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Download all the 2000 financial statements

Balance sheet

BALANCE SHEET
in million euros
As at 12/31/2000As at 12/31/1999As at 12/31/1998
ASSETS      
       
Cash in hand, central banks, national giro (note 1) 0.69 0.40 10.00
Treasury bills and similar securities      
Loans and advances to credit institutions (note 1)      
. Repayable on demand 0.06 0.13 0.52
. Repayable at maturity 1 834.00 897.90 72.75
Loans and advances to clients      
. Other advances to clients      
Bonds and other fixed-income securities      
Shares and other variable-yield securities      
Intangible assets (note 2) 0.01 0.02 0.05
Tangible assets (note 2) 0.12 0.16 0.20
Property assets (stock) (note 13a) 178.33 0.00 0.00
Other assets (note 3) 159.58 71.27 162.76
Accrued income and prepaid expenses (note 4) 1 881.36 2 026.36 1 185.65
       
TOTAL ASSETS 4 054.15 2 996.24 1 431.93
 
LIABILITIES      
       
Amounts owed to credit institutions (note 5)      
. Payable on demand 0.00 0.00 0.00
. Payable at maturity 1 950.94 1 950.86 1 950.94
Amounts owed to clients - Other debts      
. Payable on demand      
. Payable at maturity      
Debts evidenced by certificates (note 6)      
. Negotiable debt instruments 4 742.30 3 641.70 7 886.40
. Debenture loans 26 434.64 27 342.26 23 601.82
. Other debts evidenced by certificates      
       
Other liabilities (note 7) 656.49 1 338.58 37.34
Accrued expenses and deferred income (note 8) 662.28 435.24 742.59
       
Sub-total liabilities 34 446.65 34 708.64 34 219.09
       
Provisions for liabilities and charges (note 13a) 0.03 0.00 0.00
       
Property endowment 181.22    
Loss brought forward - 31 712.40 - 32 787.16 - 33 325.74
Profit for the year ended 1 138.65 1 074.76 538.58
       
Net liability position - 30 392.53 - 31 712.40 - 32 787.16
       
TOTAL LIABILITIES 4 054.15 2 996.24 1 431.93

 

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.

PROFIT AND LOSS ACCOUNT
in million euros
As at 12/31/2000As at 12/31/1999As at 12/31/1998
NET INCOME FROM BANKING OPERATION - 1 461.64 - 1 524.13 1 586.46
       
Interest receivable and similar income (note 9) 141.37 111.64 205.03
. Interest receivable and similar income on transactions with credit institutions 120.64 92.30 189.02
. Interest receivable and similar income on transactions with clients      
. Interest receivable and similar income on bonds and other fixed-income securities      
. Other interest receivable and similar income 20.73 19.34 16.01
       
Interest payable and similar charges (note 10) - 1 814.65 - 1 744.30 - 1 869.50
. Interest payable and similar charges on transactions with credit institutions - 115.87 - 94.03 - 203.21
. Interest payable and similar charges on transactions with clients      
. Interest payable and similar charges on bonds and other fixed-income securities - 1 698.78 - 1 650.27 - 1 666.29
. Other interest payable and similar charges      
       
Commissions payable (note 10) - 7.43 - 46.22 - 43.30
       
Net profits on financial transactions (note 11) 219.83 154.78 121.37
. Net profit on transactions in trading securities      
. Net profit on transactions in securities held for sale      
. Net profit on foreign exchange transactions 0.00 0.42 0.66
. Net profit on transactions in financial instruments 219.83 154.36 120.71
       
Net loss on financial transactions (note 11) - 0.87 0.00 0.00
. Net loss on transactions in trading securities      
. Net loss on transactions in securities held for sale      
. Net loss on foreign exchange transactions - 0.87 0.00 0.00
. Net loss on transactions in financial instruments      
       
Other income from banking operations 0.13 0.02 0.00
       
Other charges from banking operations - 0.02 - 0.05 - 0.06
 
OTHER OPERATING INCOME AND CHARGES 2 600.29 2 598.89 2 125.04
       
General operating charges (note 13) - 2.00 - 2.06 - 2.80
. Staff costs - 0.58 - 0.54 - 0.54
. Other administrative expenses - 1.42 - 1.52 - 2.26
       
Depreciation and provisions for depreciation of intangible and tangible assets - 0.07 - 0.10 - 0.09
       
Other operating income 4 549.89 4 632.03 4 062.65
. CRDS (note 2) 4 534.28 4 403.31 4 062.65
. Property sales (note 13a) 15.61 228.72 0.00
       
Other operating charges - 1 947.53 - 2 030.99 - 1 934.72
. Payment to the State (note 14) - 1 905.61 - 1 905.61 - 1 905.61
. Costs on CRDS revenues - 32.81 - 30.34 - 28.90
. Provisions on CRDS debt (note 12) - 0.02 - 92.79 0.00
. Expenses on property sales (note 13a) - 9.09 - 2.20 0.00
. Other 0.00 - 0.05 - 0.21
       
GROSS PROFIT ON ORDINARY ACTIVITIES 1 138.65 1 074.76 538.58
       
PROFIT ON ORDINARY ACTIVITIES 1 138.65 1 074.76 538.58
Exceptional income      
Exceptional charges      
       
NET PROFIT FOR YEAR ENDED 1 138.65 1 074.76 538.58

 

Off balance sheet

By way of compensation for the FRF110 billion worth of social security debt taken over by the French state in 1993, CADES makes an annual payment to the state budget amounting to FRF12.5 billion. These payments will be made until the year 2009.

OFF BALANCE SHEET
in million euros (notes 15 to 17)
At as 12/31/2000At as 12/31/1999At as 12/31/1998
COMMITMENTS GIVEN      
       
Financing commitments      
. Commitments in favour of credit institutions      
. Commitments in favour of clients      
. Annual payment to the State (pursuant to art. 4 of Ordinance n°96-50 of January, 24th 1996)
(note 17)
15 244.90 17 150.51 19 056.13
       
Guarantees      
. Guarantees in favour of credit institutions      
. Guarantees in favour of clients      
       
Commitments with respect to securities      
. Securities purchased with sale or repurchase options      
. Other commitments given      
 
COMMITMENTS RECEIVED      
       
Financing commitments      
. Commitments received from credit institution
(note 17)
533.57 686.02 2 439.18
       
Guarantees      
. Guarantees received from credit institutions      
       
Commitments with respect to securities      
. Securities sold with sale or repurchase options      
. Other commitments received      

 

Receipts from CRDS contributions

NET REVENUES ALLOTTED TO CADES BY THE ORDINANCE n°96-50 of January, 24th 1996
in euros
As at 12/31/2000As at 12/31/1999As at 12/31/1998
NET CRDS REVENUES (article 6) 4 501 548 508.00 4 280 178 445.38 4 033 750 112.70
       
ACOSS CRDS revenues (on wages and salaries) 3 919 039 754.24 3 697 694 979.02 3 505 277 634.15
CRDS revenues on assets 272 280 766.64 241 266 302.95 228 664 656.96
CRDS revenues on investment income 209 744 551.42 192 113 978.35 221 968 995.59
CRDS revenues on sales of jewellery and precious metals 3 363 563.74 3 295 377.14 2 251 593.71
CRDS revenues on gambling gains 93 748 725.46 78 750 329.11 75 587 232.29
       
Changes in net claims on ACOSS CRDS 3 281 146.50 67 057 478.81  
. Current year 3 297 634.67 38 064 837.84  
. Previous year   121 784 709.07  
. Provisions - 16 488.17 - 92 792 068.10  
       
SALE OF ASSETS... (article 9) 0.00 226 523 382.83 0.00
       
TOTAL 4 501 458 508.00 4 506 701 828.21 4 033 750 112.70