GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Financing expenses Note 43

31.12.2020

31.12.2019

(in millions of euros)

Redeemable subordinated bonds

(69)

(93)

Financing expenses on lease liabilities

(6)

(5)

Other financing expenses TOTAL

(75)

(98)

The decrease in expenses on redeemable subordinated bonds €500 million at a fixed rate of 7.88% and the issue in follows the redemption in October 2019 of redeemable September 2019 of 10-year subordinated bonds for a nominal subordinated bonds issued in 2009 for a nominal amount of amount of €500 million at a fixed rate of 2.125%.

Breakdown of tax expenses Note 44

Breakdown of tax expenses – by operating segment 44.1

31.12.2020

31.12.2019

France

International

Total

France

International

Total

(in millions of euros)

Current taxes

47

(5)

42

(155)

(7)

(161)

Deferred taxes

(120)

6

(114)

(53)

43

(10)

TOTAL

(73)

1

(73)

(208)

37

(171)

The Group underwenta tax inspectionin 2010 and 2019. Reserves by the tax authorities, as well as the risk of dependence,were not were set aside and settled for all accepted assessments in 2010. subject to reserves. The Group continues to consider that the By contrast, assessments relating largely to the level of technical grounds for the tax adjustments are highly questionable and has reserves for property and casualty, which was deemed excessive prepared technical arguments for a litigation process.

Reconciliation between total accounting tax expense 44.2 and theoretical tax expense calculations

31.12.2020

31.12.2019

(in millions of euros)

(35)

(89)

THEORETICAL TAX EXPENSE

Impact of expenses orincome defined as non-deductible or non- taxable

24

149

Impact of differences in tax rate

(60)

(229)

Tax credit and various charges Charges of prior deficits

Losses for the fiscal year not capitalised Deferred tax assets not accounted for Other differences

(2)

(2)

EFFECTIVE TAX EXPENSE

(73)

(171)

236

Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES