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First half of 2007: 33.1 billion of debt amortized. CADES reports results that confirm its ability to amortize the debt efficiently .
PRESS RELEASE
The CADES board of directors, meeting on September 26, 2007 under the chairmanship of Mr. Patrice Ract Madoux, signed off on the financial statements for the first six months of 2007.
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in miliions of euros
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June 30, 2007
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June 30,2006
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|---|---|---|
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CRDS revenue
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2 565
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2 515
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Financial result
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-1 546
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-1 261
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Operating surplus
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1 017
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1 253
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result
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1 017
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1 253
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Results in line with targets
RDS revenue was up slightly, rising from 2 515 million euros to 2 565 million euros. After the last assumed debt of 2006, as provided by the Act of August 13, 2004 , net interest expense rose from 1261 million euros to 1546 million euros. The operating surplus was 1017 million euros.
This 1017 million euros result that was automatically allocated to the amortization of the debt, allowed CADES to pursue its mission. Since it was created by a government order dated january 24, 1996 , CADES has amortized 33.1 billion euros of the 107.7 billion debt assumed in accordance with French legislators.
A top-ranking issuer, CADES made use of a wide variety of financial instruments since the beginning of the year. In particular, CADES issued new benchmark bond for 3 billion euros due in 2017, one issue pegged to the french inflation was tapped up for 750 million euros and several EMTNs in various currencies.
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 Economic and Finance and Social Security MinistriesIts mission is to pay down the debt accumulated by the general Social Security system between 1994 and 2006, a total of 107.7 billion euros, via a balanced financial structure and drawing primarily on a dedicated and exclusive resource (the CRDS tax). A quasi-sovereign issuer, CADES enjoys benchmark status in the international capital markets. 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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CADES
LIGHTEN THE DEBT – BRIGHTEN THE FUTURE