Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

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 gains on financial instruments classified as “available-for-sale assets” and (ii) a short-term tax 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 calculation of deferred tax up to a maximum percentage of costs and expenses ( i.e. an effective rate of 3.10%).

“Cash flow hedge and other changes” for -€40 million includes a cash flow hedge revaluation reserve of -€22 million and a net investment hedge revaluation reserve of -€18 million. These reserves are the effective portion of the hedging implemented by 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.

Contingent liabilities Note 23

31.12.2021

France

International

Total

Reserves for pensions and similar obligations

Reserves for pensions and similar obligations

Other contingent liabilities (1)

Other contingent liabilities (1)

Total

Total

(in millions of euros)

OPENING BALANCE

420

136

556

31

52

83

639

Changes in the consolidation scope, changes in accounting policies, and transfers Allocations for the period

95

71

166

4

15

20

186

Write-backs for the period

(132)

(91)

(222)

(6)

(16)

(21)

(244)

Foreign exchange variation

(1)

(1)

(1)

CLOSING BALANCE

383

116

499

29

52

80

580

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

31.12.2020

France

International

Total

Reserves for pensions and similar obligations

Reserves for pensions and similar obligations

Other contingent liabilities (1)

Other contingent liabilities (1)

Total

Total

(in millions of euros)

OPENING BALANCE

399

114

513

31

50

81

593

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

(1)

(1)

(1)

Allocations for the period

93

74

166

4

20

24

190

Write-backs for the period

(71)

(52)

(123)

(4)

(15)

(19)

(142)

Foreign exchange variation

(1)

(1)

(1)

CLOSING BALANCE

420

136

556

31

52

83

639

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

210

Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES