Download all the 2000 financial statements
Balance sheet
| BALANCE SHEET in million euros |
As at 12/31/2000 | As at 12/31/1999 | As at 12/31/1998 |
|---|---|---|---|
| ASSETS | |||
| Cash in hand, central banks, national giro (note 1) | 0.69 | 0.40 | 10.00 |
| Treasury bills and similar securities | |||
| Loans and advances to credit institutions (note 1) | |||
| . Repayable on demand | 0.06 | 0.13 | 0.52 |
| . Repayable at maturity | 1 834.00 | 897.90 | 72.75 |
| Loans and advances to clients | |||
| . Other advances to clients | |||
| Bonds and other fixed-income securities | |||
| Shares and other variable-yield securities | |||
| Intangible assets (note 2) | 0.01 | 0.02 | 0.05 |
| Tangible assets (note 2) | 0.12 | 0.16 | 0.20 |
| Property assets (stock) (note 13a) | 178.33 | 0.00 | 0.00 |
| Other assets (note 3) | 159.58 | 71.27 | 162.76 |
| Accrued income and prepaid expenses (note 4) | 1 881.36 | 2 026.36 | 1 185.65 |
| TOTAL ASSETS | 4 054.15 | 2 996.24 | 1 431.93 |
| LIABILITIES | |||
| Amounts owed to credit institutions (note 5) | |||
| . Payable on demand | 0.00 | 0.00 | 0.00 |
| . Payable at maturity | 1 950.94 | 1 950.86 | 1 950.94 |
| Amounts owed to clients - Other debts | |||
| . Payable on demand | |||
| . Payable at maturity | |||
| Debts evidenced by certificates (note 6) | |||
| . Negotiable debt instruments | 4 742.30 | 3 641.70 | 7 886.40 |
| . Debenture loans | 26 434.64 | 27 342.26 | 23 601.82 |
| . Other debts evidenced by certificates | |||
| Other liabilities (note 7) | 656.49 | 1 338.58 | 37.34 |
| Accrued expenses and deferred income (note 8) | 662.28 | 435.24 | 742.59 |
| Sub-total liabilities | 34 446.65 | 34 708.64 | 34 219.09 |
| Provisions for liabilities and charges (note 13a) | 0.03 | 0.00 | 0.00 |
| Property endowment | 181.22 | ||
| Loss brought forward | - 31 712.40 | - 32 787.16 | - 33 325.74 |
| Profit for the year ended | 1 138.65 | 1 074.76 | 538.58 |
| Net liability position | - 30 392.53 | - 31 712.40 | - 32 787.16 |
| TOTAL LIABILITIES | 4 054.15 | 2 996.24 | 1 431.93 |
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 million euros |
As at 12/31/2000 | As at 12/31/1999 | As at 12/31/1998 |
|---|---|---|---|
| NET INCOME FROM BANKING OPERATION | - 1 461.64 | - 1 524.13 | 1 586.46 |
| Interest receivable and similar income (note 9) | 141.37 | 111.64 | 205.03 |
| . Interest receivable and similar income on transactions with credit institutions | 120.64 | 92.30 | 189.02 |
| . Interest receivable and similar income on transactions with clients | |||
| . Interest receivable and similar income on bonds and other fixed-income securities | |||
| . Other interest receivable and similar income | 20.73 | 19.34 | 16.01 |
| Interest payable and similar charges (note 10) | - 1 814.65 | - 1 744.30 | - 1 869.50 |
| . Interest payable and similar charges on transactions with credit institutions | - 115.87 | - 94.03 | - 203.21 |
| . Interest payable and similar charges on transactions with clients | |||
| . Interest payable and similar charges on bonds and other fixed-income securities | - 1 698.78 | - 1 650.27 | - 1 666.29 |
| . Other interest payable and similar charges | |||
| Commissions payable (note 10) | - 7.43 | - 46.22 | - 43.30 |
| Net profits on financial transactions (note 11) | 219.83 | 154.78 | 121.37 |
| . Net profit on transactions in trading securities | |||
| . Net profit on transactions in securities held for sale | |||
| . Net profit on foreign exchange transactions | 0.00 | 0.42 | 0.66 |
| . Net profit on transactions in financial instruments | 219.83 | 154.36 | 120.71 |
| Net loss on financial transactions (note 11) | - 0.87 | 0.00 | 0.00 |
| . Net loss on transactions in trading securities | |||
| . Net loss on transactions in securities held for sale | |||
| . Net loss on foreign exchange transactions | - 0.87 | 0.00 | 0.00 |
| . Net loss on transactions in financial instruments | |||
| Other income from banking operations | 0.13 | 0.02 | 0.00 |
| Other charges from banking operations | - 0.02 | - 0.05 | - 0.06 |
| OTHER OPERATING INCOME AND CHARGES | 2 600.29 | 2 598.89 | 2 125.04 |
| General operating charges (note 13) | - 2.00 | - 2.06 | - 2.80 |
| . Staff costs | - 0.58 | - 0.54 | - 0.54 |
| . Other administrative expenses | - 1.42 | - 1.52 | - 2.26 |
| Depreciation and provisions for depreciation of intangible and tangible assets | - 0.07 | - 0.10 | - 0.09 |
| Other operating income | 4 549.89 | 4 632.03 | 4 062.65 |
| . CRDS (note 2) | 4 534.28 | 4 403.31 | 4 062.65 |
| . Property sales (note 13a) | 15.61 | 228.72 | 0.00 |
| Other operating charges | - 1 947.53 | - 2 030.99 | - 1 934.72 |
| . Payment to the State (note 14) | - 1 905.61 | - 1 905.61 | - 1 905.61 |
| . Costs on CRDS revenues | - 32.81 | - 30.34 | - 28.90 |
| . Provisions on CRDS debt (note 12) | - 0.02 | - 92.79 | 0.00 |
| . Expenses on property sales (note 13a) | - 9.09 | - 2.20 | 0.00 |
| . Other | 0.00 | - 0.05 | - 0.21 |
| GROSS PROFIT ON ORDINARY ACTIVITIES | 1 138.65 | 1 074.76 | 538.58 |
| PROFIT ON ORDINARY ACTIVITIES | 1 138.65 | 1 074.76 | 538.58 |
| Exceptional income | |||
| Exceptional charges | |||
| NET PROFIT FOR YEAR ENDED | 1 138.65 | 1 074.76 | 538.58 |
Off balance sheet
By way of compensation for the FRF110 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 FRF12.5 billion. These payments will be made until the year 2009.
| OFF BALANCE SHEET in million euros (notes 15 to 17) |
At as 12/31/2000 | At as 12/31/1999 | At as 12/31/1998 |
|---|---|---|---|
| COMMITMENTS GIVEN | |||
| Financing commitments | |||
| . Commitments in favour of credit institutions | |||
| . Commitments in favour of clients | |||
| . Annual payment to the State (pursuant to art. 4 of Ordinance n°96-50 of January, 24th 1996) (note 17) |
15 244.90 | 17 150.51 | 19 056.13 |
| 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 credit institution (note 17) |
533.57 | 686.02 | 2 439.18 |
| Guarantees | |||
| . Guarantees received from credit 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 n°96-50 of January, 24th 1996 in euros |
As at 12/31/2000 | As at 12/31/1999 | As at 12/31/1998 |
|---|---|---|---|
| NET CRDS REVENUES (article 6) | 4 501 548 508.00 | 4 280 178 445.38 | 4 033 750 112.70 |
| ACOSS CRDS revenues (on wages and salaries) | 3 919 039 754.24 | 3 697 694 979.02 | 3 505 277 634.15 |
| CRDS revenues on assets | 272 280 766.64 | 241 266 302.95 | 228 664 656.96 |
| CRDS revenues on investment income | 209 744 551.42 | 192 113 978.35 | 221 968 995.59 |
| CRDS revenues on sales of jewellery and precious metals | 3 363 563.74 | 3 295 377.14 | 2 251 593.71 |
| CRDS revenues on gambling gains | 93 748 725.46 | 78 750 329.11 | 75 587 232.29 |
| Changes in net claims on ACOSS CRDS | 3 281 146.50 | 67 057 478.81 | |
| . Current year | 3 297 634.67 | 38 064 837.84 | |
| . Previous year | 121 784 709.07 | ||
| . Provisions | - 16 488.17 | - 92 792 068.10 | |
| SALE OF ASSETS... (article 9) | 0.00 | 226 523 382.83 | 0.00 |
| TOTAL | 4 501 458 508.00 | 4 506 701 828.21 | 4 033 750 112.70 |