Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Annual financial statements and notes

Note 21 Income tax

Tax charge ı

31/12/2022

31/12/2021

(in thousands of euros)

Corporate income tax payable

(12,201)

(105,275)

Reserves linked to fiscal consolidation gains in year N

128,550

173,676

Other

437

(4,620)

TOTAL INCOME TAX

116,786

63,781

Specific nature and make ‑ up of the “Corporate income tax” line As at 31 December 2022, the “income tax” line includes a net tax credit of €116.8 million that breaks down as follows:

Groupama Assurances Mutuelles tax audit Groupama Assurances Mutuelles underwent tax audits for the 2007–2008 and 2016–2017 fiscal years. The main reassessment concerned the level of underwriting reserves for claims payable, which the tax authorities considered excessive. Concerning fiscal years 2007 and 2008, the sums demanded in 2013 have been recorded in tax debts with an offset to income receivable from the government. This account was reduced for the carry ‑ back then the corporate tax abatement over fiscal year 2009. A dispute is pending before the Paris Administrative Court of Appeal. Groupama Assurances Mutuelles is reasonably optimistic that the dispute will be successful on appeal. For fiscal years 2016–2017, the assessment notice dated 6 December 2022 was paid on 19 December 2022. The amounts were recorded in the same way as for the tax audits for fiscal years 2007–2008. Groupama Assurances Mutuelles is awaiting the outcome of the ongoing dispute, which is expected to be settled in 2023.

tax consolidation income €145.1 million; ❯ tax consolidation expenses -€16.1 million; ❯ Group corporate tax expense -€12.2 million. ❯

“Income tax” consists of taxable income posted to individual tax income for the year from consolidated subsidiaries totalling €128.6 million. The tax consolidation group generated a taxable profit of €47.3 million subject to corporate tax at the ordinary tax rate. As a result, the corporate tax expense of the tax consolidation group was a total amount of €12.2 million: €11.8 million for corporation tax at the ordinary rate and €0.4 million for the 3.3% social contribution.

Tax loss carry ‑ forwards At 31 December 2022, the consolidated group no longer had short ‑ term carry ‑ forwards.

Note 22 Breakdown of employee expenses

31/12/2022

31/12/2021

(in thousands of euros)

Salaries

78,513

73,765

Social Security charges

35,703

38,784

Other

6,909

6,479

TOTAL

121,124

119,027

These figures correspond to the de facto Groupama Assurances Mutuelles grouping after allocation to each of its constituents. In 2022, the average rate of expenses of the Group kept by Groupama Assurances Mutuelles is 76.5%.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES