Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Combined financial statements and notes

Cash flow statement (in millions of euros)

31.12.2022

31.12.2021

Operating income before taxes

696

777

Capital gains (losses) on the sale of investments

(675)

(361)

Net allocations to amortisation and depreciation

283

262

Change in deferred acquisition costs

6

(17)

Change in impairment

8

11

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

(1,606)

1,949

Net allocations to other reserves

(59)

(53)

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

2,165

(1,433)

Other non ‑ cash items included in operating income

65

101

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

187

459

Change in operating receivables and payables

101

(554)

Change in operating receivables and payables from financial sector businesses

57

(33)

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

(166)

(845)

(14)

140

Net tax paid

(103)

(70)

NET CASH FLOWS FROM OPERATING ACTIVITIES

759

(126)

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

53

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

1

(40)

1

13

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

(122)

712

Net acquisitions of investment property

4

(306)

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

(4)

(7)

Cash flows from acquisitions and issues of investments

(122)

399

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

(364)

(388)

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

(364) (484)

(388)

NET CASH FLOWS FROM INVESTMENT ACTIVITIES

24

Membership fees Issue of capital instruments

7

Redemption of capital instruments

(1)

Transactions involving own shares Dividends paid (1)

(62)

(62)

Cash flows from transactions with shareholders and members

(63)

(56)

Cash allocated to financial debt

(227)

499

Interest paid on financial debt and lease liabilities

(79)

(78)

Cash generated by IFRS 16 lease liabilities

9

28

Cash flows from group financing

(297) (360)

449 393

NET CASH FLOWS FROM FINANCING ACTIVITIES

CASH AND CASH EQUIVALENTS AT 1 JANUARY

1,378

1,097

Net cash flows from operating activities

759

(126)

Net cash flows from investment activities

(484)

24

Net cash flows from financing activities

(360)

393

Cash flows from sold or discontinued assets and liabilities

(16)

Effect of foreign exchange changes on cash

2

(10)

CASH AND CASH EQUIVALENTS AT 31 DECEMBER

1,278

1,378

(1) They equate in particular to compensation for subordinated instruments classified in shareholders’ equity under IFRS.

178

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES