Download all the 2007 financial statements
Balance sheet
| BALANCE SHEET in millions of euros |
At 31/12/2007 | At 31/12/2006 | At 31/12/2005 |
|---|---|---|---|
| ASSETS | |||
| Cash in hand, central banks, national giro (note 1) | 10.85 | 0.19 | |
| Government paper and similar securities (note 1) | 1 370.17 | ||
| Loans and advances to credit institutions (note 1) | |||
| . repayable on demand | 0.28 | 0.49 | 112.68 |
| . repayable at maturity | 333.46 | 958.39 | |
| Intangible assets (note 2) | 0.00 | 0.00 | 0.00 |
| Tangible assets (note 2) | 0.02 | 0.03 | 0.05 |
| Real-estate assets (note 13bis) | |||
| Other assets (note 3) | 654.44 | 273.24 | 56.42 |
| Accrued income and prepaid expenses (note 4) | 1 340.34 | 1 369.14 | 1 950.44 |
| TOTAL ASSETS | 3 709.56 | 1 642.90 | 3 078.17 |
| LIABILITIES | |||
| Amounts owed to credit institutions (note 5) | |||
| . repayable on demand | |||
| . repayable at maturity | 2 111.68 | 2 225.74 | 3 618.14 |
| Debts evidenced by certificates (note 6) | |||
| . Negotiable debt securities | 3 480.48 | 3 060.18 | 9 418 .94 |
| . Bonds and related securities | 68 611.11 | 70 592.18 | 61 863.79 |
| . Other debts evidenced by certificates | |||
| Other liabilities (note 7) | 19.69 | 18.37 | 371.93 |
| Accrued expenses and deferred income (note 8) | 2 441.94 | 1 344 .48 | 518.52 |
| Sub-total liabilities | 76 664.90 | 77 240.95 | 75 791.32 |
| Provisions for contingencies and losses (note 8) | 0.11 | 0.08 | 0.10 |
| Property endowment | 181.22 | 181.22 | 181.22 |
| Retained balance brought forward | -75 714.63 | -78 594.46 | -72 527.62 |
| Balance for the year ended | 2 577.96 | 2 815.11 | -366.85 |
|
Net liability position
|
-72 955.45 | -75 598.13 | -72 713.25 |
| TOTAL LIABILITIES | 3 709.56 | 1 642.90 | 3 078.17 |
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.
| BALANCE SHEET in millions of euros |
At 31/12/2007 | At 31/12/2006 | At 31/12/2005 |
|---|---|---|---|
| ASSETS | |||
| Cash in hand, central banks, national giro (note 1) | 10.85 | 0.19 | |
| Government paper and similar securities (note 1) | 1 370.17 | ||
| Loans and advances to credit institutions (note 1) | |||
| . repayable on demand | 0.28 | 0.49 | 112.68 |
| . repayable at maturity | 333.46 | 958.39 | |
| Intangible assets (note 2) | 0.00 | 0.00 | 0.00 |
| Tangible assets (note 2) | 0.02 | 0.03 | 0.05 |
| Real-estate assets (note 13bis) | |||
| Other assets (note 3) | 654.44 | 273.24 | 56.42 |
| Accrued income and prepaid expenses (note 4) | 1 340.34 | 1 369.14 | 1 950.44 |
| TOTAL ASSETS | 3 709.56 | 1 642.90 | 3 078.17 |
| LIABILITIES | |||
| Amounts owed to credit institutions (note 5) | |||
| . repayable on demand | |||
| . repayable at maturity | 2 111.68 | 2 225.74 | 3 618.14 |
| Debts evidenced by certificates (note 6) | |||
| . Negotiable debt securities | 3 480.48 | 3 060.18 | 9 418 .94 |
| . Bonds and related securities | 68 611.11 | 70 592.18 | 61 863.79 |
| . Other debts evidenced by certificates | |||
| Other liabilities (note 7) | 19.69 | 18.37 | 371.93 |
| Accrued expenses and deferred income (note 8) | 2 441.94 | 1 344 .48 | 518.52 |
| Sub-total liabilities | 76 664.90 | 77 240.95 | 75 791.32 |
| Provisions for contingencies and losses (note 8) | 0.11 | 0.08 | 0.10 |
| Property endowment | 181.22 | 181.22 | 181.22 |
| Retained balance brought forward | -75 714.63 | -78 594.46 | -72 527.62 |
| Balance for the year ended | 2 577.96 | 2 815.11 | -366.85 |
|
Net liability position
|
-72 955.45 | -75 598.13 | -72 713.25 |
| TOTAL LIABILITIES | 3 709.56 | 1 642.90 | 3 078.17 |
Off balance sheet commitments
| OFF BALANCE SHEET ITEMS in millions of euros (Notes 15 to 17) |
At 31/12/2007 | At 31/12/2006 | At 31/12/2005 |
|---|---|---|---|
| COMMITMENTS GRANTED | |||
| Financing commitments | |||
| . Annual payment to the government (pursuant to Article 4, IV of Ordinance No. 96-50 of January 24, 1996) | 0.00 | 0.00 | 0.00 |
| . Payments to various social security funding organizations (pursuant to Article 4, V and VI of Ordinance No. 96-50 of January 24, 1996) |
0.00
|
2 690.00 | 8 390.00 |
| COMMITMENTS RECEIVED | |||
| Financing commitments | |||
| . Commitments from credit institutions (note 18) | 7 550.00 | 7 438.66 | 11 050.00 |