The financial result for the Civil Aviation Administration
after obligatory reserves and various incidental and one-time
expenses amounted to a profit of 15 million euros. This
result was about 7 million euros better than budgeted but
still a million euros weaker than for the previous year.
The operating profit for 2004 of about 18 million euros
was in line with the long term objectives of the CAA. The
operating profit for 2003, adjusted so as to be comparable,
was about 14 million euros.
The 4 million euro improvement in operating profit was
the result of an improvement in traffic. Airport and air
navigation charges per passenger fell by 3.5 % as a result
of various discount schemes in accordance with our customer
benefit philosophy.
The CAA’s profit of 18 million euros will keep the
organisation’s finances healthy, will be sufficient
to cover replacement investments and small-scale expansion
projects out of our own finances and will allow for a dividend
of about 5 million euros to be paid to the state. We shall
endeavour to maintain this level of profit in future whilst
at the same time striving to ensure that our charges remain
among the lowest in Europe.
