AFD - 2018 Registration document

5

FINANCIAL INFORMATION

Economic presentation of the consolidated financial statements

The change in total balance sheet assets also reflects the change in cash (€4,926M), which rose sharply during the year (+€523M). This increase is mainly due to the level of cash at AFD, linked to bond maturities and expected disbursements at the beginning of the year.

Short-term cash assets

2017 4,255

Change

2018 4,798

AFD

543

Proparco

85 21

111

-25

Fisea

17

4 0 0 2 0

Socredo Soderag Sogefom

0 5

0 5

15

13

Other subsidiaries GROUP TOTAL

1

1

4,926

4,403

523

Other assets amounted to €5,145M in 2018 versus €4,884M in 2017 and represented 12% of total assets. They include the following items: P financial hedging derivatives of €2,026M (€1,828M in 2017); P other equity investments for €1,497M (€1,284M in 2017); P fixed assets, accruals and other assets of €320M (€349M in 2017); P the investment portfolio of €764M (€778M in 2017); P equity-accounted equity stakes of €150M (€146M in 2017). Bank transactions and related transactions are not included in the scope of payment term information mentioned in article D.441-4 of the French Commercial Code as AFD does not believe they fall within the scope of the information to be furnished. LIABILITIES AFD Group borrowings totalled €32,292M in 2018. They consist of the following items: P outstanding market borrowings stood at €31,244M million at 31 December 2018, an increase of €2,352M on 31 December 2017 as a result of the 30 bonds issued in 2018; P collateral of €387M (€499M in 2017);

P outstanding borrowings from the French Treasury amounted to €1,048M versus €720M in 2017. This increase mainly relates to the arrangement of a €208M loan and the drawdown in 2017 of the resource with special conditions for a total of €280M, of which a nominal amount of €160M was drawn in 2017 and the balance of €120M in September 2018. Other liabilities amounted to €4,380M in 2018 (€4,023M in 2017). They include the following items: P hedging derivatives of €1,279M (€1,323M in 2017); P funds under management and advances from the State of €467M (€333M in 2017); P current accounts and accruals and other liabilities of €676M (€621M in 2017). Other liabilities include €9M in trade payables. In accordance with Article L.441-6 of the French Commercial Code, the due dates of the trade payables at 31 December 2018 are shown below: P provisions of €1,002M (€849M in 2017); P collateral of €957M (€886M in 2017);

31/12/2017

31/12/2018

Unmatured debt

Unmatured debt

31-60 days

61 days or more

Matured debt

31-60 days

61 days or more

Matured debt

0-30 days

Total

0-30 days

Total

In millions of euros

Supplier debt

1.7

0.0

0.0

7.8

9.5

4.5

1.0

0.0

3.4

8.9

94

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REGISTRATION DOCUMENT 2018