AFD - 2018 Registration document

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

NOTE 20 Financing and guarantee commitments

Financing commitments given are the amounts to be disbursed under lending agreements with customers or credit institutions.

31/12/2017

31/12/2018

In thousands of euros

Commitments received Financing commitments received from the French State Guarantee commitments received from the French State on loans Guarantee commitments received from credit institutions

-

120,000 786,508 479,206 479,206

611,475 458,055 458,055

as part of the Group’s lending activity

Commitments given Financing commitments made to credit institutions Financing commitments made to customers Guarantee commitments made to credit institutions Guarantee commitments made to customers

1,204,162 10,775,968

1,732,334 10,257,041

74,730 522,703

82,053 502,904

The commitments received do not include transactions on behalf of the State.

Financing commitments given are the amounts to be disbursed under lending agreements with customers or credit institutions. The commitment amount is lower than the figure stated in AFD’s individual company financial statements because the

transactions on behalf of third parties (IMF, on behalf of the French government) are not included in the Group’s consolidated financial statements.

6.2.5.3 Employee benefits and other compensation The aggregate impacts of the post-employment benefits on the 2017 and 2018 reporting years are set out in the table below:

Impact on income

Impact on equity

At 31/12/2017

Impact on income

Impact on equity

At 01/01/2017

At 31/12/2018

In thousands of euros

Provisions for employee benefits

106,660 17,115 -2,020 105,558 16,977 -2,020

91,565 1,972 -7,109 90,601 1,944 -7,109

96,702 95,766

P Defined benefit plans P Other long-term benefits

6

1,102 936 The sensitivity analysis, based on the actuarial assumptions used to value the defined benefit plans at year-end, is as follows: ❙ Retirement and early retirement commitments 139 964 27

Retirement As a % of change

In millions of euros

Present value of the commitment at 31/12/2018

Discount rate: 0.70%

P

P Annual increase in salary: 2.00%

37.0

P Retirement age: 63 (non-executive level employees)/65 (executive level employees) Sensitivity to the discount rate assumption Rate change to 0.95%

36.6 37.3

-1.0% 0.9%

Rate change to 0.45%

Sensitivity to the career profile assumption Rate change to 2.50%

37.8 36.1

2.3% -2.3%

Rate change to 1.5%

Sensitivity to the retirement age assumption P increase of 1 year (for all guarantees) P reduction of 1 year (for all guarantees)

36.8 37.1

-0.4% 0.4%

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REGISTRATION DOCUMENT 2018