GROUPAMA / 2018 Registration document

FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

FINANCING EXPENSES NOTE 42

31.12.2018

31.12.2017

(in millions of euros)

TSR bonds

(85)

(88)

TSDI bonds Other financing expenses

TOTAL

(85)

(88)

BREAKDOWN OF TAX EXPENSES NOTE 43

Note 43.1

Breakdown of tax expenses – by operating segment

31.12.2018

31.12.2017

France International

Total

France International

Total

(in millions of euros)

Currenttaxes

(64)

(7)

(71)

(1)

(16)

(17)

Deferredtaxes

(43)

7

(37)

17

(7)

11

TOTAL

(107)

0

(107)

16

(23)

(6)

The Group underwenta tax audit in 2010. Reserveswere set aside well as the risk of dependence,were not subject to reserves. The for all accepted assessments in 2010. By contrast, assessments Group continues to consider that the reasons for assessmentsare relating largely to the level of technical reserves for property and highly questionable and has prepared technical arguments for a casualty, which was deemed excessive by the tax authorities, as litigationprocess.

7

Reconciliation between total accounting tax expense and theoretical Note 43.2 tax expense calculations

31.12.2018

31.12.2017

(in millions of euros)

THEORETICAL TAXEXPENSE

(158)

15

Impactof expensesor income defined as non-deductible or non- taxable

53

(95)

Impact of differences in tax rate

(1)

74

Tax credit and variouscharges Charges of prior deficits

Lossesforthe fiscal yearnot capitalised Deferredtax assetsnot accounted for Other differences

(2)

EFFECTIVE TAX EXPENSE

(107)

(6)

Overall, income tax correspondedto an expense (deferred tax plus social tax) of €107 million at 31 December 2018, versus an expense of€6 million at 31 December 2017.

The variance between the two years is explained mainly by the change in “non-deductibleor non-taxable expenses and income” as well as the change in“impact of rate differences”.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES