AFD - 2018 Registration document

FINANCIAL INFORMATION

Economic presentation of the consolidated financial statements

The contribution of the Group’s various companies to its net position excluding minority interests is as follows:

Net position

2017 5,575

Change

2018 5,745

AFD

171

Proparco Socredo Soderag

277 106 -122

264 102 -122

12

4 0

Other subsidiaries GROUP TOTAL

-26

-20

-5

5,980

5,799

181

The “regulatory” equity amounts (1) to €7,179M at 31 December 2018 compared with €6,339M at the end of 2017. Tier 1 capital for 2018 stands at €6,170M; Tier 2 capital stands at €840M.

AFD paid the French government a dividend of €43M in 2018, compared with €28M in 2017 and €36M in 2016 (distribution rate unchanged at 20%). Minority interests (share of equity) were reduced to €217M at 31 December 2018, compared with €295M at the end of 2017. This essentially related to the expiry of the window for put options granted to Proparco minorities.

5.3.2 Consolidated income statement

2017 1,361 -1,006

Change

2018 1,491 -1,128

In millions of euros

Income on loans and guarantees Financial expenses on borrowings

129

-122

Subsidies

188

186

2 8

Commissions

79

71 82 24 36

Net gains/losses on financial instruments at fair value through profit and loss

-37

-120

5

Investment income

8

-16

Ancillary income and miscellaneous expenses

45

9

Net banking income

646 410 261 149

755 367 235 132

-109

Overheads

42 25 17

Staff costs

P

P Taxes and other general expenses

Provisions for depreciation/amortisation on intangible assets and property, plant and equipment

23

20

2

Total expenses on non-banking operations

432 214 -67

388 367 -12

45

-154

Gross operating income

Cost of risk

-55 -80

- Collective provisions

-29 -30

52

- Individual impairments of non-sovereign loans

-53 -11

23

- Losses on principal of bad loans

-9

2

Operating income

146

355

-209

Share of earnings from companies accounted for by the equity method

5 0 0

5

0

Net gains or losses on other assets +/-Change in value of purchases

-12

12

0

0

Pre-tax income Corporate tax

151

347

-197

-13

-15

2 0

Net income from discontinued or discontinuing activities

0

0

Net income

138 -22 115

332 -20 313

-195

-3

Minority interests

NET INCOME - GROUP SHARE

-198

(1) Shareholders’ equity is calculated in compliance with EU Directive 2013/36/EU and Regulation No. 575/2013

95

REGISTRATION DOCUMENT 2018