Event effecting the financial year (1998)

Download all the 1998 financial statements

Balance sheet

BALANCE SHEET	As at 12/31/1998		As at 12/31/1997
ASSETS	EUR	FRF	FRF

Cash in hand, central banks, national giro (note 1)	10 001 558,85	65 605 925,40	5 875 222,37
Treasury bills and similar securities
Loans and advances to credit institutions (note 1)
. repayable on demand	518 498,29	3 401 125,81	636 167,06
. repayable at maturity	72 746 148,92	477 183 456,07	67 171 133 549,55
Loans and advances to clients (note 1)
. Other advances to customers
Bonds and other fixed-income securities
Shares and other variable-yield securities
Intangible assets (note 2)	54 335,50	356 417,54	541 882,68
Tangible assets (note 2)	205 260,99	1 346 423,82	1 007 696,83
Other assets (note 3)	162 755 538,82	1 067 606 349,77	36 893,87
Accrued income and prepaid expenses (note 4)	1 185 649 674,07	7 777 352 032,53	8 871 107 411,90

TOTAL ASSETS	1 431 931 015,44	9 392 851 730,94	76 050 338 824,26

LIABILITIES

Amounts owed to credit institutions (note 5)
. payable on demand	1,55	10,18	0,00
. payable at maturity	1 950 941 145,15	12 797 335 007,46	11 938 304 060,61
Amounts owed to clients - Other debt
. payable on demand
. payable at maturity
Debts evidenced by certificates (note 6)
. Tradeable debt instruments	7 886 398 296,76	51 731 381 675,51	96 266 794 170,00
. Bonds	23 601 815 165,21	154 817 758 703,27	97 622 322 024,90
. Other debts evidenced by certificates

Other liabilities (note 7)	37 342 996,87	244 954 001,97	1 018 436 890,49
Accrued expenses and deferred income (note 8)	742 592 431,42	4 871 087 035,33	807 017 103,53

Sub-total liabilities	34 219 090 036,96	224 462 516 433,72	207 652 874 249,53

Loss brought forward	-33 325 741 691,19	-218 602 535 425,27	-138 172 802 962,86
Loss for the year ended	538 582 669,67	3 532 870 722,49	6 570 267 537,59

Net liability position	-32 787 159 021,52	-215 069 664 702,78	-131 602 535 425,27

TOTAL LIABILITIES	1 431 931 015,44	9 392 851 730,94	76 050 338 824,26

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	As at 12/31/1998		As at 12/31/1997
	EUR	FRF	FRF

INCOME AND CHARGES FROM BANKING OPERATION	- 1 586 400 283,44	- 10 406 103 707,30	- 6 389 183 143,30
Interest receivable and charges from banking (note 9)	205 027 713,41	1 344 893 638,07	1 254 621 041,97

. Interest receivable and similar income on transactions with credit institutions	189 017 644,02	1 239 874 467,17	1 194 659 057,81
. Interest receivable and similar income on transactions with clients
. Interest receivable and similar income on bonds and other fixed-income securities	0,42	2,76	169,64
. Other interest receivable and similar income	16 010 068,97	105 019 168,14	59 961 814,52

Interest payable and similar charges (note 10)	- 1 869 496 396,65	- 12 263 092 478,61	- 7 814 325 639,51

. Interest payable and similar charges arising from transactions with credit institutions	-203 207 600,28	-1 332 954 478,58	-76 093 227,18
. Interest payable and similar charges arising from transactions with clients
. Interest payable and similar charges on bonds and other fixed-income securities	-1 666 288 796,37	-10 930 138 000,03	-7 738 232 412,33
. Other interest payable and similar charges

Commissions payable (note 10)	-43 302 033,03	-284 042 716,83	-269 820 030,04

Net profits on financial transactions (note 11)	121 370 432,83	796 137 850,07	440 341 484,28

. Net profit on transactions in trading securities
. Net profit on transactions in securities held for sale
. Net profit on foreign exchange transactions	660 329,48	4 331 477,46	92 832 553,28
. Net profit on transactions in financial instruments	120 710 103,35	791 806 372,61	347 508 931,00

Net loss on financial transactions

. Net loss on transactions in trading securities
. Net loss on transactions in securities held for sale
. Net loss on foreign exchange transactions
. Net loss on transactions in financial instruments

OTHER ORDINARY INCOME AND CHARGES	2 124 982 953,11	13 938 974 429,79	12 959 450 680,89
Other non-banking operating income :	4 062 651 666,35	26 649 247 991,05	25 652 968 597,37
. Other banking operating income	4 451,45	29 199,62	12 268,38
. other non-banking operating income
. CRDS (note 2)	4 062 647 214,90	26 649 218 791,43	25 561 310 935,33
. Property sales (note 12)		0,00	91 626 613,00
. Other			18 780,66

General operating charges (note 13)	-2 801 080,01	-18 373 880,39	-12 864 600,69

. Staff costs	-542 046,48	-3 555 591,82	-1 517 646,45
. Other administrative expenses	-2 259 033,53	-14 818 288,57	-11 346 954,24

Depreciation and provisions for depreciation of intangible and tangible assets	-90 047,24	-590 671,19	-402 958,71

Other operating charges	-1 934 777 585,99	-12 691 309 009,68	-12 680 250 357,08

. Other operating charges arising from banking transactions	-60 531,65	-397 061,59	-599 040,84
. Other non-banking operating charges (note 14)
- payment to the state	-1 905 612 715,47	-12 500 000 000,00	-12 500 000 000,00
- Costs on CRDS revenues	-28 897 102,20	-189 552 564,66	-179 451 728,37
- Other	-207 236,67	-1 359 383,43	-199 587,87

PROFIT ON ORDINARY ACTIVITIES	538 582 669,67	3 532 870 722,49	6 570 267 537,59

Exceptional income
Exceptional charges

NET PROFIT FOR YEAR ENDED	538 582 669,67	3 532 870 722,49	6 570 267 537,59

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 (notes 15 to 17)	At as 12/31/98		At as 12/31/97
	EUR	FRF	FRF

COMMITMENTS GIVEN

Financing commitments

. Commitments in favour of credit institutions
. Commitments in favour of clients
. Annual payment to the state (article 4 of Ordinance n° 96-50 of January, 24th 1996)	19 056 127 155	125 000 000 000	137 500 000 000

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 credits institutions (note 17)	2 439 184 276	16 000 000 000	89 033 390 000

Guarantees

.Guarantees received from credits 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	As at 12/31/1998		As at 12/31/1997
	EUR	FRF	FRF

NET CRDS REVENUES IN THE YEAR ENDED (article 6)	4 033 750 112,70	26 459 666 226,77	25 381 859 206,96

ACOSS CRDS revenues (on wages and salaries)	3 505 277 634,15	22 993 114 010,62	22 556 218 431,29
CRDS revenues on assets	228 664 656,96	1 499 941 823,84	1 375 770 039,68
CRDS revenues on investment income	221 968 995,59	1 456 021 164,41	986 118 982,53
CRDS revenues on sales of jewellery and precious metals	2 251 593,71	14 769 486,57	13 269 374,16
CRDS revenues on gambling gains	75 587 232,29	495 819 741,33	450 482 379,30

SALE OF ASSETS...(article 9)	0,00	0,00	91 626 613,00

TOTAL NET REVENUES ALLOTTED BY THE ORDINANCE	4 033 750 112,70	26 459 666 226,77	25 473 485 819,96