AFD - 2019 Universal registration document

FINANCIAL INFORMATION 5

Economic presentation of the consolidated financial statements

ASSETS The change in total balance sheet assets is mainly due to the increased net outstanding loans (+8%), equity investments (+21%), the derivatives portfolio (+33%) and level of cash (+12%) of AFD Group. Net loans outstanding of AFD Group totalled €35,394M at 31 Ǿ December Ǿ 2019, i.e. 74% of the consolidated balance sheet, an increase of €2,596M (+8%) compared with the previous year. Gross outstanding loans stood at €36,062M, up €2,660M or (+8%) compared with 2018.

The change in gross consolidated outstanding loans was mainly due to: P the increase in loans at the Group’s risk in the foreign country zone (+€2,131M); P an increase in outstanding loans in the French Overseas Departments and Collectivities (+€104M); P the increase in loans with risks borne by the French State (+€407M). At 31 Ǿ December Ǿ 2019, the adjustment to fair value of the loan portfolio for which the contractual flows do not meet SPPI characteristics under IFRS Ǿ 9 amounted to (-€6M).

2019

2018

Audit

%

Audit

%

In millions of euros

- Loans at AFD Group’s risk Of which Foreign countries

34,999 29,317 17,251 12,067

97% 81% 48% 33% 15%

32,746 27,187 16,254 10,932

98% 81% 49% 33% 16%

Sovereign

Non-sovereign

Of which French Overseas Collectivities

5,563

5,459

Of which other outstanding loans

118

0% 3% 3% 0%

101 656 630

0% 2% 2% 0%

- Loans at the State’s risk

1,063 1,056

Loans guaranteed by the State

Loans granted by the State

7

25

GROSS CONSOLIDATED OUTSTANDING LOANS

36,062

33,402

Outstanding loans at the Group’s risk (€34,999M, of which €29,317M for foreign countries and €5,563M for French Overseas Departments and Collectivities) resulted in impairments totalling €1,560M on non-sovereign and French Overseas Departments and Collectivities loans, or a coverage rate of 4.5%. Performing sovereign loans were covered for the amount of €891M at 31 Ǿ December Ǿ 2019, mainly by the reserve account, which represents a coverage rate of 5.2%. ❙ Summary of outstanding loans and impairments

Outstandings

Impairments

In millions of euros

Foreign countries Sovereign of which doubtful

17,251

891

107

87

Non-sovereign

12,067

587 385

of which doubtful

806

French Overseas Departments and Collectivities Non-sovereign

5,563

82 82

of which doubtful

303 118

Other outstanding loans

TOTAL

34,999

1,560

of which doubtful

1,215

554

104

UNIVERSAL REGISTRATION DOCUMENT 2019

www.afd.fr