2018 Financial Report 2018 Financial Report

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2018 Financial Report 2018 Financial Report 2018 Financial report 2018 Financial report CAISSE DES DÉPÔTS GROUP Introduction | 3 Consolidated financial statements | 8 Introduction 1 – Our model 2 – Our activities “Caisse des dépôts et consignations and its subsidiaries constitute a Mandates and deposits state-owned group at the service of the public interest and of the country’s economic development. The Group fulfils public interest A trusted third party, Caisse des Dépôts manages the mandates and functions in support of the policies pursued by the State and local public and private funds entrusted to it. authorities, and may engage in competitive activities. […] Caisse des dépôts et consignations is a long-term investor promoting business We safely manage the funds entrusted to us: these include escrow development in line with its own patrimonial interests.” accounts, the assets of vulnerable populations and deposits from notaries and other legal professionals. As banker to the social security Article L. 518-2 of the French Monetary and Financial Code (Code system, we deliver administrative, financial and banking management monétaire et financier) (amended by the 2008 Economic Modernisation services, in the context of the mandates entrusted to us by the French Act). State. We are also developing a fiduciary business. A trusted third-party, we manage part of the budgets of the Investments for the Future Our one-of-a-kind model: Programme (PIA) on behalf of the French State. Our main customers are the French public justice system (notaries, receivers, judicial Trusted custodian and manager. Caisse des Dépôts manages the representatives, etc.), the French social security system and public public mandates entrusted to it by French law or the French State, interest players (social housing bodies, local public bodies, etc.). mainly comprising a portion of regulated savings (Livret A, Livret de Développement Durable (LDD) and Livret d’Epargne Populaire (LEP) We centralise and manage regulated savings (Livret A, LDDS, LEP) passbook accounts), funds from legal professionals, such as deposits in complete safety, and transform them into very long-term loans by notaries, public sector pension funds and the Personal Training serving the public interest, in particular social housing, urban planning Account (CPF) programme. and the long-term investments of local authorities. Resources that are not dedicated to loans are invested in financial assets in order to Long-term investor on the financial markets. Caisse des Dépôts contribute to remunerating public savings and ensuring their liquidity invests a portion of the funds entrusted to it on the financial markets, while funding the economy. with a dual objective: ensuring the security, liquidity and yield of the funds and generating regular returns to strengthen its equity and invest in public interest projects. Companies Lender and investor in public interest projects. Caisse des The Caisse des Dépôts Group is the leading institutional investor in Dépôts produces two separate balance sheets, one for the Savings the equity of French companies. Supporting middle-market companies Funds and the other for the Central Sector. and SMEs with projects that drive growth allows us to fulfil one of our founding missions: contributing to France’s economic development. It transforms a portion of the regulated savings carried on the Savings Funds balance sheet into long-term loans to finance social housing, We provide companies with the financial solutions required at all regenerate disadvantaged areas and finance local public sector facilities stages of their development, through loans and equity, in particular (transport, schools, hospitals, digital development, etc.). in the segments the least covered by the market. We also provide guarantees to allow higher-risk projects to be financed. We give them Caisse des Dépôts uses equity from the Central Sector balance sheet the means to grow by mobilising other private equity players and to make capital contributions to finance innovative public-private seeking capital from foreign partners. We support the industries of projects (semi-public companies) and ad hoc companies created for the future and offer solutions suited to innovative companies. As such, real estate projects (residential care homes for the elderly we are involved in the competitive cluster and technology transfer (Établissements d’Hébergement pour Personnes Agées Dépendantes acceleration companies (SATT) scheme, which we manage on behalf – EHPAD), tourism, clinics, etc.). of the French State in the context of the Investments for the Future Programme (PIA). Operator through its subsidiaries. Caisse des Dépôts holds strategic investments in such companies as Transdev, Egis, Icade, We give companies the means to develop internationally: supporting CNP Assurances, Compagnie des Alpes and RTE. Some of these entrepreneurs and deploying a comprehensive range of export financing subsidiaries were created by Caisse des Dépôts, for example Transdev, services (business development, trade debt, buyer and seller credit). Egis, Icade, CNP Assurances and Compagnie des Alpes. They were We play a leading role in funding the social and solidarity economy (ESS) first developed and thereafter became subsidiaries. by providing our support to not-for-profit networks and supporting the creation and transfer of small businesses. We assist private and public research bodies in promoting their patent portfolios, on an international scale. We contribute to creating an ecosystem favourable to corporate development, thanks to special partnerships with local players. We support companies at the key stages in their growth: training (to allow entrepreneurs to identify growth factors and discover Caisse des Dépôts Group: 2018 Financial report 3 INTRODUCTION different learning drivers); networking between business leaders and We support local projects by offering local authorities and local public potential investors; and consultancy services (notably advice on sector companies (EPLs) our expertise in innovative legal and financial exports, awareness-raising and guidance on mergers and arrangements, combining public funds and private equity. We mobilise acquisitions). our partners to direct European and international funds into national projects. We support the local authorities in digitally equipping France’s Housing and property regions by providing engineering and financing assistance, in particular to roll out new high-speed networks (THD). A central player in housing and property, the Caisse des Dépôts Group actively participates in the national construction effort and the energy Ecology and energy transition of existing properties. The Caisse des Dépôts Group is fully mobilised to take on the ecological We accompany public authorities and housing players in order to and energy challenge that the country is facing. We develop operational accelerate the creation of social and intermediate housing across solutions for companies in the regions to contribute to a society that France. We work towards creating conditions that will attract institu- is more efficient and restrained in terms of the consumption of natural tional investors to “intermediate” rental property, especially in areas resources and energy. We also play a leading role in preserving natural lacking housing, as close as possible to employment areas. We are environments and biodiversity. developing an affordable housing offer for young workers and students and contribute to the construction and renovation of specialised We invest heavily in forestry development, promote the timber industries structures. We also cover the funding of accommodation centres and and are committed to sustainable forest management. We manage emergency accommodation for the most vulnerable populations. To the forest assets of French institutional investors and of a growing respond to the needs of as many people as possible, our housing number of forestry groups and private owners. The leading operator offers are suited to all stages of life. We renovate and improve the in biodiversity offsetting, we provide concrete solutions for promoting energy performance of the existing private and public property portfolio. and protecting natural resources by offering long-term funding for We offer social housing landlords and local authorities solutions suited projects to restore and manage natural spaces with the agreement to their needs. Our loans are used to finance projects that contribute of local stakeholders. to the ecological and energy transition, as well as asbestos removal work. We support local players by investing in commercial property We are strengthening our commitments and developing new projects (shopping centres, business centres, offices) and act as a businesses. We carry out long-term collective regional projects and property developer and owner for office blocks. encourage greater ecological consistency. We put in place specific financial measures to support emerging players in the sector and Insurance structure innovative industries. We fund low-carbon projects, the production of renewable energies, energy saving solutions and companies involved in the ecological and energy transition. The Group The Caisse des Dépôts Group accompanies citizens and offers them leverages the wide-ranging expertise of its research network to further solutions adapted to their financial, personal risk, insurance and public debate by providing innovative, environmentally friendly pension needs at each stage of their life. solutions.
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