GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Investment property excluding unit-linked investments Note 5

31.12.2019

31.12.2018

Property

SCI units

Total

Property

SCI units

Total

(in millions ofeuros)

Openinggross value

1,009

51

1,060

1,284

52

1,336

Acquisitions

46

2

48

28

2

30

Change in scope of consolidation Subsequentexpenditure Assets capitalisedin the year Transferfrom/to unit-linkedproperty Transferfrom/to operatingproperty Foreign exchangeadjustments Outwardreinsurance

64

64

170

170

1

1

(57)

(1)

(58)

(321)

(3)

(324)

Other

(153)

(153)

Closinggross value

1,063

52

1,115

1,009

51

1,060

Openingcumulativeamortisation& impairment

(169)

(169)

(186)

(186)

Increase

(23)

(23)

(19)

(19)

Change in scope of consolidation Transferfrom/to unit-linkedproperty Transferfrom/to operatingproperty Decrease

17

17

36

36

Other

1

1

Closingcumulativeamortisation& impairment

(175)

(175)

(169)

(169)

Openingcumulativelong-termimpairment

(9)

(10)

(19)

(19)

Long-termimpairmentrecognised Change in scope of consolidation Transferfrom/to operatingproperty Long-termimpairmentwrite-backs

9

9

Closingcumulativelong-termimpairment

(9)

(9)

(9)

(10)

Openingnet value

831

51

882

1,080

52

1,132

Closingnet value

878

52

930

831

51

882

Closingfair value of investmentproperty

2,440

149

2,589

2,327

136

2,463

UNREALISEDCAPITALGAINS/LOSSES

1,562

97

1,659

1,496

85

1,581

The realisationof unrealisedcapital gains on property representing life insurance commitments would give rise to rights in favour of policy beneficiariesas well as taxation. Unrealised gains accruing to the Group, including property operating activities (see Note 6), amounted to €563 million as at 31 December2019 (net of profit sharing and tax), compared with €507 million as at 31 December 2018.

Sales of properties during the fiscal year include mainly sales by vacant lots of the Group’s residentialassets. As per the fair value hierarchy establishedin IFRS 13, the fair value of investment property is ranked as Level 2 for €2,514 millionand Level 3 for €75 million.The Level 2 investment property comprises mainly property located in Paris, or the Greater Paris region, whose fair valueis based on observabledata.

169

Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES