AFD // 2021 Universal Registration Document

FINANCIAL INFORMATION Economic presentation of the consolidated financial statements

COST OF RISK The cost of risk changed significantly in comparison with the previous financial year. It represented an expense of €106M compared with €269M in ɸ 2020 and breaks down as follows:

Cost of risk

2021

2020 -191

Change

AFD

-27 -79

164

Proparco Sogeform

-77

-2

0

-1

1

GROUP TOTAL

-106

-269

163

PRE-TAX INCOME The share of equity-accounted companies (1) (+€7M) was up markedly compared to the previous financial year. Pre-tax income thus amounted to €334M in 2021 (compared to €5M in 2020 mainly due to the effects of the health crisis). NET INCOME After taking into account income tax (€11M) and the interests of the minority shareholders of Proparco and Sogefom (€25M), income, Group share, amounted to €298M at the end of 2021.

The improvement in the cost of risk over the year was mainly due to the decrease, of -€125M, in collective provisions. OPERATING INCOME Operating income rose sharply over the financial year, by +€316M to €327M compared to €12M in 2020. This rise resulted from the positive impact of the increase in the cost of risk and the significant improvement in NBI (of, respectively, -€106M in 2021 vs -€269M in 2020 and €948M vs €764M in 2020).

5

(1) Corresponds to the share of earnings from the equity-accounted companies in the Group’s consolidated financial statements.

121

2021 UNIVERSAL REGISTRATION DOCUMENT