Download all the 2004 financial statements
Balance sheet
| BALANCE SHEET in millions of euros |
At 12/31/2004 | At 12/31/2003 | At 12/31/2002 |
|---|---|---|---|
| ASSETS | |||
| Cash in hand, central banks, national giro (note 1) | 1.69 | 13.31 | 1.23 |
| Government paper and similar securities (note 1) | |||
| Loans and advances to credit institutions (note 1) | |||
| . repayable on demand | 1.82 | 0.05 | 0.05 |
| . repayable at maturity | 3150.65 | 1581.53 | 677.27 |
| Intangible assets (note 2) | 0.01 | 0.03 | 0.03 |
| Tangible assets (note 2) | 0.07 | 0.07 | 0.06 |
| Real-estate assets (note 13a) | 34.32 | ||
| Other assets (note 3) | 299.30 | 53.83 | 25.74 |
| Accrued income and prepaid expenses (note 4) | 1065.99 | 888.10 | 911.60 |
| TOTAL ASSETS | 4519.53 | 2 536.92 | 1 650.30 |
| LIABILITIES | |||
| Amounts owed to credit institutions (note 5) | |||
| . repayable on demand | |||
| . repayable at maturity | 11643.49 | 2 117.25 | 1 970.96 |
| Debts evidenced by certificates (note 6) | |||
| . Negotiable debt securities | 15091.96 | 520.84 | 527.06 |
| . Bonds and related securities | 42141.43 | 29 205.10 | 27 633.24 |
| . Other debts evidenced by certificates | |||
| Other liabilities (note 7) | 74.86 | 56.78 | 191.34 |
| Accrued expenses and deferred income (note 8) | 1304.11 | 620.84 | 324.35 |
| Sub-total liabilities | 70255.85 | 32 520.81 | 30 646.95 |
| Provisions for contingencies and losses (note 8) | 0.08 | 0.33 | 0.24 |
| Property endowment | 181.22 | 181.22 | 181.22 |
| Retained balance brought forward | -65165.44 | -29 178.11 | -29 405.34 |
| Balance for the period ended | -752.18 | -987.33 | 227.23 |
| Net liability position | -65736.40 | -29 984.22 | -28 996.89 |
| TOTAL LIABILITIES | 4519.53 | 2 536.92 | 1 650.30 |
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 millions of euros |
12/31/2004 | 12/31/2003 | 12/31/2002 |
|---|---|---|---|
| Interest receivable and similar income (note 9) | 313.96 | 175.45 | 193.42 |
| . Interest receivable and similar income on transactions with credit institutions | 82.63 | 30.09 | 52.94 |
| . Interest receivable and similar income on bonds and other fixed-income securities | 0 | 0 | 0.93 |
| . Other interest receivable and similar income | 231.33 | 145.36 | 139.55 |
| Interest payable and equivalent expenses (note 10) | - 1 842.31 | -1 605.05 | -1 618.11 |
| . Interest payable and equivalent expenses on transactions with credit institutions | -157.27 | -118.93 | -128.72 |
| . Interest payable and equivalent expenses on bonds and other fixed-income securities | -1 685.04 | -1 486.12 | -1 489.39 |
| Commissions payable (note 10) | -25.41 | -2.57 | -8.49 |
| Net profit or loss on sales of trading account securities and similar transactions (note11) | 0.12 | 0.03 | 0.03 |
| . Net profit on foreign exchange transactions | 0.12 | 0.03 | 0.03 |
| Other income from banking operations | 0.00 | 0.00 | 0.00 |
| Other expenses from banking operations | -0.03 | -0.03 | -0.04 |
| NET INCOME FROM BANKING OPERATIONS | -1 553.67 | -1 432.17 | -1 433.19 |
| General operating expenses (note 13) | -2.29 | -2.18 | -2.31 |
| . Payroll expense | -0.78 | -0.74 | -0.73 |
| . Other administrative expenses | -1.51 | -1.44 | -1.58 |
| Depreciation and provisions for depreciation of intangible and tangible assets | -0.04 | -0.05 | -0.05 |
| Other operating income | 4 960.81 | 4 824.85 | 4 871.19 |
| . CRDS-related income (note 12) | 4 960.52 | 4 782.56 | 4 678.40 |
| . Property sales (note 13a) | 0.29 | 42.29 | 192.79 |
| Other operating expenses | -4 157.26 | -4 377.78 | -3 208.41 |
| . CRDS-related expenses (note 12) | -57.74 | -58.98 | -58.35 |
| . Payment to the government (note 14) | -3 000.00 | -3 000.00 | -3 000.00 |
| . Payments to social security funds (note 14) | -1 097.31 | -1 282.84 | |
| . Expense on property sales (note 13a) | -2.21 | -35.96 | -150.06 |
| GROSS RESULT OF ORDINARY ACTIVITIES | -752.45 | -987.33 | 227.23 |
| LOSS ON ORDINARY ACTIVITIES | -752.45 | -987.33 | 227.23 |
| PRE-TAX LOSS ON ORDINARY ACTIVITIES | -752.45 | -987.33 | 227.23 |
| . Non-recurring income (note 15) | 0.27 | ||
| NET LOSS FOR YEAR ENDED | -752.18 | -987.33 | 227.23 |
Off balance sheet commitments
| OFF BALANCE SHEET ITEMS in millions of euros (Notes 16 to 18) |
At 12/31/2004 | At 12/31/2003 | At 12/31/2002 |
|---|---|---|---|
| COMMITMENTS GRANTED | |||
| Financing commitments | |||
| . Annual payment to the government (pursuant to Article 4, IV of Ordinance No. 96-50 of January 24, 1996) | 3 000.00 | 6 000.00 | 9 000.00 |
| . Payments to various social security funding organizations (pursuant to Article 4, V and VI of Ordinance No. 96-50 of January 24, 1996) | 15 000.00 | 1 097.31 | 1 282.84 |
| COMMITMENTS RECEIVED | |||
| Financing commitments | |||
| . Commitments from credit institutions (note 18) | 11 050.00 | 650.00 | 0.00 |