AFD_REGISTRATION_DOCUMENT_2017

5

FINANCIAL INFORMATION

Post-closing events

P in 2018, growth in the French Overseas Departments and Collectivities activity will build on AFD Group’s growth momentum with a commitment target of €1.73bn. It is anticipated that loans to companies will continue at the same healthy rate and this seems realistic in the light of requirements expressed by local stakeholders. The activity target for the service AFD operates on behalf of Bpifrance is set at €600M for 2018, continuing the momentum observed in 2017. These figures are still to be confirmed with Bpifrance. The growth in activity should be driven essentially by activity in support of public sector stakeholders; P AFD’s 2018bfinancial commitment target for Asia is €1.5bn. In line with its new strategy for intervening in the region, AFD intends to devote nearly 80% of its commitments to promoting sustainable urban development, managing water and supporting low carbon economic development; P with a 2018bcommitment approvals target of €1.4bn, including nearly 45% in non-sovereign commitments, activity in Latin America and the Caribbean will resume an upward trend in terms of commitments in 2018, in line with the target of €2bn by 2020, including 70% in climate co-benefit projects and almost 50% in non-sovereign commitments. The Agency will redouble its efforts to avoid its activities being slowed down by forthcoming general elections in three major countries in the region, Mexico, Colombia and Brazil. The diversification of the portfolio will continue with a very significant volume of activity in the Andean countries (55-60% of financing volumes), but also in Brazil, Argentina and Mexico where there are significant prospects of financing. A more regular flow of commitments is also expected in the Dominican Republic and Peru. Initially expected in 2017, a strategic intervention

framework will be presented at the beginning of 2018. It will specify the approaches chosen to achieve the objectives for developing operations during the next five years. 5.1.3 Borrowings On 1bFebruary 2018, AFD’s Board of Directors authorised AFD to borrow a nominal maximum amount of €7.9bn for its operations on its own behalf in 2018, in the form of bank loans or bonds. This ceiling includes a maximum loan of €1.13bn from the French Treasury. 5.1.4 Information about trends There has been no significant deterioration in the outlook for the issuer and its consolidated subsidiaries (considered as a whole) since the last audited financial statements of 31bDecember 2017. 5.1.5 Significant change in the issuer’s financial position There has been no significant change in the financial position of the issuer and its consolidated subsidiaries (considered as a whole) since the last audited financial statements of 31bDecember 2017. 5.2 POST-CLOSING EVENTS There were no significant post-closing events during the following reporting period.

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REGISTRATION DOCUMENT 2017

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