AFD - 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING PRINCIPLES ADOPTED BY THE EUROPEAN UNION 6 Overview

6.1.4 Cash flow statement at 31 December 2018

31/12/2017

31/12/2018

In thousands of euros PRE-TAX INCOME (A)

128,452

327,880

Net depreciation/amortisation expenses on property, plant and equipment and intangible assets

22,564

20,490

Impairment of goodwill and other fixed assets

-

-

Net allocations to provisions (including insurance technical reserves) Share of earnings from companies accounted for by the equity method

6,902 -4,515 32,535 21,933 260,566 339,986

53,133 -4,596 -18,558 22,659 18,914 92,043 653,361

Net gain/(net loss) on investment activities Net gain/(net loss) on financing activities

Other items (1)(2)

TOTAL NON-CASH ITEMS INCLUDED IN NET PRE-TAX INCOME AND OTHER ITEMS (B)

Cash received from credit institutions and equivalent

-1,323,473 -1,677,261

Cash received from customers

-1,393,652 1,233,828

Cash flows from other operations affecting other financial assets or liabilities Cash flows from operations affecting non-financial assets or liabilities

-6,396

328,422 -16,968

482,844 -14,694

Taxes paid

= NET INCREASE (DECREASE) IN CASH-RELATED ASSETS AND LIABILITIES FROM OPERATING ACTIVITIES (C)

-2,695,676 -2,227,238 -247,406 -37,975 -285,381 311,424 3,287,006 3,549,133 1,036,514 2,258,242 1,016,702 1,241,540 3,294,756 1,399,405 1,895,351 1,036,514 -49,297

961,687

Net cash flows from operating activities (A+B+C) Cash flows from financial assets and equity stakes*

1,381,609

-38,447

Cash flows from property, plant and equipment and intangible assets

-9,341

Net cash flows from investment activities

-47,789

Cash flows from shareholders** Cash flows to shareholders***

8,846

-13,903 160,000 154,943 769,479 173,209 596,270 1,488,763 2,258,242 1,016,702 1,241,540 1,488,763

Other net cash flows from financing activities****

Net cash flows from financing activities

Net increase/(decrease) in cash and cash equivalents Opening balance of cash and cash equivalents Net balance of cash accounts and accounts with central banks Net balance of term loans and deposits from credit institutions

Ending balance of cash and cash equivalents

Net balance of cash accounts and accounts with central banks (1) Net balance of term loans and deposits from credit institutions (3)

Change in cash and cash equivalents

(1) Of which value adjustments to balance sheet items. (2) Net balance of “Cash accounts and accounts with central banks” as it appears in the Group’s consolidated balance sheet at 31 December 2018. (3) Net balance of “Demand receivables and payables from/to credit institutions”. * Cash flows linked to financial assets and equity stakes mostly come from equity investments by Proparco and relate to movements over the period between acquisitions, sales and remittances. ** Cash flows from shareholders comprise State loans (RCS). *** Cash flows to shareholders consist of dividends paid by AFD to the State and by Proparco to minority shareholders. **** Other net cash flows from financing activities are market borrowings by AFD to finance its growing operating activities (see Section 1.1 Financing of the Group’s activity).

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REGISTRATION DOCUMENT 2018