Results of Caisse des Dépôts as at 31 December 2018

Caisse des Dépôts

On 11 April, Eric Lombard, Chief Executive Officer of Caisse des Dépôts, presented the results of Caisse des Dépôts' as at 31 December 2018. To improve transparency and facilitate understanding of Caisse des Dépôts' model, these results were presented in the form of Caisse des Dépôts' aggregate results (€3.3bn), on the one hand, and aggregate results by business line, on the other.

As from 12 April, the regional directors of Banque des Territoires will present the results of their activity and the prospects for Banque des Territoires in their region.

2018’s results have been governed by Caisse des Dépôts’ transformation and show the robustness of our model. Its five business lines, driven by Caisse des Dépôts’ employees, are evolving to provide concrete responses to our fellow citizens’ demands.

Éric Lombard.

Key figures

€3.3bn: Caisse des Dépôts’ aggregated result in 2018 at the same level as in 2017

Savings Funds: €1.5bn (profit from ordinary activities)

Central sector consolidated accounts:  €1.8bn (Net result Group share)

€48bn: Caisse des Dépôts’ aggregated own funds on 31 December 2018

Savings Funds: €12bn (shareholders equity)

Central sector consolidated accounts: €36bn (consolidated own funds)

A major contribution to the State’s budget under the 2018 results: €1.6bn

  • withdrawal from savings funds: €543mn
  • payment under the Central Sector result: €914mn
  • contribution representative of corporate tax: €117mn

These results show the solidity of Caisse des Dépôts’ model as well as the good performance of business lines, subsidiaries and holdings in an uncertain economic and financial context with a volatile stock market (particularly towards the end of 2018), and in a context in which accounting standards are changing and no longer allow for the recognition of capital gains achieved in share portfolios in consolidated results.

2018 marked by our reorganisation around 5 business lines

Asset management: an aggregated result of €1,267mn

With €154.6bn in outstanding assets under management in 2018 - a €4bn increase - including 72% of interest rate products and 22% of share products, GDA is the leading public asset manager.

As a responsible investor, GDA has reduced the carbon footprint of the share portfolios that it manages directly by close to 50% in 4 years.

Banque des Territoires: an aggregated result of €1,020mn

Sustained investment in territories with own-funds commitments to the amount of €769mn in 2018. A significant increase (+90%) in engineering loans in “Projets de territoires” (“territorial projects”) of €16.70mn. €12.8bn in loans signed for social housing (€11.7bn) and local authorities (€1.1bn).

In 2018, CDC Habitat result amounts to €90mn, in a context in which its activity is expanding alongside the portfolio that it manages (now close to 500,000 housing units).

Pensions and solidarity: increased activity in 2018

The main events in 2018 are the implementation of the unified Individual Training Account and Individual Activity Account portal, the creation of the Department for vocational training and the confirmation of the central role played by Caisse des Dépôts and its mandate to create the new Individual Training Account, “Mon compte formation” (or “My Training Account”).

Bpifrance and strategic holding management: an aggregated result of €1,231mn

In 2018, there was strong mobilisation from Bpifrance and the strategic holding management business line, with sustained operational activities and significant contributions towards consolidated results.

Results of main subsidiaries in 2018

• Bpifrance: €1,035mn

• CNP Assurances: €1,367mn

• La Poste: €798mn

• Icade: €155mn

• Compagnie des Alpes: €57mn

• Transdev Group: - €96mn

• Egis: €26mn

• Co-entreprise de Transport d’électricité (RTE): €549mn

2019, new challenges, new prospects

In 2019, several key events should rhythm our activity: First, the draft Act PACTE, which should solidify Caisse des Dépôts’ missions and modernise its governance.

Five major challenges have also been identified for our business lines:

  • build the 1st public financial centre serving all;
  • make the “Mon compte formation” application a success for 30 million French citizens;
  • Bpifrance for all: promote entrepreneurship for all, across France;
  • build tomorrow’s territories together, €20bn mobilised per year for territories over the next five years;
  • roll out Caisse des Dépôts’ climate commitments.