Annual accounts
CORES' annual accounts are prepared in accordance with the applicable commercial and accounting regulations, with the aim of giving a true and fair view of the Corporation's assets and financial position, as well as of the results and cash flows for the financial year. Before their approval by the General Assembly, they are subject to audit by an independent auditor.
CORES has no share capital and no shareholders. Its funding model is based on the contributions made by the obliged entities and on the raising of funds from the financial markets, in accordance with the provisions of its Statutes and the applicable regulations.
The Corporation's own funds consist mainly of reserves. These derive, on the one hand, from the results obtained in strategic reserve disposal operations, which are allocated to the Special Reserve and cannot be distributed among CORES' members. On the other hand, the Statutory Reserve is made up of the surplus of fee collection over the expenses actually incurred, reinforcing the Corporation's financial stability in accordance with the provisions of its Statutes.
These current CORES annual accounts are available for consultation: