GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

The cash flow statement is presentedaccording to the indirect method model and in accordance with the presentationrecommendedby the ANC (French accounting standardasuthority) in recommendation no 2013-R-05 of 7 November 2013.

31.12.2020

31.12.2019

CASH FLOW STATEMENT (in millions of euros)

Operating income before taxes Gains (losses) on divestments

206

441

(237)

(532)

Net allocations to amortisation and depreciation

164

164

Change in deferred acquisition costs

(2)

(2) 21

Change in impairment

175 298

Net allocations to underwriting liabilities relating to insurance policies and financial contracts

1,590

Net allocations to other reserves

27

(25)

Change in fair value of financial instruments and investmernetcsognised at fair value through income (excluding cash and cash equivalents)

(402)

(1,445)

Other non-cash items included in operating income

10

108

Correction of elements included in the operating income other than cash flows and reclassification of investment and financing flows

34

(121) (245)

Change in operating receivables and payables Change in banking operating receivables and payables

369 (17) 532 (39) 834 161 (15) 146 (250) (537)

(3)

Change in repo and reverse-repo securities Cash flows from other assets and liabilities

(376)

(74) (77)

Net tax paid

NET CASH FLOWS FROM OPERATING ACTIVITIES

(453)

Acquisitions/divestments of subsidiaries and joint ventures, net of cash acquired/disposed

0

Stakes in related companies acquired/divested

(66) (66) (36) 611

Cash flows from changes in scope

Net acquisitions of financial investments (including unit-linked investments) daenrdivatives

Net acquisitions of investment property

(16)

Net acquisitions and/or issues of investments and derivatives relating to other activities Other non-cash items

3

203 777

Cash flows from acquisitions and issues of investments

(550) (262) (262) (666)

Net acquisitions of property, plant, and equipment, intangible fixed assets, and operating property Cash flows from acquisitions anddisposals of property, plant, anedquipment and intangible fixed assets

(444) (444)

NET CASH FLOWS FROM INVESTMENT ACTIVITIES

268

Membership fees Issue of capital instruments

28

Redemption of equity instruments (2) Transactions involving own shares Dividends paid (1)

(23)

(63) (35)

(100) (123)

Cash flows from transactions with shareholders and members

Cash allocated to financing liabilities (2)

(5)

Interest paid on financial debt and lease liabilities Cash generated by IFRS 16 lease liabilities

(75)

(98) 212 108 (15) 599

(9)

Cash flows from Group financing

(84)

NET CASH FLOWS FROM FINANCING ACTIVITIES CASH AND CASH EQUIVALENTS AT 1 JANUARY

(119)

393 834

Net cash flows from operating activities Net cash flows from investment activities Net cash flows from financing activities

(453)

(666) (119)

268 (15)

Cash flows from sold or discontinued assets and liabilities

(4) (2)

Effect of foreign exchange changes on cash

(7)

CASH AND CASH EQUIVALENTS AT 31 DECEMBER

435

393

They correspond in particular to payment for subordinaintesdtruments classified in Group's equity under IFRS. (1) Movements relating to financing businesses are detaileNdointes 21.2 and 24.1. (2)

152

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES