AFD_REGISTRATION_DOCUMENT_2017

AFD’S ANNUAL FINANCIAL STATEMENTS Accounting principles and assessment methods

7

Total defined benefit plans

Retiree health insurance

Retirement lump sum

Service award

Grand total

Retirement

In thousands of euros

Amounts recognised on the income statement at 31/12/2017:

b

b

b

b

b

Cost of services rendered over the period

228

3,766 -2,231 1,541

1,159

5,154 -2,231 2,100

110

5,264 -2,231 2,117

Cost of past services

0

0

0

Financial cost for the period

288

272

17

Recognised actuarial gains (losses) Expected return on retirement plan assets

0

179

0

179

-58

121

-306

b b b

b b b

-306

b b b

-306

Cost of services rendered

b b

b b

b b

Impact of reductions/liquidations

EXPENSES BOOKED

210

3,255

1,431

4,895

70

4,965

Reconciliation of opening and closing net liability:

b

b

b

b

b

Liability at 1bJanuary Expenses booked Contributions paid Employer contributions

-2,738

73,415

14,408

85,084

936

86,021

210

3,255

1,431

4,895

70

4,965

b

b

b

b

b

0

0 0

-1,921

-851

-2,772

-43

-2,815

Items that will not be subsequently recycled to profit or loss

0

0

0

b

0

Net liabilities at 31/12/2017

-2,529

74,749

14,988

87,207

964

88,171

Change in net liabilities

210

1,334

580

2,123

27

2,150

Projected commitments at 31bDecember 2018bare as follows:

Actuarial debt at 31/12/2017 Cost of services rendered in 2018

43,983

80,733 3,764 1,690 -1,838 84,349

15,490 140,206

964 141,170

198 221

1,240

5,201 2,226

129

5,331 2,247

Financial cost in 2018

315

21

Services payable in 2018/transfer of capital upon departures in 2018

-9,661 34,740

-1,113 -12,613 15,932 135,020

-80 -12,693 1,034 136,054

Estimated debt at 31/12/2018

7.2.11 Reserve for General Banking Risk (RGBR) In accordance with CRBF 90-02, the Reserve for General Banking Risk is intended to remain permanently in capital reserves for comprehensive general coverage of AFD’s risks. Among other things, the Reserve is intended to hedge: P general risks from AFD’s direct activities in the French Overseas Departments and Collectivities; P general risks for real estate holdings in foreign countries. 7.2.12 Subordinated debt In 1998, an agreement was reached with the French State whereby part of AFD’s debt to the French Treasury, corresponding to drawdowns between 1bJanuary 1990band 31bDecember 1997, was converted into subordinated debt. The agreement also provides for the general rescheduling of the debt’s repayment period over 20byears with a 10-year grace period, with any new borrowings after 1bJanuary 1998brecognised as subordinated debt (with a repayment period scheduled over 30byears and a 10-year grace period).

In accordance with riders n°1 of 19bMarch 2015band n°2 of 24bMay 2016, on the initiative of the French State and per the third stage of additional financing of €280M, there was a drawdown of €160M on this last tranche of RCS (resources with special conditions) in Septemberb2017. The drawdown of the balance of €120M is planned for Septemberb2018, thereby reaching the €840M total for the period 2015-2018. At 31bDecember 2017, the balance was thus €720M instead of the €840M initially planned by 2017. 7.2.13 Financing commitments Financing commitments given record the amounts to be disbursed under lending agreements with customers or credit institutions and under investment fund agreements. Financing commitments given to credit institutions include the amounts to be disbursed, on the State’s behalf, under agreements signed with the IMF for financing the PRGF. Financing commitments given to investment funds include remaining commitments for AFD’s subscription to Fisea’s new share issue, namely €60M at 31bDecember 2017 (€190M having already been subscribed).

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REGISTRATION DOCUMENT 2017

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