GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

ANNUAL FINANCIAL STATEMENTS AND NOTES

Other investments Note 5.3 These are investmentsother thanthose mentionedin 5.1 and5.2, specifically othershares, bonds andmutual fund units. Statement of movements during the year ı

Transfers inclusions/ removals

Amount as at 31.12.2017

Inclusions during the year

Removals during the year

Amount as at 31.12.2018

(in thousands of euros)

Gross values Fixed-return bonds and mutual funds

1,371,564

133,883

46,372

1,459,075

Variable-income equities andmutualfunds

34,039

271

6,975

27,335

Cashmutual funds

332,637

1,589,061

1,109,405

812,293

Other

240,592

140,526

100,124

280,994

Totalgrossamounts

1,978,831

1,863,741

1,262,876

2,579,697

Reserves Fixed-return bonds and mutual funds Variable-income equities andmutualfunds

2,410

522

1,888

Totalreserves

2,410

522

1,888

TOTAL NET AMOUNTS

1,976,421

1,863,741

1,262,354

2,577,809

Inclusions and removals during the year mainly corresponded to transactionsinvolving money-market funds. As noted in Paragraph 3.2.2 of Note 3 on accounting principles, permanent impairment is assumed for listed, variable-return securities, particularly: if there was a long-term reserve for an investment line in the ❯ previous publishedstatement;

if the investment has consistently shown a significant ❯ unrecognised loss from its book value over a period of six consecutive monthsprior to closing; there are objectiveindicators of long-term impairment. ❯ For fiscal year 2018,a significant unrecognised loss from its book value is assumed if over a period of six months the security is consistentlydiscounted at 20% off its costprice.

SOVEREIGNDEBT INSTRUMENTSOF PERIPHERALCOUNTRIESOF THE EUROZONE Investmentsin bonds issuedby peripheral countries of the eurozone(Spain, Greece, Ireland, Italy, andPortugal)concern only Italy:

31.12.2018

31.12.2017

Gross unrealised capital gains/losses

Gross unrealised capital gains/losses

Gross cost price

Sale Value

Gross cost price

Sale Value

(in thousands of euros)

Italy

12,826

14,147

1,321

12,789

14,988

2,199

NON-SOVEREIGN DEBT INSTRUMENTSIN PERIPHERAL COUNTRIESOF THE EUROZONE The balance sheet value of the entity’s direct investmentsin bonds issued by companies, banks, local authorities and

para-governmentalorganisations located in peripheral countries of the eurozone (Spain and Italy) was €10.7 million as at 31 December 2018. These securities present a gross unrealised

capital gain of €1.3 million.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES