Download all the 2002 financial statements
Balance sheet
| BALANCE SHEET in million euros |
At 12/31/2002 | At 12/31/2001 | At 12/31/2000 |
|---|---|---|---|
| ASSETS | |||
| Cash in hand, central banks, national giro (note 1) | 1.23 | 3.24 | 0.69 |
| Treasury bills and similar securities (note 1) | 0.00 | ||
| Loans and advances to credit institutions (note 1) | |||
| . repayable on demand | 0.05 | 0.06 | 0.06 |
| . repayable at maturity | 677.27 | 2 536.63 | 1 834.00 |
| Intangible assets (note 2) | 0.03 | 0.04 | 0.01 |
| Tangible assets (note 2) | 0.06 | 0.06 | 0.12 |
| Real-estate assets (note 13a) | 34.32 | 178.33 | 178.33 |
| Other assets (note 3) | 25.74 | 50.56 | 159.58 |
| Accrued income and prepaid expenses (note 4) | 911.60 | 1 621.39 | 1 881.36 |
| TOTAL ASSETS | 1 650.30 | 4 390.31 | 4 054.15 |
| LIABILITIES | |||
| Amounts owed to credit institutions (note 5) | |||
| . repayable on demand | 0.00 | 0.00 | 0.00 |
| . repayable at maturity | 1 970.96 | 2 071.12 | 1 950.94 |
| Debts evidenced by certificates (note 6) | |||
| . Negotiable debt instruments | 527.06 | 245.39 | 2 053.21 |
| . Bonds and related securities | 27 633.24 | 30 356.82 | 29 123.73 |
| . Other debts evidenced by certificates | |||
| Other liabilities (note 7) | 191.34 | 512.48 | 656.49 |
| Accrued expenses and deferred income (note 8) | 324.35 | 428.40 | 662.28 |
| Sub-total liabilities | 30 646.95 | 33 614.21 | 34 446.65 |
| Provisions for contingencies and losses (note 8) | 0.24 | 0.22 | 0.03 |
| Property endowment | 181.22 | 181.22 | 181.22 |
| Retained balance brought forward | -29 405.34 | -30 573.75 | -31 712.40 |
| Balance for the year ended | 227.23 | 1 168.41 | 1 138.65 |
| Net liability position | -28 996.89 | -29 224.12 | -30 392.53 |
| TOTAL LIABILITIES | 1 650.30 | 4 390.31 | 4 054.15 |
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.
| INCOME STATEMENT in million euros |
At 12/31/2002 | At 12/31/2001 | At 12/31/2000 |
|---|---|---|---|
| NET INCOME FROM BANKING OPERATIONS | -1 433.19 | -1 559.97 | -1 461.64 |
| Interest receivable and similar income (note 9) | 96.67 | 153.88 | 141.37 |
| . Interest receivable and similar income on transactions with credit institutions | 52.94 | 129.75 | 120.64 |
| . Interest receivable and similar income on bonds and other fixed-income securities | 0.93 | - | - |
| . Other interest receivable and similar income | 42.80 | 24.13 | 20.73 |
| Interest payable and equivalent expenses (note 10) | -1 618.11 | -1 786.81 | -1 814.65 |
| . Interest payable and equivalent expenses on transactions with credit institutions | -128.72 | -144.38 | -115.87 |
| . Interest payable and equivalent expenses on bonds and other fixed-income securities | -1 489.39 | -1 642.43 | -1 698.78 |
| . Other interest payable and equivalent expenses | |||
| Commissions payable (note 10) | -8.49 | -6.98 | -7.43 |
| Net profits on financial transactions (note 11) | 96.78 | 79.96 | 219.83 |
| . Net profit on foreign exchange transactions | 0.03 | 0.01 | 0.00 |
| . Net profit on transactions in financial instruments | 96.75 | 79.95 | 219.83 |
| Net loss on financial transactions (note 11) | 0.00 | 0.00 | -0.87 |
| . Net loss on foreign exchange transactions | 0.00 | 0.00 | -0.87 |
| . Net loss on transactions in financial instruments | |||
| Other income from banking operations | 0.00 | 0.01 | 0.13 |
| Other expenses from banking operations | -0.04 | -0.03 | -0.02 |
| OTHER OPERATING INCOME AND EXPENSES | 1 660.42 | 2 728.38 | 2 600.29 |
| General operating expenses (note 13) | -2.31 | -2.51 | -2.00 |
| . Payroll expense | -0.73 | -0.55 | -0.58 |
| . Other administrative expenses | -1.58 | -1.96 | -1.42 |
| Depreciation and provisions for depreciation of intangible and tangible assets | -0.05 | -0.06 | -0.07 |
| Other operating income: | 4 871.19 | 4 644.87 | 4 549.89 |
| . CRDS (note 12) | 4 678.28 | 4 632.72 | 4 534.78 |
| . Release of provisions on CRDS receivables (note 12) | 0.12 | 0.10 | 0.00 |
| . Property sales (note 13a) | 192.79 | 12.05 | 15.61 |
| Other operating expenses | -3 208.41 | -1 913.92 | -1 947.53 |
| . Payment to the government (note 14) | -3 000.00 | -1 852.26 | -1 905.61 |
| . Expenses on CRDS revenues (note 14) | -33.46 | -34.15 | -32.81 |
| . Write-off of CRDS receivables (note 12) | -0.20 | -2.09 | 0.00 |
| . Allowance established for CRDS receivables (note 12) | -24.69 | -17.85 | -0.02 |
| . Expense on property sales (note 13a) | -150.06 | -7.57 | -9.09 |
| . Other | - | - | |
| GROSS PROFIT ON ORDINARY ACTIVITIES | 227.23 | 1 168.41 | 1 138.65 |
| PROFIT ON ORDINARY ACTIVITIES | 227.23 | 1 168.41 | 1 138.65 |
| Exceptional income | |||
| Exceptional charges | |||
| NET PROFIT FOR YEAR ENDED | 227.23 | 1 168.41 | 1 138.65 |
Off balance sheet commitments
| OFF BALANCE SHEET ITEMS In millions of euros (Notes 15 to 17) |
At 12/31/2002 | At 12/31/2001 | At 12/31/2000 |
|---|---|---|---|
| COMMITMENTS GRANTED | |||
| Financing commitments | |||
| . Commitments to credit institutions | |||
| . Commitments to clients | |||
| . Annual payment to the govt. (pursuant to art. 4 of Ordinance n°96-50 of January 24, 1996) | 9 000.00 | 12 000.00 | 14 818.04 |
| . Payments to various social security funds (pursuant to Article 4 V of Ordinance No. 96-50 of January 24, 1996 | 1 282.84 | ||
| COMMITMENTS RECEIVED | |||
| Financing commitments | |||
| . Commitments from credit institutions (note 17) | 0.00 | 533.57 | 533.57 |