Financial report 2017

The Financial Report 2017 includes the approved and audited financial statements required to be submitted under Article 27 of the Agreement Establishing the European Bank for Reconstruction and Development and Section 13 of its By-Laws.

The EBRD is a multilateral bank, owned by 66 countries as well as the European Union and the European Investment Bank. It promotes the development of the private sector and entrepreneurial initiative in 38 economies, across three continents. The Bank’s investments are aimed at making the economies in its regions competitive, inclusive, well governed, green, resilient and integrated.

EBRD Annual Bank Investment 2013-171

€ billion

Realised profit for the year before impairment 2013-172

€ billion

Financial results 2013-17

€ million2017Restated3
Net profit/(loss) before transfers of net income approved by the Board of Governors772992802(568)1,012
Transfers of net income approved by the Board of Governors(180)(181)(360)(155)(90)
Net profit/(loss) after transfers of net income approved by the Board of Governors592811442(723)922
Realised profit before impairment6346499499271,169
Paid-in capital6,2116,2076,2026,2026,202
Reserves and retained earnings9,9619,3518,5047,9478,674
Total members’ equity16,17215,55814,70614,14914,876

Operational results 2013-17

Number of projects4412378381377392
Annual Bank Investment (€ million)9,6709,3909,3788,8538,498
Annual mobilised investment5 (€ million)1,0541,6932,3361,177862
of which Private Direct Mobilisation6691,4012,1381,014769
Total project value6 (€ million)38,43925,47030,30320,79620,527

1 Volume of commitments made by the Bank during the year. This includes (i) new commitments (less any amount cancelled or syndicated within the year); (ii) restructured commitments; and (iii) trade finance (TFP) amounts issued during the year and outstanding at year-end.

2 Realised profit before impairment is before unrealised fair value adjustments to share investments, provisions, loan write-offs, other unrealised amounts and transfers of net income.

3 As explained in note 32.

4 The number of projects to which the Bank made commitments in the year.

5 The annual mobilised investment measure was first introduced in 2014. Figures for 2013 comprise syndicated loans and EBRD-administered Special Fund amounts only. Annual mobilised investment is the volume of commitments from entities other than the Bank made available to the client due to the Bank’s direct involvement in mobilising external financing during the year.

6 Total project value is the total amount of finance provided to a project, including both EBRD and non-EBRD finance, and is reported in the year in which the project first signs. EBRD financing may be committed over more than one year with “Annual Bank Investment” reflecting EBRD finance by year of commitment. The amount of finance to be provided by non-EBRD parties is reported in the year the project first signs.