PROFIT AND LOSS ACCOUNT 1 JAN 2004-31 DEC 2004

	GROUP		CAA
	2004	2003	2004	2003
	1000 €	1000 €	1000 €	1000 €

TURNOVER	245 999	229 391	233 847	219 044
Other operating income	2 318	1 763	4 276	1 804

EXPENSES
Materials and supplies
Purchases during the fiscal period	17 497	15 602	17 174	15 489
Variation in stock increase(-)/decrease(+)	46	232	70	269
External services	47 190	40 442	49 524	42 210
MATERIALS AND SERVICES	64 733	56 276	66 768	57 968

STAFF EXPENSES
Salaries and bonuses	74 856	71 117	68 578	65 742
Indirect staff expenses
Pension expenses	12 995	11 133	12 012	10 318
Other indirect staff expenses	3 459	3 252	3 085	2 920
TOTAL STAFF EXPENSES	91 310	85 502	83 675	78 980

DEPRECIATIONS AND VALUE ADJUSTMENTS
Buildings and structures	16 843	15 519	13 233	13 025
Machinery and equipment	15 649	15 941	14 970	15 302
Ground structures	12 006	12 014	10 765	11 690
Intangible rights	878	744	870	741
Group goodwill	0	58
Other long-term expenses	71	70	68	67
DEPRECIATIONS	45 447	44 346	39 906	40 825

Other operating costs	28 304	22 219	30 563	24 573

NET OPERATING PROFIT	18 523	22 811	17 210	18 502

FINANCING INCOME AND EXPENSES
Divident income from Group subsidiaries			5	0
Divident income from other fixed-asset investments	17	18	8	18
Other interest and financing income	2 575	3 190	1 445	1 852
Depreciation on non-current investment assets	57	432	57	424
Interest and other financial expenses	-6 741	-7 688	-3 698	-4 236
	-4 092	-4 048	-2 183	-1 942

PROFIT BEFORE EXTRAORDINARY ITEMS	14 431	18 763	15 027	16 560

Extraordinary items
Extraordinary earnings

PROFIT BEFORE APPROPRIATIONS
AND TAXES	14 431	18 763	15 027	16 560

Direct taxes	-10	-80
Change in the deferred tax liability	-317	-425

PROFIT BEFORE MINORITY SHARE	14 104	18 258	15 027	16 560

Minority share of profit for the fiscal year	-163	-227

PROFIT FOR THE FISCAL YEAR	13 941	18 031	15 027	16 560