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Download all the 1997 financial statements

Balance sheet

BALANCE SHEET
in French francs (FRF)
As at 12/31/1997
As at 12/31/1996
     
ASSETS    
     
Cash in hand, central banks, national giro (note 1) 5 875 222,37 5 951 492,95
Treasury bills and similar securities    
Loans and advances to credit institutions (note 1)    
. repayable on demand 636 167,06 235,95
. repayable at maturity 67 171 133 549,55 4 145 688 720,15
Loans and advances to clients (note 1)    
. Other advances to customers    
Bonds and other fixed-income securities    
Shares and other variable-yield securities    
Intangible assets (note 2) 541 882,68 546 943,74
Tangible assets (note 2) 1 007 696,83 778 336,33
Other assets (note 3) 36 893,87 256 820,00
Accrued income and prepaid expenses (note 4) 8 871 107 411,90 4 582 401 453,69
     
TOTAL ASSETS

76 050 338 824,26

8 735 624 002,81
     
LIABILITIES    
     
Amounts owed to credit institutions (note 5)    
. payable on demand 0,00 694 940,49
. payable at maturity 11 938 304 060,61 0,00
Amounts owed to clients - Other debt    
. payable on demand    
. payable at maturity    
Debts evidenced by certificates (note 6)    
. Tradeable debt instruments 96 266 794 170,00 76 860 644 400,00
. Bonds 97 622 322 024,90 69 296 548 359,98
. Other debts evidenced by certificates    
     
Other liabilities (note 7) 1 018 436 890,49 569 727,66
Accrued expenses and deferred income (note 8) 807 017 103,53 749 969 537,54
     
Sub-total liabilities 207 652 874 249,53 146 908 426 965,67
     
Loss brought forward -138 172 802 962,86 -137 000 000 000,00
Loss for the year ended 6 570 267 537,59 -1 172 802 962,86
     
Net liability position -131 602 535 425,27 -138 172 802 962,86
     
TOTAL LIABILITIES 76 050 338 824,26 8 735 624 002,81

 

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 French francs (FRF)

As at 12/31/1997

As at 12/31/1996

     
INCOME AND CHARGES FROM BANKING OPERATION -6 389 183 143,30 -6 719 817 445,89

Interest receivable and charges from banking (note 9)

1 254 621 041,97

568 695 786,41

     
. Interest receivable and similar income on transactionswith credit institutions

1 194 659 057,81

547 536 640,14

. Interest receivable and similar income on transactionswith clients
   
. Interest receivable and similar income on bonds and other fixed-income securities

169,64

412 000,00

. Other interest receivable and similar income

59 961 814,52

20 747 146,27

     

Interest payable and similar charges (note 10)

-7 814 325 639,51

-6 973 224 323,53

     
. Interest payable and similar charges arising from transactions with credit institutions

-76 093 227,18

-3 341 360 470,48

. Interest payable and similar charges arising fromtransactions with clients
   
. Interest payable and similar charges on bonds and other fixed-income securities

-7 738 232 412,33

-3 631 863 853,05

. Other interest payable and similar charges
   
     

Commissions payable (note 10)

-269 820 030,04

-384 437 647,95

     

Net profits on financial transactions (note 11)

440 341 484,28

69 148 739,18

     
. Net profit on transactions in trading securities
   
. Net profit on transactions in securities held for sale
   
. Net profit on foreign exchange transactions

92 832 553,28

65 699 207,22

. Net profit on transactions in financial instruments

347 508 931,00

3 449 531,96

     

Net loss on financial transactions

   
     
. Net loss on transactions in trading securities
   
. Net loss on transactions in securities held for sale
   
. Net loss on foreign exchange transactions
   
. Net loss on transactions in financial instruments
   
 
OTHER ORDINARY INCOME AND CHARGES 12 959 450 680,89 5 547 014 483,03

Other non-banking operating income:

25 652 968 597,37

21 205 244 879,36

. Other banking operating income

12 268,38

 
. other non-banking operating income
   
. CRDS (note 12)

25 561 310 935,33

21 205 244 879,36

. Property sales (note 12)

91 626 613,00

 
. Other

18 780,66

 
     

General operating charges (note 13)

-12 864 600,69

-13 610 462,02

     
. Staff costs

-1 517 646,45

-560 821,20

. Other administrative expenses

-11 346 954,24

-13 049 640,82

     

Depreciation and provisions for depreciation of intangible and tangible assets

-402 958,71

-135 904,37

     

Other operating charges

-12 680 250 357,08

-15 644 484 029,94

     
. Other operating charges arising from banking transactions

-599 040,84

-329 099,36

. Other non-banking operating charges (note 14)
   
- payment to the state

-12 500 000 000,00

-12 500 000 000,00

- payment to CANAM

0,00

-3 000 000 000,00

- Costs on CRDS revenues

-179 451 728,37

-144 098 650,58

- Other

-199 587,87

-56 280,00

     
PROFIT ON ORDINARY ACTIVITIES 6 570 267 537,59 -1 172 802 962,86
     

Exceptional income

   

Exceptional charges

   
     
NET PROFIT FOR YEAR ENDED 6 570 267 537,59 -1 172 802 962,86

 

Off balance sheet

By the way of compensation for the FRF 110 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 FRF 12.5 billion. These payments will be made until the year 2009.

 

OFF BALANCE SHEETin french francs (FRF)
(notes 15 to 17)

At as 12/31/97
At as 12/31/96
     
COMMITMENTS GIVEN    
     

Financing commitments

   
     

. Commitments in favour of credit institutions

   

. Commitments in favour of clients

   

. Annual payment to the state (article 4 of Ordinance n° 96-50 of January, 24th 1996)

137 500 000 000

150 000 000 000

     

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 credits institutions (note 17)

89 033 390 000

60 000 000 000

     

Guarantees

   
     

.Guarantees received from credits 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
In francs
As at 12/31/1997
As at 12/31/1996
     
NET CRDS REVENUES IN THE YEAR ENDED (article 6) 25 381 859 206,96 21 061 146 228,78
     

ACOSS CRDS revenues (on wages and salaries)

22 556 218 431,29

19 394 173 823,12

CRDS revenues on assets

1 375 770 039,68

1 014 207 130,85

CRDS revenues on investment income

986 118 982,53

90 080 156,29

CRDS revenues on sales of jewellery and precious metals

13 269 374,16

4 062 236,87

CRDS revenues on gambling gains

450 482 379,30

78 728 280,72

CRDS revenues before allocation

0,00

479 894 600,93

     
SALE OF ASSETS...(article 9) 91 626 613,00 -
     
TOTAL NET REVENUES ALLOTTED BY THE ORDINANCE 25 473 485 819,96 21 061 146 228,78