Information from the Commission - European Coal and Steel Community balance sheet at 31 December 1977



Official Journal C 046 , 20/02/1979 P. 0001



++++ EUROPEAN COAL AND STEEL COMMUNITY BALANCE SHEET AT 31 DECEMBER 1977 ( ALL AMOUNTS ARE STATED IN EUROPEAN UNITS OF ACCOUNT ) A EUROPEAN UNIT OF ACCOUNT REPRESENTS THE EXCHANGE VALUE OF THE VARIOUS CURRENCIES AT THE FOLLOWING RATES OF CONVERSION : 1 EUROPEAN UNIT OF ACCOUNT ( EUA ) = DM 2,58058 = BFRS 40,3535 = LFRS 40,3535 = DKR 7,07974 = FF 5,76124 = FL 2,78938 = LIT 1 067,50 = POUND 0,641652 = POUND IRL 0,641652 = SFRS 2,45698 = US DOLLARS 1,22506 = E 0,705077 = CAN . DOLLARS 1,34065 = U.A . 0,601596 ASSETS*LIABILITIES* I . DISBURSED LOANS*4 055 192 910,18*** II . CASH AND BANK ACCOUNTS*307 698 469,52*** III . SHORT AND MEDIUM-TERM PLACEMENTS*59 165 404,15*** IV . INVESTMENTS*104 022 873,42*** V . FIXED ASSETS*306 158,88*** VI . RECOVERABLE ISSUING COSTS*62 611 936,42*** VII . MISCELLANEOUS*156 726 833,78*** VIII . ACCRUED INCOME*101 513 750,32*** *4 847 238 336,67*** SUSPENSE ACCOUNTS : **** I . ENTERPRISES' LIABILITIES UNDER GUARANTEES 17 922 327,54**** II . DUE ON DEBENTURES 2 035 018,60**** **I . A . BORROWINGS*3 954 503 760,21* **B . REIMBURSEMENT PREMIUMS TO BE PAID** **II . RESERVES** **A . GUARANTEE FUND*183 000 000 ,-* **B . SPECIAL FUND*134 500 000 ,-* **III . ALLOCATIONS** **A . FINANCIAL AID*190 166 658,33* **B . OTHER*68 362 414,28* **IV . FORMER PENSION FUND*39 916 420,57* **V . MISCELLANEOUS*146 355 498,75* **VI . ACCRUED LIABILITIES*128 950 122,47* **VII . UNALLOCATED BALANCE*85 592,57* ***4 847 238 336,67* **SUSPENSE ACCOUNTS : ** **I . LIABILITIES UNDER GUARANTEES 17 922 327,54** **II . DEBENTURES TO BE PAID 2 035 018,60** 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 THE BALANCE SHEET AT 31 DECEMBER 1977 ASSETS 1 - DISBURSED LOANS A . LOANS FROM BORROWED FUNDS - IN US DOLLARS*1 699 222 895,25* - IN GERMAN MARKS*867 642 032,57* - IN ITALIAN LIRA*116 495 307,17* - IN BELGIAN FRANCS*108 193 962,01* - IN DUTCH GUILDERS*90 702 593,40* - IN FRENCH FRANCS*258 057 362,62* - IN LUXEMBOURG FRANCS*168 083 567,24* - IN SWISS FRANCS*500 781 202,89* - IN E*11 463 145,13* - IN U.A.*20 279 390,15* - IN CANADIAN DOLLARS*55 943 012,72* - IN POUNDS STERLING*15 662 695,66* *3 912 527 166,81* B . OTHER LOANS - FRIULI*2 854 332,54* - FROM THE SPECIAL RESERVE FOR THE FINANCING OF WORKERS' HOUSING PROJECTS*117 953 106,41* - FROM FUNDS ALLOCATED FOR REHABILITATION*275 988,87* - FROM FUNDS ALLOCATED FOR TECHNICAL RESEARCH*2 310 607,45* - MISCELLANEOUS*19 271 708,10* *142 665 743,37* *4 055 192 910,18* IV - INVESTMENTS TOTAL INVESTMENTS AMOUNT TO 104 022 873,42 EUA . V - FIXED ASSETS THIS ITEM INCLUDES PROPERTIES OWNED BY THE ECSC . THESE ARE : 1 . A BUILDING IN PARIS ( IN CO-OWNERSHIP WITH THE TWO OTHER EUROPEAN COMMUNITIES ) ; 2 . A BUILDING IN LONDON HELD BY THE COMMUNITY ON LONG-LEASE TENURE ; 3 . A BUILDING IN WASHINGTON . THIS AMOUNTS TO 306 158,88 EUA . VI - RECOVERABLE ISSUING COSTS THE AMOUNT OF 62 611 936,42 EUA REPRESENTS THE PORTION OF ISSUING COSTS ON CURRENT LOANS WHICH HAS NOT YET BEEN WRITTEN OFF . THESE COSTS ARE RECOVERED IN ANNUAL INSTALMENTS THROUGHOUT THE TERM OF THE LOANS . VII - MISCELLANEOUS THE TOTAL AMOUNT OF 156 726 833,78 EUA UNDER THIS ITEM CONSISTS OF : 1 . 12 833 667,25 EUA DUE FROM DEBTORS UNDER THE LEVY ; 2 . 3 481 515,14 EUA FROM MISCELLANEOUS DEBTORS ; 3 . 140 411 651,39 EUA IN FUNDS EARMARKED FOR THE PAYMENT OF OVERDUE COUPONS AND DRAWN BONDS . VIII - ACCRUED INCOME THIS ITEM CONSISTS OF : 1 . 94 614 064,19 EUA IN INTEREST AND COMMISSIONS RECEIVABLE BUT NOT YET DUE ON 31 DECEMBER 1977 ; 2 . 6 899 686,13 EUA IN LEVY CLAIMED OVER THE MONTH OF DECEMBER , AND FALLING DUE AFTER 31 DECEMBER . LIABILITIES A . BORROWINGS THE BREAKDOWN BY CURRENCY IS AS FOLLOWS : - IN US DOLLARS*1 715 956 769,46* - IN GERMAN MARKS*879 412 767,67* - IN ITALIAN LIRA*118 032 786,88* - IN DUTCH GUILDERS*90 714 782,49* - IN BELGIAN FRANCS*108 193 836,96* - IN FRECH FRANCS*268 019 558,28* - IN LUXEMBOURG FRANCS*167 998 253,13* - IN SWISS FRANCS*498 783 058,87* - IN POUNDS STERLING*31 169 543,61* - IN U.A.*20 279 390,15* - IN CANADIAN DOLLARS*55 943 012,71* *3 954 503 760,21* B . REIMBURSEMENT PREMIUMS TO BE PAID - IN FRENCH FRANCS*1 366 893,24* - IN BELGIAN FRANCS*30 976,25* *1 397 869,49* III - ALLOCATIONS A . FINANCIAL AID 1 . FOR REHABILITATION** - COMMITMENTS ENTERED INTO FOR OUTRIGHT GRANTS*119 292 465,06* 2 . FOR TECHNICAL AND ECONOMIC RESEARCH** - COMMITMENTS ENTERED INTO FOR OUTRIGHT GRANTS*51 235 811,02* 3 . ASSISTANCE UNDER ARTICLE 56 ( INDUSTRIAL REDEVELOPMENT AND RECONVERSION ) *8 173 170,95* 4 . ASSISTANCE UNDER ARTICLE 54*6 890 211,30* 5 . ASSISTANCE TO COKING COAL AND COKE*4 575 000 ,-* *190 166 658,33* *68 362 414,28* B . OTHER IV - FORMER ECSC PENSION FUND THIS ITEM TOTALS 39 916 420,57 EUA . AS OF 5 MARCH 1968 COMMITMENTS FOR THE PAYMENT OF ECSC PENSIONS WERE TRANSFERRED TO THE MEMBER STATES . V - MISCELLANEOUS : 146 355 498,75 EUA THIS INCLUDES THE SUM OF 140 411 235,37 EUA FOR COUPONS DUE AND BONDS AND COMMISSIONS PAYABLE ON THEM , AND THE SUM OF 5 944 263,38 EUA FOR MISCELLANEOUS CREDIT ACCOUNTS AT THE END OF THE FINANCIAL YEAR . VI - ACCRUED LIABILITIES THIS ITEM COMPRISES INTEREST AND COMMISSION PAYABLE BUT NOT YET DUE ON 31 DECEMBER 1977 , TOTALLING 128 950 122,47 EUA . VII - UNALLOCATED BALANCE THE AMOUNT OF 85 592,57 EUA UNDER THIS HEADING REPRESENTS AN UNALLOCATED SUM . N.B . UNTIL JULY 1961 THE CLAIMS AND RELATED SURETIES FOR LOANS GRANTED FROM BORROWED FUNDS AS WELL AS OTHER ASSETS WERE PLEDGED TO THE BANK FOR INTERNATIONAL SETTLEMENTS IN BASLE IN FAVOUR OF THE HOLDERS OF SECURED NOTES AND COUPONS ISSUED BY THE ECSC . THE AMOUNTS PLEDGED ARE : - 28 326 304,39 EUA UNDER ITEM I , 43 295,44 EUA UNDER ITEM II , 549 022,54 EUA UNDER ITEM VIII , - LIABILITIES : 28 326 304,39 EUA UNDER ITEM I AND 536 355,49 EUA UNDER ITEM VI .