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2019 Financial Report 2019 Financial Report

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2019 Financial Report 2019 Financial Report 2019 Financial report 2019 Financial report Introduction 3 Consolidated financial statements 7 Introduction 1 — Our model We safely manage the funds entrusted to us: these include escrow accounts, the assets of vulnerable populations and deposits from notaries “Caisse des dépôts et consignations and its subsidiaries constitute a and other regulated legal professionals. As banker to the social security state-owned group at the service of France’s public interest and of the system, we deliver administrative, financial and banking management country’s economic development. The Group fulfils public interest functions services, in the context of the mandates entrusted to us by the French in support of the policies pursued by the State and local authorities, and State. We are also developing a fiduciary business. As a trusted third party, may engage in competitive activities. […] Caisse des dépôts et we manage part of the budgets of the Investments for the Future consignations is a longterm investor promoting business development in Programme (PIA) on behalf of the French State. Our main customers are line with its own ownership interests.” the French public justice system (notaries, receivers, judicial represen- Article L. 518-2 of the French Monetary and Financial Code (Code moné- tatives, etc.), the French social security system and public interest players taire et financier) (amended by the 2008 Economic Modernisation Act). (social housing bodies, local public institutions, etc.). Our one-of-a-kind model: We centralise and manage regulated savings (Livret A, LDD, LEP) securely, and transform them into very long-term loans serving the public interest, in Trusted custodian and manager. Caisse des Dépôts manages the particular social housing, urban planning and the long-term investments of public mandates entrusted to it by French law or the French State, mainly local authorities. Resources that are not dedicated to loans are invested in comprising a portion of regulated savings (Livret A, Livret de financial assets in order to earn returns on public savings and ensure their développement durable (LDD) and Livret d’épargne populaire (LEP) liquidity while funding the economy. passbook accounts), funds from legal professionals, such as deposits by notaries, public sector pension plans and the Personal Training Account (CPF) programme. Companies The Caisse des Dépôts Group is the leading institutional investor in the Long-term investor on the financial markets. Caisse des Dépôts equity of French companies. Supporting middle-market companies and invests a portion of the funds entrusted to it on the financial markets with a SMEs with projects that drive growth allows us to fulfil one of our founding dual objective: ensuring the security, liquidity and yield of the funds and missions: contributing to France’s economic development. generating regular returns to strengthen its equity and invest in public interest projects. We provide companies with the financing solutions required at all stages of their development, through loans and equity, in particular in the segments Lender and investor in public interest projects. Caisse des Dépôts the least covered by the market. We also provide guarantees to allow produces two separate balance sheets, one for the Savings Funds and the higher-risk projects to be financed. We give them the means to grow by other for the Central Sector. mobilising other private equity players and seeking capital from foreign It transforms a portion of the regulated savings carried on the Savings partners. We support the industries of the future and offer solutions suited Funds balance sheet into longterm loans to finance social housing, to innovative companies. As such, we are involved in the competitive regenerate disadvantaged areas and finance local public sector facilities cluster and technology transfer acceleration companies (SATT) scheme, (transport, schools, hospitals, digital development, etc.). which we manage on behalf of the French State in the context of the Caisse des Dépôts uses equity from the Central Sector balance sheet to Investments for the Future Programme (PIA). make capital contributions to finance innovative public-private projects We give companies the means to develop internationally: supporting (semi-public companies) and special purpose entities created for real entrepreneurs and deploying a comprehensive range of export financing estate projects (residential care homes for the elderly (établissements services (business development, trade debt, buyer and seller credit). We d’hébergement pour personnes agées dépendantes – Ehpad), tourism, play a leading role in funding the social and solidarity economy (ESS) by clinics, etc.). providing our support to not-for-profit networks and supporting the creation Operator through its subsidiaries. Caisse des Dépôts holds strategic and transfer of small businesses. We assist private and public research investments in sectors such as banking/insurance (La Poste group and bodies in promoting their patent portfolios, on an international scale. We CNP Assurances), real estate/tourism (Icade and Compagnie des Alpes) contribute to creating an ecosystem favourable to corporate development, and mobility/energy and engineering (Transdev group, RTE, CNR and Egis). thanks to special partnerships with local players. We support companies at Some of these subsidiaries were created by Caisse des Dépôts, for the key stages in their growth: training (to allow entrepreneurs to identify example Transdev, Egis, Icade, CNP Assurances and Compagnie des growth factors and discover different learning drivers); networking between Alpes. After these activities were developed, they were turned into business leaders and potential investors; and consultancy services (notably subsidiaries. advice on exports, awareness-raising and guidance on mergers and acquisitions). 2 — Our activities Housing and property Mandates and deposits A central player in housing and property, the Caisse des Dépôts Group A trusted third party, Caisse des Dépôts manages the mandates and public actively participates in the national construction effort and the energy and private funds entrusted to it. transition for existing properties. Caisse des Dépôts Group 3 We accompany public authorities and sector players in order to accelerate We invest heavily in forestry development, promote the timber industries the creation of social and intermediate housing across France. We work and are committed to sustainable forest management. We manage the towards creating conditions that will attract institutional investors to forest assets of French institutional investors and of a growing number of “intermediate” rental property, especially in areas lacking housing, as close forestry groups and private owners. The leading operator in biodiversity as possible to employment areas. We are developing an affordable offsetting, we provide concrete solutions for promoting and protecting housing offer for young workers and students and contribute to the natural resources by offering long-term funding for projects to restore and construction and renovation of specialised structures. We also cover the manage natural spaces with the agreement of local stakeholders. funding of emergency accommodation centres for the most vulnerable We are strengthening our commitments and developing new businesses. populations. To meet the needs of as many people as possible, our housing We carry out long-term collective regional projects and encourage greater offers are suited to all stages of life. We renovate and improve the energy ecological consistency. We put in place specific financial measures to performance of the existing private and public property portfolio. We offer support emerging players in the sector and structure innovative industries. social housing landlords and local authorities solutions suited to their We fund low-carbon projects, the production of renewable energies, needs. Our loans are used to finance projects that contribute to the energy resource (water) management systems, energy-saving solutions and and ecological transition. We support local players by investing in companies involved in the energy and ecological transition. The Group commercial property projects (shopping centres, business centres, offices) leverages the wide-ranging expertise of its research network to further and act as a property developer and owner for office blocks. public debate by providing innovative, environmentally friendly solutions. Banking – Insurance Tourism and leisure The Caisse des Dépôts Group works alongside citizens and offers them The Caisse des Dépôts Group is a long-standing and important operator in solutions adapted to their financial, personal risk, insurance and pension the French leisure and tourism industry. Firmly rooted in the regions, we needs at every stage of their life. are the preferred partner of local authorities and support them in their Through CNP Assurances, a leading player on the French personal economic development projects. insurance market and an insurer, co-insurer and reinsurer, we design and We help local authorities define projects that enhance the appeal of the manage innovative personal risk, savings protection and pension solutions. regions and spur job creation. We invest in tourist infrastructure and These products are distributed by multiple partners and are tailored to their ensure its maintenance and operation through the tourism development distribution method – in-person or online – and
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