Balance sheet [Certified Content]

CONSOLIDATED BALANCE SHEET		Thousand €

	Notes	31.12.2003	31.12.2002
Non-current assets		5,929,263	6,554,826
Intangible assets	10	10,500	12,392
Plant, property and equipment	11	4,219,575	4,333,449
Participating interests*	13	433,155	679,812
Long-term investments – cross border leasing	14	890,495	1,037,609
Other long-term investments and other receivables	15	375,538	491,564

Current assets		279,045	363,251
Inventories	16	17,713	23,872
Receivables and other assets	17	219,179	255,474
Securities	18	14,032	16,397
Cash and cash equivalents	19	28,121	67,508
Total assets		6,208,308	6,918,077



	Notes	31.12.2003	31.12.2002
Shareholders' equity	20-24	1,437,603	1,263,018

Long-term liabilities		3,856,205	4,524,137
Financial obligations	25	1,461,236	1,918,283
Financial obligations – cross border leasing	25	984,504	1,155,587
Provisions	26	595,399	609,467
Contributions to building costs	27	451,038	461,682
Deferred income and assets – cross border leasing	28	274,495	280,382
Other liabilities	29	20,273	81,311
Provision for deferred taxes	9	69,260	17,425

Short-term liabilities		914,500	1,130,922
Financial obligations	25	526,967	651,824
Financial obligations – cross border leasing	25	911	3,967
Provisions	26	223,644	227,716
Other liabilities	30	162,978	247,415
Total liabilities		6,208,308	6,918,077


^*Thereof at equity: per 31.12.2003 398,471 Thousand €, per 31.12.2002 386,390 Thousand €