UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

Capitalised production for the year corresponds mainly to work on a building being rebuilt in La Défense as well as the restructuring of various buildings in Paris. Sales of property during the fiscal year are essentially linked to the continuation of the plan for sales by vacant lots of the Group’s residential assets. Changes in the property market led to the recognition of long ‑ term impairment losses during the fiscal year, mainly concerning properties in the Paris region. The write ‑ backs relate to a property complex outside the region.

Other changes correspond to the reclassification of property company units that were previously included in SCI units at fair value through profit or loss. In accordance with the fair value hierarchy established in IFRS 13, the fair value of investment property is classified as level 2 for €2,932 million and level 3 for €730 million. The Level 2 investment property comprises mainly property located in Paris, or the Greater Paris region, the fair value of which is based on observable data.

Note 6 Operating property

31.12.2023

31.12.2022

Property Right of use SCI units

Total

Property Right of use SCI units

Total

(in millions of euros)

Opening gross value

969

458

56 1,483

964

408

64 1,436

Acquisitions

113

9

5

127

30

55

3

87

Change in scope of consolidation

0

0

0

0

(0)

(4)

0

(4)

Assets capitalised in the year

31

0

31

19

0

19

Transfer from/to investment property

(26)

0

0

(26)

(8)

0

(0)

(8)

Foreign exchange adjustments

0

1

0

1

(0)

(1)

0

(1)

Divestments

(13)

0

(1)

(13)

(36)

0

(10)

(46)

Other

0

0

0

0

0

0

0

0

Closing gross value

1,074

468

61 1,603

969

458

56 1,483

Opening cumulative amortisation

(378)

(170)

0

(548)

(376)

(122)

0

(498)

Increase

(23)

(54)

0

(77)

(31)

(50)

0

(80)

Change in scope of consolidation

0

(0)

0

0

0

1

0

1

Transfer from/to investment property

19

0

0

19

4

0

0

4

Decrease

8

0

0

8

25

0

0

25

Foreign exchange adjustments

(0)

(0)

0

(0)

0

0

0

0

Closing cumulative amortisation Opening cumulative long ‑ term impairment Long ‑ term impairment recognised Change in scope of consolidation

(374)

(224)

0

(598)

(378)

(170)

0

(548)

(51)

(2)

(53)

(54)

(2)

(56)

(4)

0

(4)

(1)

(0)

(1)

0

0

0

0

0

0

Transfer from/to investment property

(0)

0

(0)

1

0

1

Long ‑ term impairment write ‑ backs Closing cumulative long ‑ term impairment

1

0

1

3

0

3

(54)

(2)

(56)

(51)

(2)

(53)

Opening net value

540

288

54

882

535

286

62

883

Closing net value

646

243

59

948

540

288

54

882

Closing fair value of operating property UNREALISED CAPITAL GAINS (LOSSES)

982

243

109 1,334

911

288

105 1,304

335

0

50

385

371

0

51

422

Acquisitions of operating property during the year mainly concerned the purchase of a property previously leased in the Paris suburbs.

239

Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES