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

❙ Breakdown of loans (gross value) by rating (excluding loans reimbursed and guaranteed by the State), excluding non- sovereign doubtful outstandings

31/12/2017 IFRS

31/12/2018 IFRS

In thousands of euros

Sovereign loans

16,254 14,994

14,598 14,395

Non-sovereign loans Rated A (very good risk)

1,317 5,251 5,653 2,736

1,138 6,233 4,994 2,002

Rated B (good to average risk) Rated C+ (passable risk) Rated C- (significant risk)

Not rated*

36

27

Risks involved:

P consolidated AFD and Proparco after excluding AFD loans to Proparco

P outstanding loans excluding residual income and guarantees given In 2017, the breakdown by intrinsic rating was reviewed to provide a more relevant breakdown of performing loans by credit rating. ❙ Age of arrears The age of arrears on loans and receivables at the closing date may be analysed as follows:

31/12/2018

In thousands of euros

Less than 90 days

26,023

More than or equal to 90 days and less than 180 days More than or equal to 180 days and less than 1 year

1,462 8,497

More than 1 year

336,737 372,720

Concentration of credit risk ❙ Financial assets at amortised cost

Performing assets

Doubtful assets Bucket 3

Financial assets impaired at acquisition or creation

Bucket 1

Bucket 2

Total

In thousands of euros

Book value Investment grade (AAA to BBB-)

5,859,261

317,889

- - - - -

1,418 6,177,149 74,809 5,455,775

BB+ to BB-

2,937,888 2,517,887

B+

570,361 369,993 17,470

265,605 557,602 593,302

- - - -

835,966 927,595 610,772 761,618

B

B-

CCC to D-

-

-

761,618 761,618

Total at 31 December 2018 Investment grade (AAA to BBB-)

9,754,971 4,252,285

76,227 14,768,875

6,444,984

395,382

6,840,367 4,734,353

BB+ to BB-

3,309,133 1,425,220

B+

310,399 159,838 14,675

273,261 676,665 421,611

583,660 836,503 436,286 582,017

B

B-

CCC to D-

582,017

TOTAL AT 1 JANUARY 2018

10,239,029 3,192,139 582,017

- 14,013,186

160

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REGISTRATION DOCUMENT 2018