AFD - Universal Registration Document 2020

CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS 6 Notes to the consolidated financial statements

6.2.2 Accounting standards applied to Agence Française de Développement The financial statements given in this document include the summary financial statements and the notes to the financial statements. They are presented in accordance with French Accounting Standards Authority (ANC) Recommendation No. Ǿ 2017-02 of 2 Ǿ June 2017 concerning the format of the summary documents of companies subject to banking and finance regulations under international accounting standards. The consolidated financial statements of the AFD Group at 31 Ǿ December Ǿ 2020 were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting standards used in the preparation of AFD’s financial statements at 31 Ǿ December Ǿ 2020 are described in Note Ǿ 6.2.3.2. These consolidated financial statements are presented in thousands of euros. The standards and interpretations used in the financial statements at 31 Ǿ December Ǿ 2020 were supplemented by the provisions of IFRS as adopted by the European Union and with mandatory application for the first time during this period. They relate to:

6.2.1.1 Financing of the Group’s activity To finance the growth of its own activity, AFD issued six public bonds and seven private placements in Ǿ 2020, as well as eight

top-up operations, for a total volume of €9,900M. 6.2.1.2 Allocation of 2019 net income

In accordance with article Ǿ 79 of the Amended Finance law 2001 no. Ǿ 2001-1276 of 28 Ǿ December 2001, the amount of dividends paid by AFD to the French State is set by ministerial decree. The 2019 financial statements were approved by the Board of Directors on 2 Ǿ April Ǿ 2020. In anticipation of the impact of the current health crisis on AFD’s activities: P the AFD Board of Directors of 2 Ǿ April Ǿ 2020 proposed the full allocation of AFD’s income for 2019 (€160.1M) to reserves.

Dates of publication by the European Union

Date of application: financial years starting from

Standards, amendments or interpretations

Amendments to IFRS Ǿ 16 “Leases” related to the Covid-19 crisis

May Ǿ 2020

1 Ǿ January Ǿ 2020 1 Ǿ January Ǿ 2020 1 Ǿ January Ǿ 2020

Amendments to IAS Ǿ 39 – IFRS Ǿ 9 and IFRS Ǿ 7 following changes in reference rates

September Ǿ 2019

Amendments to IFRS Ǿ 3 “Business Combinations”

April Ǿ 2019

Amendments to IAS Ǿ 1 and IAS Ǿ 8 “Materiality Definitions” 1 Ǿ January Ǿ 2020 Unless otherwise stated, when application of the standards and interpretations adopted by the European Union is optional for a period, the AFD Group does not take up the option. AMENDMENT TO IFRS 16 ON RENT REDUCTIONS LINKED TO COVID-19 December Ǿ 2019

monitored and a customer communication plan was launched. Since September Ǿ 2020, the work related to the operational and systems impacts has been integrated into the information transformation programme of the Group Finance Department and Risk Department. The FCA (Financial Conduct Authority) announced the end dates of the LIBORs on 30 Ǿ November Ǿ 2020: P 31 Ǿ December 2021 for all maturities of GBP, JPY, CHF, EUR LIBOR and for USD LIBOR 1W and 2M (one week and two months); P 30 Ǿ June 2023 for other maturities of USD LIBOR (1M, 3M, 6M and 12M). As of these dates, LIBOR rates will no longer be representative of the underlying markets and may no longer be used. The authorities recommend ending the use of USD LIBOR in new contracts from the end of 2021. New overnight benchmark rates are published for the Yen: the TONAR (Tokyo Overnight Average Rate); for sterling: the SONIA (Reformed Sterling Overnight Index Average); and for the CHF: the SARON (Swiss Average Rate Overnight). Since October Ǿ 2019,

The amendment allows tenants benefiting from reductions in rents linked to the Covid-19 pandemic not to consider these concessions as contract amendments and therefore not to spread these reductions over the term of the contract, but to recognise them directly in income as rent reversals. This amendment does not affect lessors. The AFD Group’s financial statements did not benefit from these reductions at 31 Ǿ December Ǿ 2020. AMENDMENTS TO IAS 39, IFRS 9 AND IFRS 7 “CHANGES IN CRITERIA FOR HEDGE ACCOUNTING REQUIREMENTS” The index transition project began in early 2019 under the responsibility of the Finance Department with the participation of all the AFD Group departments concerned (Operations, Legal, Risks, Information Systems and Communication). At the same time, the proposals and recommendations of market players, central bank working groups and the authorities were regularly

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2020 UNIVERSAL REGISTRATION DOCUMENT