Report by the Board 2003

Objectives laid down for the CAA and how they have been achieved

Developments and Changes in CAA Business Operations in 2003

	Slight Growth in Air Traffic
	Earning Target Exceeded
	Group Profit € 18.0
	Capital Spending Totalled € 43.1 million
	No New Loans by the CAA in 2003

Personnel

The CAA Board

The Outlook for 2004

Profit and Loss Account 1.1.2003 - 31.12.2003

Balance Sheet 31.12.2003

Financing Statement 1.1.2003 - 31.12.2003

Proposal for the use of the Profit

Auditor's Report

Notes to the Financial Statement

No New Loans by the CAA in 2003

The Council of State authorized the CAA to take out a long term loan of € 25 million and to provide absolute unsecured guarantees for loans, to a maximum sum of € 50 million, to its subsidiaries providing airport and air navigation services and to CAA property companies.

The CAA took out no new long term loans during the year. The Group’s subsidiaries took out new loans totalling € 19.1 million, for which the CAA guaranteed € 17.0 million.

The Group’s financial status remained good throughout the year.