AFD - 2019 Universal registration document

AFD’S ANNUAL FINANCIAL STATEMENTS

Highlights of the financial year

7.1 Highlights of the financial year

7.1.1 Growth of the balance sheet At 31 Ǿ December Ǿ 2019, the total balance sheet stood at €47.9bn, up 6.4% compared to the previous year. This change mainly stems from the growth in activity, with an increase of 7% in outstanding loans on its own behalf over the period. 7.1.2 Financing of the Group’s activity To finance the growth in activity on its own behalf, Agence Française de Développement (hereinafter “AFD”) made five bond issues in the form of public issues and 10 private placements, as well as six tap issues, for a total volume of €6.4bn during the 2019 financial year. 7.1.3 Appropriation of 2018 earnings 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 decree.

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 €29,1M, which equates to 20% of AFD’s net income and was paid after publication in the Official Journal. The income remaining after paying out the dividend, €116.3M, was allocated to reserves. 7.1.4 Proparco shareholder 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). 7.1.5 Fisea capital increase AFD paid up €17.0M of its subscribed shares in Fisea following the capital increase approved by the partners at the end of 2019.

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UNIVERSAL REGISTRATION DOCUMENT 2019