2003 was a very satisfactory year for our Group; the good results achieved can be explained by two main factors. The general economic environment was favourable for the development of shipping. The markets were buoyant in 2003 and we can expect them to remain so in 2004. The efforts made to increase our operating efficiency enabled us to strengthen our position in a highly competitive environment. I would like to take this opportunity to thank everyone at CMA CGM for their dedicated contribution.

The results achieved have enabled us to pursue our capital expenditure policy for more competitive vessels, port terminals and network development while we focus on our priority of enhancing the skills of our teams.

This is particularly true when it comes to protecting the environment, especially the marine environment, and I expect our performance in this area to be something we can all be proud of. This is why we have defined a very strict environmental strategy, which I am asking all staff members, both sea-going and sedentary, to support.

In this regard, CMA CGM has to set an example in all aspects of its business, not just in its financial performance. This is a genuine commitment that we are all making together.


Jacques R. SAADE
Chairman of the Executive Board
CMA CGM Holding and CMA CGM S.A.