French state CDC reports first loss in 200 years
French investment vehicle CDC reports an annual net loss of EUR 1.468 billion, the first loss in nearly 200 years.PARIS – The giant French state-controlled savings and investment vehicle CDC reported an annual net loss of EUR 1.468 billion on Thursday, its first loss for nearly 200 years.
The Caisse des depots, which receives certain regulatory deposits and acts as an investment arm for long-term policy, said that its results for 2008 had been dragged down by provisions for some shareholdings in its investment portfolio.
The organisation said that it had provisioned EUR 921 million for its portfolio of shares, and EUR 2.082 billion for its 17.6-percent holding in French-Belgian bank Dexia and for its 20.1-percent interest in French civil engineering group Eiffage.
Managing director Augustin de Romanet said that the shares had not been sold and these provisions reflected latent capital losses.
He said that the loss demonstrated "the extent of the commitment of the Caisse des depots as a long-term investor."
The CDC said that after exclusion of exceptional items, it had made a recurrent net profit of EUR 1.535 billion.
AFP / Expatica