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Financial and accounting summary In 2016 the FRR recorded a profit of EUR 746 million, following a profit of EUR 1.5 billion in 2015.

The French Social Security Financing Law for 2011 provides that with effect from 1 January 2011 the FRR must pay EUR 2.1 billion to the Caisse d Amortissement de la Dette Sociale (CADES) every year until 2024.

The fund paid this amount to the CADES on 25 April 2016, recognising an equivalent reduction in its permanent capital.

However, the 2016 financial statements reflect the FRR s financial solidity, just as they did in 2015 and 2014.

The CNIEG s contribution is valued at EUR 4.817 billion, an increase of EUR 236 million. Financial assets, transferable securities and available funds amount to EUR 35.562 billion.

The 2016 financial result showed a profit of EUR 810 million, following a profit of EUR 1.619 bil- lion in 2015.

The same applies to the valuation differences recognised in the balance sheet, which reflect the difference between the acquisition value of assets and their market value at 31 December. These differences, which were already positive in 2015 at EUR 2.949 billion, amounted to EUR 3.725 billion at 31 December 2016, up EUR 776 million, offsetting the EUR 809 million fall in financial income between the two periods.

The 2015 financial result showed a profit of EUR 1.619 billion, following a profit of EUR 1.504 bil- lion in 2014.

An analysis of the financial result shows the contribution of each product or cost category to the overall result for the financial year.

Income on transferable securities amounted to EUR 700.3 million, versus EUR 790.3 million in 2015.

Foreign exchange transactions generated a net loss of EUR 547.7 million. The loss recognised at 31 December 2015 was EUR 538.48 million.

Sales of transferable securities generated a surplus of EUR 749.7 million, compared with EUR 1.405 billion in 2015.

Lastly, financial futures recorded a net loss of EUR 22.6 million, as opposed to a gain of EUR 118.4 million in 2015.

The 2016 financial result showed a profit of EUR 810 million, following a profit of EUR 1.619 billion in 2015.