Financial Results as at 30 June 2017
4 October 2017
PARIS - The half-year report entitled “Condensed Interim Financial Statements as at 30 June 2017” is now available online.
In compliance with IAS 34 standard “Interim Financial Reporting”, the CEB publishes an Interim Report on its non-audited condensed half-year accounts which are to be read together with the audited financial statements for the year ended 31 December 2016.
In an improving economic and financial environment in Europe, the CEB reached good operational results during the first half-year 2017. The stock of approved projects increased by 26% from €5 651 million at year-end 2016 to €7 111 million. A total of 27 new projects worth €2 282 million were approved during the first half-year 2017 against 26 projects for €2 869 million for the same period last year; 38 loans were disbursed for an amount of €811 million, increasing by 1.5% compared to 26 loans for €799 million during the first half-year 2016.
The CEB’s unaudited net profit for the first half of 2017 reached €58.6 million, i.e. a significant increase of 25% compared to the first half of 2016 (€46.9 million), primarily due to the positive variation in the valuation of financial instruments (€12.0 million).
Operating expenses in the first half of 2017 remained stable at €24.0 million.
The CEB’s total assets reached €25 305 million, slightly decreasing compared to €25 603 million at year-end 2016.
Equity increased by 3.4% since year-end 2016 to reach €2 908 million.
Since the beginning of 2017, the CEB has issued three bonds with a total principal amount of €2 253 million, representing 75% of the 2017 borrowing authorisation of €3 000 million.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook positive and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.