GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Investment property excluding unit-linked investments Note 4

31.12.2020

31.12.2019

Property

SCI units

Total

Property

SCI units

Total

(in millions of euros)

1,063

52

1,115

1,009

51

1,060

Opening gross value

Acquisitions

236

1

236

46

2

48

Change in scope of consolidation Subsequent expenditure Assets capitalised in the year Transfer from/to unit-linked property Transfer from/to operating property Currency exchange adjustments Asset sales

30

30

64

64

1

1

(101)

(101)

(57)

(1)

(58)

Other Closing gross value

1,227

52

1,279

1,063

52

1,115

Opening cumulative amortisation

(175)

(175)

(169)

(169)

Increase

(19)

(19)

(23)

(23)

Change in scope of consolidation Transfer from/to unit-linked property Transfer from/to operating property Decrease Other Closing cumulative amortisation

14

14

17

17

(180)

(180)

(175)

(175)

Opening cumulative long-term impairment

(9)

(9)

(9)

(10)

Long-term impairment recognised Change in scope of consolidation Transfer from/to operating property Long-term impairment write-backs Closing cumulative long-term impairment

(9)

(9)

(9)

(9)

Opening net value

878

52

930

831

51

882

Closing net value

1,038

52

1,091

878

52

930

Closing fair value of investment property

2,538

155

2,692

2,440

149

2,589

UNREALISED CAPITAL GAINS (LOSSES)

1,500

102

1,602

1,562

97

1,659

The main acquisitions during the fiscal year took place in Paris (mainly shops) but also elsewhere in France (logistics centres and office buildings). Sales of property during the fiscal year mainly include the sale of a property in Paris and sales by vacant lots of the Group’s residential assets.

The realisationof unrealisedcapital gains on property representing life insurance commitments would give rise to rights in favour of policy beneficiaries as well as taxation. Unrealised capital gains accruing to the Group, including property operating activities (see Note 5), amounted to €619 million as at 31 December2020 (net of profit sharing and tax), compared with €563 million at 31 December 2019.

176

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES