AFD_REGISTRATION_DOCUMENT_2017

AFD’S ANNUAL FINANCIAL STATEMENTS

7

Highlights of the period

2017 income statement

Notes

31/12/2017

31/12/2016

in thousands of euros

Income and expenses on banking operations

b

b

b

Interest and related income

20

1,454,860

1,493,768

On transactions with credit institutions

b b b b b b b b b

415,005 512,984 21,560 505,312

438,016 500,188 23,130 532,434

On transactions with customers

On bonds and other fixed-income securities Other interest and similar income Interest and related expenses On transactions with credit institutions On bonds and other fixed-income securities Other interest and similar income Income on variable-income securities On transactions with customers

21

1,181,635

1,243,681

635,552

632,612

0

7,713

475,942 70,141 17,455 73,683

496,137 107,219 12,856 62,091

Commissions (income) Commissions (expenses)

22 22 23

592

1,089

Gains or losses on investment portfolio transactions and similar Net profit or loss on transactions/securities held for sale

-731 -731

241 241

b

Other income on banking operations Other expenses on banking operations

24 25

272,606 67,154 568,492 348,355 235,661 112,694

275,456 60,519 539,123 309,081 209,660 99,421

NET BANKING INCOME

b

Other ordinary income and expenses

b

b

b

Overheads

26

Staff costs

b b

Other administrative expenses

Provisions for depreciation of property, plant and equipment and intangible assets and amortisation

9

20,152

17,680

GROSS OPERATING INCOME

b

199,985

212,362 -74,355 138,007

Cost of risk

29

9,849

OPERATING INCOME

b

209,834

Gains or losses on fixed assets

30

5,420

379

PRE-TAX INCOME FROM OPERATIONS

b

215,254

138,386

Exceptional income

31

-650

-173

Corporate tax NET INCOME

b

b

b

b

214,604

138,213

7.1.3 Appropriation of 2016bearnings Pursuant to Articleb79bof the amending Finance Bill 2001-1276 of 28bDecember 2001, the amount of the dividend paid by AFD to the French State is determined by ministerial order after review of the company’s financial position and a report by the Board of Directors. The 2016bfinancial statements were approved by the Board of Directors on 26bApril 2017. The Minister of the Economy and Finance determined the 2016bdividend to be paid by AFD to the French State. It amounted to €27.6M, which equates to 20% of AFD’s 2016bnet income of €138.2M and was paid after publication in the Official Journal. The income remaining after paying out the dividend, €110.6M, was appropriated to reserves.

7.1 HIGHLIGHTS OF THE PERIOD 7.1.1 Growth of the balance sheet At 31bDecember 2017, the total balance sheet stood at €40.9bn, up 10% relative to the previous year. This change mainly stems from the growth in activity, with an increase of 4% in outstanding loans on its own behalf over the period. 7.1.2 Financing of the Group’s activity To finance the growth in loan activity on its own behalf, in 2017 AFD made four bond issues in the form of public issues and six private placements, as well as three tap issues, with a total volume of €6.2bn.

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REGISTRATION DOCUMENT 2017

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