Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

Investment property excluding unit-linked investments Note 4

31.12.2021

31.12.2020

Property

SCI units

Total

Property

SCI units

Total

(in millions of euros)

Opening gross value

1,486

212

1,699

1,309

203

1,512

Acquisitions

251

26

278

246

13

259

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

211

211

32

32

323

(1)

322

10

10

Foreign exchange adjustments

(1)

(1)

Divestments

(52)

(22)

(74)

(110)

(3)

(113)

Other Closing gross value

2,219

215

2,434

1,486

212

1,699

Opening cumulative amortisation

(265)

(265)

(254)

(254)

Increase

(25)

(25)

(24)

(24)

Change in scope of consolidation Transfer from/to unit-linked property Transfer from/to operating property

(44)

(44)

(5)

(5)

Decrease

17

17

18

18

Other Closing cumulative amortisation

(316)

(316)

(265)

(265)

Opening cumulative long-term impairment

(11)

(7)

(19)

(12)

(7)

(19)

Long-term impairment recognised

(16)

(16)

Change in scope of consolidation Transfer from/to operating property

(43)

(43)

Long-term impairment write-backs

1

5

6

1

Closing cumulative long-term impairment

(69)

(3)

(71)

(11)

(7)

(19)

Opening net value

1,210

205

1,415

1,043

195

1,239

Closing net value

1,834

212

2,047

1,210

205

1,415

Closing fair value of investment property

3,565

402

3,968

2,845

394

3,239

UNREALISED CAPITAL GAINS (LOSSES)

1,731

190

1,921

1,635

189

1,824

The realisation of unrealised capital gains on property representing life insurance commitments would give rise to rights in favour of policy beneficiaries as well as taxation. Unrealised gains accruing to the Group, including operating property (see Note 5), amounted to €966 million at 31 December 2021 (net of profit sharing and tax), compared with €903 million at 31 December 2020. A property under reconstruction in La Défense was reclassified from operating property to investment property.

Acquisitions during the fiscal year consisted mainly of the acquisition of building rights for this building but also a building in Paris and warehouses elsewhere in France. Capitalised production for the year corresponds mainly to work on the building being rebuilt in La Défense as well as the restructuring of various buildings in Paris. Sales of property during the fiscal year include the sale of a property in Paris and the continuation of the plan for sales by vacant lots of the Group’s residential assets.

177 Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES