AFD // 2021 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS 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

154

NOTE 11 Subordinated debt

145

NOTE 12 Income and expenses by accounting category 151

NOTE 2 Financial hedging derivatives

147

155

NOTE 3 Financial assets at fair value through other comprehensive income NOTE 4 Financial assets and liabilities at fair value measured according to the level of fair value 150 NOTE 5 Financial instruments at amortised cost 150 NOTE 6 Asset impairment 152 NOTE 7 Accruals and miscellaneous assets/ liabilities 152 NOTE 8 Property, plant and equipment and intangible assets 152 NOTE 9 Financial liabilities measured at amortised cost 153 NOTE 10 Provisions 154 150 at 31 ɸ December 2021 6.2.1.1 Extension of international moratoria – Covid-19 crisis It should be recalled that, in 2020, the G20 focused the majority of its efforts on the global pandemic. One of the key actions was the launch, in coordination with the Paris Club, of a Debt Service Suspension Initiative for the Poorest Countries (DSSI) to help address financial vulnerabilities in developing countries and enable countries to devote resources to combating the pandemic. Numerous moratoriums have been granted by AFD as part of this process. These moratoriums resulted in the deferral of final payments due between 1 ɸ May and 31 ɸ December 2020. The deferred amounts will be repaid in six instalments scheduled for between 15 ɸ June 2022 and 15 ɸ December 2024 (phase ɸ 1). AFD signed agreements or amendments to initial agreements with 26 eligible countries to implement the extension of the debt service suspension initiative (phase ɸ 2) which applies to final payments due between 1 ɸ January and 30 ɸ June 2021. Given the significant financing needs that countries eligible for the DSSI initiative are expected to face this year, the Paris Club 6.2.1 Signi fi cant events

NOTE 13 Net commissions

155

NOTE 14 Gains or losses on financial instruments at fair value through profit and loss NOTE 15 Net gains or losses on financial assets recognised at fair value through equity

156

156

NOTE 16 Income from other activities

156

157

NOTE 17 Overheads

NOTE 18 Cost of credit risk

157

NOTE 19 Equity method

158

NOTE 20 Corporate income tax

158

NOTE 21 Financing and guarantee commitments

159

members and the G20 have approved the additional six-month extension of this initiative, until the end of December ɸ 2021 (phase ɸ 3). AFD signed an agreement or an amendment to an initial agreement with 22 ɸ countries and a bilateral agreement with nine countries under this last phase. The moratoriums generally granted to creditors, and intended to cover temporary cash flow difficulties linked to the Covid-19 crisis, have affected the repayment schedules of these receivables without substantially impacting their characteristics. As of 31 ɸ December 2021, the suspension of payments as part of phase ɸ 2 and phase ɸ 3 of the DSSI initiative had no material impact on the financial statements. 6.2.1.2 Financing of the Group’s activity To finance the growth of its activity on its own behalf, in 2021, AFD issued five bonds in the form of public issues, six private placements, as well as two tap issues, for an overall volume of €7,475M. 6.2.1.3 Allocation of 2020 net income Pursuant to Article ɸ 79 of the 2001 amending Finance Bill No. ɸ 2001-1276 of 28 ɸ December 2001, the amount of the dividend paid by AFD to the French State is set by ministerial decree.

130

www.afd.fr

2021 UNIVERSAL REGISTRATION DOCUMENT