AFD - 2018 Registration document

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING PRINCIPLES ADOPTED BY THE EUROPEAN UNION Statutory auditors’ report on the consolidated financial statements

6.3 Statutory auditors’ report on the consolidated financial statements

Opinion In compliance with the assignment entrusted to us by your Board of Directors, we have audited the consolidated financial statements of Agence Française de Développement for the year ended 31 December 2018, as attached to this report. We certify that, in accordance with IFRS as adopted in the European Union, the consolidated financial statements give a true and fair view of the results of the transactions of the past financial year and of the financial position and assets and liabilities, at the end of the year, of the Group and all of its entities included in the scope of consolidation. The opinion expressed above is consistent with the content of our report to the Audit Committee. Basis of opinion AUDITING FRAMEWORK We conducted our audit in accordance with the professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our responsibilities pursuant to those standards are set out in the «Responsibilities of the statutory auditors in the auditing of the consolidated financial statements» section of this report. INDEPENDENCE We carried out our audit mission in accordance with the rules of independence applicable to us from 1 January 2018 to the date of our report, and in particular we did not provide services prohibited by Article 5, paragraph 1 of Regulation (EU) No 537/2014 or the Code of Ethics for the profession of statutory auditor. COMMENT Without undermining the opinion expressed above, we would like to draw your attention to the change in accounting methods in respect of the first-time application of IFRS 9 Financial Instruments explained in notes 1.6, 2, 3.2.2, 3.2.3, 3.2.6, 3.3 and 3.4 to the consolidated financial statements. Justification of our assessments - Key points of the audit Pursuant to Articles L. 823-9 and R.823-7 of the French Commercial Code relating to the justification of our assessments, we would like to bring to your attention the key points of the audit relating to the risks of material misstatement, which, in our professional judgement, were greatest for the audit of the consolidated financial statements for the year, as well as the responses we provided to those risks. The assessments thus made fall within the context of the audit of the consolidated financial statements taken as a whole and the formation of our opinion expressed above. We do not express an opinion on items in those consolidated financial statements in isolation. IMPACT OF THE FIRST-TIME APPLICATION OF IFRS 9: FINANCIAL INSTRUMENTS Risks identified As at 1 January 2018, the Agence Française de Développement Group applied IFRS 9: Financial Instruments (phase 1 and 2), in place of IAS 39, to its consolidated financial statements. This standard introduces substantial changes to the rules of classification and measurement (phase 1) and impairment of financial assets (phase 2). The group re-assessed the classification and measurement of its financial assets and liabilities as at 1 January 2018 based on management models and the characteristics of contractual cash flows. For the impairment of financial assets at amortised cost, the new standard expands the basis of exposures subject to impairment. Impairment for expected credit risk must now be taken into account for all financial exposure at amortised cost, including loans, commitments and signed performing undisbursed balances.

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REGISTRATION DOCUMENT 2018