PRESS RELEASES
The CADES board of directors met on April 21, 2009 under the chairmanship of Mr. Patrice Ract Madoux , to approve the financial statements for fiscal year 2008. These statements are subject to the subsequent approval of the Minister of Economy and the Minister of Social Security, and will be submitted to the Supervisory Board, which will meet soon.
Key figures:
| As at 31/12 in millions of euros |
2006 | 2007 | 2008 |
|
|
|||
|
CRDS revenue |
5 479 | 5 681 | 5 980 |
|
Interest expense |
-2 661 | -3 101 | -3 093 |
|
Result |
2 815 | 2 578 | 2 885 |
Results for 2008 in line with targets
CRDS revenue rose by 5.2%, reaching €5.98 bn in 2008. Net interest expense was €3.1 bn.
The 2.9 billion euro result was used to redeem the debt, accordingly to the amortization target for 2008, stipulated in Article 33 of the Social Security Financing Act for 2008, and for the « financing quality and efficiency program » set forth under this same legislation.
2008 marked by diversity of financing transactions:
First rank issuer since its inception, and despite difficult market conditions and within a context of financial crisis, CADES (Caisse d’Amortissement de la Dette Sociale ) was able to offer a range of major debt issue and diversify further its investor base.
In 2008, CADES made use of a broad spectrum of financial instruments: €3 bn in a benchmark bond denominated in euros, €3.5 bn in benchmark bonds denominated in American and Australian dollars, €0.566 bn in private placements and MTNs, and short term financing.
A €27 bn newly debt voted at the end of 2008 and assumed since March 6th
2009 Social Security Finance Act n° 2008-1330 extended CADES mission. Hence, €26.9 bn additional debt was transferred to CADES from Health branch (€14.1 bn), Elderly branch (€8.8 bn), and old age solidarity fund (€4 bn). Broken down in three tranches, the transfer was completed by March 6 th 2009 . The same law has set the amortization target of CADES for 2009: €4 bn.
Since it was created by a government order dated January 24, 1996 and after the €2.9 bn result was used to redeem the debt, CADES has amortized €37.5 bn of the €134.5 bn debt assumed in accordance with French legislators.
CADES: A BENCHMARK ISSUER IN THE FINANCIAL MARKETSCreated in 1996, CADES is an administrative public agency placed directly under the joint authority of the French State.It has been awarded the highest ratings by the principal international rating agencies (AAA/A1+, Aaa/P1, AAA/F1+), and a 0% Basel ratio weighting, which makes CADES one of the five largest non-government issuers in Europe .
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