GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

The table belowshows the change insovereign debt securitiesof peripheral countriesof the eurozoneat fair value helddirectly.

31.12.2018

Spain

Greece

Ireland

Italy

Portugal

Total

(in millions of euros)

OPENING SOVEREIGN DEBT SECURITIES Change in unrealised capital gains/losses Change in scope of consolidation Acquisitions

2,796

17

8,234

285

11,332

2

(545)

6

(538)

183

183

Divestments/Redemptions

(10)

(7)

(181)

(287)

(484)

Foreignexchangeadjustments

CLOSING SOVEREIGN DEBT SECURITIES

2,787

10

7,692

5

10,493

To date, the consolidated mutual funds hold €334 million in sovereign debt securities of peripheral eurozone countries, including in particular€316 millionin Italian sovereigndebt.

Non-sovereign debt securities of peripheral countries of the eurozone

Note 7.9.2

31.12.2018

Unrealised capital gains (losses) net of taxes and profit sharing

Gross unrealised capital gains (losses)

Gross discounted cost price

Reserves for impairment

Net discounted cost price

Fair value

(in millions of euros)

Spain

476

476

538

62

8

Greece Ireland

10

10

10

0

Italy

360

360

367

7

1

Portugal

29

29

28

0

TOTAL

875

875

943

69

8

31.12.2017

Unrealised capital gains (losses) net of taxes and profit sharing

Gross unrealised capital gains (losses)

Gross discounted cost price

Reserves for impairment

Net discounted cost price

Fair value

(in millions of euros)

Spain

530

530

609

79

10

Greece Ireland

8

8

8

Italy

575

575

597

22

6

Portugal

28

28

28

TOTAL

1,140

1,140

1,242

102

16

The balance sheet value of the Group’s investments in bonds issued by companies, banks, local authorities and para-governmentalorganisations located in peripheral countries of the eurozone (mainly Spain and Italy) was €943 million as at 31 December2018. These securities present an unrealised capital gain net of taxes and profit sharing of €8 million.

Exposure to non-sovereigndebt securities of peripheral eurozone countries included directly-owned securities and look-through reporting whichis required onconsolidated mutual funds.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES