AFD - 2018 Registration document

6 CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING PRINCIPLES ADOPTED BY THE EUROPEAN UNION Notes to the consolidated financial statements

31/12/2017

Provisions

Reversals

Total

In thousands of euros

Collective provisions and impairment

36,569

88,226 55,465

51,658 -52,641 -11,295 -12,279

Individual impairments of non-sovereign loans

108,106

Losses on principal of bad loans

11,300

5

COST OF CREDIT RISK

155,975

143,696

NOTE 18 Equity-accounted companies

❙ Impact

31/12/2017

31/12/2018

Balance sheet

Income

Balance sheet

Income

In thousands of euros

SIC

43,903

-693

43,555

-169

Socredo TOTAL

106,202 150,105

5,208 4,515

102,601 146,156

4,765 4,596

NOTE 19 Corporate income tax

31/12/2017

31/12/2018

In thousands of euros

Corporate tax

-13,227 -16,970

-15,075 -14,811

Taxes due

Deferred tax

3,743

-264

31/12/2017

31/12/2018

In thousands of euros

Net income

137,600 -13,227 150,827 -82,738 69,511 -13,227

332,359 -15,075 347,434 -68,834 53,760 -15,075

Corporate tax Pre-tax income

Total theoretical tax expense 34.43% (A)

Total matching items (B)

Net recorded tax expense (A) + (B)

Deferred taxes have been estimated on the basis of the following assumptions: P deferred taxes based on impairments have been estimated at the following rates: 32.02% for stage 1 and 25.83% for stage 2;

P deferred taxes based on unrealised gains or losses on loans, equity investments and convertible bonds have been estimated at 32.02%.

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REGISTRATION DOCUMENT 2018