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Download all the 2006 financial statements

Balance sheet

BALANCE SHEET
in millions of euros
At 31/12/2006At 31/12/2005At 31/12/2004
       
ASSETS      
Cash in hand, central banks, national giro (note 1) 0.00 0.19 1.69
Government paper and similar securities (note 1)      
Loans and advances to credit institutions (note 1)      
. repayable on demand 0.49 112.68 1.82
. repayable at maturity 0.00 958.39 3150 .65
Intangible assets (note 2) 0.00 0.00 0.01
Tangible assets (note 2) 0.03 0.05 0.07
Real-estate assets (note 13bis)      
Other assets (note 3) 273.24 56.42 299.30
Accrued income and prepaid expenses (note 4) 1 369.14 1 950.44 1 065.99
       
TOTAL ASSETS 1 642.90 3 078.17 4 519.53
       
LIABILITIES      
       
Amounts owed to credit institutions (note 5)      
. repayable on demand      
. repayable at maturity 2 225.74 3 618.14 11 643 .49
Debts evidenced by certificates (note 6)      
. Negotiable debt securities 3 060.18 9 418.94 15 091.96
. Bonds and related securities 70 592.18 61 863.79 42 141.43
. Other debts evidenced by certificates      
Other liabilities (note 7) 18.37 371.93 74.86
Accrued expenses and deferred income (note 8) 1 344.48 518.52 1 304.11
Sub-total liabilities 77 240.95 75 791.32 70 255.85
       
Provisions for contingencies and losses (note 8) 0.08 0.10 0.08
       
Property endowment 181.22 181.22 181.22
Retained balance brought forward -78 594.46 -72 527.62 -65 165.44
Balance for the year ended 2 815.11 -366.85 -752.18
Net liability position
-75 598.13 -72 713.25 -65 736.40
       
TOTAL LIABILITIES 1 642.90 3 078.17 4 519.53

 

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 31/12/2006At 31/12/2005At 31/12/2004
Interest receivable and similar income (note 9) 524.19 470.79 313.96
. Interest receivable and similar income on transactions with credit institutions 108.09 149.20 82.63
. Interest receivable and similar income on bonds and other fixed-income securities - - -
. Other interest receivable and similar income 416.10 321.59 231.33
       
Interest payable and equivalent expenses (note 10) - 3 161.95 -2 982.99 -1 842.31
. Interest payable and equivalent expenses on transactions with credit institutions -128.57 -145.48 -157.27
. Interest payable and equivalent expenses on bonds and other fixed-income securities -3 033.38 -2 837.51 -1 685.04
       
Commissions payable (note 10) -23.67 -33.34 -25.41
       
Net profit or loss on sales of trading account securities and similar transactions (note11) 0.06 -0.12 0.12
. Net profit on foreign exchange transactions 0.06 -0.12 0.12
       
Other income from banking operations 0.00 0.00 0.00
       
Other expenses from banking operations -0.02 -0.03 -0.03
       
NET INCOME FROM BANKING OPERATIONS -2 661.39 -2 545.69 -1 553.67
       
General operating expenses (note 13) -2.22 -2.43 -2.29
. Payroll expense -0.75 -0.79 -0.78
. Other administrative expenses -1.47 -1.64 -1.51
       
Depreciation and provisions for depreciation of intangible and tangible assets -0.03 -0.03 -0.04
       
Other operating income 5 541.94 5 241.30 4 960.81
. CRDS-related income (note 12) 5 541.93 5 241.24 4 960.52
. Property sales (note 13a) 0.01 0.06 0.29
       
Other operating expenses -63.19 -3 060.00 -4 157.26
. CRDS-related expenses (note 12) -63.09 -59.95 57.74
. Payment to the government (note 14) 0.00 -3 000.00 -3 000.00
. Payments pursuant to the 2003 SSFA (note 14) 0.00 0.00 -1 097.31
. Expense on property sales (note 13a) -0.10 -0.05 -2.21
       
GROSS RESULT OF ORDINARY ACTIVITIES 2 815.11 -366.85 -752.45
       
LOSS ON ORDINARY ACTIVITIES 2 815.11 -366.85 -752.45
       
PRE-TAX LOSS ON ORDINARY ACTIVITIES 2 815.11 -366.85 -752.45
       
NET LOSS FOR YEAR ENDED 2 815.11 -366.85 -752.18

 

Off balance sheet commitments

OFF BALANCE SHEET ITEMS
in millions of euros (Notes 15 to 17)
At 31/12/2006At 31/12/2005At 31/12/2004
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 3 000.00
. Payments to various social security funding organizations (pursuant to Article 4, V and VI of Ordinance No. 96-50 of January 24, 1996)
2 690.00
8 390.00 15 000.00
COMMITMENTS RECEIVED      
Financing commitments      
. Commitments from credit institutions (note 18) 7 438.66 11 050.00 11 050.00