July 27, 2017 11:01 PM ET

Diversified Financial Services

Company Overview of Caisse Française de Financement Local S.A.

Company Overview

Caisse Française de Financement Local, a credit institution, refinances loans to local public sector entities, primarily governments and public hospitals in France. It also provides loans to SFIL with guarantee by the French State, as part of the financing of large export credits. The company holds government and public entity securities eligible for central bank refinancing, and bonds and other fixed income securities. It has operations in France, Italy, the United Kingdom, Spain, Germany, Belgium, and other European Union countries, as well as Switzerland, the United States, Canada, and Japan. The company was formerly known as Dexia Municipal Agency and changed its name to Caisse Française...

1-3, rue du Passeur de Boulogne

Issy-les-Moulineaux,  92130

France

Founded in 1998

Key Executives for Caisse Française de Financement Local S.A.

Chief Executive Officer & Member of Executive Board
Age: 36
Head of Dealing Room & Member of Executive Board
Age: 48
Head of Financing & Treasury
Chairman of Executive Board
Age: 53
Member of Executive Board
Age: 41
Compensation as of Fiscal Year 2017.

Caisse Française de Financement Local S.A. Key Developments

Caisse Française de Financement Local SA Reports Audited Earnings Results for the Year Ended December 31, 2016; Proposes Amendments to By-Laws

Caisse Française de Financement Local SA reported audited earnings results for the year ended December 31, 2016. For the period, the company reported interest income of EUR 3,256 million against EUR 4,047 million a year ago. Net banking income was EUR 119 million against EUR 55 million a year ago. Operating income was EUR 39 million against operating loss of EUR 55 million a year ago. Income before tax was EUR 39 million against loss before tax of EUR 55 million a year ago. Net income was EUR 10 million against net loss of EUR 76 million a year ago. Basic and diluted earnings per share were EUR 0.76 against basic and diluted loss per share of EUR 5.79 a year ago. Cash flow from operating activities was EUR 2,341 million against EUR 2,507 million a year ago. Revenue was EUR 2,476 million against EUR 2,172 million a year ago. Income before income tax, amortization, depreciation and contingencies net of reversals was EUR 86 million against EUR 71 million a year ago. Income after income tax, amortization, depreciation and contingencies net of reversals was EUR 67 million or EUR 5.08 per share against loss after income tax, amortization, depreciation and contingencies net of reversals of EUR 30 million or EUR 2.30 per share a year ago. The company will propose amendments to article 23 at the ordinary and extraordinary shareholders' meeting to be held on May 30, 2017. The shareholders' meeting, voting according to the conditions governing the quorum and majority required for extraordinary shareholders' meetings, decides to amend article 23 a) (Statutory Auditors) of the company's by-laws so as to ensure compliance with (i) the provisions of instruction 2016-I-07 relating to the information to be transmitted to the Autorité de contrôle prudentiel et de résolution on the auditors, and (ii) the provisions of article L.823-1 of the Code of Commerce amended by law 2016-1691 of December 9, 2016 (Sapin II law). Consequently, it decides to replace article 23 a) of the company's by-laws by the following article: ‘Article 23: Appointment – Powers a) Statutory Auditors: The Shareholders' Meeting appoints one (or more) of the company's statutory auditors under the conditions set by current legislation and regulations. The company informs the Autorité de contrôle prudentiel et de résolution that one or several statutory auditors have been appointed according to the conditions determined by current legislation and regulations or according to instructions from regulatory authorities. The Statutory Auditors are appointed for a term of six years, and their functions come to an end after the shareholders' meeting called to approve the financial statements of the sixth year. The Statutory Auditors are vested with powers granted by the law. Their compensation is determined according to regula-tory provisions in effect’. The Shareholders' Meeting, voting according to the conditions governing the quorum and majority required for extraordinary shareholders' meetings, with the suspensive condition that there is, in fact, a capital increase, decides to amend article 6 of the company's by-laws as follows: ‘Article 6: Share Capital - Share capital is set at the sum of EUR 1,350,000,000. It is divided into 13,500,000 shares’.

Caisse Française de Financement Local SA, Annual General Meeting, May 30, 2017

Caisse Française de Financement Local SA, Annual General Meeting, May 30, 2017. Agenda: To approve the financial statements for the year ended December 31, 2016; to consider allocation of net income; to consider approval of regulated agreements and commitments; to consider discharge to members of the management bodies; to consider certification of the financial statements; to consider acknowledgement of expiration of the mandate of a member of the Supervisory Board; to consider appointment of new members of the Supervisory Board; to appoint Ernst & Young et Autres as a new Statutory Auditor; to consider amendment of article 23 a) of the by-laws (statutory auditors); to consider capital increase in the amount of EUR 35 million by creating new shares in cash; to consider subsequent amendment of article 6 of the by-laws; to consider non-renewal of mandate of an alternate auditor; to consider renewal of the mandate of a member of the Supervisory Board; and to consider other matters.

Caisse Française de Financement Local SA Reports Earnings Results for the Year Ended December 31, 2015

Caisse Française de Financement Local SA reported earnings results for the year ended December 31, 2015. For the period, the company reported interest income of EUR 4,047 million against EUR 4,453 million a year ago. Gross operating loss was EUR 41 million against EUR 24 million a year ago. Operating loss was EUR 55 million against EUR 42 million a year ago. Loss before tax was EUR 55 million against EUR 42 million a year ago. Net loss was EUR 76 million or EUR 5.79 per diluted share against EUR 29 million or EUR 2.22 per diluted share a year ago. Cash flow from operating activities was EUR 2,507 million against cash used in operating activities of EUR 525 million a year ago.

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