Contents - Groupe Caisse des Dépôts
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Contents
24 Our economic model
26 Long-term investment
32 Supporting local and regional development policies
38 The carbon economy and the environment
42 Partnering and supporting SMEs:
CDC Entreprises – CDC Capital Investissement
48 Real estate and housing:
Société Nationale Immobilière – Icade
54 Insurance: CNP Assurances
57 Services:
Transdev – Egis – Compagnie des Alpes – Belambra vvf
64 Using savings to fund social housing
71 Administration of protected private sector funds
76 Administrative mandates for public sector pension funds
22
OUR BUSINESSES
Actions
and
expertise…
23
OUR BUSINESSES
...embodied in
a unique
business model
Long-term investmenT respective sectors. Caisse des Dépôts
supports their expansion through organic
focus Investment lies at the heart of the group’s
purpose. Its investor role was defined in
2001 by the French Monetary and Finan-
growth and acquisitions both in France
and abroad. At the same time, as a
shareholder, the group demands margin
AN ORIGINAL MODEL cial Code: the nature of the funds entrust- and return on equity in line with industry
COMBINING:
Les valeurs du groupe ed to Caisse des Dépôts gives it a contrib- averages. It also expects its subsidiaries
utory role in the economic development to evaluate their social and environmental
n s ervir, pour
long-term investment,
être utile
of France. In addition to a large portfolio impact and to be at the leading edge of
à la collectivité
n a portfolio of operating of diversified and secured assets which progress in this area.
n savoir-faire, utiliser
subsidiaries, are managed in a long-term perspective
nos expertises pour innover in accordance with essentially financial
n management of public
criteria aimed at generating a steady and Public mandates with
construire, pour agir
mandates.
n
dans la durée
high level of income, Caisse des Dépôts their own economic
supports the development of a portfolio momentuM
of operating subsidiaries. The group also
owns a number of subsidiaries specially Caisse des Dépôts’ three core businesses
assigned to supporting certain projects – deposits and escrow deposits, the
and allowing it to develop new activities. management of regulated savings funds
In addition, the group is heavily involved and the management of public pension
in numerous public interest invest- schemes – are all subject to mandates
ments, particularly in the French over- assigned by the French State. The group
seas territories and in favour of SMEs. is reimbursed the cost of managing these
activities on a cost price basis. Its task is
to provide the best service at the best
A Portfolio of operating cost. Drawing on the technical skills
subsidiarieS acquired in performing these businesses,
Caisse des Dépôts has over the years
Through its subsidiaries, Caisse des been assigned new mandates for public
Dépôts is heavily involved in the develop- initiatives, such as the administrative
ment and support of SMEs and in the management of the Pensions Reserve
personal insurance, real estate, public Fund (since 2001) and the management
transport, transport infrastructure engi- of the French register of greenhouse gas
neering and leisure industries. Its subsidi- allowances (2005), having itself set up
aries are now key players in their carbon economy initiatives.
24 Caisse des Dépôts / 2007 Business Review and Sustainable Development Report
“An agile and effective
group capable of mak-
ing quick decisions
and long-term
commitments”
Caisse des Dépôts – Strategic Plan
n Agnès Pannier-Runacher
Deputy Director of Finance and
Strategy - Caisse des Dépôts
group
Spokesperson for the “Group
partnerships” working group
Caisses des Dépôts’ strengths
make the difference:
“A consensus has formed on the idea
■ reliability
and security, above all illus-
of belonging to the group, and on the
trated by its AAA rating and the fact that
four aspects that make up its strength:
it has not faced any financial difficulty in
■ values: public interest, long-term
over 190 years of existence;
outlook, performance and realism;
■ a capacity to look long-term and to make
■ in-depth knowledge of public and
the corresponding commitments;
private sector challenges;
■ independence and neutrality;
■ financial solidity and credibility;
■ commitment to concepts of public interest
■ businesses and expertise rooted in
and public service which distinguish it from
the business world.
other players in the economic world;
These strengths should help the group
■ a necessary foothold in the competitive
which is in a continuous process of
sector and an awareness of the importance
adaptation. Four recommendations
of meeting performance targets.
have been made:
■ to resist the temptation to branch
This mix of public service culture and
out into an increasing number of
corporate culture as well as its financial
activities and to concentrate on our
credibility enables Caisse des Dépôts to
key areas of expertise;
provide solutions that neither the public
■ to be flexible enough to allow the
authorities, nor the market would be able
structure to evolve in line with strategic
to offer alone.
demands;
■ to be a group whose components are
better co-ordinated;
■ to be an agile and effective group
capable of making quick decisions
and long-term commitments.
In a world dominated by short-term
thinking, Caisse des Dépôts can best
serve the public interest by being a
reliable and patient partner, heedful of
the consequences of its decisions and
hence of the principles of sustainable
development.”
25
OUR BUSINESSES
Long-term investment
Rated AAA/Aaa, Caisse des The group’s total investments amount to Caisse des Dépots owns 40% of the share
Dépôts was classified by 350 billion. This breaks down into 337 capital of CNP Assurances. Through its
billon in financial assets and roughly 313 subsidiaries, it is a major player in:
Global Finance magazine as billion in the form of shares in subsidiaries n real estate (Société Nationale Immobilière
the safest bank in the world in and long-term equity interests. Having and Icade);
2007. Its large portfolio of endorsed the Principles for Responsible n public transport and transport infrastruc-
secure, diversified assets is Investment in 2006, Caisse des Dépôts has ture engineering (Transdev and Egis);
managed based on progressively developed its analysis of n the leisure market (Compagnie des Alpes
environmental, social and governance and Santoline, the holding company for
predominantly financial (ESG) criteria which are applied to all its Belambra-vvf);
criteria, with the aim of investments. n private equity (CDC Entreprises for public
generating a steady, high level interest missions and CDC Capital Inves-
of income. Caisse des Dépôts Caisse des Dépôts’ investment portfolio is tissement for competitive activities).
composed of listed securities, property and
also holds stakes in companies forestry assets, units in private equity funds It further holds stakes in several subsidiar-
to whose development it and unlisted equities. At 31 December 2007, ies of the Oséo group, including Oséo
contributes actively. The total investments, excluding money-market Financement which specialises in lending
institution further plays a key investments and non-property equity inter- and guarantees for SMEs.
ests, represented roughly 337 billion.
role in public interest
investments and holds a
diversified asset portfolio for
this purpose.
Principles for Responsible Investment (PRI)
Launched in 2006 under the auspices of the United Nations, the PRI address
the global investment community and endorse six actions:
n Principe 1. We will incorporate ESG issues into investment analysis and
decision-making processes.
n Principe 2. We will be active owners and incorporate ESG issues into our
ownership policies and practices.
n Principe 3. We will seek appropriate disclosure on ESG issues by the entities
in which we invest.
n Principe 4. We will promote acceptance and implementation of the Principles
within the investment industry.
n Principe 5. We will work together to enhance our effectiveness in implementing
the Principles.
n Principe 6. We will each report on our activities and progress towards
implementing the Principles.
Caisse des Dépôts – a signatory – together with the Pensions Reserve Fund and
the ERAFP supplementary pension scheme for civil servants which it manages, was
the main financial sponsor in the process. The group contributed ideas that led to
the development of the principles and is now actively involved in promoting them.
26 Caisse des Dépôts / 2007 Business Review and Sustainable Development Report
n Financial investments
(market values)
e50 billion
e44 billion
e41 billion
32 34 37
9 10 13
2005 2006 2007
n Financial assets
n Subsidiaries and long-term equity interests
Financial investments operations to support the development of
companies in which it holds shares and to
Caisse des Dépôts group currently owns ensure that their central decision-making
shares in around 250 listed companies functions remain in France.
and is the no. 1 or no. 2 shareholder of
thirteen CAC 40 companies. Its listed Caisse des Dépôts upholds its interests as
equity investments nonetheless represent a shareholder based on the recommenda-
less than 3% of the total capitalisation of tions of an Advisory Committee, which is
the Euronext Paris market. Caisse des charged with assisting the institution in all
Dépôts has geared its investment policy matters of good corporate governance.
towards achieving an optimum risk/return The committee, chaired by René Barbier
profile over a long-term horizon and de La Serre, is composed of independent,
manages a proprietary portfolio alongside suitably qualified persons and representa-
a portfolio backed by the funds lodged in tives of Caisse des Dépôts. Thus, certain
passbook savings accounts (Livret A and resolutions contrary to the provisions of the
LDD). Thanks to its excellent reputation in Advisory Committee’s guide to voting at
the marketplace, it has also been entrusted general meetings were not adopted. For
with the management of the Pensions the most part, these resolutions related to
Reserve Fund. questions of governance, movements
within the capital structure that went against
Caisse des Dépôts systematically exer- shareholders’ interests and conditions for
cises its voting rights at company general granting additional remuneration. Addition-
meetings to defend its patrimonial inter- ally, internal managers are now frequently
ests. The institution was represented at meeting with companies prior to their
about 250 general meetings in 2007, with general meetings to raise awareness of
votes cast for more than 3,200 resolutions. Caisse des Dépôts’ environmental, social
Caisse des Dépôts participates in capital and governance concerns (ESG criteria).
focus
The Pensions Reserve Fund
n The Pensions Reserve Fund was set up to build reserves between now and
2020 to respond to difficulties in financing employee pensions, arising notably
from demographic changes in the active and retired populations.
It is administered on a financially autonomous basis in accordance with
an asset allocation policy defined by its governance bodies.
At end-2007, the fund held 334.4 billion of managed assets, of which 84.5%
were marketable securities. The Pensions Reserve Fund has also signed the
Principles of Responsible Investment (PRI).
27
OUR BUSINESSES
No. 1
or No. 2
shareholder
of 13 CAC 40 companies
n Caisse des Dépôts currently
owns shares in around
250 companies.
The gross value of the listed equities in The bond portfolio is divided into two
Caisse des Dépôts’ proprietary portfolio categories, each geared towards different
(excluding long-term equity interests) investment objectives: securities intended
exceeded 31.4 billion in 2007. The net to be held over the long term to maturity
value of listed equities (excluding long-term and securities intended to be held over a
equity interests), after disposals, increased shorter-term investment horizon. Caisse
by nearly 30.7 billion over the year. A small des Dépôts’ portfolios comprise mainly
portion of these investments is held in highly-rated European debt securities.
mutual funds, with directly-held shares in
European companies making up the bulk The social and environmental investment
of holdings. criteria are the same for companies in the
fixed income portfolio as those applied to
At 31 December 2007, the equity portfolio companies in the equity portfolio. Addition-
represented 314.3 billion at historical cost ally, the Risk and Internal Controls Division
and 321 billion at market value. For the specifically analyses the impact of environ-
management of listed equities, the internal mental, social and governance factors. As
managers now include the main ESG risk regards government-issued notes, criteria
factors in the fundamental approaches have been set out, but countries with the
used to value the companies in the portfolio. lowest ratings based on social investment
Caisse des Dépôts called on the services criteria have already been excluded due to
of an independent social and environmental their high financial risk profile. Obviously,
ratings agency for companies in Europe to countries listed as non-cooperating in the
establish an initial rating of its portfolio fight against money-laundering are also
according to the criteria of the UN Global excluded.
Compact. Brokers, who are gradually
researching how companies practice social
responsibility, represent another source of
information. This research now represents
a key criterion in the selection of brokers.
It enriches the research which is available
on the companies in the portfolio and
represents a first step towards the integra-
tion of social and environmental criteria.
28 Caisse des Dépôts / 2007 Business Review and Sustainable Development ReportThe investment portfolio totalled 316.6 billion Sticking closely to its responsible invest-
at 31 December 2007, up by more than ment principles, Caisse des Dépôts n The bond portfolio (in e millions)
32 billion compared with the previous year. co-chairs a working group under the UN
Fixed-income securities make up the bulk of Environment Programme Finance Initiative
the portfolio, but a small portion is invested (UNEP-FI) focusing on responsible real
16,549
14,633
in inflation-indexed bonds. estate investment. It is seeking to define
14,014
The smaller (32.6 billion) loan portfolio has what can be deemed as a responsible
grown 30.9 billion year-on-year. investment in the real estate sector and to
The trading securities portfolio, excluding design tools to enable more responsible
short-term money-market investments, management of these investments. Draw- 4,205 2,806 1,846
totalled 30.8 billion at 31 December 2007. ing on the work of this group, efforts are
9,809 11,827 14,703
under way to set up an internal system for
Real estate investments factoring in environmental and social 2005 2006 2007
considerations when making real estate
n Treasury bills
Caisse des Dépôts owns real estate assets, investments. n Bonds and other fixed-income securities
which are managed as long-term
investments.
At 31 December 2007, the carrying amount
of real estate assets was 32.2 billion. In
2007 the carrying amount of acquisitions
amounted to roughly 3430 million, and
disposals came to 3150 million. The prin-
cipal transactions during the year concerned
offices and investments in retail and logis-
tics premises. The real estate portfolio
remains centred on France, but interna-
tional diversification is under way.
focus
Société Forestière and environmental innovation
n A majority-owned subsidiary of Caisse des Dépôts, Société Forestière is the leading private services company for forests
and parks in France. Covering more than 235,000 hectares of land, the company manages forest assets on behalf of a great
number of French banks and insurers and an increasing number of private individuals and companies. Société Forestière is at
the pinnacle of progress in sustainable forest management, with expertise in adapting forestry methods to climate change,
new methods of timber harvesting and carbon sequestration. In 2007 the company set up a biodiversity activity which led to
the creation of a new subsidiary, CDC Biodiversité, in February 2008.
29focus
INFRASTRUCTURE
INVESTMENT
Throughout its history Caisse des
Dépôts has contributed to the
construction and management of
France’s major infrastructure. The
group intends to reinforce its role
as a long-term investor in
infrastructure: transport, energy
and telecommunications and
the environment.
Forestry investments 3450 million, with corresponding commit-
ments (potential calls for funds) of around
Caisse des Dépôts directly and indirectly 3750 million. The portfolio is managed
holds a portfolio of forestry assets which with a view to diversification and long-term
cover more than 42,000 hectares of land. investment. Regular dialogue is main-
These assets are managed by Société tained with private equity fund managers
Forestière. to whom mandates are entrusted so as
to ensure that environmental, social and
Investments in unlisted assets governance factors continue to be taken
into consideration in their decisions.
Caisse des Dépôts also invests in unlisted
assets and venture capital funds. At
31 December 2007, the carrying amount
of the related portfolio was roughly
30 Caisse des Dépôts / 2007 Business Review and Sustainable Development Report“The main priorities of
the strategic plan are to
set out clear investment
guidelines and a
responsible investment
policy.”
Priority focus on infrastructure
investment
Since end-2005, Caisse des Dépôts has
invested heavily in infrastructure projects.
The Elan 2020 strategic plan reaffirmed this
commitment by making investment in major
transport, energy, environment and telecom-
munications infrastructure a priority.
This area of expansion consists of a distinct Caisse des Dépôts – Strategic Plan
class of assets which offer recurrent long-
term revenues for a well-controlled level of
risk. Caisse des Dépôts holds a high-quality
n Nathalie Gilly
asset portfolio and intends to continue invest- Director of Strategy and Clients – Banking
ing in infrastructure projects, backed by its Division – Caisse des Dépôts
long-standing contribution to the financing
of public infrastructure and recognised finan- Spokesperson for the “Investor function”
cial expertise. working group
In 2007 the infrastructure portfolio was
reinforced following several large acquisi-
tions, including 25.5% of Eutelsat Commu-
nications, the leading European provider
of satellite telecommunications and 47%
of Saur, the number three water distribution
and sanitation specialist in France. Invest-
ments in TDF and the Millau Viaduct were
also finalised. “Caisse des Dépôts is a financial investor on the capital markets, a strategic
investor in its subsidiaries and long-term equity interests and a public interest
investor all rolled into one.
In total, the portfolio consists of eight major
assets and resources and represents a total
The priority of the Elan 2020 strategic plan is to establish clear investment
investment of close to 32 billion.
guidelines, in two areas in particular – the criteria that define a public interest
investment and the principles that should be observed in dealings with
subsidiaries while respecting competition rules.
Adopting a strong socially responsible investment policy is also a key pillar
of the action plan.
Elan 2020 also reinforces the group’s overall identity as a long-term public
sector investor. It will therefore help to ensure that environmental, social and
governance factors are given greater consideration in the financial
marketplace.”
31OUR BUSINESSES
Supporting local and regional
development policies
As an investor in long-term The Local and Regional Development Of the 24 housing projects set up in 2007,
public interest projects, Caisse Division provides equity financing for five related to local development partner-
projects relating to housing, urban renewal, ships, nine to the renewal of existing districts
des Dépôts partners local and business property, public facilities, digital (including in Avignon, Bordeaux, Mulhouse,
regional development policies. infrastructure, the environment and renew- Brest and Pau), one concerned the develop-
In 2007 investments in this able energies. ment of housing for a specific category of
field amounted to Priority is given to projects which target the population (a student residence in
d400.2 million, and an disadvantaged populations and areas, Avignon) and seven related to areas where
meet sustainable development criteria and demand outstrips supply (Nice, Grenoble,
additional d87.5 million was are fairly distributed on a geographical Bayonne, Choisy-le-Roi and Nantes). These
allocated to the financing of level. schemes led to the creation of 563 housing
engineering studies and the units.
support of public interest Property investment and urban
renewal As regards business property transactions,
associations. Caisse des Dépôts was notably involved in
n Property investment the regeneration of industrial wasteland in
In supporting urban renewal, Caisse des Châlons-sur-Saône, construction of a build-
Dépôts focuses on strategic projects in ing for the European Centre for Innovative
favour of a district or region, in areas such Textiles (CETI) in Roubaix and the delivery
as housing, shops, businesses, medical of the new Perseigne shopping centre in
and social services and leisure and tourist Alençon (urban renewal zone).
attractions. All projects that are considered
need to meet sustainable development Caisse des Dépôts also made preparations
criteria. to reinforce its offering, to build or regenerate
1,000 housing units and support the renewal
In 2007 3148.9 million was invested in of university campuses in anticipation of the
public interest projects, such as: roll-out of the Elan 2020 strategic plan in
n supporting local authority initiatives, 2008.
n projects focused on areas in transition
towards the market where there is a lack n Supporting urban renewal
of private investment, schemes
n projects capable of generating significant Caisse des Dépôts assists the French State
additional private investment which would and local authorities in the urban renewal
not take place without the minority partici- of large social housing estates, blocks of
pation of Caisse des Dépôts. flats in need of repair and rundown districts
55% of property transactions in 2007 located in town centres.
supported local and regional development In 2007 Caisse des Dépôts contributed
initiatives (priority urban planning zones, 326.1 million in equity financed direct
industrial wasteland, competitive clusters subsidies for engineering, project creation
and urban development zones). The other and more broadly skills development in the
transactions focused on town centre field of urban renewal.
renewal and the development of economic
activity or healthcare facilities in medium-
sized towns. The allocated funds created
substantial leverage, leading to investments
of more than 31 billion overall.
32 Caisse des Dépôts / 2007 Business Review and Sustainable Development Reportn Breakdown of local and regional development investments:
Investment of less than 73 million
n Investment of 73-10 million
n Investment of 710-20 million 2006
n Investment of 720-50 million
n Investment of more than 750 million
focus
2007 INVESTMENTS
A total of e487.7 million was
invested in support of public
initiatives, a 15% increase on
2006. This notably enabled the Antilles Guiana Reunion – Indian New Caledonia
construction of 563 housing units Ocean
with a much more even
geographical distribution.
Investments in the renewable
energies sector helped to achieve
77mw of electricity generation
projects. Public infrastructure 2007
activity (public-private
partnerships) doubled. Projects
included three hospitals, three
secondary schools, the A88
motorway and the funicular
railway in Puy-de-Dôme.
Social micro-credit initiatives
developed significantly with
130 trials undertaken
and a total of 12,300 microloans
guaranteed, representing a 62%
increase compared with 2006.
Antilles Guiana Reunion – Indian New Caledonia
Ocean
Through its cooperation with the National (UESL). This agreement enables low-in-
Gearing effect
Urban Renewal Agency (Agence Nationale come households to buy their first home
pour la Rénovation Urbaine, ANRU), Caisse via the two-stage “Pass Foncier” scheme,
des Dépôts helped to examine 150 projects which enables them to purchase the build-
submitted by local authorities particularly ing before the land. Around 50 individual
n Every euro invested by Caisse
by seeking to optimise their urban and homes were purchased following the first
des Dépôts generates additional
environmental appeal. An exceptional decisions made in 2007.
investment based on the following
contribution of 3100 million was made to
multiples: 6.3 in the business
ANRU.
property sector, 2.4 in the housing
sector, 8 to 15 in the commercial
The involvement of Caisse des Dépôts in
sector, 6 to 23 in the urban leisure
promoting first-time home ownership for
and tourism sector and 6.2 in the
low-income households is the subject of
healthcare and medical-social sector.
an agreement between the State and Union
d’Economie Sociale pour le Logement
33OUR BUSINESSES
Infrastructure and renewable n Investments in renewable energies
energies Caisse des Dépôts has invested 329
million in support of the government’s
n Investments in public interest policy on renewable energies. This invest-
infrastructure projects ment focused on business start-ups and
Caisse des Dépôts provides equity financing power production from wind, geothermal
for the implementation and management of and hydro-power, solar, biomass and
public amenities and facilities (roads, rail, biofuel plants. The target set by the Elan
hospitals, buildings, etc.), by means of 2020 strategic plan is for investments in
public-private partnerships which transfer this field to account for 5% of the total
the management and financing of the annual investment budget by 2010.
project to a private operator. Investments
reached 371.5 million in 2007, double the The increased support for this field is visible
2006 level, marking a real take-off in this through the continued focus on wind and
field. biomass projects and by the clear emer-
gence of solar and micro-hydraulic
In 2007 Caisse des Dépôts helped launch developments.
the road-rail project from Perpignan to
Luxembourg, which is being developed and Supporting businesses and local
operated by the Lorry-Rail consortium. authorities
Of the six projects awarded, two were
conducted via Icade, 1 via Egis and 1 via n Supporting new businesses
Transdev. In support of social economy initiatives,
Caisse des Dépôts assists very small busi-
n Investment in broadband nesses and local job creation schemes.
infrastructure
n Breakdown of investments by Caisse des Dépôts is committed to invest- In 2007 Fonds d’Aide au Conseil (local
business segment in 2004-2007 ing in high-speed internet infrastructure support schemes) assisted more than
(in 7 millions)
used by local authorities. In 2007 11 local 7,400 structures, with some 116,000
authority projects were awarded to indus- employees, in collaboration with finance
450 trial consortia partnered by Caisse des operators in which Caisse des Dépôts is a
400 Dépôts, leading to 338.7 million of invest- shareholder. Support for initiatives in the
350 ment. This involvement helped to connect social economy and solidarity sector
300
250
more than 800 industrial parks to fibre optic amounted to 311.7 million. A further 35.4
200 networks, unbundle 770 telephone distri- million was invested in national business
150 bution frames and offer broadband to more start-up and assistance networks (including
100 than 20,000 businesses. Caisse des Adie, France Initiative Réseau, France Active,
50 Dépôts systematically assists with the Réseau Entreprendre and Réseau Boutiques
0
preliminary engineering studies. de Gestion).
2004 2005 2006 2007
n Urban policy
n Long-term equity interests
n Social economy
n Digital infrastructure
n Public interest infrastructure
n Renewable energies
n Real estate and housing
34 Caisse des Dépôts / 2007 Business Review and Sustainable Development Reportsolutions forum
Lorry-rail
Lorry-Rail, the first major
road-rail freight service in
Europe, links Perpignan to
Luxembourg. With 42.6% of the
share capital, Caisse des Dépôts
took risks by playing a
precursory role and supporting
the development of the market
and the extension of the road-rail
network. Spanning 1,050 km, the
rail-motorway has the capacity
to transport around 30,000
trailers per annum, with CO2
emissions estimated at around
80% lower than by road -
qualities that could eventually
see Lorry-Rail become the
forerunner to a European
rail-road freight network.
For further information:
www.solutionscaissedesdepots.com
35OUR BUSINESSES
Through the France Investissement n The development of digital security
programme Caisse des Dépots contributes to serve the local authorities
@
Partnering regional
to the actions led by Oséo and CDC Entre-
prises in the creation and equity financing
of businesses in specific niches, especially
Caisse des Dépôts is involved in the field of
digital security for the service of public enti-
ties. 2007 was marked by the acquisition
authorities via the Internet in support of disadvantaged populations of Forsup and its merger with its main
and areas. The 313 million contribution to competitor AchatPublic, a public e-procure-
n In 2008 Caisse des Dépôts is “loans-on-trust” funds, private equity and ment platform set up by Caisse des Dépôts
launching a website dedicated to business acquisition-transfer operations are and of which the group is a shareholder. A
regional authorities. All the group’s examples of the group’s efforts in assisting 32 million capital increase was carried out
local authority offerings are business creation in France. for this operation.
presented, together with the Caisse des Dépôts also participated in the
activities of the 25 regional divisions n Supporting semi-public companies development of Keynectis – the only certi-
and their contact details: and local investment companies fication operator in France – in which the
www.caissedesdepots.fr In 2007 the portfolio of investments in group has a 14% stake. It also acquired
semi–public companies (SEM) and local 100% of the secured transactional access
investment companies, which carry out provider FAST, a platform for the electronic
strategic local and region development exchange of documents between local
projects, reached 3632 million. New authorities and the French State.
acquisitions amounted to 377.4 million,
including a 345 million stake in the Metz- Online administration and business
based semi-public electrical power plant. services
Service public local, the online guide to
n Information and support for local local administrative procedures, has
authorities 1,004 clients (local authorities and public
Localtis and Marie-conseils are online infor- entities).
mation and support services made available
to local authorities by Caisse des Dépôts. The cyber-base programme
The Localtis.info site is accessible by In 2007, 130 public centres for digital
2,700 local entities and receives 71,000 technology (cyber-bases) were opened,
visits each month. In 2007 Mairie-conseils bringing the total number supported by
responded to 10,000 telephone queries Caisse des Dépôts to 539. 44% of these
from towns and groups of towns. cyber-bases are located in priority urban
planning zones. The cyber-base network
is supported by the cyber-base.org portal
which targets managers of digital centres.
It is operated by local authorities and serves
700 digital centres (cyber-base and other
brands) which drew in 1.7 million customers
in 2007. The cyber-base network is involved
in various programmes, some specifically
targeting VSEs, job seekers and prisons.
36 Caisse des Dépôts / 2007 Business Review and Sustainable Development Report“Clearer relations with
public authorities.”
Encouraging the use of new
technologies
Caisse des Dépôts has devoted 322.9
million in support of government policy for
the development of the use of digital
technologies.
E-education
In partnership with the Ministry for Education Caisse des Dépôts – Strategic Plan
and Research, Caisse des Dépôts assisted
14 regions, 33 départements and 19 regional
educational authorities to connect to digital
workspaces (ENT - espaces numériques
n Jean-Jacques Delaporte
de travail). In 2007, 380,000 user accounts Director and Chief Executive Officer
were created, enabling members of the – GIE Informatique CDC
educational community to access online
services relating to teaching or school-re- Spokesperson for the “Relations with
lated activities. local authorities” working group
The newly available “Mon enfant à l’école
primaire” offering, accessible via municipal
websites, gives parents access to informa-
tion on their child’s schooling and extra-
curricular activities.
n Management of the Social
Cohesion Fund
Created on the back of the French social “The relations between Caisse des Dépôts and the public authorities are
cohesion law, the Social Cohesion Fund totally legitimate. They are described in the French Monetary and Financial
has been managed by Caisse des Dépôts Code. This legitimacy has developed over time by helping public authorities to
since 2005. In 2007, 312.2 million was discover new social services and by anticipating and formalising their needs.
invested alongside a Government and CNAF These efforts, which lie at the root of most of the assignments and activities
contribution totalling 314.5 million. Through conducted by Caisse des Dépôts today, are not in the interests of
a guarantee mechanism, the fund promotes self-development. The action undertaken by Caisse des Dépôts is only
the provision of: meaningful if it satisfies a collective need.
n Micro-credit to businesses, This is now more than ever the case. In a profoundly changing public sector
n Micro-credit to individuals, where innovative management methods are developing, Caisse des Dépôts
n Interest-free loans for young employed can respond to new needs by drawing on its strengths: institutional stability,
persons (“jeunes avenir” loans). the capacity to undertake and maintain long-term commitments, the sense of
public interest and the trust inspired by the security of its services. It will
operate within a clear framework in its areas of recognised expertise
whenever commissioned by the public authorities to do so.
The mandates it carries out or which are entrusted to it will be subject to
stable and pre-defined financial conditions.”
37OUR BUSINESSES
The carbon economy
and the environment
Caisse des Dépôts has been Carbon economy research Making carbon emission trading
committed to tackling climate secure
Mission Climat is Caisse des Dépôts’ task
change for several years. In force for research into the carbon economy. Caisse des Dépôts administers the national
2007, it stepped-up research Its initiatives focus on three major areas: register of greenhouse gas allowances on
into the carbon economy and n the functioning of the existing scheme; behalf of the French State. In November
launched new initiatives in this n carbon finance and market developments; 2007, this register was awarded exemplary
n new tools for fighting climate change. status by the UNFCCC (United Nations
domain. Based on the
Mission Climat created the APREC (Asso- Framework Convention on Climate Change)
principles and regulations ciation for the Promotion of Research into to interface with the international system
governing the implementation the Economy of Carbon), in order to liaise managed by the United Nations.
of the Kyoto Protocol defined effectively with the world’s leading research
by EU and international centres and facilitate the exchange of Helping to develop a carbon
information and the management of credit market
institutions, Caisse des Dépôts in-depth studies. In 2007, Mission
is working towards secure Climat: n BlueNext: a structure tailored to the
carbon emission trading and n set up the “Club Tendance Carbone” in global carbon market
the development of a new fluid collaboration with BlueNext and Météo The spot trading platform Powernext
France, offering a forum for industry Carbon, set up by Caisse des Dépôts in
global market. It also invests in
operators; 2004 with Powernext (a subsidiary of
renewable energy projects. n reviewed Phase 1 of the European CO2 Euronext), has fulfilled its objectives in
emission trading scheme in collaboration becoming a European leader in carbon
with Paris-Dauphine University, the Massa- trading.
chusetts Institute of Technology
and University College Dublin; At the end of 2007, this activity was trans-
n launched a research programme into ferred to a new entity, BlueNext, in which
adaptation to climate change and the Caisse des Dépôts and Euronext hold
financing of infrastructures. interests of 40% and 60% respectively.
focus
Seringas® software
n In December 2004, Caisse des Dépôts was commissioned by the French State
to administer the French greenhouse gas emissions register and developed the
Seringas electronic system for this purpose. Due to the system’s high technical
reliability, Caisse des Dépôts was asked to implement it in eight other countries,
including Russia, where it was launched in June 2007.
Seringas, which has been adapted to meet United Nations requirements, has
positioned Caisse des Dépôts as a leading player in the administration
of greenhouse gas credits and allowances.
38 Caisse des Dépôts / 2007 Business Review and Sustainable Development Report“Enhancing and
boosting innovation
within the group.”
BlueNext specialises in trading and DVP
settlement on the futures and spot markets
and aims to become the world’s leading
carbon and environmental exchange.
n Sagacarbon, a broker specialising
in carbon emissions allowances
Sagacarbon, a brokerage firm acquired by
Caisse des Dépôts at the end of 2006,
advises clients on investment strategy and Caisse des Dépôts – Strategic Plan
trades in CO2 allowances on their behalf,
on both the organised and OTC markets.
In 2007, Sagacarbon developed a range n Virginie Gourmelon
of products tailored to its clients’ specific
Manager - Budget, management
risk profiles.
control and economic steering –
Caisse des Dépôts
n European Carbon Fund (ECF)
The European Carbon Fund, created by Spokesperson for the “Innovation,
Caisse des Dépôts and Fortis, has raised new business and oversight” working group
almost 3143 million to date. It finances
projects in favour of the preservation of the
environment and the transfer of clean tech-
nologies, and will eventually help to increase
liquidity on the European carbon assets
market. Caisse des Dépôts is currently
considering launching other funds.
“Caisse des Dépôts group has always demonstrated its ability to innovate
Developing new products and adapt to society’s changing needs. More recently, it has been a
forerunner in digital development and carbon finance through the creation of
n Domestic projects investment banking activities.
Domestic projects are inspired by the joint This strong ability to innovate has been given neither the attention, nor the
implementation mechanisms between recognition it deserves. As part of the Elan 2020 strategic plan, concrete
industrialised countries provided for in the proposals have been made to boost innovation within the group by:
Kyoto Protocol and are designed to reward n giving greater priority to innovation as part of group strategy and setting up
greenhouse gas reduction projects in an effective mechanism for managing and encouraging innovation;
economic sectors not covered by the n capitalising on the group’s know-how and its stronghold in the
European exchange system. French regions to propose innovative services in areas where needs
Within this context, Caisse des Dépôts are considerable: by pushing the boundaries of sustainable
launched an initiative in favour of domestic development, biodiversity preservation and the fight against global
low greenhouse gas emission projects. warming; by supporting the modernisation and development of online
In 2007, four methodologies were bench- administrative services and investing in digital infrastructures; and by
marked by the French supervisory authori- encouraging the development of personal care services.”
ties and in October, Caisse des Dépôts
launched a call for project proposals. The
possibility of extending this initiative beyond
2012 is currently under review.
39OUR BUSINESSES
n Voluntary offsetting Caisse des Dépôts invests in renewable
Voluntary carbon offsetting allows compa- energy projects to support national or local
nies, individuals or event organisers to finance public policies. These equity and quasi-
another party’s carbon emission reductions, equity investments are committed to
in order to curb the impact of their own development and operational projects, as
emissions or as a step towards carbon part of the objectives set by the local
neutrality. government authorities under the long-
Caisse des Dépôts plans to launch a new term investment programme in favour of
product on this market. This product will electrical production from wind, biomass,
make it possible to process transactions geothermal, hydroelectric, solar and biogas
securely by purchasing the appropriate plants.
credits and to record the entire transaction Investments totalled 329 million in 2007,
for traceability purposes. versus 313 million in 2006. The increase
reflects the continued focus on the wind
Renewable energies sector and the emergence of major solar
and biomass projects.
After two years of groundwork and
research into renewable energy sources,
in 2007 Caisse des Dépôts implemented
major projects and secured its position as
an active investor in this sector, with a
diversified portfolio in terms of both sectors
and geographical location.
focus
Acquisition of a stake in Sopral group
n In keeping with its investment (leader in France) and (iii) vegetal-based its vegetable-oil refining business,
strategy in favour of sustainable energy and chemistry in partnership using rapeseed and sunflower oils,
development projects, Caisse des with Diester Industrie (biodiesel particularly for the production of
Dépôts acquired a 19% stake in producer), Diester Industrie diester in the energy sector and
Sopral at the end of 2007. Sopral International and Novance. Soprol second-generation biofuels in the
specialises in oil-based products and group intends to capitalise on its vegetal-based chemistry sector.
in particular: (i) oils and oil-meals stronger financial position following
(leader in France), (ii) oil-based foods this transaction to continue developing
40 Caisse des Dépôts / 2007 Business Review and Sustainable Development Reportsolutions forum
INNOVATION FOR
CLIMATE PROTECTION
Caisse des Dépôts is active in
the fight to cut greenhouse gas
emissions. It supports the
development of the carbon market
set up by the international
community and administers the
French register of greenhouse gas
emissions. In conjunction with
other investors it created the
European Carbon Fund, which
helps finance greenhouse gas
reduction and as a shareholder
of BlueNext, it created the
international exchange for the
environment alongside NYSE
Euronext. Caisse des Dépôts
participates in the development of
renewable energy sources, such
as wind, solar, hydraulic and
biomass and has invested in
SMEs which produce these
renewable energies throughout
France.
For further information:
www.solutionscaissedesdepots.com
Caisse des Dépôts is devoting special atten-
tion to the development of methanisation
projects. Although methanisation produc-
n Investments in renewable energy tion facilities are widespread across North-
projects ern Europe, they are still at the early
A significant portion of these investments development stage in France.
(315 million) corresponds to interests
acquired in companies supporting wind In 2007, Caisse des Dépôts also invested
farm projects, mainly in the Provence- in the rehabilitation of small hydroelectric
Alpes-Côte-d’Azur, Poitou-Charentes, plants, mainly in the Acquitaine and Franche-
Champagne-Ardennes and Auvergne Comté regions.
regions.
nInvestment in local distribution
Several solar energy projects have also been companies
launched. This is a rapidly expanding energy
source since the introduction in 2006 of a In 2007, Caisse des Dépôts continued to
new feed-in tariff for managers of distribution assist local and regional authorities in
networks. These projects include both solar supporting local power suppliers (Entre-
plants mounted on the rooftops of buildings prises locales de distribution d’énergie -
in the tertiary and equipment sectors and ELD). Following the acquisition by Caisse
ground-level plants. des Dépôts of a 15% stake in the Metz
electrical power plant, the plant was trans-
A first round of investments took place in formed into a local semi-public company
the biomass sector (in the Champagne- (société anonyme d’économie mixte locale)
Ardennes, Provence-Alpes-Côte-d’Azur and pursuant to the EU Directive on the liber-
Picardie regions). An upsurge in combined alisation of the energy market.
heat and power projects using biomass
energy is expected in 2008 in response to
the invitations to tender launched by the
public authorities in 2007.
41OUR BUSINESSES
Partnering and supporting
SMEs
In 1994, Caisse des Dépôts ■ CDC Entreprises
joined forces with the French
n CDC Entreprises is a wholly-owned equity of high-potential French businesses.
State to launch the first subsidiary of Caisse des Dépôts and CDC Entreprises currently manages
three-year investment houses the institution’s public interest 32.5 billion in assets, including 32.1 billion
programme in favour of activities in the field of private equity. on behalf of Caisse des Dépôts.
small- and medium-sized Authorised by the AMF, it is active in all
enterprises (SMEs), with the areas of private equity, providing finan- Fund investment
cing to promising French SMEs opera-
aim of assisting unlisted SMEs ting in high-technology or traditional CDC Entreprises mainly manages funds of
through every stage of their industrial sectors with the potential to funds, acquiring minority stakes alongside
development. Today, as a create value and employment. public and private sector players in national,
major player in private equity regional and technology-oriented private
CDC Entreprises participates both directly equity bodies and vehicles. Its investments
in France, Caisse des Dépôts and indirectly throughout the business life are arm’s length, providing a knock-on effect
is present in this sector cycle, from seed-stage technology financing amongst private investors.
through two subsidiaries, CDC to small buyouts, on a national and regional
Entreprises for public interest level. Its mainly proprietary investments are CDC Entreprises takes a socially responsible
limited to a maximum amount of 315 million approach to its direct and indirect invest-
missions and CDC Capital
per SME. CDC Entreprises also manages ments. These principles are set out in the
Investissement for competitive funds open to third parties (the French State, charters governing the France Investissement
activities, both approved by the European Investment Fund, etc.). It programme.
the AMF (French stock market implements the State-sponsored France
authority). Investissement programme launched at the
end of 2006 and is planning to invest some
32.2 billion by 2012 in strengthening the
focus
The France Investissement programme
n CDC Entreprises has committed over 3580 million to the France
Investissement programme, including 3180 million for the creation of private
funds of funds; 3347 million invested in 33 investment vehicles; 340 million
invested in co-investment activities and 320 million invested in the France
Investissement Guarantee Fund managed by Oséo.
CDC Entreprises’ contribution to direct co-investment activities has doubled for
the period 2007 to 2012. During this six-year period, it will commit 3360 million
to a limited number of venture capital and private equity transactions in order to
increase the stake per investment, which ranges from 31.5 million for a venture
capital investment and 32 million for a private equity investment, to 310 million.
42 Caisse des Dépôts / 2007 Business Review and Sustainable Development Reportsolutions forum
DEMETER,
A DEDICATED
ENVIRONMENT FUND
In the early post-2000 years,
SMEs in the eco-industry and
eco-energy sectors struggled to
find support from investors in the
absence of specialised investment
funds.
Alongside its subsidiary CDC
Entreprises, Caisse des Dépôts
created Demeter, a European
private equity fund fully dedicated
to the development of SMEs in the
eco-industry and eco-energy
sectors. It invested €20 million in
this fund and attracted new
partners, including the French oil
institute, the international Robeco
group and Veolia.
The Demeter fund supports the
development of companies such
as Paprec Recyclage, a leading
independent player in the French
recycling sector.
This company has a production
site in La Courneuve, where it
recycles used paper, cardboard
and wood and collects other
selected items, such as plastic
bottles and metal cans.
For further information:
www.solutionscaissedesdepots.com
CDC Entreprises’ fund investment activity such as Tunisia (Phenica Seed Fund) and Direct investment
has expanded briskly since the launch of Morocco (Maghreb Private Equity Fund II).
the France Investissement programme, with CDC Entreprises also invests directly in
over 5347 million invested in 33 seed, CDC Entreprise has also devoted companies.
venture capital and private equity funds, and 5180 million to funds of funds managed Under the France Investissement
in small buyouts (AgroInvest, Génopole 1er by private partners participating in the programme, it has stepped up and expan-
jour, Avenir Entreprises Mezzanine, etc.). France Investissement programme and ded the scope of its direct co-investment
has committed 520 million to the France activities to encompass France’s budding
Some of its investments are in energy- and Investissement Guarantee Fund managed business champions. On average, CDC
environment-oriented vehicles. by Oséo. Entreprises invests 560 million each year
in a limited number of transactions, in
It has also continued to invest in emerging connection with the funds and business
countries that have special links to France, angel companies in its portfolio.
43OUR BUSINESSES
“SMEs present a
challenge for the nation
and a priority for Caisse
des Dépôts”
CDC Entreprises invests directly:
n on a co-investment basis, in venture capital
transactions of over 31.5 million and in private
equity transactions and business transfers for
over 32 million, in all activity sectors;
n through the P&C (Patrimoine et Création)
fund devoted to mature independent compa-
nies operating in the cultural or heritage fields
Caisse des Dépôts – Strategic Plan
(luxury goods, publishing, films, radio, television
and music);
n through Avenir Entreprises, its subsidiary
in partnership with Oséo, in growth operations
n Brigitte Gotti and buyouts of less than 32 million.
Principal Private Secretary to the Chair-
man of the Caisse des Dépôts Supervi-
sory Commission For further information:
www.cdcentreprises.fr
Spokesperson for the “SME develop-
ment” working group
Oséo
“Within the context of Elan 2020, Caisse des Dépôts n The Oséo group was formed
has decided to support the development of 1,000 SMEs in 2005 (merger between Anvar
over three years, with the triple objective of developing dynamic SMEs, and BDPME) and consists of three
assisting SMEs with business transfers and promoting innovative SMEs. entities with three different business
Caisse des Dépôts is focusing on the six following drivers: lines: Oséo Innovation – support
n increased visibility through a communication campaign on the “priority for innovation; project financing
given to SMEs” and by informing company managers; and assistance through aid and
n closer coordination with the Oséo group, a key player in debt financing for loans; Oséo Financement – debt
SMEs, in order to provide an attractive supportive environment within the financing in partnership with banks
reach of SMEs; and other financial institutions;
n ongoing action in favour of regional funds, in order to set up close-proximity Oséo Garantie – provision of
teams of regional players at the service of entrepreneurs; guarantees for bank loans; equity
n support for projects that facilitate access to European financing by SMEs; financing. The Oséo group and
n support for initiatives enabling the introduction or development of employee Caisse des Dépôts have a close-
share ownership; knit relationship.
n financial support, with nearly 52.2 billion committed through CDC Caisse des Dépôts holds a 43.2%
Entreprises under the France Investissement programme until 2012, or interest in Oséo Financement, to
53 billion including the leverage effect amongst investors participating in which it also provides substantial
the programme. A first assessment has shown that, via a knock-on effect, financing backed by passbook
investors as a whole contribute over 55 for each euro invested by CDC savings deposits earmarked for
Entreprises. sustainable development (livret
” développement durable).
44 Caisse des Dépôts / 2007 Business Review and Sustainable Development ReportYou can also read
