UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

Cash flow statement (in millions of euros)

31.12.2023

31.12.2022

Operating income before taxes

740

123

Capital gains (losses) on the sale of investments

(144)

(183)

Net allocations to amortisation and depreciation

286

267

Change in deferred acquisition costs

(0)

(0)

Change in impairment

337

30

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

755

(2,433)

Net allocations to other reserves

67

(55)

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

(1,622)

2,716

Other non ‑ cash items included in operating income

91

115

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

(231)

458

Change in operating receivables and payables

273

273

Change in operating receivables and payables from financial sector businesses

0

0

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

1,205

(166)

292

(15)

Net tax paid

(8)

(103)

NET CASH FLOWS FROM OPERATING ACTIVITIES

2,271

570

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

104

0

Stakes in equity ‑ method companies acquired/divested Cash flows from changes in scope of consolidation

7

22

111

22

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

(2,031)

44

Net acquisitions of investment property

(184)

4

Net acquisitions and/or issues of investments and derivatives relating to other activities

0

0

Other non ‑ cash items

(15)

(22)

CASH FLOWS FROM ACQUISITIONS AND ISSUES OF INVESTMENTS

(2,230)

26

Net acquisitions of property, plant and equipment, intangible fixed assets, and operating property

(472)

(398)

(472)

(398)

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

Investment cash flows from activities to be sold or discontinued NET CASH FLOWS FROM INVESTMENT ACTIVITIES

(2,591)

(350)

Membership fees

0

0

Issue of capital instruments

0

0

Redemption of capital instruments

0

(1)

Transactions involving own shares

0

0

Dividends paid

(57)

(62)

Cash flows from transactions with shareholders and members

(57)

(63)

Cash allocated to financial debt

3

(227)

Interest paid on financial debt and lease liabilities

(77)

(79)

Cash generated by IFRS 16 lease liabilities

(43)

11

Cash flows from group financing

(117)

(296)

Financing cash flows from businesses to be sold or discontinued NET CASH FLOWS FROM FINANCING ACTIVITIES

(174)

(359)

CASH AND CASH EQUIVALENTS AT 1 JANUARY

1,323

1,477

Net cash flows from operating activities

2,271

570

Net cash flows from investment activities

(2,591)

(350)

Net cash flows from financing activities

(174)

(359)

Cash flows from sold or discontinued assets and liabilities

0

(16)

Effect of foreign exchange changes on cash

(1)

2

CLOSING CASH AND CASH EQUIVALENTS

828

1,323

210

Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES