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Financial Results as at 30 June 2018

11 October 2018

PARIS - The half-year report entitled “Condensed Interim Financial Statements as at              30 June 2018” 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 2017.

Despite the uncertain economic and financial environment, the CEB has achieved a very good operational performance during the first half of 2018. The stock of projects approved awaiting financing increased by 13.3% to € 7.9 billion compared to € 7.0 billion at the end of 2017. A total of 25 new projects worth € 2.2 billion were approved at 30 June 2018 compared to 27 projects worth € 2.3 billion for the same period last year. Disbursements on 36 loans were made for an amount of € 1.1 billion, compared to disbursements on 38 loans amounting to € 811.5 million during the first half of 2017. 

The CEB’s unaudited net profit for the first half of 2018 reached € 50.2 million, i.e. a decrease of 14.3% compared to the first half of 2017 (€ 58.6 million), primarily due to a decrease in interest margin (- € 6.8 million) and the negative impact of the valuation of financial instruments (-€ 3.7  million). Operating expenses in the first half of 2018 remained stable at € 24.1 million, in line with the budget for 2018, compared to € 24.0 million in the first half of 2017.

The CEB’s total assets reached € 27 777 million, an increase of 16.7% from € 23 798 million at year-end 2017. Since the beginning of 2018, the CEB has issued five bonds with a total principal amount of € 3.6 billion, representing 72.2% of the 2018 borrowing authorisation of € 5.0 billion approved by the Administrative Council. Equity increased by 1.1% since year-end 2017 to reach € 2 999.5 million.

Key figures at 30 June 2018

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.

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