AFD - 2019 Universal registration document

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS 6 Notes to the consolidated financial statements

6.2 Notes to the consolidated financial statements

I SUMMARY OF NOTES

NOTE 1

Financial assets and liabilities at fair value through profit and loss

NOTE 10 Subordinated debt

140

130

NOTE 11 Income and expenses by accounting category

NOTE 2 Financial hedging derivatives

134

141

NOTE 3 Financial assets at fair value through shareholders’ equity NOTE 4 Financial assets and liabilities at fair value measured according to the level of fair value 136 NOTE 5 Financial instruments at amortised cost 137 NOTE 6 Accruals and miscellaneous assets/ liabilities 138 NOTE 7 Property, plant and equipment and intangible assets 138 NOTE 8 Financial liabilities measured at amortised cost 139 NOTE 9 Provisions 140 136

NOTE 12 Net commissions

141

NOTE 13 Gains or losses on financial instruments at fair value through profit and loss NOTE 14 Net gains or losses on other financial assets recognised at fair value through shareholders’ equity

142

142

NOTE 15 Income from other activities

142

NOTE 16 Overheads

143

NOTE 17 Cost of credit risk

143

NOTE 18 Equity-accounted companies

144

NOTE 19 Corporate income tax

144

NOTE 20 Financing and guarantee commitments

145

6.2.1 Signi fi cant events at 31 b December b 2019 6.2.1.1 Financing of the Group’s activity

€29.1M, which equates to 20% of AFD’s net income and was paid after publication of the net income in the Official Journal. The income remaining after paying out the dividend, €116.3M, was allocated to reserves. 6.2.1.3 Proparco’s shareholding structure BPCE International sold its Proparco shares to AFD on 3 Ǿ April Ǿ 2019, bringing AFD’s holding in Proparco’s share capital to 74.18% (compared with 64.95% in 2018). 6.2.1.4 First-time application of IFRS 16 within the AFD Group The AFD Group implemented the new IFRS Ǿ 16 Ǿ standard on leases with mandatory application from 1 Ǿ January Ǿ 2019. The effects of the first-time application of IFRS Ǿ 16 are presented in Chapter Ǿ 6.2.2 “Applicable accounting standards”.

To finance the growth in activity on its own behalf, AFD made five bond issues in the form of public issues and 10 private investments, as well as six tap issues, for a total volume of €6.4bn during 2019. 6.2.1.2 Allocation of 2018 net income Pursuant to Article Ǿ 79 of the 2001 amending Finance Bill No. Ǿ 2001-1276 of 28 Ǿ December Ǿ 2001, the amount of the dividend paid by AFD to the French State is set by ministerial order. The 2018 financial statements were approved by the Board of Directors on 18 Ǿ April Ǿ 2019. The Minister of the Economy and Finance determined the 2018 dividend to be paid by AFD to the French State. It amounted to

116

UNIVERSAL REGISTRATION DOCUMENT 2019

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