Event effecting the financial year (1999)

Download all the 1999 financial statements

Balance sheet

BALANCE SHEET	As at 12/31/1999		As at 12/31/1998
ASSETS	EUR	FRF	FRF

Cash in hand, central banks, national giro (note 1)	406 223,12	2 664 648,99	65 605 925,40
Treasury bills and similar securities
Loans and advances to credit institutions (note 1)
. repayable on demand	127 422,87	835 839,23	3 401 125,81
. repayable at maturity	897 900 093,10	5 889 838 513,70	477 183 456,07
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)	17 765,22	116 532,20	356 417,54
Tangible assets (note 2)	158 947,78	1 042 629,09	1 346 423,82
Other assets (note 3)	71 268 853,58	467 493 033,88	1 067 606 349,77
Accrued income and prepaid expenses (note 4)	2 026 357 967,96	13 292 036 935,90	7 777 352 032,53

TOTAL ASSETS	2 996 237 273,63	19 654 028 132,99	9 392 851 730,94

LIABILITIES

Amounts owed to credit institutions (note 5)
. payable on demand	2,02	13,25	10,18
. payable at maturity	1 950 860 873,50	12 796 808 459,98	12 797 335 007,46
Amounts owed to clients - Other debt
. payable on demand
. payable at maturity
Debts evidenced by certificates (note 6)
. Tradeable debt instruments	3 641 698 022,83	23 887 973 099,62	51 731 381 675,51
. Bonds	27 342 261 204,10	179 353 476 326,58	154 817 758 703,27
. Other debts evidenced by certificates

Other liabilities (note 7)	1 338 582 165,13	8 780 523 412,91	244 954 001,97
Accrued expenses and deferred income (note 8)	435 238 853,06	2 854 979 723,37	4 871 087 035,33

Sub-total liabilities	34 708 641 120,64	227 673 761 035,71	224 462 516 433,72

Loss brought forward	-32 787 159 021,52	-215 069 664 702,78	-218 602 535 425,27
Loss for the year ended	1 074 755 174,51	7 049 931 800,06	3 532 870 722,49

Net liability position	-31 712 403 847,01	-208 019 732 902,72	-215 069 664 702,78

TOTAL LIABILITIES	2 996 237 273,63	19 654 028 132,99	9 392 851 730,94

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 12/31/1999		As at 12/31/1998
	EUR	FRF	FRF

INCOME AND CHARGES FROM BANKING OPERATION	-1 524 091 502,93	-9 997 384 899,88	-10 406 103 707,30
Interest receivable and charges from banking (note 9)	111 642 493,73	732 326 752,59	1 344 893 638,07

. Interest receivable and similar income on transactions with credit institutions	92 303 305,24	605 469 991,95	1 239 874 467,17
. Interest receivable and similar income on transactions with clients
. Interest receivable and similar income on bonds and other fixed-income securities			2,76
. Other interest receivable and similar income	19 339 188,49	126 856 760,64	105 019 168,14

Interest payable and similar charges (note 10)	-1 744 295 015,58	-11 441 825 255,35	-12 263 092 478,61

. Interest payable and similar charges arising from transactions with credit institutions	-94 028 990,20	-616 789 743,25	-1 332 954 478,58
. Interest payable and similar charges arising from transactions with clients
. Interest payable and similar charges on bonds and other fixed-income securities	-1 650 266 025,38	-10 825 035 512,10	-10 930 138 000,03
. Other interest payable and similar charges

Commissions payable (note 10)	-46 221 955,56	-303 196 153,03	-284 042 716,83

Net profits on financial transactions (note 11)	154 782 974,48	1 015 309 755,91	796 137 850,07

. Net profit on transactions in trading securities
. Net profit on transactions in securities held for sale
. Net profit on foreign exchange transactions	418 796,81	2 747 126,99	4 331 477,46
. Net profit on transactions in financial instruments	154 364 177,67	1 012 562 628,92	791 806 372,61

Net loss on financial transactions	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
. Net loss on transactions in financial instruments

OTHER ORDINARY INCOME AND CHARGES	2 598 846 677,44	17 047 316 699,94	13 938 974 429,79
Other non-banking operating income :	4 632 048 999,44	30 384 249 655,26	26 649 247 991,05
. Other banking operating income	15 137,46	99 295,22	29 199,62
. other non-banking operating income
. CRDS (note 2)	4 403 314 601,42	28 883 850 360,04	26 649 218 791,43
. Property sales (note 12)	228 719 260,56	1 500 300 000,00	0,00
. Other

General operating charges (note 13)	-2 057 801,27	-13 498 291,48	-18 373 880,39

. Staff costs	-540 325,97	-3 544 306,02	-3 555 591,82
. Other administrative expenses	-1 517 475,30	-9 953 985,46	-14 818 288,57

Depreciation and provisions for depreciation of intangible and tangible assets	-96 282,61	-631 572,52	-590 671,19

Other operating charges	-1 938 256 170,02	-12 714 127 025,17	-12 691 309 009,68

. Other operating charges arising from banking transactions	-53 205,38	-349 004,42	-397 061,59
. 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	-30 344 087,94	-199 044 168,93	-189 552 564,66
- Other	-2 195 877,73	-14 404 013,68

PROFIT ON ORDINARY ACTIVITIES	1 074 755 174,51	7 049 931 800,06	3 532 870 722,49

Exceptional income
Exceptional charges

NET PROFIT FOR YEAR ENDED	1 074 755 174,51	7 049 931 800,06	3 532 870 722,49

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 12/31/99		At as12/31/98
	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)	17 150 514 439,21	112 500 000 000,00	125 000 000 000,00

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)	686 020 577,57	4 500 000 000,00	16 000 000 000,00

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 12/31/1999		As at 12/31/1998
	EUR	FRF	FRF

NET CRDS REVENUES IN THE YEAR ENDED (article 6)	4 280 178 445,38	28 076 130 124,96	26 459 666 226,77

ACOSS CRDS revenues (on wages and salaries)	3 697 694 979,02	24 255 289 053,53	22 993 114 010,62
CRDS revenues on assets	241 266 302,95	1 582 603 202,84	1 499 941 823,84
CRDS revenues on investment income	192 113 978,35	1 260 185 088,97	1 456 021 164,41
CRDS revenues on sales of jewellery and precious metals	3 295 377,14	21 616 257,03	14 769 486,57
CRDS revenues on gambling gains	78 750 329,11	516 568 296,32	495 819 741,33

SALE OF ASSETS...(article 9)	226 523 382,83	1 485 895 986,32	0,00

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