AFD - 2019 Universal registration document

AFD’S ANNUAL FINANCIAL STATEMENTS 7

Statutory auditors’ report on the financial statements

Due to the limited availability of market data, the valuation of some of these financial instruments requires the exercise of judgment by management for the selection of the valuation method and parameters to be used. We considered the valuation of equity stakes to be a key audit matter, given: P the significant impact of the choice of the valuation method on AFD’s results; P the sensitive nature of the parameters used for Management’s assumptions; P the sensitive nature of the parameters used for Management’s assumptions; As at December, 31, 2019, AFD’s equity portfolio net value is €873 Ǿ million including €719 Ǿ million in related parties as indicated in Notes Ǿ 3.5 and 3.6 to the annual financial statements. AUDIT PROCEDURES IMPLEMENTED IN RESPONSE TO RISKS IDENTIFIED In this context, our work consisted of: P reviewing all securities with an objective indicator of impairment to ensure the accuracy and completeness of the recorded impairments; P verifying the accounting / management reconciliation for the equity portfolio; P reconciling, on the basis of sampling, the valuation of securities with the external documentation that justified it. Speci fi c veri fi cations We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French law. INFORMATION GIVEN IN THEMANAGEMENT REPORT AND OF THE OTHER DOCUMENTS PROVIDED TO THE BOARD OF DIRECTORSWITH RESPECT TO THE FINANCIAL POSITION AND THE FINANCIAL STATEMENTS We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the Board of Directors and in the other documents provided to shareholders with respect to the financial position and the financial statements, except for the below mentioned observation. Regarding the events that occurred and elements that have been known since the date the financial statements were approved and in relation to the effects of Covid-19’s crisis, management informed us that this would be subject to a specific communication addressed to the board of directors called to vote on said financial statements. The sincerity and consistency of the information relating to the payment terms mentioned in Article Ǿ D.441-4 of the French Commercial Code (Code de Commerce) with the financial statements lead us to report the following observation: as indicated in the management report, this information does not include banking operations, as your company considers that they do not fall within the scope of the information to be produced. We attest that the non-financial statement provided for by article Ǿ L. Ǿ 225-102-1 of the French Commercial Code (Code de commerce) is included in the management report, it being specified that, in accordance with the provisions of article Ǿ L. Ǿ 823-10 of said Code, we have verified neither the fairness nor the compliance with the annual accounts of the information contained in this statement and which are subject to a report of an independent third-party. Information with respect to the corporate governance We attest the existence, in the Management Report section on corporate governance, of information required by articles Ǿ L. Ǿ 225-37-3 and L. Ǿ 225-37-4 of the French Commercial Code ( Code de commerce ). Concerning the information given in accordance with the requirements of Article Ǿ L. Ǿ 225-37-3 of the French Commercial Code ( Code de commerce ) relating to remunerations and benefits received by, or attributed to, the directors and any other commitments made in their favor, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your company from companies controlled by you and which are included in the scope of consolidation. Based on this work, we attest the accuracy and fair presentation of this information. Other information In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests and the identity of the shareholders and holders of the voting rights has been properly disclosed in the management report.

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UNIVERSAL REGISTRATION DOCUMENT 2019

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