Investment and Financing
Capital investments excluding advance payments for the financial year totalled 82.3 million euros (102.4 million euros). Capital investments included the purchase of one new Airbus A320 aircraft in December 2003. Another five new Airbus A320 aircraft and one MD-11 wide-bodied aircraft delivered were acquired on long-term operational lease agreements.
Operational cash flow, excluding capital gains, was 59.6 million euros, compared with 132.7 million euros a year earlier. The Group's liquid assets exceeded interest bearing liabilities at the end of the financial year by18 million euros, compared to net debt of 20 million euros at the beginning of the financial year. The gearing ratio has improved from 3.1 per cent at the beginning of the financial year to -2.9 per cent. The equity ratio, 44.4 per cent, has remained at the same level as it was at the end of the previous year. Both figures are clearly better than the set targets.
At the end of the financial year, the Group had liquid cash reserves of 294.3 million euros, in addition to which there was a total of 197.9 million euros in unused committed loan facilities. |