, outdoor
swimming pools, gardens and heated swimming
pool.
The company “Retiro Inmuebles, S.L.”, 50% held
along with Necso Inmobiliaria, possesses a
building area of 19,274 m2 in the “Adelfas”
building lot.
“Los Altos de Arturo Soria”. Madrid.
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Annual Report 2004
MADRID – 2 BRANCH
Work has continued this year on the “Parque
Vaguada Residencial”, located on Avda.
Montforte de Lemos alongside the Peñagrande
subway station and very close to the “La
Vaguada” shopping mall. This development, in a
closed complex, consists of 175 apartments and
has a swimming pool, paddle tennis court,
garden, and games areas.
Within the same area there is the “Vereda de
Ganapanes-Peñachica” in which construction
“Parque Vaguada Residencial”. Madrid.
and marketing of 86 apartments commenced in
the “Residencial Monte Real” development, also
in a closed complex with the same sports and
leisure facilities.
On building lot A-10, within the same area, 87
apartments were handed over. The remaining
building area that Inmobiliaria Urbis has in the
area is concentrated on two building lots, A-19
and A-22, for a total of 154 apartments.
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Annual Report 2004
In the town of San Sebastián de los Reyes
marketing was commenced for the “Residencial
La Dehesa” within the “Dehesa Vieja” area with
64 family apartments, common areas, paddle
tennis courts, swimming pools, and gardens within
a closed complex.
As for the management of development land, of
note is the Distribution Area “AR-1 Tempranales”
in San Sebastián de los Reyes in which
Inmobiliaria Urbis has 187,250 m2 of gross land,
representing 17% of the scope of the sector and
in the Distribution Area “Ar-2 Cerro El Baile”,
where we have 63,979 m2 of gross land,
representing 5% of the sector.
Within the diversification policy for the real estate
activity, May 2004 started with notable success
with the marketing of the “Parque Industrial
Urbis” in the municipality of Algete, comprising
112 industrial buildings spread over an enclosed
mini industrial estate with a building area of
21,428 m2.
TEMPRANALES
“Residencial La Dehesa”. San
Sebastián de los Reyes. Madrid.
CERRO
DEL BAILE
DEHESA VIEJA
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Annual Report 2004
Of note among the activities developed by this
Branch in 2004 is the “Urbanización Club de
Campo” in San Sebastián de los Reyes, in which
the 132 houses in the “Zaudin” and “Alhaurin”
developments were handed over. This
represented the completion of Urbis’s
development here, in which 886 single-family
residences were built, surrounded by wide green
Aerial view of the “Club de Campo” development. San Sebastián de los Reyes (Madrid).
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Annual Report 2004
spaces, shopping areas and reserved land for
facilities.
and the magnificent sports facilities of the Real
Sociedad Hípica Española (Royal Spanish
Equestrian Society).
The development borders on two golf courses
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Annual Report 2004
MADRID 3 BRANCH
The field of action for this Branch covers the
southern area of the Madrid capital area along
with the municipalities in the south of the
Autonomous Community of Madrid.
This Branch’s activity during 2004 was centered
mainly on the municipalities of RivasVaciamadrid, Getafe, Pinto, Alcorcón and on the
municipal districts of Villa de Vallecas and
Villaverde in Madrid.
In Rivas-Vaciamadrid work was concluded on the
subsidized housing developments “Residencial
Las Jaras” and “Residencial Levante”, with 64
and 80 apartments respectively. Also in an
“El Mirador de la Gavia”. Madrid.
advanced phase of completion are the “El Olivar
de Pinto” and “Residencial la Florida”
developments in the town of Pinto.
In the Villa de Vallecas municipal district in
Madrid, specifically in the “Ensanche de
Vallecas”, the most advanced of the
developments in the south-east of Madrid, work
was begun on the 113 apartments in “El
Mirador de La Gavia”.
Also in the “Ensanche de Vallecas”, we have
applied for the Municipal License for 82 nonsubsidized apartments and the plans have been
drawn up for a further 44.
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Annual Report 2004
As for the purchase of land, this Branch has been
very active, with the following acquisitions:
alongside the Campodón estate in the
municipality of Villaviciosa de Odón.
Three plots of land in the Ensanche de
Vallecas with a building area of 24,000 m2.
In the district of Villaverde, 26,400 m2 of
land was purchased in the “VillaverdeBarrio de Butarque” Sector.
In Getafe, 10,270 m2 of building area
alongside the Universidad Carlos III.
In Alcorcón, 50,000 m2 of building area in
the “Retamar de la Huerta” Sector, located
Accesses to the new estate.
Aerial view of the zone to
be occupied by the
“Ensanche de Vallecas”.
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Annual Report 2004
ANDALUSIA REGIONAL DIVISION
CÓRDOBA
HUELVA
SEVILLE
ALMERÍA
GRANADA
MÁLAGA
CÁDIZ
Activity Areas
Almería
Granada
Seville
Níjar (Cabo de Gata)
Armilla
Las Gabias
Dos hermanas
Guillena-Gerena
Mairena del Aljarafe
San Juan de Aznalfarache
Tomares
Valencina de la Concepción
Cádiz
El Puerto de Santa María
Chiclana
Jerez de la Frontera
Puerto Real
Rota
San Fernando
Córdoba
Huelva
Aljaraque
Málaga
Estepona
Marbella
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Annual Report 2004
The Andalusia Regional Division is active
throughout almost all of the Autonomous
Community
of
Andalusia.
Its
regional
headquarters are located in Jerez de la Frontrera,
with branches in each of the provinces in which it
is present: Almeria, Cádiz, Córdoba, Granada,
Huelva, Malaga and Seville.
Sales of 2,068 units (residences, commercial
premises, offices, garages, and lots) were
contracted during 2004 for an amount of 1.997
billion euros. Likewise, completed sales came to
1.4224 billion euros. At 31 December there were
57 million euros of contracted sales for
completion in 2005.
The land reserve at 31 December came to
1,024,187 m2 of building area above ground
level, of which 116,162 m 2 correspond to
developments to be commenced in 2004. Of the
remaining area, 557,636 m2 is urban land and the
remainder is involved in different planning
processes.
Housing Sales
(Thousand euros)
250,000
207,428
200,000
157,862
152,158
150,000
Important purchases of land were made in 2004
in the municipalities of Jerez de la Frontera and El
Puerto de Santa María in Cádiz; Marbella and
Estepona in Malaga; las Gabias in Granada, as well
others in the capital of Almeria and in the town of
Nijar, right in the Cabo de Gata Nature Reserve.
140,884
100,000
72,656
50,000
0
2000
2001
2002
2003
2004
Development
City
Panorama III Buildings
Seville
Montelar VI and VII
San Juan de Aznalfarache
San Mateo I-III and IV R, Develop, Seville
Housing
m2
units
Garages and others
Premises
m2
units
m2
units
11,630
97
226
1
3,207
170
7,747
61
209
4
614
32
-
-
-
-
655
67
Jaén Building
810
7
139
4
815
25
Manila Building
4,727
43
-
-
1,607
67
Santa Dorotea I and II
3,240
15
-
-
-
-
Urbis Residential Development
San Fernando
3,718
32
-
-
-
-
Los Brezos
El Puerto Sta. María
3,088
25
-
-
837
25
Las Dunas I and II
7,400
65
-
-
961
32
Las Salinas V and VI
2,265
18
-
-
-
-
Bahía Golf I and II
Rota
3,280
29
-
-
1,025
58
Real de los Llanos I-IIA and IIB
Armilla
7,327
39
-
-
-
-
Altos del Serrallo I
Granada
10,910
94
-
-
3,928
111
Teatinos II-III and IV
Málaga
8,164
53
3,840
38
6,956
232
1,082
11
3,435
39
3,426
145
75,388
589
7,849
86
24,031
964
Other completed developments Total
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Annual Report 2004
Development
Housing
m2
units
City
Premises
Garages and others
m2
units
m2
units
Torneo III and IV
Seville
12,407
108
226
1
5,229
258
Montelar VI-VII-VIII and IX
San Juan de Aznalf
22,349
209
1,089
12
5,920
243
Las Salinas V and VI
2,265
18
-
-
-
-
Las Lomas de Urbis II and III
Puerto Real
2,777
31
-
-
1,253
31
Jaen Building
1,065
9
289
8
1,408
45
Almería Building
11,853
88
784
24
7,139
194
Manila Building
4,727
43
-
-
1,607
67
Haciendas de Urbis II
4,525
35
-
-
-
-
Ancora II Building
4,820
58
-
-
1,645
71
Santa Dorotea II
3,082
14
-
-
-
-
Urbis V Residential Development
San Fernando
3,718
32
-
-
-
-
Manuel de la Quintana I
7,857
45
-
-
-
-
Hacienda Montelar I and II
5,524
45
-
-
5,376
45
Los Brezos
1,319
11
-
-
373
11
Las Dunas I and II
2,595
23
-
-
504
17
Bahía Golf I and II
Rota
3,280
29
-
-
1,178
64
Alicate Playa IV and V
Marbella
9,490
47
-
-
1,887
72
Pueblo Andaluz V and VI
Estepona
15,471
108
-
-
7,326
117
Teatinos I-II-III and IV
Málaga
5,330
34
1,656
11
5,483
185
Pueblo Mediterráneo IV
Estepona
9,855
34
-
-
-
-
Cañada de los Cardos
Málaga
11,126
92
196
2
4,646
205
Real de los Llanos I-II and III
Armilla
11,979
62
-
-
-
-
Jardín Botánico III-IV and V
Málaga
15,215
150
1,030
2
6,254
300
Altos de Serrallo I
Granada
4,789
41
-
-
1,552
44
Pedro Verde Golf IV
Las Gabias
3,886
21
-
-
-
-
Violón Building
Granada
3,469
27
544
6
1,809
55
Gran Plaza I-II and III
Almería
-
-
4,885
41
1,546
56
Marismas de Urbis I-II and III
Aljaraque
18,537
137
-
-
-
-
Almijara Building
Almería
12,211
101
695
6
2,948
149
Grazalema Building
Almería
20,525
162
574
1
5,868
218
Other developments marketed
Total
-
1,275
11
4,514
56
4,651
243
237,321
1,825
16,482
170
75,602
2,690
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Annual Report 2004
Projected Developments for Sale in 2005-2008
Development
City
Montelar VIII and X
S. Juan Aznalfarache
Miravalle IV
Dos Hermanas
Los Girasoles
Seville
Torneo
Su Eminencia
2005
Housing
Other buildings
m2
units
m2 units
2006-2008
Housing
Other buildings
m2
units
m2
units
12,899
133
-
-
-
-
-
-
2,867
39
419
5
7,050
54
1,181
14
-
-
-
-
-
-
4,527
1
Seville
-
-
-
-
1,355
9
-
-
Seville
-
-
-
-
15,366
128
-
-
Sector 4
S. Juan Aznalfarache
-
-
-
-
73,090
709
10,000
100
Williams
-
-
-
-
56,650
557
-
-
Parquealtillo I and II
6,278
49
742
1
3,933
31
1,593
1
Los Villares
-
-
-
-
25,471
210
-
-
Membrillar
El Pto. Sta. María
-
-
-
-
-
-
1,000
15
Edificio Ancora
El Pto. Sta. María
7,903
66
-
-
-
-
-
-
Ronda Este
-
-
-
-
5,000
50
-
-
Camping Valdelagrana
El Pto. Sta. María
-
-
-
-
20,800
254
-
-
Cantarrana
El Pto. Sta. María
-
-
-
-
58,452
580
-
-
Matacardillo I
6,062
58
-
-
6,062
58
-
-
Viña Telégrafo
-
-
-
-
-
-
92,400
198
Los Villares Raboatún
-
-
-
-
66,990
648
-
-
Pueblo Andaluz VII and VIII
Estepona
-
-
-
-
6,460
59
2,640
1
Cañada de los Cardos
Málaga
-
-
-
-
56,997
527
1,376
13
Jardín Botánico VI
Málaga
15,766
152
839
5
30,129
310
-
-
María Rojas
Marbella
-
-
-
-
37,492
340
943
5
Coto Correa
Marbella
-
-
-
-
37,688
315
-
-
Pedro Verde Golf
Las Gabias
-
-
-
-
57,318
473
4,602
6
Altos del Serrallo II
Granada
12,624
104
-
-
14,398
80
-
-
Golf Gabias IV
Las Gabias
6,698
55
-
-
-
-
-
-
Altos del Serrallo Unif, I and II
Granada
3,209
23
-
-
-
-
-
-
Real de los Llanos IV
Armilla
3,862
30
-
-
-
-
-
-
Doñana Building
Almería
13,159
105
-
-
-
-
-
-
Vega de Acá II and VII
Almería
-
-
-
-
62,159
510
-
-
Rodalquilar
Nijar
5,041
33
-
-
-
-
-
-
Nuevo Corrales
Aljaraque
-
-
-
-
74,736
635
-
-
Marismas de Urbis IV
Aljaraque
11,457
108
-
-
-
-
-
-
Las Albaidas de Urbis I
Córdoba
6,337
52
-
-
-
-
-
-
El Patriarca
Córdoba
-
-
-
78,564
648
-
-
Total
-
1,007 2,000
11
796,160
7,185 120,262
354
114,162
Projected developments for future sale will produce completed sales as from two/three years after the
project is drafted.
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Annual Report 2004
JEREZ DE LA FRONTERA BRANCH
For many years, the Jerez de la Frontera Branch,
which is the oldest branch after Madrid, has
developed numerous real estate promotions
throughout the province, especially in Jerez and in
the main towns around the Bahía de Cádiz, where
there are important centers of population, both as
primary residence and tourist developments.
The central zone of the Plaza del Caballo in Jerez
saw the commencement in 2004 of the last
development in this important development area,
the “Edificio Almería” building, with 88
apartments, commercial premises and garages, in
which Urbis has already built 625 housing units
over the last decade (Edificios Granada, Córdoba,
Málaga, Sevilla, Huelva, Urbis and Jaén).
“Manila Building”. Jerez de la Frontera.
In the “El Altillo” development area, the extension
of the Avda. Álvaro Domecq, the city’s main
thoroughfare, more than 260 housing units were
built and sold in previous years (Santa Rosa, Villa
Clara, Paraíso I, II and II and Santa Dorotea 1st and
2nd phases). The “Edificio Manila”, with 103
apartments and with wide green zones and
swimming pool, was handed over at the beginning
of the year.
Also in Jerez, the planning process was completed
this year for the “Los Villares” land with space for
250 housing units and in which a first phase of
45 duplex and town houses in the “Hacienda
Monte Alto” was commenced. In 2004 the
company purchased 191,000 m2 in the area
neighboring this zone.
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Annual Report 2004
In the important “Bodegas Williams” lot in Jerez,
where Urbis has carried out most of its high level
actions, we have a building area of 65,000 m2.
Currently under construction is the first phase of
the “Manuel de la Quintana” building, with 45
luxury apartments, commercial premises and
garages.
In the “Golf de Matacardillo”, where we have a
building area of 12,123 m2, work has begun on
the draft project and in “Viña Telégrafo”, with
300,000 m2, work has begun on the planning
application for inclusion in the General City Plan.
“Manuel de la Quintana” building
under construction and the Williams
plot, Jerez de la Frontera.
Interior common use area in
“Los Brezos” development.
El Puerto de Santa María.
In El Puerto de Santa María, on what is called
the Costa Oeste and, specifically, in the
“El Membrillar” development area in which 140
family houses were built and handed over in
previous years (El Membrillar, Alcazaba I and II,
Haciendas de Urbis and Las Buganvillas), the hand
over commenced of the “Los Brezos”
development, with 26 high-level single-family
residences and apartments. Construction and
marketing were also started on the “Haciendas II”
development, with 30 town houses and 5 luxury
single-family houses with basements, swimming
pool and large green areas.
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Annual Report 2004
In the same area and on an impressive cliff in the
“El Ancla” development area, in which we
developed 40 lots in previous years for singlefamily houses, as well as 274 housing units of
different types (Villas de Urbis, Jardines de Urbis,
Edificio Atalaya, Terrazas de Urbis, Edificio
Acora I and Centro Comercial El Ancla), the
“Las Dunas I” and “Las Dunas II” developments
were handed over during the year, these
comprise 40 single-family residences and 26
apartments with garage and swimming pool.
“Urbis Building”. Jerez de la Frontera.
Work also continued on the “Ancora II” building
with 58 apartments, garages and storage rooms.
In the port area of the Valdelagrana beach,
where we have built more than 1200 housing
units in the “La Salinera I and II” and
“Las Salinas” estates, the latest properties that
we had in the “Salinas V y VI” zone, with 34 and
64 single-family residences, respectively, were
handed over.
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Annual Report 2004
Work continued during the year on the planning
processes for the new plots of land acquired in
the West and Valdelagrana area with a building
area of over 125,000 m2.
In the renowned “La Ballena” golf-club
development area, the last units in “Bahía Golf II”
were delivered which, along with “Bahía de la
Luz” and “Bahía Golf I”, completed the 264
housing units in that development area.
“Bahía de Golf II” in the La
Ballena development area. Rota.
“Las Dunas I and II” development.
El Puerto de Santa María.
In Puerto Real, the bay’s attractive town and in
which 78 single-family residences were
developed in previous years in the Lomas de
Urbis I and II developments, work continued on
the last phase of 30 single-family town houses,
in “Lomas de Urbis III”.
In San Fernando, a dormitory town for Cádiz, we
have completed the delivery of the last phase of
“Residencial Urbis” with 207 single-family
residences, bringing this important development
to a conclusion.
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Annual Report 2004
SEVILLE BRANCH
Within Seville capital we have continued with an
important development under the name “Edificio
Panorama” which, on the banks of the
Guadalquivir, has completely transformed this
riverside area, with the water reflecting the
silhouettes of these seven smartly designed
buildings over more than one kilometer.
Work was completed during the year on the third
phase, comprising 100 apartments, commercial
premises and garages, coming to a total of 272
finished units. The fourth phase is under
construction with 72 apartments and 146 garage
spaces, with completion planned for the coming
year.
“Panorama Building”. Seville.
In La Nueva Ciudad Montelar with more than
1,000 housing units, we have already delivered
more than 600 on the Cornisa de Aljarafe.
Construction was completed during the year on
214 housing units, 216 garage spaces and 1,100
m2 of premises corresponding to “Las Terrazas
de Montelar” building. Construction also
continued on “Las Jardines de Montelar”, made
up of 54 single-family residences, 12 multi-family
houses and garages and “Las Pérgolas de
Montelar”, with 219 apartments and garage
spaces. The year also marked the commencement
of this development area’s last phase with the
“Mirador de Montelar” development, with 76
single-family residences and 12 multi-family houses,
as well as garages and commercial premises.
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Annual Report 2004
MIRADOR MONTELAR
MONTELAR I
ALTOS DE MONTELAR
MONTELAR CENTRO
“LAS PÉRGOLAS”
LAS TERRAZAS DE MONTELAR
JARDINES DE MONTELAR
“Urbanización Montelar”. San Juan de Aznalfarache. Seville.
Planning
work
has
commenced
for
the
“Valparaiso Ciudad Parque” sector with a
capacity for 700 multi-family housing units in the
municipality of San Juan de Aznalfarache,
alongside the Coria highway.
development has now concluded and in which we
expect to start urbanization work in 2005, as well as
the construction of 136 housing units in an enclosed
community with wide green areas and sports.
Inside Seville city and close to the Helíopolis Stadium
the planning process for the “Palmera Parque”
“Los Altos de Montelar”. San
Juan de Aznalfarache. Seville.
84
Annual Report 2004
MALAGA BRANCH
This Branch has two clearly different main sectors
of activity: Malaga city and the Costa del Sol, with
two important land plots purchased in the latter
during the year, “Coto Correa” in Marbella for
constructing 315 Mediterranean design houses
and “María Rojas” in Estepona, for 350 primary
residence houses.
“María Rojas” land plot. Estepona. Malaga.
In Malaga city, the third phase of the “Teatinos”
residential zone was completed, with 92
apartments, 26 offices, 16 commercial premises
and garage spaces. Likewise, the fourth phase was
in an advanced state of completion, with 34
apartments, commercial spaces and garages. This
phase will conclude this important development in
which almost 600 apartments, commercial
premises, offices and garages have been
developed.
“Residential Teatinos”. Malaga.
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Annual Report 2004
Also in the capital city, nearing construction
completion in the “Parque de la Concepción”
area, in which 348 apartments were delivered in
previous years, is the “Jardín Botánico Phase V”,
with 150 apartments, commercial premises and
garages. Inmobiliaria Urbis has land for 400
housing units in this area.
Set in the new expansion zone for Malaga known
as “Cañada de los Cardos”, with land available
for 600 housing units, the “Altea First Phase”
development was commenced with 90
apartments, commercial premises and garages.
Right in the Costa del Sol, in the municipality of
Marbella, is the “Alicate” development, in which
206 housing units and garages have already been
handed over and with the fifth and final phase
with 80 apartments and garages is nearing
completion.
Under construction in the Costalita development
area in the town of Estepona and in which 440
housing units have already been handed over in
previous years, are the “Pueblo Andaluz Phase VI”
with 135 housing units and “Poblado
Mediterráneo Phase IV”, with 34 high class
residences.
“Jardín Botánico” residential development. Malaga.
86
Annual Report 2004
GRANADA BRANCH
The construction of the first phase of the “Altos
de El Serrallo” development, comprising 96
multi-family housing units, was completed, this
being located in the “El Serrallo” development
area in the capital. Likewise, it is expected that
work will commence this coming year on the
second phase, comprising 23 single-family houses
and a further 56 housing units in apartment
blocks. This land has capacity for a further 155
housing units in successive phases.
Also in Granada, and in the very center of the city,
27 luxury apartments, commercial premises and
garages are under construction in the building
named “Violon”.
“Real de los Llanos”. Armilla. Granada.
The Partial Town Planning was completed for
“Pedro Verde” (450,000 m2 urbanized area) in
the town of Las Gabias and in which we have a
building area of more than 70,000 m2. Also under
construction are 21 single-family residences in the
“Pedro Verde Golf” development.
In this municipality and in the Golf Las Gabias
development area we have acquired land with a
building capacity of 1,700 m2 in order to
complete the Club de Golf block, which we also
own.
Under construction in Armilla, in the “Real de los
Llanos” development area, where we have already
developed 116 residences, are a further 29 with
land remaining for an additional 26 residences.
87
Annual Report 2004
ALMERÍA BRANCH
In the city’s natural urban expansion zone, the
“Vega de Acá”, in which Urbis has a building
capacity of some 100,000 m2, work has
continued with the development of SUP-ACÁ-03,
with the initial development work complete and
the first two phases in progress: the “Almijara”
and “Grazalema” buildings with 267 housing
units. The third phase, “Edificio Doñana”,
planned for 2005, has also been commenced,
with 105 housing units and 13,159 m2 of
building area.
In Rodalquilar, some 30 minutes from the city
and in the heart of the Cabo de Gata-Nijar
Nature Reserve, dominated by an exclusive
volcanic landscape, unique in Peninsular Spain,
the company ahs acquired 11,631 m2 of land for
the construction of 31 houses, with a planning
and architectural design that is perfectly
integrated within this privileged natural location.
“Gran Plaza” buildings. Almería.
88
Annual Report 2004
HUELVA BRANCH
This Branch’s activity has been focused on the
continuity
of
the
developments
know
commercially as “Residencial Marisma de Urbis”,
located in the “Nuevo Corrales” sector of the
Aljaraque municipality and separated from the
capital by the river Odiel and by the Marismas del
Odiel Natural Area.
“La Marisma de Urbis”. Huelva.
Work continued during this year on the
construction of the first and second phases,
comprising 93 and 58 grouped family houses.
Work had also begun by the end of the year on
the third phase comprising 76 grouped family
houses.
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Annual Report 2004
CÓRDOBA BRANCH
The year’s activity was based fundamentally on
bringing to a conclusion the town planning
processes for the two Partial Plans located in the
city’s northwestern side, alongside the Arruzafa
National Parador and in which we have a building
capacity of some 85,000 m2 for approximately
850 housing units.
For the San Rafael de Albaida Norte Partial Plan,
we have the first phase for the project for 53
single-family residences under way.
“El Patriarca” land. Córdoba.
90
Annual Report 2004
NORTHEASTERN REGIONAL DIVISION
HUESCA
GERONA
BARCELONA
ZARAGOZA
TARRAGONA
PALMA DE
MALLORCA
Activity Areas
Aragón
Catalonia
Castiello de Jaca
Zaragoza
Badalona
Barcelona
Cerdañola
Gerona
L’Hospitalet de Llobregat
Manresa
Balearic Islands
Calviá
Palma de Mallorca
Mataró
San Adrian de Besós
San Andrés de la Barca
Sitges
Tarragona
Tarrasa
91
Annual Report 2004
The Production department was reorganized at
the beginning of the year, dividing what was the
Northwest Region into Galicia and the North.
The Northern Region took in, among other
Branches, those for Navarra and La Rioja,
previously attached to the Northeastern Region,
Consequently, following the reorganization, this
Region now carries out its work in the Catalonia,
Aragón, and Balearic Islands Autonomous
Communities.
The sales completed this year under the new
Northeastern Regional Management amounted to
40.90 million euros, corresponding to the sale of
144 housing units, 30 commercial premises, 257
parking spaces and 169 storage rooms.
Housing Sales
(Thousand euros)
150,000
92,119
100,000
50,000
45,821
49,115
48,983
40,903
0
2000
2001
2002
2003
2004
Furthermore, the management sales, which will
contribute economic activity over coming years,
came to 99.87 million euros.
“Urbis Diagonal”. Barcelona.
92
Annual Report 2004
Development
Blurbis Building
Son Foradi Nou
Zuriza Building
Tribeca Building
Renfurbis
Total
Housing
m2
units
City
Badalona
Palma de Mallorca
Zaragoza
Zaragoza
Zaragoza
-
3,726
10,228
479
681
321
15,435
39
92
4
6
3
144
Premises
m2
units
998
1,070
117
2,949
32
5,166
Garages and others
m2
units
4
5
2
18
1
30
334
1,406
4,609
140
1,812
1,406
9,707
10
69
213
8
84
42
426
Development
Housing
m2
units
City
Urbis Diagonal Building
Blurbis Building
Vil,les Can Salvi
Joep Pla Building
Aragón, 227 Building
Las Terrazas Building
Tribeca Building
Renfurbis
Total
Barcelona
Badalona
Palma de Mallorca
Zaragoza
Zaragoza
Zaragoza
-
5,568
14,637
2,190
1,208
14,660
1,316
347
12,590
52,516
62
64
23
11
140
11
3
116
430
Premises
m2
units
515
12,449
87
68
828
385
1,102
618
16,052
Garages and others
m2
units
6
41
1
1
6
7
8
7
77
2,334
7,478
737
470
6,796
382
3,187
5,447
26,831
112
225
29
29
300
21
145
267
1,128
Development
Forum I
Forum II
Forum III
Parcela CD UA8 Poble Nou
Parcela UA3
C. Esteva
Aymerigues
Sant Marcal
Vil,les Can Salvi
F. Moragas
Can Torrents
San Lamberto
Miralbueno
Torrero
Castiello de Jaca
Estadio Balear
Total
City
2005
Housing
Other buildings
units
m2
m2
Barcelona
28,920
Barcelona
Barcelona
Barcelona
Barcelona
10,766
L´Hospitalet de Llobregat 4,229
Tarrasa
Cerdañola del Vallés
2,880
Manresa
9,956
Viladecans
Zaragoza
8,654
Zaragoza
Zaragoza
Huesca
Palma de Mallorca
7,782
73,187
266
98
44
16
96
80
86
686
8,143
5,345
1,425
5,692
4,996
2,580
28,181
2006-2008
Housing
Other buildings
units
m2
m2
12,709
8,886
517
48,579
49,467
8,318
25,127
25,107
36,637
4,350
22,646
242,343
143
100
6
511
369
83
252
259
366
62
251
2,402
4,004
7,977
3,681
179
19,253
70,782
2,324
15,555
9,025
16,381
1,860
7,530
158,551
Projected developments for future sale will produce sales as from two/three years after the project is
drafted.
93
Annual Report 2004
BARCELONA BRANCH
During 2004 the Barcelona and Zaragoza
branches were very active, as can be seen from
what is reported in the following pages:
During this year construction and sales have
continued for the “Urbis-Diagonal” building
located on the extension to Diagonal Street and
consisting of 62 apartments, commercial
premises and parking spaces.
In the emblematic East Barcelona zone, which is
where the “Fórum de las Culturas” was held
during 2004, Urbis has increased its presence
through different purchases, making it the owner
of a total of 50,387 m2 for the construction of
more than 500 housing units. The first block,
with a capacity for 110 apartments, is to be
marketed in 2005.
Outside of the capital we maintain our presence
in the town of Badalona, where a lot has been
acquired on the Seafront for the construction of
98 housing units, commercial premises and car
parking spaces.
Land and model of the developments
to be carried out in the “Forum de las
Culturas” area.
94
Annual Report 2004
With this new purchase, Inmobiliaria Urbis will
have built a total of 975 housing units, 96
commercial premises, 1,352 parking spaces, 494
storage rooms and 51 industrial buildings, a
total built area of 183,197 m2.
Also completed in this town during the year was
the construction of the emblematic “Blurbis”
office building, the marketing of which is
continuing. Equipped with the latest generation
facilities, it is located in the Montigalá district. It
“Blurbis” office building. Badalona.
Visit to the Urbis stand in the Meeting Point
Barcelona 2004
(The Minister, the Mayor of Barcelona,
Chairman and Managing Director of Urbis).
comprises three basement floors for car parking
with 235 spaces, a ground floor and six office
floors.
In the town of San Andrés de la Barca, very
close to Barcelona, where Inmobiliaria Urbis has
constructed a total of 472 housing units,
construction and marketing has started for
“Les Vil.les de Can Salvi”, a development
comprising 66 single-family residences.
95
Annual Report 2004
The year also saw the acquisition of the land and
commencement of the construction and
marketing of the “Josep Pla” Building, with 23
apartments, 29 parking spaces and 1 commercial
premises, practically all of these having been
sold.
By the end of the year the “Miramar” building,
located in one of the best areas of Mataró, had
been delivered.
As for land activities, work has continued on the
planning applications for various lots and
important investments have been made.
As for land lots that are subject to planning
procedures, we should highlight that which is
located in the “Can Torrens” sector in the town
of Viladecans with a surface area of 36,970 m2
and that of Cerdañola del Vallés, close to
Bellaterra University.
“Les Aymerigues” plot. Tarrasa. (Barcelona).
96
Annual Report 2004
The most important investments were made in
the “Les Aymerigues” Sector in the town of
Tarrasa, where we have increased our presence
with the incorporation of new land that will
permit the construction of 500 housing units.
Another important investment was in Manresa,
where land was acquired for the construction of
96 housing units in the “Els Panyos Nord”
sector.
Model of the C-3 zone building. Barcelona.
And, finally, with the acquisition of land in
L’Hospitalet de Llobregat, Inmobiliaria Urbis
commences its presence in this town, the second
largest in Catalonia by population and in which
44 housing units will be built in a first phase.
97
Annual Report 2004
MALLORCA BRANCH
Inmobiliaria Urbis continues with its active
presence in the Balearic Islands, mainly in Palma
de Mallorca, where 40 housing units in the
“Foradi Nou” development were handed over
during the year and the work on the “Aragón
227” building was in an advanced stage of
completion.
In order to support and consolidate our presence
in Mallorca we have acquired a series of plots,
among which is the “Estadio Balear” Son Güells
Development Unit in which Inmobiliaria Urbis owns
96,445 m2 and a building area in multi-family
residential units of 30,330 m2 and 28,960 m2 for
other uses.
This operation will make it possible to build 337
housing units in phases to form part of various
residential complexes, with wide gardened areas,
promenades, children’s and general leisure areas.
“Estadio Balear” land. Palma de Mallorca.
98
Annual Report 2004
ZARAGOZA BRANCH
The city of Zaragoza was selected in December to
be the site of EXPO 2008 and Inmobiliaria Urbis
was pleased to have collaborated with the
Zaragoza City Council and the Fundación EXPO
Zaragoza 2008 in financing the candidacy.
In 2004 the Zaragoza Branch continued its
activity in the Avda. de Cataluña and Marqués de
la Cadena areas and considerably expanded its
presence in the capital with new acquisitions. In
“Las Terrazas” building. Zaragoza.
this city, we have both URBIS developments and
those with RENFURBIS, a joint company with
RENFE, the national railway company.
In the Avda. Cataluña area the “Zuriza”
development, with 93 housing units, was
completed and delivered in the year, and work
continued on renovating the “Tribeca” building,
with the “Las Terrazas” building practically
finished.
99
Annual Report 2004
As for land management, the planning procedures
continued for the former San Lamberto barracks
and on expanding the available land in
Miralbueno zone, where 259 housing units
planned. Another lot was also bought during
year in the area close to Torrero, for
construction of 366 housing units.
the
are
the
the
Likewise, work has continued on the 80
apartments which make up the “Altaria” building,
and the 36 housing units of the “Arco”
development have been commenced.
Practically all of the Region’s developments had
been effectively sold by the end of the year.
As for the activity of RENFURBIS, we can highlight
the hand-over of the first development, the
“Alaris” building, comprising 151 apartments.
Various developments in the
capital. Zaragoza.
“Miraflores” Land Plot.
Zaragoza.
100
Annual Report 2004
EASTERN REGIONAL DIVISION
CASTELLÓN
VALENCIA
ALICANTE
MURCIA
Activity Areas
Valencia
Alboraya
Bétera
Játiva
Manises
Paterna
San Antonio de Benagéber
Sueca (Marina Blau)
Torrente
Castellón
Alicante
Denia
Elche
La Nucia
Murcia
Molina de Segura
101
Annual Report 2004
This Regional Division, comprising the Valencia,
Castellón, Alicante and Murcia Branches,
continued to grow during 2004.
As one can see from the following graph,
completed sales in the year came to 125.9 million
euros, a 32.7% increase on the previous year.
Housing Sales
(Thousand euros)
150,000
125,886
94,863
100,000
As for land, important investments amounting to
90.4 million euros were made during the year by
the Valencia and Alicante branches, in which a
building area of 165,354 m2 should provide for
50,000
44,403
46,810
2001
2002
9,833
0
the construction of some 1,334 housing units.
2000
2003
2004
Development
City
Housing
m2
units
Premises
m2
units
Garages and others
m2
units
Jardines de Urbis II
Murcia
5,245
46
665
2
113
9
Albatros Residential Develop.
Molina de Segura
8,538
40
-
-
-
-
Royal Golf III
Molina de Segura
6,841
43
-
-
-
-
Olof-Palme
Alicante
8,543
71
799
11
3,678
210
Aitana Residential Development Alicante
7,557
47
-
-
368
13
Gregal Building
Alicante
15,013
104
926
13
-
-
Mediterrani I
Paterna
12,661
124
285
2
3,771
249
Jardines de Ayora
Valencia
2,294
24
-
-
275
27
Gran Avenida Building
Valencia
5,753
51
553
5
745
87
Azahar I and II Residential Develop., Valencia
14,703
136
125
1
3,684
287
Campus de Urbis II Resid.
Castellón
10,780
88
-
-
2,022
148
Stabense I (Renfurbis) Resid.
Játiva
6,537
62
3,621
8
1,940
84
Total
-
1,684
14
1,050
7
1,287
77
106,149
850
8,024
49
17,883
1,191
102
Annual Report 2004
Development
City
Housing
m2
units
Premises
m2
units
Garages and others
m2
units
Albatros II
Molina de Segura
13,940
57
-
-
-
-
Las Brisas del Golf I
Molina de Segura
15,659
115
-
-
3,503
193
Boulevar Plaza I Building
Denia
7,610
58
1,076
5
2,784
141
La Dehesa de Benagéber I
San Antonio Benagéber
8,834
64
-
-
-
-
Edificio Nou Moles I and II
Valencia
11,173
100
1,782
7
6,060
240
Mediterrani II
Paterna
5,114
46
570
7
1,585
74
Edificio Real de Vera
Valencia
7,324
86
-
-
1,920
53
Setabense II (Renfurbis) Resid,
Játiva
7,852
66
1,363
8
2,181
95
77,507
592
4,791
27
18,033
796
Total
Model of the “Atlantis” building. Valencia
103
Annual Report 2004
Development
City
2005
Housing
Other buildings
m2
units
m2
units
2006-2008
Housing
Other buildings
m2
m2
units
units
Albatros III (BA-8)
Molina de Segura
-
-
-
-
3.380
26
-
-
Mirador del Golf II
Molina de Segura
13,280
80
-
-
-
-
-
-
Urb, Gral-Col M14-1 I and II
Molina de Segura
8,960
80
-
-
8,960
80
-
-
Principe Felipe Building
Murcia
4,153
38
582
2
-
-
-
--
Ciudad Resid, I-II-III-IV and V
Murcia
-
-
-
-
32,235
295
4,651
16
Zarandona Phases I and II
Murcia
-
-
-
-
9,765
93
1,500
10
Las Brisas del Golf II and III
Molina de Segura
-
-
-
-
24,260
186
-
-
Zarandona III
Murcia
-
-
-
-
5,565
53
1,050
7
Vistahermosa Orgegia I-II and III
Alicante
-
-
-
-
25,974
147
-
-
La Goteta I and II
Alicante
4,543
40
-
-
8,076
70
-
-
Boulevar Plaza Building
Denia
8,479
70
1,176
7
-
-
-
-
Maristas I and II
Alicante
8,800
88
-
-
6,000
60
-
-
Llano San José I-II and III
Elche
-
-
-
-
15,972
138
1,400
14
Terreno Pino and Ruaya
Alicante
-
-
-
-
6,447
63
586
6
Torre Goteta
Alicante
2,792
28
-
-
-
-
-
-
Nou Espai
La Nucia
5,957
59
-
-
-
-
-
-
Bétera
Bétera
-
-
-
-
4,300
25
-
-
Manises I and II
Manises
-
-
-
-
17,180
144
-
-
La Dehesa de Benagéber II and III San Antonio de Benagéber
-
-
-
-
17,074
124
-
-
Plaza de la Leña I-II and III
Manises
-
-
-
-
13,987
125
1,678
1
Nou Moles Building III and IV
Valencia
2,613
25
388
2
1,122
14
77
2
Santa Rita
Paterna
-
-
-
-
10,084
85
-
-
José Maestre I and II
Valencia
-
-
-
-
14,042
119
4,500
3
Mareny Blau
Sueca
-
-
-
-
4,505
35
-
-
Patacona I
Alboraya
-
-
-
-
5,873
69
-
-
Patraix I and II
Valencia
-
-
-
-
8,449
70
660
3
Atlantis
Valencia
6,690
56
-
-
-
-
-
-
Oceanis
Valencia
-
-
-
-
7,777
63
-
-
Moreras
Valencia
-
-
-
-
5,377
47
-
-
Vedat Urbano
Torrente
-
-
-
-
2,550
17
-
-
Torrente Sector 14 I and II
Torrente
-
-
-
-
7,500
50
-
-
Mestrets Resid. Develop. I and II
Castellón
-
-
-
-
9,975
95
-
-
Cardenal Costa Resid. Develop.
Castellón
3,618
36
507
3
-
-
-
-
Setabense Resid. Develop. III
Játiva
-
-
-
-
7,852
66
3,310
102
69,885
600
2,652
14
284,281
2,359
19,412
164
Total
project is drafted.
104
Annual Report 2004
VALENCIA BRANCH
During 2004, the 134 housing units
corresponding to the second phase of
the
“Residencial Azahar” development were delivered
and marketing started on the “Nou Moles I and II”
and “Residencial Mediterrani” developments, the
latter comprising 46 state-subsidized housing
units.
“Nou Moles I and II” developments. Valencia.
In the “Real de Vera” development in the
University area 86 1- and 2-bedroom apartments
were put on sale.
As for investments in land, a part of these was for
secondary residence housing in coastal areas, as is
the case of “Mareny Blau”.
105
Annual Report 2004
CASTELLÓN BRANCH
Inmobiliaria Urbis continued to increase its
presence in this capital during the year, purchasing
development land for around 213 housing units
and an urban lot acquired on “Avda. Cardenal
Costa” for the immediate development of 39
housing units.
The 89 state-subsidized housing units in the
“Campus de Urbis” development were handed
over during the year, this being Inmobiliaria Urbis’s
first development in this capital city.
“Campus de Urbis” development. Castellón.
106
Annual Report 2004
ALICANTE BRANCH
The pace of work and sales was maintained with
marketing commenced for the “Boulevard Plaza I”
and “Residencial Sierra Mariola” developments
in Denia and in Playa de San Juan, respectively.
Both developments had been practically sold at
the year-end and the plan is to start the second
phase of “Boulevard Plaza” in Denia,
“Vistahermosa-Goteta” and “Maristas I”.
The investment in Elche also continued during the
year with the purchase of building land for some
152 housing units.
“Boulevard Plaza” building.
Denia. Alicante.
“Olof Palme” development. Alicante.
107
Annual Report 2004
MURCIA BRANCH
Magnificent results were obtained in the Altorreal
development area in the town of Molina de
Segura with the marketing of the “Green Urbis IV”
development, with 133 multi-family housing units
and the “Mirador del Golf” development with 71
side-by-side duplexes and town houses.
with 57 housing units and the first phase of 115
housing units in the “Las Brisas del Golf”
development.
In 2005, we plan to commence the “Principe
Felipe” development with 104 luxury apartments.
In view of the results obtained, sales were
commenced on the “Albatros Golf I” developments
“Las Brisas del Golf”. Molina
de Segura. Murcia.
“Principe Felipe”
development. Murcia.
108
Annual Report 2004
NORTHERN AND CASTILLA-LA MANCHA REGIONAL DIVISION
OVIEDO
SANTANDER
PAMPLONA
LEÓN
BURGOS
LOGROÑO
VALLADOLID
TOLEDO
ALBACETE
MÉRIDA
CIUDAD REAL
Activity Areas
Asturias
Oviedo
Llanera
Ciudad Real
Tomelloso
Toledo
Extremadura
Mérida
La Rioja
Cantabria
Castilla y León
Santander
Liencres
Santa Cruz de Bezana
Burgos
León
Valladolid
Villaobispo
Castilla - La Mancha
Albacete
Logroño
Lardero
Navarra
Pamplona
109
Annual Report 2004
As part of the territorial reorganization carried out
in the Production department, the Northeastern
Region disappears and is divided between Galicia
and the Northern Region.
Housing Sales
(Thousand euros)
Incorporated into the latter are the Pamplona,
Logroño and Castilla-La Mancha Branches, these
having previously been attached to other Regional
Divisions, as well as those for Asturias, Cantabria,
and Castilla y León, which were previously part of
the now-dissolved Northeastern Region.
50,000
In line with the policy of expansion and
0
establishment in a geographical area in which
Urbis does not have a presence, the Extremadura
Branch was set up at the end of the year with its
head office in Mérida.
The fruit of this new establishment was the
purchase towards the end of 2004 of two lots in
25,000
19,921
2000
2001
2002
2003
2004
the OE-01/152 Development Unit in the town of
Mérida and in which two residential complexes will
be built, comprising 130 and 85 housing units
with wide green areas, swimming pools and
facilities.
Main facade of the Tomelloso development. Ciudad Real.
110
Annual Report 2004
Development
City
Housing
m2
units
Premises
m2
units
Garages and others
m2
units
Artea Building
Pamplona
9,101
80
282
4
2,792
143
L´Angliru II
Soto de Llanera
3,198
20
-
-
1,163
20
12,299
100
282
4
3,955
163
Total
Development
Peña Corada II
Peña Rubia Buildings I and II
Dunas de Liencres
Urbis Norte
Urbis San Marcos
Residencial Campus
Total
Housing
m2
units
City
Soto de Llanera
Soto de Llanera
Soto de Llanera
León
León
Burgos
4,794
5,183
7,321
11,664
4,768
5,804
39,534
34
56
54
97
30
60
331
Premises
m2
units
2,150
831
658
3,639
9
8
3
20
Garages and others
m2
units
1,796
1,128
5,918
1,975
2,654
13,472
58
54
259
100
130
601
Development
Avda. Descubrimientos Fase I
Avda, Descubrimientos Fase II and III
Santa María de Benquerencia
Hoya de San Gines
Soto de Lezkairu
P.P. Sector T-1 Lardero I and II
Peña Corada III
Peña Corada IV
Liencres IV
Bezana I
Bezana II
Cueto-Valdenoja
Edificio Galeno
Edificio Galileo
Pilarica I-II and III
Universidad de León
P-2 Eras de Renueva
Parcela R-Q Sector Bakimet
Edificio Sanz Pastor
Mérida R3 y R5
Total
City
Ciudad Real
Ciudad Real
Toledo
Albacete
Pamplona
Lardero
Soto de Llanera
Soto de Llanera
Liencres
Sta. Cruz Bezana
Sta. Cruz Bezana
Santander
Valladolid
Valladolid
Valladolid
León
León
Burgos
Burgos
Mérida
2005
Housing
Other Buildings
2
units
m
m2 units
3,907
23,684
5,375
4,596
2,278
1,702
5,804
8,354
55,700
39
1,200
39
210 10,970 450
51
1,882 104
28
1,936
28
26
1,464
69
18
916
46
60
3,312 133
85
4,156 189
517 25,836 1,058
2006-2008
Housing
Other Buildings
2
units.
units
m
m2
12,392
13,595
8,696
5,375
5,358
5,336
5,441
5,600
1,280
27,000
7,976
9,465
1,224
12,475
121,213
123
123
82
51
34
34
35
36
16
270
64
83
8
130
1,089
3,770 123
4,000 148
2,385
23
1,882 104
1,565
17
1,650
17
576
16
11,550 561
2,400 131
7,829 223
612
10
5,832 284
44,051 1,657
project is drafted.
111
Annual Report 2004
ASTURIAS BRANCH
This Branch, which has its office in Oviedo,
continued its activity in the Soto de Llanera
development area, close to the Principality’s
capital and just a few kilometers from the sea
and the mountains. 126 family houses and
apartments have been handed over to date, with
a further 90 housing units in progress.
In 2004, the “Residencial L’Angliru II”
development was handed over, comprising side-byside duplexes with private yards. Also, marketing
has commenced on the “Peña Corada II”
development, comprising 34 side-by-side
duplexes with a popular architectural design, and
the “Peña Rubia” development, made up of 56
apartments with garages and storage rooms. All
of these are located in the Soto de Llanera
development area.
Also sold during the year was land for 80 multifamily housing units with a building area of
7,602 square meters.
“Soto de Llanera” estate.
Asturias.
112
Annual Report 2004
CANTABRIA BRANCH
This Branch, which has its office in Santander, is
newly created and comes from the division of
the activities of the previous Asturias and
Cantabria branch into two branches, each of
which manages its real estate business in its
respective Autonomous Community.
In Somocueva - Liencres, an exceptional enclave
from which one can enjoy beautiful views of the
Picos de Europa mountains and the Cantabrian
Sea, Inmobiliaria Urbis is building a development
that is very special because of its natural
surroundings, its proximity to Santander, a
nearby golf course, and its location alongside
the Liencres Nature Reserve and beach.
In this development area, where 49 residences
have already been handed over, the following
developments are currently under way: the
“Dunas de Liencres” residential development
with a total of 54 town houses and individual
single-family houses on independent lots inside
a private community with sporting facilities,
swimming pool, paddle tennis court and
gymnasium; and the “Playa de Liencres”
residential development, comprising 28 town
houses and individual single-family houses with
private yards, also within a private enclosed
community with green zones and sporting
facilities.
During the year 32,226 m2 of building land was
purchased for 120 housing units in the
municipality of Santa Cruz de Bezana, in an
area surrounded with facilities (Schools,
hospitals, shopping malls…), and a few minutes
from Santander and Torrelavega, accessible by
the A-6 highway and suburban railroad.
Building rights was also acquired for urban
development in the Valdenoja zone in the city of
Santander, this being a middle-to-high level
residential area, alongside the Mataleñas
beaches and El Sardinero and the “Mataleñas”
golf course.
Residential “Dunas de Liencres”. Liencres. Santander.
113
Annual Report 2004
CASTILLA Y LEÓN BRANCH
The Castilla y León Branch, which has its head
office in Valladolid and offices in León and Burgos,
had a lot of activity during 2004.
developments, with a total of 44 housing units
located in the “Zamabrana” sector alongside the
new hospital.
In VALLADOLID and within the business line for
town-planning management and subsequent sale
of land, 24,436 m2 of building land was sold in
the S.A.U. 4 of Arroyo de la Encomienda once the
urbanization work was completed, as this land was
not considered to be strategic for this Branch.
In the “Los Santos-Pilarica” Sector, in which the
company has 30,000 m2 of building area for
Residential, Commercial and Industrial use and,
once the planning modifications introduced by the
City Council have been concluded, the
urbanization works are expected to start and the
Building Projects for our plots commenced.
Marketing and construction was started in 2005
on the “Edificio Galeno” and “Edificio Galileo”
“Sector Zambrana”. Valladolid.
114
Annual Report 2004
In LEÓN the construction work and marketing of
the 97 housing units making up the “Urbis Norte”
development continue at a good pace. The year
also saw the commencement of the construction
and sale of the “Urbis San Marcos” development
located alongside the Hostal San Marcos
(Parador).
On another land plot, also located in the “Eras de
Renueva” zone, where we will be building 110
housing units, work continues on the planning
process.
The urbanization work for the University Sector, in
which we have a lot for a 64-apartment block, are
expected to commence in summer 2005.
At the time of preparation of this report, 56,455
m2 of building land were acquired in the
municipality of Villaobispo, which borders the city
of León, in an area of consolidated residential
expansion for the city and in which we will be able
to develop 150 apartments once the planning
procedures have been concluded.
“Building San Marcos”. León.
115
Annual Report 2004
In BURGOS, construction has commenced on the
“Residencial Campus” development, comprising
60 apartments and commercial premises in the
Bakimet Sector, alongside the University.
An emblematic building was acquired for
renovation on Sanz Pastor Street, alongside the
Avda. del Cid Campeador in the center of Burgos.
“Residential Campus”. Burgos.
Building acquired on Sanz Pastor Street. Burgos.
116
Annual Report 2004
PAMPLONA BRANCH
During 2004, the Navarra Branch continued
developing its business, fundamentally in the new
Buztintxuri Partial Plan in Pamplona, for which a
new district with 3,400 housing units is planned.
In this sector, the 80 apartments and commercial
premises making up the “Edificio Artea”, the first
development we have carried out in Pamplona,
were delivered in October.
Through the company Renfurbis, managed and
held by Inmobiliaria Urbis at 60% and by RENFE at
40%, the “Edificio Edelweiss” development is
underway, this also being located in the Buztintxuri
Partial Plan, comprising 134 housing units and
“Artea” building. Pamplona.
with a large landscaped enclosure with community
swimming pool.
Similarly, in October 2004 the company Renfurbis
commenced the construction and marketing of 40
apartments in the “Edificio Ulzama” development.
The company also made various purchases during
the year of land in the “Soto de Lezkairu” sector
in Pamplona, in which a total of 6,198 housing
units are planned and which, because of its
privileged position, is possibly the best
development zone in the Pamplona Municipal Plan.
117
Annual Report 2004
LA RIOJA BRANCH
The year 2004 saw commencement of the
urbanization work for the Partial Plan for the T-1
Sector located in Lardero and belonging to one of
the metropolitan areas most in demand to the
south of the capital in which 1,258 housing units
are to be developed, with 23,000 m2 for
commercial premises and 7,000 m2 for hotel use
as well as various public and private facilities.
Inmobiliaria Urbis has two neighboring lots in this
Partial Plan for the construction of 102 houses
with wide private spaces for the development’s
landscaped zones and swimming pool.
“Lardero” land plot. Logroño.
118
Annual Report 2004
CASTILLA-LA MANCHA BRANCH
This Branch operates in the provinces of Ciudad
Real, Toledo, and Albacete, with its head office in
the latter and another office in Toledo.
Commencement of the first phase of housing with
40 units is planned for 2005, with the
development of the remainder to follow.
In TOMELLOSO (Ciudad Real), where Inmobiliaria
Urbis acts a partner and manager of the company
“Desarrollos Inmoboliarios de Castilla–La
Mancha, S.A.,” this year saw the hand-over of 76
State-Subsidized Housing Units and work started
on a further 152, with the plan being to start a
further 88 next year.
In TOLEDO, in the Santa María de Benquerencia
development area, 210 state-subsidized housing
units with commercial premises and garages are to
be developed in the first quarter of 2005, on land
acquired from the Castilla-La Mancha regional
government.
In 2004 in CIUDAD REAL once the town-planning
application process was completed, urbanization
work was started on the land acquired in the city’s
University Campus, where we have lots for the
construction of 162 housing units.
In ALBACETE, where we acquired building land
last year, the development formalities are being
completed for this land and we are expecting to
commence construction of 123 housing units over
the coming years.
Interior common area of the Tomelloso development. Ciudad Real.
119
Annual Report 2004
Building plots in Ciudad Real.
120
Annual Report 2004
CANARY ISLANDS REGIONAL DIVISION
LANZAROTE
SANTA CRUZ
DE TENERIFE
LAS PALMAS
Activity Areas
Las Palmas
Santa Brígida
Telde
Tenerife
Arona
Lanzarote
La Orotava
Los Realejos
121
Annual Report 2004
With its head office in Las Palmas de Gran Canaria,
the Regional Division is active in the Canary
Islands Autonomous Community. It has two
branches, one in each province with the offices
located in their respective capitals, Las Palmas de
Gran Canaria and Santa Cruz de Tenerife. Also, in
the south of Tenerife we have another office for
the Technical and Commercial management of the
“El Palm-Mar” development.
Housing Sales
(Thousand euros)
75,540
75,000
51,391
44,968
50,000
27,749
20,059
25,000
This Regional Division contains three important
Rental Property assets: the “Las Pirámides de
Martiánez” shopping mall in El Puerto de la Cruz;
0
2000
2001
2002
2003
2004
the “Playa Roca” hotel complex in Costa Teguise
(Lanzarote) and the “Urbis León y Castilla” office
building in Las Palmas.
“Parque Avenida”. Las Palmas.
122
Annual Report 2004
Development
Club de Campo II
El Palmeral de Urbis
Mesa and López Building
Urbis Marazul Building
Los Balandros
Club de Mar
Total
Housing
m2
units
City
Santa Brígida
Santa Brígida
Las Palmas
Santa Cruz de Tenerife
Arona
Arona
-
3,818
14,786
11,614
6,665
8,902
6,325
1,311
53,421
15
105
87
61
81
35
7
391
Premises
m2
units
1,006
1,884
2,890
10
14
24
Garages and others
m2
units
2,346
4,325
2,625
2,050
1,962
13,308
119
167
122
105
78
591
Development
Housing
units
City
El Palmeral de Urbis
El Mirador de 7 Palmas
Los Altos de 7 Palmas
Las Tabaibas Residential Development
Urbis Marazul Building
Mar Egeo Building
Mar Adriático Building
Urbis Playa Benijo Building
Roque Aderno
Vistaverde
Los Realejos
Club de Mar
Los Balandros
Total
m2
Las Palmas
Las Palmas
Las Palmas
Las Palmas
Los Realejos
Los Realejos
Arona
Arona
-
1,043
3,629
9,008
9,283
777
6,884
5,121
6,524
4,488
4,026
7,557
3,070
15,265
418
77,093
10
30
108
46
7
55
44
66
39
42
58
17
150
4
676
Premises
m2
units
545
1,441
1,986
4
16
20
Garages and others
m2
units
390
2,543
2,303
502
1,839
1,806
2,958
1,683
2,232
7,164
1,212
24,632
28
119
228
26
110
100
142
85
106
397
81
1,422
Development
Almatriche III
Nuevo Horizonte
Residencial El Dragonal
San Francisco de Paula
Las Tabaibas II
Acoran
Las Llanadas
María Jiménez
Los Realejos
Total
City
Las Palmas
Las Palmas
Las Palmas
Las Palmas
Las Palmas
La Orotava
Los Realejos
2005
Housing
Other buildings
units
m2
m2 units
8,694
1,720
5,816
1,211
6,107
7,280
30,828
84
13
45
6
60
56
264
2,040
2,040
-
2006-2008
Housing
Other buildings
units
units
m2
m2
67,430
32,493
6,200
9,900
19,701
7,557
143,281
613
213
62
90
215
57
1,250
1,561
1,860
3,421
-
project is drafted.
123
Annual Report 2004
“Urbis Mesa y López” building. Las Palmas.
124
Annual Report 2004
LAS PALMAS BRANCH
This Branch’s development activity in 2004 was
located in the city of Las Palmas and in Santa
Brígida, a town in the interior of the island of Gran
Canaria, which has traditionally been a high-level
residential area.
Construction was completed in 2004 of the
emblematic “Edificio Urbis Mesa y López”
building, located in the capital’s most important
shopping street and just a few meters from the
Playa de las Canteras beach. It has 113
apartments, 14 offices and 11 commercial
premises.
In the first quarter of 2005, housing units forming
part of the “El Palmeral de Urbis” development in
Santa Brígida will be handed over. This
development, comprised of 40 town houses and
two apartment buildings with 51 and 28 units
respectively, has been entirely completed.
Sales continued during the year in the “Almatriche”
zone of the “El Mirador de 7 Palmas”, comprising
95 housing units and “Los Altos de 7 Palmas” with
109 housing units.
“San Francisco” Urbanisation.
Las Palmas.
In 2004, the urbanization work was practically
complete for the land in the San Francisco de
Paula Partial Plan, a residential zone alongside
the Banadima nature reserve with a privileged
climate and magnificent views of the sea. The
more than 45,000 m2 of building area will permit
the construction of 276 single-family residences
as well as provide for plots for commercial and
tertiary use.
In the first months of 2005, work is to start on the
“Las Tabaibas” development with 46 single-family
houses and “El Dragonal” with 17 single-family
houses.
This year also saw the commencement of the
urbanization work on another large stock of land,
that located in Sector XIII, “Nuevos Horizontes”, a
residential, commercial, and leisure zone in Las
Palmas, close to the Hipercor shopping center, the
new Estadio Insular and the Warner leisure center.
The available building area above ground level is
58,932 m2.
125
Annual Report 2004
TENERIFE BRANCH
In the North of the island, in an area of continuous
growth and very close to the El Puerto de la Cruz
tourist center, we have completed the “Jardín del
Valle” urbanization work in the municipality of
Los Realejos, where we have land for 213 housing
units. The marketing and construction of the first
phase of this complex has started, with 58 town
houses in the “Los Cedros y Verodes”
development and 42 apartments in the
“Residencial Vista Verde” development.
Just a few minutes from the center of Santa Cruz
is the Acorán development area, with 189 housing
units, of which the 68 corresponding to the
“Edificio Marazul” were handed over during the
year.
Construction and marketing was started in 2004
on the “Mar Adriático” development with 42
housing units and “Edificio Mar Egeo” with 55.
this Region, the Urbanización Palm-Mar, is under
development, with the urbanization work, the
maritime promenade, water supply installation,
and sewage treatment work having been
completed.
In this area we continue managing the sale of land
plots, leading to the construction by various
developers of more than 1,000 housing units, in
addition to the 303 developed by Urbis. The sale
of land plots in the year produced revenues of
11.9 million euros.
At the end of the year, sales continued for the
“Club de Mar” development, consisting of 71
single-family houses, with private garage, garden
areas, and common swimming pools. We are also
proceeding with the delivery of the units sold in
“Los Balandros”, a development comprised of
seven buildings with 232 apartments, landscaped
areas, common swimming pools, and garages.
In the northern zone of the Tenerife capital and
close to the city center, just a few minutes from the
Las Teresitas beach, work is being completed on
the “Residencial Briffard” development zone in
the area known as María Jiménez, in which we will
be building 284 housing units, with the marketing
and construction having commenced for the first
two developments, “Roque Aderno”, with 39
apartments, garages, and storage rooms and
“Playa Benijo”, with a total of 66 units.
In the south of the island of Tenerife and
specifically in Arona, the island’s leading tourist
town, the most important asset that Urbis has in
“Los Balandros”. Arona (Tenerife).
126
Annual Report 2004
GALICIA REGIONAL DIVISION
LA CORUÑA
SANTIAGO
PONTEVEDRA
VIGO
Activity Areas
La Coruña
Pontevedra
Ames
Ares
Arteixo
Lians – Oleiros
Santiago de Compostela
La Guardía
Poyo
Vigo
Villagarcia de Arosa
127
Annual Report 2004
The restructuring of the production area carried
out in 2004 made it advisable, with a view to
higher productivity, to separate the Galician
provinces from what used to be the Northeastern
Regional Division.
Housing Sales
(Thousand euros)
50,000
With the new territorial organization, Galicia
becomes the seventh Regional Division. It has its
head office in Santiago de Compostela and branch
offices in La Coruña and Vigo.
.
37,950
25,000
0
2000
2001
2002
2003
2004
“Milenium Building”. La Coruña.
128
Annual Report 2004
Development
City
Housing
m2
units
Premises
m2
units
Garages and others
m2
units
Parque Urbis I
La Coruña
6,729
71
177
1
2,783
153
Parque Urbis II
La Coruña
9,139
97
-
-
3,901
217
El Pazo de Lóngora I-II and III
Oleiros
2,869
24
-
-
1,277
54
Pazo Ferreirós
Poyo-Pontevedra
1,264
12
-
-
273
26
La Concha Building
Villagarcía de Arosa
2,313
23
-
-
700
46
-
-
-
-
89
2
22,314
227
177
1
9,023
498
-
Total
Development
Housing
m2
units
City
Premises
m2
units
Garages and others
m2
units
Parque Urbis III
La Coruña
17,166
180
491
2
7,513
387
Los Jardines de Arteixo
Arteixo
4,133
46
-
-
1,650
98
Residencial Los Castaños
La Guardia
4,334
48
323
4
2,021
93
Mirador de Poyo I
Pontevedra
6,896
77
185
2
4,005
184
32,529
351
999
8
15,189
762
Total
Development
City
2005
Housing
Other buildings
units
m2 units
m2
2006-2008
Housing
Other buildings
units
units
m2
m2
Milladoiro A
Ames
-
-
-
-
5,553
50
2,600
125
Milladoiro B
Ames
-
-
-
-
Milladoiro C
Ames
-
-
-
-
5,553
50
2,600
125
5,553
50
2,600
125
Milladoiro D
Ames
-
-
-
Milladoiro 2
Ames
-
-
-
-
5,553
50
2,600
125
-
7,854
72
3,576
182
Santa Marta
Santiago
6,080
61
5,148
178
Redes
Ares
-
-
-
-
-
-
-
-
6,501
42
-
-
Fenya
Ferrol
10,295
99
7,060
322
-
-
-
-
Finca Sensat
Vigo
6,636
69
4,178
170
-
-
-
-
Velázquez Moreno, 35
Vigo
951
19
595
1
-
-
-
-
Mirador de Poyo II
Pontevedra
-
-
-
-
9,000
90
3,532
180
Samil
Vigo
-
-
-
5,000
50
1,750
100
248 16,981
671
50,567
454
19,258
962
Total
23,962
project is drafted.
129
Annual Report 2004
LA CORUÑA BRANCH
On the Avenida de Arteixo, one of the capital’s
main arteries and not far from the city center, the
third phase of the “Parque Urbis” development is
under construction, with 212 residential units
having already been handed over.
In the town of Oleiros, very close to La Coruña
and just a few meters from the Bastiaguerio
beach, the “Residencial Pazo de Lóngora”
development is found, comprising 139 residential
units, with the last 24 having been delivered by
the end of the year.
development, with a total of 90 apartments,
storage rooms, and garage spaces, were
completed.
The Branch, which had land for more than 300
residential units in the coastal town of Redes, in
the town of Ares and in Milladoiro (Ames) in the
vicinity of Santiago de Compostela, acquired new
building lots in 2004. One of these is located in
the center of Ferrol, with a building area of
around 10,000 m2 and another in Santiago de
Compostela for the construction of 81 housing
units.
On Avenida de Finisterre in the town of Arteixo,
the construction and delivery of the first two
phases of the “Los Jardines de Arteixo”
“Residential Pazo de Lóngora”. Oleiros (La Coruña).
130
Annual Report 2004
VIGO BRANCH
In the Town of San Salvador de Poyo, the delivery
of 204 housing units was completed in the
“Ciudad Jardín Pazo Fronteras” development.
Alongside this development and very close to the
center of Pontevedra and just 15 minutes from
Sanjenjo, the construction work and marketing has
commenced on 77 housing units in the “Mirador
de Poyo Phase I” development.
Construction was completed in Villagarcía de
Arosa on the 40 apartments that make up the
“Edificio La Concha”, located only 100 meters
from La Concha beach and 200 meters from the
Marina.
“El Mirador de Poyo”. Pontevedra.
In the municipality of La Guardia the completion
of the work and delivery of the “Residencial Los
Castaños” development with 48 housing units,
located at the foot of Monte Tecla and 600 meters
from the Marina, is planned for 2005.
Similarly, construction has commenced in the city
of Vigo on the “Finca Sensat” development,
which comprises 69 luxury apartments in a private
estate alongside the beach, with the best views of
the Ría de Vigo and just a few minutes from the
city center.
131
Annual Report 2004
“Finca Sensat”. Vigo
132
Annual Report 2004
URBIS PORTUGAL
OPORTO
LISBON
Building on Rosa Araujo Street. Lisbon.
133
Annual Report 2004
Inmobiliaria Urbis operates in Portugal through our
subsidiary, the company EUROIMOBILIARIA and
under the guidance of the Development Division.
quality areas of Lisbon for the purpose of
producing high or medium-to-high class residential
properties.
For some time now, work has been proceeding on
the administrative formalities for obtaining the
Construction License for our building located at
Avda. Liberdade 136, in Lisbon’s business center.
The Lisbon Branch is currently fully functioning and
has buildings for renovation or land plots in the
city’s main zones. As well as the aforementioned
building on Avda. Liberdade, we have properties
on Rosa de Araujo Street, Avda. Duque de Loule,
Viriato Street, Plaza Saidhana, Avda. Duque D’Avila,
Avda. Defensores de Chaves, Avda, Ingeniero
Duarte Pacheco, Plaza Mártires de la Patria, Plaza
de Chile, Arriero, etc. We currently have a building
area that is above the equivalent of 1,000 housing
units.
Once this license has been obtained, we will start
the renovation of this 19th century building with a
floor area of 2,135 m2 for use as offices,
maintaining the facade.
Our presence in the Portuguese capital has allowed
us to study and get to know the residential
development sector and to make purchases and
place purchase options on buildings and lots
located in the most representative and highest-
The Oporto Branch was opened in 2004 and initial
studies on the city have commenced.
Building in Avda. Duque de Loulé. Lisbon.
134
Annual Report 2004
RENTAL ASSETS
The investment policy commenced in previous
years continued during 2004, this being aimed at
increasing our Rental Properties by incorporating
new assets, both through development on our
own lots and through direct acquisition from third
parties.
This investment policy has allowed us over the last
five years to increase the floor space for rent by
80% and rental revenues by 116%.
Surface Area for Rent
Revenues from Rental Properties
m2
Million of euros
41.1
38.9
40
35
32.1
400,465
417,667
400,000
350,000
32.9
299,719
300,000
30
250,000
25
20
19.0
287,984
232,011
200,000
15
150,000
10
100,000
5
50,000
0
0
2000
2001
2002
2003
2000
2004
2002
2003
2004
The yield of 9.8% obtained is similar to that for
the previous year , a consequence of the initial
periods necessary for achieving full occupancy
in the new buildings.
Of note among the assets directly developed on
our own lots are:
The “Urbis Center” Business Park located in the
“Ampliación Casa de Campo” in Pozuelo de
Alarcón (Madrid), consisting of three office
buildings with a floor area of 27,740 m2,
garden areas, and 460 underground parking
spaces. The park is to be completed with a
building like the previous ones and which is
shortly to be commenced.
2001
Gross Yield
Percentage
12
10.7
10.9
10
8
9.9
9.8
2003
2004
7.9
6
We have also added to our Rental Properties
with an administrative concession for a period
of 18 years of a 120-unit apartment building
constructed for the IVIMA (the Madrid Housing
Institute) in the Madrid locality of Tres Cantos.
4
2
0
2000
2001
2002
135
Annual Report 2004
“Urbis Center” Business Park. Pozuelo de Alarcón (Madrid).
“León y Castillo” Building. Las Palmas.
136
Annual Report 2004
The most important sector currently represented
in our asset base is that of Offices, with 45% of
total area and 43% of rental revenues, despite
the general crisis suffered by the sector with
significant reductions in yields. In the case of
Inmobiliaria Urbis, the advantages offered by our
land bank have made it possible for our assets to
be situated, by price and by quality, in a very
competitive position and to achieve full
occupancy within reasonable delays.
premises, this representing 41% of rental
revenues and occupying 28% of total floor area.
The important and continuous demand for our
Shopping Centers has meant that we have
reached a 99.73% occupancy ratio.
Our establishment in this sector will be increased
considerably with the project for developing a
large Shopping Center in Benidorm with an
above ground retail space of around 45,000 m2.
The other significant sector for our assets is that
for Commercial use, shopping centers and
As one can see from the above graphs, the area
with most asset activity continues to be Madrid,
with 79% of the m2 for rent and 83% of total
rental revenues. This is followed by the Canary
Islands with 15% of the area and 13% of rental
revenues.
137
Annual Report 2004
“ABC Serrano” Shopping Center. Madrid.
“Gobelas” Office Building. Madrid.
138
Annual Report 2004
“Urbis Empresarial Center”. Madrid.
“Amper” Office Building. Madrid.
139
Annual Report 2004
Properties for Rental (*)
Asset
City
Offices
m2
above ground
m2
below ground
117,433
72,314
Cardenal Marcelo Spínola 42 Building
Madrid
8,584
3,630
Gobelas 15 Building
Madrid
2,969
583
Gran Vía 43 Building
Madrid
7,441
-
Torre Urbis-Ombú 3
Madrid
13,096
7,994
Avenida de San Luis 25.27
Madrid
18,570
14,809
Urbis Business Center
Madrid
13,463
6,890
Urbis Center Business Park
Pozuelo (Madrid)
15,411
12,330
Avda. Tenerife 4-6
S.S. de los Reyes (Madrid)
25,874
20,748
Albareda Building
Sevilla
3,039
536
León y Castillo, 431 Building
Las Palmas
7,550
4,733
1,436
60
20,290
5,338
9,977
5,338
10,313
-
10,909
9,052
10,909
9,052
29,829
51,750
Assorted Offices
Hotels
Ambassador
Madrid
Playa Roca Complex
Costa Teguise (Lanzarote)
Geriatric Residences
Príncipe de Vergara
Madrid
Shopping Centers
ABC - Serrano
Madrid
14,019
6,750
La Esquina del Bernabéu
Madrid
4,883
15,000
Las Pirámides de Martianez
Puerto de la Cruz (Tenerife)
10,927
30,000
33,306
-
2,110
-
31,196
-
43,061
-
Commercial Premises
Puerta Urbis
SS de los Reyes (Madrid)
Assorted commercial premises
Industrial Buildings
Logistical Industrial Estate “Los Ángeles”
Getafe (Madrid)
30,918
-
Navexpo Industrial Estate
Sevilla
12,143
-
17,412
3,383
11,314
3,383
6,098
-
-
3,590
-
3,590
272,240
145,427
Housing
Tres Cantos Building
Assorted housing units
Madrid
Garages
Assorted garages
TOTAL
(*) This does not include assets under development, only assets in operation.
140
Annual Report 2004
Operational Rental Assets
Change 04/03
Difference
(%)
2004
2003
443,859
444,875
-1,016
-0.2
16.2
19.1
-2.9
-15.3
Surface area for rent (m2)
417,667
400,465
17,202
4.3
Average cost impact (euros/m2)
1,062.71
1,110.90
-48.19
-4.3
112.30
117.34
-5.04
-4.3
95.6
94.6
1.0
1.1
9.8
9.9
-0.1
-1.0
Net Book Value of Rental Properties (thousand euros)
Net Rental Property Value over Total Consolidated Assets (%)
Average rent (euros/m2/year)
Percentage occupancy at 12/31
Gross Yield
141
Annual Report 2004
The net book value for these assets came to 444
million euros, representing 16.2% of total
consolidated assets.
The latent gains in the valuation of rental
properties amount to 229.2 million euros,
representing 51.6% of net book value.
Other figures of note are the occupancy level of
95.6% and the Gross Yield of 9.8%.
“Avda. de San Luis” office building. Madrid.
142
Annual Report 2004
Investments in Development Real Estate Assets
INVESTMENTS
m2 above ground m2 below ground
Total m2
SENIOR CITIZENS’ RESIDENCES
Murcia (Altorreal Estate)
4,800
-
4,800
Pontevedra
5,400
850
6,250
Las Palmas de Gran Canaria
5,263
2,400
7,663
14,500
3,000
17,500
Badalona (Parc-Solei Complex)
6,000
1,000
7,000
Zaragoza
5,500
700
6,200
Alicante
5,500
-
5,500
7,500
3,500
11,000
40,000
25,000
65,000
Benidorm Shopping Center
45,000
52,000
97,000
Offices in Madrid (former Amper Head Office)
11,153
8,293
19,446
TOTAL ASSETS UNDER DEVELOPMENT
150,616
96,743
247,359
CURRENT OPERATIONAL ASSETS
272,240
145,427
417,667
TOTAL URBIS ASSETS
422,856
242,170
665,026
Alicante (Villajoyosa)
OTHERS
Hotel in Badalona (Barcelona)
Avenida de América Business Park (Madrid)
The investments shown in the above table will
enter operation in the 2005-2007 period. This
table shows that Inmobiliaria Urbis has made a
decision to construct senior citizens’ homes so
as to broaden the range of its rental products
and to take advantage of the growth potential
this sector has in Spain.
The main facade of the “Principe de Vergara” Senior Citizens’ Residence. Madrid.
143
Annual Report 2004
The renovation of a former convent that dates
back to the 19th century on Principe de Vergara
Street in Madrid was the first such residence to be
incorporated into our asset base in 2003. There
are a further seven residences currently under
construction, with that in Molina de Seguro
(Murcia) with 120 beds and the one in Pontevedra
with 135 beds expected to be incorporated in
2005. Both will be managed by Intercentros
Ballesol, a leading company in the sector.
On the lot acquired in Avenida de América,
located between the Barajas Airport and the
Campo de Naciones, progress is currently being
made in the project for a Business Park that is
intended to be emblematic for Inmobiliaria Urbis
by virtue of its quality and architectural design.
The complex is to consist of nine office buildings
with restaurants, cafeterias, shopping area,
fitness-center, etc. with a total area above ground
of 40,000 m2 and 51,000 m2 below ground, with
a capacity for 1,700 parking spaces.
At the date of this report an office building
(Amper Building) had been acquired for
renovation and incorporation into Rental
Property assets, this having a total surface area
of 11,153 m2 above ground level and 267
parking spaces.
Land plot for the “Avenida de América” Business Park. Madrid.
144
Annual Report 2004
HUMAN RESOURCES
Our Company’s continuing growth has brought
with it a growth in our staff because of the need
to provide our structure with the essential human
resources for our business activity to develop
normally.
Inmobiliaria Urbis has continued with its policy of
hiring independent professionals, as is the case
of architects, quantity surveyors, lawyers,
vendors, etc. and of using specialized companies
in areas such as quality control, engineering,
maintenance and others, in order to grow with
lower overheads and a rigorous control over
variable costs.
Nonetheless, the control over overheads that we
have been applying since past years means that
the staff increase has been kept tight, growing
only 3.3% in 2004.
Also, the basic objective of maintaining
productivity was exceeded once again this year
with revenues per employee reaching 3,316
thousand euros over Revenues.
Special attention has been paid to Training,
maintaining the policy of previous years through
holding different courses and seminars aimed at
achieving more complete development of our
personnel’s abilities and broadening their
knowledge.
The analysis of the staff structure at 31
December shows that the growth is almost all
centered on the Production Department and
preferentially with Graduates, a logical
consequence of what has already been set out:
an increase in the production figure and an
increase in the number of localities in which we
are developing our business.
An ambitious program has been developed along
this line aimed fundamentally at our technicians
in the Production Department and covering
different subjects: Technical, Legal, Town
Planning
and
Planning
and
Control.
Simultaneously with these training courses and
programs we have made study grants to all
personnel requesting these.
Staff structure
At 31 December
Central Services
2003
2004
Regions
2003 2004
Rental Properties
2003
2004
Totals
2003 2004
Administrators and Management
9
10
-
-
1
1
10
11
Regional and Branch Managers
-
-
24
27
-
-
24
27
18
20
28
38
3
3
49
61
2
3
29
24
2
2
33
29
Higher Graduates
Diploma Graduates and Works Technicians
Vendors
-
-
7
7
1
1
8
8
Information Technology
6
5
-
-
-
-
6
5
21
19
37
35
9
8
67
62
-
-
2
2
1
1
3
3
Administrative staff
Building maintenance
Property security and caretaking
-
-
-
-
5
6
5
6
Office services and various
6
6
1
1
-
-
7
7
62
63
128
134
22
22
212
219
TOTAL
145
Annual Report 2004
Evolution in Staff and Branches
(At 31 December)
30
28
30
29
28
250
219
25
20
200
212
19
15
188
178
150
126
100
10
50
5
0
0
2000
2001
2002
2003
Number of Branches
2004
Number of Employees
Human Resources management contributes to
the integration of our personnel into the
organizational structure and their identification
with the Company’s policies and strategy.
Inmobiliaria Urbis has continued to place special
importance on internal promotion for covering
vacancies or new positions and on hiring female
staff, with their percentage of staff increasing
year by year.
With our concern for contributing to reconciling
work and family life, we have been applying a
series of measures to foment this: financial
grants to employees who have or who adopt a
child, establishing flexible working times so that
employees can select those that are best
adapted to their needs, etc.
Distribution of Staff by Qualifications
(At 31 December)
120
110
108
99
100
89
90
83
80
93
85
83
79
80
72
70
66
64
63
60
67
60
50
40
40
43
41
2003
2004
37
33
30
21 23
22 23
20
20 20
24 24
27
19 20
23
28
10
0
1994
1995
Higher Graduates
1996
1997
1998
1999
2000
Diploma Graduates
2001
2002
Other Employees
146
Annual Report 2004
STOCK MARKET INFORMATION
Stock Market Data and Ratios
2004
2003
Variación
Variación %
Maximum price (euros)
10.90
7.90
3.00
38%
Minimum price (euros)
7.86
5.36
2.50
47%
Price at 12/31 (euros)
10.68
7.85
2.83
36%
Market capitalization at 12/31 (million euros)
1,363
1,002
361
36%
Market value at 12/31/Book value (%)
176%
146%
30%
21%
PER (12/31/2004)
11.0
10.9
0.10
1%
EBITDA / E.V. (12/31/2004)
9.1%
10.3%
-1.20%
-12%
Effective volume (million euros)
Trading frequency
327
267
60
22%
100%
100%
0%
0%
6.07
5.37
0.70
13%
Equity at 12/31/no. of shares (euros)
Urbis vs´ Indexes 2003-2004
190
175
160
145
130
115
100
85
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
2003
J
J
A
S
O
N
D
2004
IBEX
URBIS
EPRA
Effective Monthly Volume
Thousand euros
50,000
40,000
30,000
20,000
10,000
0
J
F
M
A
M
J
2003
J
A
S
O
N
D
J
F
M
A
M
J
2004
J
A
S
O
N
D
147
Annual Report 2004
Market prices 2003
Month
Price (Close)
Volume Traded
Average Maximum Minimum Effective (thousand euros)
Shares
Days
Traded
Market
Days
January
5.85
6.18
5.51
11,392
1,949,197
21
21
February
6.19
6.32
5.93
13,641
2,211,393
20
20
March
6.21
6.45
6.02
9,835
1,570,324
21
21
April
6.37
6.52
6.14
24,359
3,847,010
20
20
May
6.37
6.72
6.11
17,339
2,693,509
21
21
June
6.57
6.73
6.45
16,405
2,501,318
21
21
July
6.57
6.70
6.50
16,033
2,444,654
23
23
August
6.43
5.54
6.36
8,006
1,244,816
20
20
September
6.25
6.61
6.13
30,208
4,768,976
22
22
October
6.87
7.20
6.50
47,244
6,856,399
23
23
November
7.34
7.60
7.08
38,894
5,339,755
20
20
December
7.60
7.85
7.35
33,812
4,448,112
18
18
267,168
39,875,463
250
250
Days
Traded
Market
Days
TOTALS
Market prices 2004
Month
Price (Close)
Volume Traded
Average Maximum Minimum Effective (thousand euros)
Shares
January
8.43
8.90
8.00
21,139
2,515,048
20
20
February
9.20
9.84
8.23
38,317
4,171,618
20
20
March
9.52
9.88
9.02
38,318
4,073,161
23
23
April
9.30
9.64
9.03
32,797
3,535,021
20
20
May
8.94
9.18
8.70
32,992
3,699,083
21
21
June
9.16
9.28
8.97
22,742
2,481,434
22
22
July
9.16
9.32
9.00
20,176
2,209,389
22
22
August
9.33
9.45
9.20
16,936
1,822,861
21
21
September
9.35
9.50
9.19
16,645
1,784,583
22
22
October
9.29
9.40
9.21
18,201
1,964,305
20
20
November
9.67
10.47
9.25
38,635
4,008,614
21
21
December
10.62
10.78
10.48
30,331
2,843,058
19
19
327,227
35,108,175
251
251
TOTALS

5. business report

Transcription

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