AFD_REGISTRATION_DOCUMENT_2017

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS 6 Report of the statutory auditors on the consolidated financial statements

6.3 REPORT OF THE STATUTORY AUDITORS ON THE CONSOLIDATED FINANCIAL STATEMENTS This is a free English translation of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English- speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

Year ended 31 December 2017 To the Board of Directors of Agence Française de Développement,

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 2017, 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 2017 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. In addition, the services other than the certification of the financial statements that we provided during the financial year to your company and the entities it controls that are not mentioned in the management report or the notes to the consolidated financial statements are the following: P KPMG S.A. mission with respect to the audit of the documentation of the expenses incurred for a project in Mozambique and mission with respect to the closure audit for the same project; P KPMG S.A. report on the consolidated social, environmental and societal information contained in the AFD management report; P report by KPMG S.A., the statutory auditor of FISEA S.A.S., on the issuance of preference shares with preferential subscription rights. 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 are required 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. P certification of information to be sent to the ECB as part of the withdrawal of AFD approval; P Issuance of a comfort letter; P certification of KPMG S.A. in connection with the issue of the "Climate Bond" on 17 September 2014;

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REGISTRATION DOCUMENT 2017

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