Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

The cash flow statement is presented following the indirect method in accordance with the presentation recommended by the French accounting standards authority (ANC) in Recommendation no. 2013-R-05 of 7 November 2013.

Cash flow statement

31.12.2021

31.12.2020

Operating income before taxes

777

428

Capital gains (losses) on the sale of investments Net allocations to amortisation and depreciation

(361)

(298)

262 (17)

245

Change in deferred acquisition costs

(4)

Change in impairment

11

186 584

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

1,949

Net allocations to other reserves

(53)

27

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

(1,433)

(424)

Other non-cash items included in operating income

101

27

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

459

344 266 (17) 530

Change in operating receivables and payables

(554)

Change in operating receivables and payables from financial sector businesses

(33)

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

(845)

140 (70)

(246) (102) 1,202

Net tax paid

NET CASH FLOWS FROM OPERATING ACTIVITIES

(126)

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

53

162 (15) 146

Stakes in equity-method companies acquired/divested

(40)

Cash flows from changes in scope

13

Net acquisitions of financial investments (including unit-linked investments) and derivatives

712

(973)

Net acquisitions of investment property

(306)

(15)

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

(7)

(5)

Cash flows from acquisitions and issues of investments

399

(992) (382)

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

(388)

(388)

(382)

NET CASH FLOWS FROM INVESTMENT ACTIVITIES

24

(1,228)

Membership fees Issue of equity instruments (2)

7

30

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

(62) (56) 499 (78)

(62) (31)

Cash flows from transactions with shareholders and members

Cash allocated to financing liabilities (2)

(2)

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

(77)

28

3

Cash flows from group financing

449 393

(75)

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

(107) 1,237 1,202 (1,228)

1,097 (126)

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

24

393

(107)

Cash flows from sold or discontinued assets and liabilities Effect of foreign exchange changes on cash CASH AND CASH EQUIVALENTS AT 31 DECEMBER

(10)

(7)

1,378

1,097

They correspond in particular to payment for subordinated instruments classified in Group's equity under IFRS. (1) Movements relating to financing businesses are detailed in notes 22.2 and 25.1. (2)

152

Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES