Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Combined financial statements and notes

Investment property excluding unit ‑ linked investments

Note 5

31.12.2022

31.12.2021

Property

SCI units

Total

Property

SCI units

Total

(in millions of euros)

Opening gross value

2,219

215

2,434

1,486

212

1,699

Acquisitions

40

43

82

251

26

278

Change in scope of consolidation

(1)

(1)

Subsequent expenditure Assets capitalised in the year

279

279

211

211

Transfer from/to unit ‑ linked property Transfer from/to operating property

8

8

323

(1)

322

Foreign exchange adjustments

(1)

(1)

Divestments

(222)

(12)

(234)

(52)

(22)

(74)

Other

27

27

Closing gross value

2,322

273

2,595

2,219

215

2,434

Opening cumulative amortisation

(316)

(316)

(265)

(265)

Increase

(25)

(25)

(25)

(25)

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

(4)

(4)

(44)

(44)

Decrease

32

32

17

17

Other Closing cumulative amortisation Opening cumulative long ‑ term impairment Long ‑ term impairment recognised Change in scope of consolidation Transfer from/to operating property Long ‑ term impairment write ‑ backs Closing cumulative long ‑ term impairment

(313)

(313)

(316)

(316)

(69)

(3)

(71)

(11)

(7)

(19)

(12)

(6)

(19)

(16)

(16)

(1)

(1)

(43)

(43)

12

12

1

5

6

(70)

(9)

(79)

(69)

(3)

(71)

Opening net value

1,834

212

2,047

1,210

205

1,415

Closing net value

1,939

264

2,203

1,834

212

2,047

Closing fair value of investment property

3,445

453

3,898

3,565

402

3,968

UNREALISED CAPITAL GAINS (LOSSES)

1,506

189

1,694

1,731

190

1,921

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 6), amounted to €963 million as at 31 December 2022 (net of profit sharing and tax), versus €966 million as at 31 December 2021. Acquisitions of property during the fiscal year include, in particular, the purchase of warehouses in the regions. 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 mainly related to the sale of a property in Paris but also the continuation of the plan for sales by vacant lots of the Group’s residential assets. The changes in scope of consolidation are related to the reclassification of the assets of the Turkish subsidiaries in “Held ‑ for ‑ sale assets and discontinued businesses”. Long ‑ term impairments recognised during the fiscal year concern a building in the Paris region, while the write ‑ backs relate to a property complex in the regions.

210

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES