GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

“Cash flow hedge and other changes” totalling -€40 million includes -€22 million in cash-flow hedge revaluation reserves and -€18 million in net investment hedge revaluation reserves. These reserves are the effective portion of the hedging implementedby the Group in the past and since unwound. They will be recycled into the income statement on disposal of the items hedged, in accordance with the provisions of IAS 39.

The deferred tax amount shown in the table above equates to the application of i) a short-term and long-term tax rate on the unrealised capital gains on financial instruments classified as “available-for-sale assets”; and ii) a short-termtax rate on deferred profit sharing (“shadow accounting”). Under the new rules for long-term capital gains (losses) applicable from 1 January 2006, unrealised capital gains on “strategic” equity interests are exempt from the calculationof deferred tax up to a maximumpercentage of costs and expenses ( i.e. an effective rate of 3.41%).

Contingent liabilities Note 22

31.12.2020

France

International

Reserves for pensions and similar obligations

Reserves for pensions and similar obligations

Other contingent liabilities (1)

Other contingent liabilities (1)

Total

Total

Total

(in millions of euros)

OPENING BALANCE

202

73

275

31

50

81

356

Changes in the consolidation scope, changes in accounting policies, and transfers

(1)

(1)

(1)

84

64

148

4

20

24

172

Allocations for the period

Write-backs for the period

(74)

(39)

(112)

(4)

(15)

(19)

(131)

Foreign exchange variation

(1)

(1)

(1)

CLOSING BALANCE

213

98

311

31

52

83

394

Details are not provided for this line item because this information could seriously prejudice the Group viniew of ongoing litigation proceedings. (1)

31.12.2019

France

International

Reserves for pensions and similar obligations

Reserves for pensions and similar obligations

Other contingent liabilities (1)

Other contingent liabilities (1)

Total

Total

Total

(in millions of euros)

OPENING BALANCE

201

109

310

30

44

73

384

Changes in the consolidation scope, changes in accounting policies, and transfers

1

1

1

129

44

173

4

19

23

196

Allocations for the period

Write-backs for the period

(127)

(81)

(208)

(3)

(14)

(17)

(225)

Foreign exchange variation

(1)

(1)

CLOSING BALANCE

202

73

275

31

50

81

356

Details are not provided for this line item because this information could seriously prejudice the Group viniew of ongoing litigation proceedings. (1)

207

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES