AFD_REGISTRATION_DOCUMENT_2017

FINANCIAL INFORMATION

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ECONOMIC Presentation of the consolidated financial statements

Liabilities The loans of the AFD Group of a total of €29,612M in 2017bbreak down as follows: P outstanding market borrowings stood at €28,892M at 31bDecember 2017, an increase of €2,084M compared with the end of 2016bin connection with 15bbond issues conducted in 2017bincluding, in particular, the issue of a “climate bond” of €750M in Novemberb2017;

P outstanding borrowings from the French Treasury amounted to €720M versus €561M in 2016. This increase is principally related to the bond issue subscribed by the State for the nominal amount of €160M from the €280M initially planned. The drawing-down of the balance in the amount of €120M of this resource with special conditions was deferred in Septemberb2018.

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

Net position

2017 5,575

2016 5,266

Change

AFD

309

Proparco Socredo Soderag

264 102

265

0 3 0

99

-122

-122

Other subsidiaries GROUP TOTAL

-20

14

-34 277

5,799

5,522

Minority interests (share of equity) remained stable at €295M at 31bDecember 2017, compared with €294M at the end of 2016. AFD paid the French government a dividend of €28M in 2017, versus €36M in 2016band €24M in 2015. Other liabilities amounted to €4,023M in 2017 (€4,565M in 2016). They include the following items: P hedging derivatives of €1,057M (€1,508M in 2016); P provisions of €849M (€801M in 2016);

P financial liabilities at fair value through profit or loss of €266M (€639M in 2016); P funds under management and advances from the State of €70M (€74M in 2016); P current accounts and accruals and other liabilities of €1,748M (€1,535M in 2016). Other liabilities include €9M in trade payables. In accordance with ArticlebL.441-6 of the French Commercial Code, the due dates of the trade payables at 31bDecember 2017bare shown below:

31/12/2017

31/12/2016

Unmatured debt

Unmatured debt

From 0-30 days

From 31-60 days

From 0-30 days

From 31-60 days

Matured debt

Matured debt

61 days or more

61 days or more

Total

Total

In millions of euros

Supplier debt

4.5

1.0

0.0

3.4

8.9

3.6

0.4

0.0

2.9

6.8

The “regulatory” equity amounts (1) to €6,339M at 31bDecember 2017bcompared with €5,860M at the end of 2016. Tier 1bcapital for 2017bstands at €5,619M; Tierb2bcapital stands at €720M.

(1) Shareholders’ equity is calculated in compliance with EU Directive 2013/36/EU and Regulation No.b575/2013.

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REGISTRATION DOCUMENT 2017

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