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AFDB Financial Report 2018

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AFDB Financial Report 2018 FINANCIAL REPORT 2018 African Development Bank Group Financial Management and Financial Statements Year Ended 31 December 2018 CONTENTS Letter of Transmittal 1 Management’s Report Regarding the Effectiveness of Internal Controls Over External Financial Reporting 2 Independent Auditor’s Report regarding the Effectiveness of Internal Control over Financial Reporting 3 African Development Bank Financial Management & Financial Results 5 Financial Statements 16 Independent Auditor’s Report on the Financial Statements 98 Administrative Budget for Financial Year 2019 105 African Development Fund Financial Management & Financial Results 106 Special Purpose Financial Statements 109 Independent Auditor’s Report on the Special Purpose Financial Statements 134 Administrative Budget for Financial Year 2019 137 Nigeria Trust Fund Financial Management & Financial Results 138 Financial Statements 140 Independent Auditor’s Report on the Financial Statements 164 Letter of Transmittal In conformity with Article 32 of the Agreement Establishing the African Development Bank, and Articles 8, 11, and 12 of the General Regulations adopted thereunder, and pursuant to Article 26 of the Agreement Establishing the African Development Fund and Articles 8, 11, and 12 of the General Regulations adopted thereunder, the Boards of Directors of the Bank and of the Fund, hereby submit to the Boards of Governors the Annual Report and the Financial Report of the African Development Bank and the African Development Fund for the financial year ended 31 December 2018. This Annual Report includes a review of developments in the operational activities of the Bank Group during 2018. The Financial Report contains the full set of audited financial statements of the Bank and the special purpose financial statements of the Fund, together with the approved administrative budget for 2019. Electronic versions of the two Reports are available on the Bank Group’s website at www.afdb.org/annualreport. AFRICAN DEVELOPMENT BANK GROUP Management’s Report Regarding the Effectiveness of Internal Controls over External Financial Reporting March 27, 2019 The Management of the African Development Bank Group is responsible for the preparation, fair presentation and overall integrity of the published financial statements of the African Development Bank, the African Development Fund and the Nigeria Trust Fund (The Bank Group). The financial statements for the African Development Bank and the Nigeria Trust Fund have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board, while those of the African Development Fund were prepared on a special purpose basis. The financial statements have been audited by the independent audit firm Deloitte & Associés, who were given unrestricted access to all financial records and related data, including minutes of all meetings of the Boards of Directors and committees of the Boards. Management believes that all representations made to the external auditors during their audit were valid and appropriate. The external auditors’ reports accompany the audited financial statements. Management is responsible for establishing and maintaining effective internal controls over external financial reporting in conformity with the basis of accounting. The system of internal control contains monitoring mechanisms and actions that are taken to correct deficiencies identified. Internal controls for external financial reporting are subject to ongoing scrutiny and testing by Management and internal audit and are revised as considered necessary. Management believes that such controls support the integrity and reliability of the financial statements. There are inherent limitations to the effectiveness of any system of internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, an effective internal control system can provide only reasonable, as opposed to absolute, assurance with respect to financial statements’ preparation and presentation. Furthermore, the effectiveness of an internal control system can change over time. The Boards of Directors of the Bank Group have established an Audit and Finance Committee (AUFI) to assist the Boards, among other things, in their oversight responsibility for the soundness of the Bank Group’s accounting policies and practices and the effectiveness of internal controls. AUFI, which is comprised entirely of selected members of the Board of Directors, oversees the process for the selection of external auditors and makes a recommendation for such selection to the Board of Directors, which in turn makes a recommendation for the approval of the Board of Governors. AUFI meets periodically with Management to review and monitor matters of financial, accounting or auditing significance. The external auditors and the internal auditors regularly meet with AUFI to discuss the adequacy of internal controls over financial reporting and any other matter that may require AUFI’s attention. The Bank’s assessment of the effectiveness of internal controls was based on criteria established in “Internal Control - Integrated Framework” (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the results of this assessment, Management asserts that the Bank Group maintained effective internal controls over its financial reporting as contained in the financial statements as of 31 December 2018. Management is not aware of any material control weakness that could affect the reliability of the 2018 financial statements. In addition to providing an audit opinion on the fairness of the financial statements for 2018, the external auditors of the Bank Group conducted an independent assessment of the effectiveness of the Bank Group’s internal control over financial reporting as of 31 December 2018 and their opinion thereon is presented separately in this annual report. Akinwumi A. Adesina President Bajabulile Swazi Tshabalala Omobola Hollist Vice President Finance Controller Avenue Joseph Anoma, 01 BP 1387 Abidjan 01, Côte d’Ivoire Tel: (225) 20 20 48 22 · Fax: (225) 20 21 31 00 · Email: [email protected] · Internet: www.afdb.org Deloitte & Associés 6 place de la Pyramide 92908 Paris-La Défense Cedex France Téléphone : +33 (0) 1 40 88 28 00 www.deloitte.fr Adresse postale : African Development Bank Group TSA 20303 92030 La Défense Cedex Avenue Joseph Anoma 01 BP 1387 Abidjan 01 Côte d’Ivoire Independent Auditor’s Report regarding the Effectiveness of Internal Control over Financial Reporting Year ended December 31, 2018 To the Board of Governors of the African Development Bank Group Scope We have examined the internal control over financial reporting of the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF) (together the “African Development Bank Group”) as of December 31, 2018, based on criteria established in “Internal Control – Integrated Framework” (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Management’s responsibilities The management of the African Development Bank Group is responsible for implementing and maintaining effective internal controls over financial reporting and for the assessment of the effectiveness of such internal controls. Management has asserted the effectiveness of internal controls over financial reporting as of December 31, 2018. Independent Auditor’s responsibilities Our responsibility is to express an opinion on the African Development Bank Group’s internal control over financial reporting based on our procedures. We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000, issued by the International Auditing and Assurance Standards Board. That standard requires that we plan and perform our procedures to obtain reasonable assurance about whether, in all material respects, effective internal control was maintained over financial reporting. An assurance engagement includes obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control, based on the assessed risk. It also includes performing such other procedures as considered necessary in the circumstances. We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Société anonyme au capital de 1 723 040 € Société d’Expertise Compatable inscrite au Tableau de l’Ordre de Paris Ile-de-France Société de Commissariat aux Comptes inscrite à la Compagnie Régionale de Versailles 572 028 041 RCS Nanterre TVA : FR 02 572 028 041 Une entité du réseau Deloitte African Development Bank Independent Auditor’s Report on the Financial Statements to the Board of Governors of the African Development Bank regarding the effectiveness of internal control over financial reporting Inherent limitation An entity’s system of internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles. An entity’s system of internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and
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