AFD - 2019 Universal registration document

FINANCIAL INFORMATION 5

Economic presentation of the consolidated financial statements

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

2019

Net position

2018

Change

AFD

5,831

5,745

85 53

Proparco Socredo Soderag

330 109 -122

277 106 -122

3 0

Other subsidiaries

-42

-26

-16

GROUP TOTAL

6,106

5,980

126

The “ regulatory” equity (1) amounts to €7,466M at 31 Ǿ December Ǿ 2019 compared with €7,179M at the end of 2018. Tier Ǿ 1 capital for 2019 Ǿ stands at €6,178M (€6,170M in 2018); Tier Ǿ 2 capital stands at €840M (€840M in 2018). AFD paid the French government a dividend of €29M in 2019, compared with €43M in 2018 and €28M in 2017 (distribution rate unchanged at 20%).

Minority interests (share of equity) were reduced to €204M at 31 Ǿ December Ǿ 2019, compared with €217M at the end of 2018. This essentially related to the exercise of the minority put options, with the share held by AFD increasing form 65% in 2018 to 74% in 2019.

5.3.2 Consolidated income statement

2019

2018 Change 2018/2019

In millions of euros

Net banking income

839 440 295 145

646 410 261 149

193.3

Overheads

30.0 34.2

P Staff costs

P Taxes and other general expenses

-4.2

Provisions for depreciation/amortisation on intangible assets and property, plant and equipment

48

23

25.0 55.0

Total expenses on non-banking operations

487 352

432 214 -67

Gross operating income

138.3 -82.6

Cost of risk

-150

Collective provisions

-54 -89 -10

-29 -32

-25.4 -57.4

Individual impairments of non-sovereign loans

Losses on principal of bad loans

-9

-1.3

Other provisions Operating income

4

2

1.5

202

146

55.7

Share of earnings from companies accounted for by the equity method

-2

5 0

-6.1

Net gains or losses on other assets

0

0.0

Pre-tax income

200

151

49.6

Corporate tax

-18

-13

-5.1

Net income

182

138

44.5 12.7 57.2

Minority interests

-10

-22

NET INCOME - GROUP SHARE

172

115

(1) Shareholders’ equity is calculated in compliance with EU Directive 2013/36/EU and Regulation (EU) No 575/2013.

106

UNIVERSAL REGISTRATION DOCUMENT 2019

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