The last few years have posed great challenges for our target industries. Global events and market downturns have continued to put pressure on the airline and railway sectors. This is not a one-off occurrence; it is a permanent structural change. The companies in our key markets that have been able to adapt well are poised to become the leaders in profitability.

We view our primary role as being the support of our current and future clients in building a stronger position in their respective industry and market segment by helping them control cost structures and changes to their business strategy.

We continue in our efforts to build a complete and integrated planning and decision support software solution combining the major revenue and cost drivers; payload, crew, and vehicles. This proficiency coupled with a strong knowledge based service offering is essential to our expansion.

I believe that our expertise and systems can be applied at all levels of an organization. In the future I predict that we will work more in an advisory role with change management support for top management as well as in expert roles in the planning area helping our clients in creating new business models, planning, implementation and simulation. In the end what counts though, is creating measurable dollar/euro saving on the bottom line to increase profitability.

2004 is the year that Carmen celebrates its 10 year anniversary as an independent company. The clients we had 10 years ago are still with us and I warmly welcome Saudi Arabian Airlines as the latest member of this group.

Last, but not least, I would like to sincerely thank all clients and colleagues for a tough but fruitful 2003. Let us continue to create the needed partnerships and accomplish great results in 2004 in working by the motto of having our “resources in balance”.

Yours sincerely,

Per Norén
Chief Executive Officer

"In the end what counts though,
is creating measurable dollar/euro
saving on the bottom line to
increase profitability."

Per Norén Chief Executive Officer