++++

EUROPEAN COAL AND STEEL COMMUNITY REVENUES AND EXPENDITURES FROM 1 JANUARY TO 31 DECEMBER 1977

( ALL AMOUNTS ARE STATED IN EUROPEAN UNITS OF ACCOUNT )

EXPENDITURE*INCOME*

A . SERVICING OF BORROWING OPERATIONS AND GUARANTEES*312 228 991,87***

B . BUDGETARY EXPENDITURE : ****

- ADMINISTRATIEVE EXPENDITURE 17 721 127,75****

- EXPENDITURE FOR RESEARCH 34 666 007,61****

- EXPENDITURE FOR REHABILITATION 30 752 994,56****

- ASSISTANCE TO COKING AND COKE 5 275 000 ,-****

- ASSISTANCE ( ARTICLE 56 ) 3 368 483,14****

- ASSISTANCE ( ARTICLE 54 ) 3 601 807,34****

*95 385 420,40***

C . OTHER EXPENDITURE : ****

- FINANCIAL EXPENDITURE*84 010,45***

D . EXCESS OF INCOME OVER EXPENDITURE*38 264 704,17***

*445 963 126,89***

**A . SERVICING OF LENDING OPERATIONS AND GUARANTEES*328 604 045,32*

**B . LEVY*86 840 594,20*

**C . OTHER INCOME : **

** - INTEREST TO DEPOSITS AND PORTFOLIO 30 430 794,40**

** - FINES AND INCREASES FOR OVERDUE PAYMENT 8 108,38**

** - MISCELLANEOUS 36 398,25**

***30 475 301,03*

**D . ADJUSTMENTS - CURRENCY PARITIES*43 186,34*

***445 963 126,89*

NOTE OF THE COURT OF AUDITORS

WE HAVE EXAMINED THE ACCOMPANYING FINANCIAL STATEMENTS COMPRISING THE BALANCE SHEET OF THE EUROPEAN COAL AND STEEL COMMUNITY AT 31 DECEMBER 1977 AND THE STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED ON THAT DATE .

OUR EXAMINATION HAS BEEN CARRIED OUT IN ACCORDANCE WITH THE PROVISIONS OF THE TREATY OF 22 JULY 1975 , WHICH AMENDED CERTAIN FINANCIAL PROVISIONS OF THE TREATIES ESTABLISHING THE EUROPEAN COMMUNITIES . ON THE BASIS OF OUR EXAMINATION , WE CERTIFY THAT THESE FINANCIAL STATEMENTS ARE IN ACCORDANCE WITH THE BOOKS AND RECORDS OF THE COMMISSION . IN OUR OPINION THE BALANCE SHEET AND THE STATEMENT OF INCOME AND EXPENDITURE PRESENT FAIRLY THE FINANCIAL POSITION OF THE EUROPEAN COAL AND STEEL COMMUNITY AT 31 DECEMBER 1977 AND THE RESULT OF ITS OPERATIONS FOR THE YEAR THEN ENDED .

LUXEMBOURG , 23 NOVEMBER 1978 .

M . N . MURPHY

PRESIDENT

P . GAUDY

MEMBER

EUROPEAN COAL AND STEEL COMMUNITY

COMMISSION OF THE EUROPEAN COMMUNITIES

F . -X . ORTOLI

VICE-PRESIDENT OF THE COMMISSION

A . NICOLETTI

DIRECTOR-GENERAL FOR CREDIT AND INVESTMENTS

EXPLANATORY NOTES TO STATEMENT OF ECSC REVENUES AND EXPENDITURES FROM 1 JANUARY TO 31 DECEMBER 1977

( IN EUROPEAN UNITS OF ACCOUNT )

EXPENDITURE

A . THE EXPENDITURE FOR THE SERVICING OF BORROWING OPERATIONS AND GUARANTEES TOTALLING 312 228 991,87 U.A . IS BROKEN DOWN AS FOLLOWS :

INTEREST ON FUNDS BORROWED*298 603 375,69*

FEES TO AGENT BANKS*2 881 323,97*

MISCELLANEOUS*1 030 813,73*

AMORTIZATION OF RECOVERABLE ISSUE COSTS*9 713 478,48*

INCOME

B . THE INCOME ON THE SERVICING OF LENDING OPERATIONS AND GUARANTEES TOTALLING 328 604 045,32 U.A . IS BROKEN DOWN AS FOLLOWS :

INTEREST ON LOANS*308 099 757,31*

INTEREST ON AVAILABLE FUNDS BORROWED*10 307 933,58*

GUARANTEE FEES*93 120,06*

MISCELLANEOUS*10 103 234,37

EUROPEAN UNIT OF ACCOUNT ( 1 )

19 FEBRUARY 1979

CURRENCY AMOUNT FOR 1 EUA :

BELGIAN AND LUXEMBOURG FRANC : 39,5500

GERMAN MARK : 2,50754

DUTCH GUILDER : 2,71036

POUND STERLING : 0,674550

DANISH KRONE : 6,95336

FRENCH FRANC : 5,78984

ITALIAN LIRA : 1136,47

IRISH POUND : 0,674550

UNITED STATES DOLLAR : 1,35214

SWISS FRANC : 2,25874

SPANISH PESETA : 93,5002

SWEDISH KRONA : 5,90207

NORWEGIAN KRONE : 6,88169

CANADIAN DOLLAR : 1,61513

PORTUGUESE ESCUDO : 64,1183

AUSTRIAN SCHILLING : 18,3552

FINNISH MARKKA : 5,35987

JAPANESE YEN : 271,306

THE COMMISSION HAS INSTALLED A TELEX WITH AN AUTOMATIC ANSWERING DEVICE WHICH GIVES THE CONVERSION RATES OF THE EUROPEAN UNIT OF ACCOUNT IN A NUMBER OF CURRENCIES . THIS SERVICE IS AVAILABLE EVERY DAY FROM 5 P.M . UNTIL 1 P.M . THE FOLLOWING DAY .

USERS OF THE SERVICE SHOULD DO AS FOLLOWS :

- CALL TELEX NUMBER BRUSSELS 23789 ;

- GIVE THEIR OWN TELEX CODE ;

- TYPE THE CODE " CCCC " WHICH PUTS THE AUTOMATIC SYSTEM INTO OPERATION RESULTING IN THE TRANSMISSION OF THE CONVERSION RATES OF THE EUA ;

- THE TRANSMISSION SHOULD NOT BE INTERRUPTED UNTIL THE END OF THE MESSAGE , WHICH IS MARKED BY THE CODE " FFFF " .

( 1 ) - ARTICLE 2 ( 2 ) OF COUNCIL DECISION 75/250/EEC OF 21 APRIL 1975 ON THE DEFINITION AND CONVERSION OF THE EUROPEAN UNIT OF ACCOUNT APPLIED IN THE ACP-EEC CONVENTION OF LOME .

- ARTICLE 2 ( 2 ) OF COMMISSION DECISION 3289/75/ECSC OF 18 DECEMBER 1975 ON THE DEFINITION AND CONVERSION OF THE EUROPEAN UNIT OF ACCOUNT USED FOR THE PURPOSES OF THE ECSC TREATY .