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Download all the 2008 financial statements

Balance sheet

BALANCE SHEET
in millions of euros
At 31/12/2008At 31/12/2007At 31/12/2006
       
ASSETS      
Cash in hand, central banks, national giro (note 1) 2,718.64 10.85  
Treasury bills and other bills eligible for refinancing with central banks (note 1) 678.69 1,370.17  
Loans and advances to credit institutions (note 1)      
. repayable on demand 1.31 0.28 0.49
. repayable at maturity 1,000.51 333.46  
Intangible assets (note 2)      
Tangible assets (note 2) 0.23 0.02 0.03
Real-estate assets (note 13bis)      
Other assets (note 3) 357.38 654.44 273.24
Accrued income and prepaid expenses (note 4) 1,489.99 1,340.34 1,369.14
       
TOTAL ASSETS 6,246.75 3,709.56 1,642.90
       
LIABILITIES      
       
Amounts owed to credit institutions (note 5)      
. repayable on demand      
. repayable at maturity 1,610.55 2,111.68 2,225.74
Debts evidenced by certificates (note 6)      
. Negotiable debt securities 14,936.49 3,480.48 3,060.18
. Bonds and related securities 67,739.18 68,611.11 70,592.18
. Other debts evidenced by certificates      
Other liabilities (note 7) 133.54 19.69 18.37
Accrued expenses and deferred income (note 8) 1,891.80 2,441.94 1,344.48
Sub-total - Debts
86,311.56 76,664.90 77,240.95
Provisions (note 8) 5.83 0.11 0.08
Property endowment
181.22 181.22 181.22
Profit and loss account brough forward (83,136.67) (75,714.63) (78,594.46)
Profit for period 2,884.81 2,577.96 2,815.11
Sub-total-Reserves (80,070.64) (72,995.45) (65,598.13)
       
TOTAL LIABILITIES 6,246.75 3,709.56 1,642.90

 

 

Income statement

The significance of CADES' annual financial statements has to be put into perspective. It is important to remember the special purpose for which CADES has been established, namely, to amortise debt over a period of 18 years and one month.

INCOME STATEMENT
in millions of euros
At 31/12/2008At 31/12/2007At 31/12/2006
Interest receivable and similar income (note 9) 320.66 238.96 524.19
. Interest receivable and similar income on transactions with credit institutions 284.51 135.38 108.09
. Interest receivable and similar income on bonds and other fixed-income securities 3.05 21.16  
. Other interest receivable and similar income 33.10 82.42 416.10
       
Interest payable and equivalent expenses (note 10) (3,403.95) (3,332.92) (3,161.95)
. Interest payable and equivalent expenses on transactions with credit institutions (189.80) (116.63) (128.57)
. Interest payable and equivalent expenses on bonds and other fixed-income securities (3,214.15) (3,216.29) (3,033.38)
Other interest payable and similar charges      
Fees payable (note 10) (9.33) (7.53) (23.67)
       
Gains and loss on investment securities (note11) (0.37) 0.02
0.02
. Net profit (loss) on foreign exchange transactions (0.37) 0.02 0.06
Gains and losses on investment secruities ( note11.1)      
Net profit ( loss) on investment securities      
Other operatin income - banking 0.00 0.00 0.00
Other operation charges - banking (0.01) (0.01) (0.02)
       
NET BANKING INCOME (3,093.00) (3,101.45) (2,661.39)
       
General operating charges (note 13) (2.40) (2.06) (2.22)
. Staff costs (0.78) (0.74) (0.75)
. Other administrative expenses (1.63) (1.32) (1.47)
       
Depreciation and provisions - intangible and tangible assets (0.03) (0.02) (0.03)
       
Other operating income 6,059.86 5,814.76 5,541.94
. CRDS-related income (note 12) 6,059.67 5,814.76 5,541.93
. Income from property (note 13.1)      
       
Other operating charges (79.62) (133.27) (63.19)
. CRDS-related expenses (note 12) (76.26) (69.09) (63.09)
. Payment to the State (note 14)      
. Payments to social cecurity agencies (note 14) 0.00 0.00 0.00
. Provision for doubtful debts relatin to CRDS (note 12) (3.46) (64.17)  
. Charges related to property (note 13.1) 0.10 (0.01) (0.10)
GROSS OPERATING PROFIT 2,884.81 2,577.96 2,815.11
OPERATING PROFIT 2,884.81 2,577.96 2,815.11
       
       
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 2,884.81 2,577.96 2,815.11
       
NET LOSS FOR YEAR ENDED 2,884.81 2,577.96 2,815.11

 

Off balance sheet commitments

OFF BALANCE SHEET ITEMS
in millions of euros (Notes 15 to 17)
At 31/12/2008At 31/12/2007At 31/12/2006
COMMITMENTS GRANTED      
Financing commitments      
. Annual payment to the government (pursuant to Article 4, IV of Ordinance No. 96-50 of January 24, 1996) 0.00 0.00 0.00
. Payments to various social security funding organizations (pursuant to Article 4, V and VI of Ordinance No. 96-50 of January 24, 1996)
17,000.00
0.00 2,690.00
COMMITMENTS RECEIVED      
Financing commitments      
. Commitments from credit institutions (note 18) 3.200.00 7,550.00 7,438.66