AFD - Universal Registration Document 2020

FINANCIAL INFORMATION 5

Economic presentation of the consolidated financial statements

INTERMEDIATE BALANCES Changes in the intermediate balances over the last two financial years are as follows:

2020 764 484 280 -269

2019 839 487 352 -150 202 200 182

Change

NR

Net banking income

-75

Overheads on non-banking operations

-3

Gross operating income

-72 -119 -191 -195 -167

Cost of risk

Operating income Pre-tax income

12

5

Net income

15 -25 40

Minority interests

10

-35

NET INCOME – GROUP SHARE

172

-132

AFD Group’s income for Ǿ 2020 was €40M (Group share), down €132M compared with Ǿ 2019. NET BANKING INCOME The contribution of the Group’s various companies to its net banking income (NBI) is as follows:

2020

2019

Change

Net banking income

AFD

746

682 168

64

Proparco

43

-124

Fisea

-28

-13

-15

Soderag Sogefom

0 3

0 3

0 0

GROUP TOTAL

764

839

-75

NBI amounted to €764M in Ǿ 2020, down €75M from Ǿ 2019 due to the combined effect of the following items:

2020

2019

Net banking income

Balance of loans/borrowings

470

391

Income from instruments at fair value

-91

74

Commissions

124 261 764

142 232 839

Income and expenses from other activities

GROUP TOTAL

The health crisis led to a contained increase in external expenses and a limit on recruitment during Ǿ 2020. As a result, operating expenses (AFD only) amounted to €469 Ǿ million at 31 December Ǿ 2020, compared with €467 million at 31 Ǿ December Ǿ 2019.

The change in NBI is mainly due to the drop in income on financial instruments at fair value through profit or loss (-€165M) mainly related to the fair value adjustment of the Group’s equity securities in connection with the health situation offset by an increase in the loan/borrowing balance following the signing of a debt reorganization agreement between the French Republic and a foreign State. GROSS OPERATING INCOME Gross operating income totalled €280M in Ǿ 2020 versus €352M in Ǿ 2019. This decrease of €72M is in line with the drop in NBI (-€75M), with stable non-banking operating expenses.

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2020 UNIVERSAL REGISTRATION DOCUMENT