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Download all the 2002 financial statements

Balance sheet

BALANCE SHEET
in million euros
At 12/31/2002At 12/31/2001At 12/31/2000
ASSETS      
Cash in hand, central banks, national giro (note 1) 1.23 3.24 0.69
Treasury bills and similar securities (note 1) 0.00    
Loans and advances to credit institutions (note 1)      
. repayable on demand 0.05 0.06 0.06
. repayable at maturity 677.27 2 536.63 1 834.00
Intangible assets (note 2) 0.03 0.04 0.01
Tangible assets (note 2) 0.06 0.06 0.12
Real-estate assets (note 13a) 34.32 178.33 178.33
Other assets (note 3) 25.74 50.56 159.58
Accrued income and prepaid expenses (note 4) 911.60 1 621.39 1 881.36
       
TOTAL ASSETS 1 650.30 4 390.31 4 054.15
 
LIABILITIES      
Amounts owed to credit institutions (note 5)      
. repayable on demand 0.00 0.00 0.00
. repayable at maturity 1 970.96 2 071.12 1 950.94
Debts evidenced by certificates (note 6)      
. Negotiable debt instruments 527.06 245.39 2 053.21
. Bonds and related securities 27 633.24 30 356.82 29 123.73
. Other debts evidenced by certificates      
Other liabilities (note 7) 191.34 512.48 656.49
Accrued expenses and deferred income (note 8) 324.35 428.40 662.28
Sub-total liabilities 30 646.95 33 614.21 34 446.65
Provisions for contingencies and losses (note 8) 0.24 0.22 0.03
       
Property endowment 181.22 181.22 181.22
Retained balance brought forward -29 405.34 -30 573.75 -31 712.40
Balance for the year ended 227.23 1 168.41 1 138.65
Net liability position -28 996.89 -29 224.12 -30 392.53
       
TOTAL LIABILITIES 1 650.30 4 390.31 4 054.15

 

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 million euros
At 12/31/2002At 12/31/2001At 12/31/2000
NET INCOME FROM BANKING OPERATIONS -1 433.19 -1 559.97 -1 461.64
       
Interest receivable and similar income (note 9) 96.67 153.88 141.37
. Interest receivable and similar income on transactions with credit institutions 52.94 129.75 120.64
. Interest receivable and similar income on bonds and other fixed-income securities 0.93 - -
. Other interest receivable and similar income 42.80 24.13 20.73
       
Interest payable and equivalent expenses (note 10) -1 618.11 -1 786.81 -1 814.65
. Interest payable and equivalent expenses on transactions with credit institutions -128.72 -144.38 -115.87
. Interest payable and equivalent expenses on bonds and other fixed-income securities -1 489.39 -1 642.43 -1 698.78
. Other interest payable and equivalent expenses      
       
Commissions payable (note 10) -8.49 -6.98 -7.43
       
Net profits on financial transactions (note 11) 96.78 79.96 219.83
. Net profit on foreign exchange transactions 0.03 0.01 0.00
. Net profit on transactions in financial instruments 96.75 79.95 219.83
       
Net loss on financial transactions (note 11) 0.00 0.00 -0.87
. Net loss on foreign exchange transactions 0.00 0.00 -0.87
. Net loss on transactions in financial instruments      
       
Other income from banking operations 0.00 0.01 0.13
       
Other expenses from banking operations -0.04 -0.03 -0.02
       
OTHER OPERATING INCOME AND EXPENSES 1 660.42 2 728.38 2 600.29
       
General operating expenses (note 13) -2.31 -2.51 -2.00
. Payroll expense -0.73 -0.55 -0.58
. Other administrative expenses -1.58 -1.96 -1.42
Depreciation and provisions for depreciation of intangible and tangible assets -0.05 -0.06 -0.07
       
Other operating income: 4 871.19 4 644.87 4 549.89
. CRDS (note 12) 4 678.28 4 632.72 4 534.78
. Release of provisions on CRDS receivables (note 12) 0.12 0.10 0.00
. Property sales (note 13a) 192.79 12.05 15.61
Other operating expenses -3 208.41 -1 913.92 -1 947.53
. Payment to the government (note 14) -3 000.00 -1 852.26 -1 905.61
. Expenses on CRDS revenues (note 14) -33.46 -34.15 -32.81
. Write-off of CRDS receivables (note 12) -0.20 -2.09 0.00
. Allowance established for CRDS receivables (note 12) -24.69 -17.85 -0.02
. Expense on property sales (note 13a) -150.06 -7.57 -9.09
. Other   - -
       
GROSS PROFIT ON ORDINARY ACTIVITIES 227.23 1 168.41 1 138.65
       
PROFIT ON ORDINARY ACTIVITIES 227.23 1 168.41 1 138.65
       
Exceptional income      
Exceptional charges      
       
NET PROFIT FOR YEAR ENDED 227.23 1 168.41 1 138.65

 

Off balance sheet commitments

OFF BALANCE SHEET ITEMS
In millions of euros (Notes 15 to 17)
At 12/31/2002At 12/31/2001At 12/31/2000
COMMITMENTS GRANTED      
       
Financing commitments      
. Commitments to credit institutions      
. Commitments to clients      
. Annual payment to the govt. (pursuant to art. 4 of Ordinance n°96-50 of January 24, 1996) 9 000.00 12 000.00 14 818.04
. Payments to various social security funds (pursuant to Article 4 V of Ordinance No. 96-50 of January 24, 1996 1 282.84    
COMMITMENTS RECEIVED      
       
Financing commitments      
. Commitments from credit institutions (note 17) 0.00 533.57 533.57