GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Financing expenses Note 44

31.12.2019

31.12.2018

(in millions ofeuros)

Redeemablesubordinatedsecurities

(93)

(85)

Perpetualsubordinatedbonds Financingexpenseson rent liabilities

(5)

Other financingexpenses TOTAL

(98)

(85)

The increase in financing expensesis due to: TSR bonds for €9 million following the issue of the new ● €500 million TSRbond subscribedin the fourth quarterof 2018;

the applicationof IFRS 16for the first yearfor €5 million. ●

Breakdown of tax expenses Note 45

Breakdown of tax expenses – by operating segment 45.1

31.12.2019

31.12.2018

France

International

Total

France

International

Total

(in millions ofeuros)

Current taxes

(155)

(7)

(161)

(64)

(7)

(71)

Deferredtaxes

(53)

43

(10)

(43)

7

(37)

TOTAL

(208)

37

(171)

(107)

0

(107)

The Groupunderwenta tax audit in 2010 and 2019. Reserveswere by the tax authorities,as well as the risk of dependence,were not set aside and settled for all accepted assessments in 2010. By subject to reserves. The Group continues to consider that the contrast, assessments relating largely to the level of technical reasons for assessmentsare highly questionableand has prepared reserves for property and casualty, which was deemed excessive technical arguments for a litigation process.

Reconciliation between total accounting tax expense and theoretical tax expense 45.2 calculations

31.12.2019

31.12.2018

(in millions ofeuros)

THEORETICALTAX EXPENSE

(89)

(158)

Impact of expensesor income defined as non-deductibleor non- taxable

149

53

Impact of differencesin tax rate

(229)

(1)

Tax credit and various charges Chargesof prior deficits

Losses for the fiscal yearnot capitalised Deferredtax assets not accountedfor Other differences

(2)

(2)

EFFECTIVETAX EXPENSE

(171)

(107)

229

Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES