• Consolidated financial statements of the Amundi Group for the year ended 31 December 2023 General framework
    The consolidated financial statements consist of the general framework, the consolidated financial statements and the notes to the financial statements.

6.1 GENERAL FRAMEWORK

The Amundi Group ("Amundi") is a group of companies whose primary business is managing assets on behalf of third parties.

Amundi is the consolidating entity of the Amundi Group of companies. It is a Limited Liability Company with a Board of Directors (registered under number 314 222 902 in the Trade and Companies Register of Paris, France) with share capital of €511,619,085.00 comprising 204,647,634 shares with a nominal value of €2.50 each. The Company's registered office

is located at 91-93 boulevard Pasteur, 75015 Paris, France.

Amundi shares are traded on Euronext Paris. Amundi is governed by the stock market regulations in effect, notably with respect to its obligation to inform the public.

Amundi is a credit institution with approval from the Autorité de contrôle prudentiel et de résolution (ACPR) under number 19530. Group companies that perform asset management activities have obtained the necessary approvals from the supervisory authorities they report to in France and other countries.

As at 31 December 2023, Amundi was owned 67.24% by Crédit Agricole S.A. and 1.69% by other Crédit Agricole SA Group companies.

Amundi is fully consolidated in the financial statements of Crédit Agricole SA and the Crédit Agricole group.

6.2 CONSOLIDATED FINANCIAL STATEMENTS

6.2.1 Income statement

(In € thousands)

Notes

2023

2022

Revenue from commissions and other income from customer activities (a)

5,618,075

5,872,187

Commissions and other expenses from customer activities (b)

(2,654,429)

(2,754,756)

Net gains or losses on financial instruments at fair value through profit or loss

116,458

57,792

on client activities (c)

Interest and similar income (d)

108,530

31,498

Interest and similar expenses (e)

(104,395)

(54,730)

Net gains or losses on financial instruments at fair value through profit or loss (f)

85,852

(17,030)

Net gains or losses on financial assets at fair value through equity (g)

6,272

7,984

Income from other activities (i)

60,066

27,369

Expenses from other activities (j)

(114,220)

(114,787)

Net revenues from commissions and other customer activities (a) + (b) + (c)

4.1

3,080,104

3,175,223

Net financial income (d) + (e) + (f) + (g)

4.2

96,259

(32,278)

Other net income (i) + (j)

4.3

(54,154)

(87,418)

NET REVENUES

3,122,209

3,055,527

General operating expenses

4.4

(1,705,951)

(1,732,682)

GROSS OPERATING INCOME

1,416,258

1,322,845

Cost of risk

4.5

(2,622)

(12,115)

Share of net income of equity-accounted entities

101,995

88,153

Net gains or losses on other assets

4.6

(4,932)

4,001

Change in the value of goodwill

INCOME BEFORE TAX

1,510,699

1,402,883

Income tax charge

4.7

(350,758)

(328,669)

NET INCOME FOR THE FINANCIAL YEAR

1,159,942

1,074,214

Non-controlling interests

4,942

(499)

NET INCOME - GROUP SHARE

1,164,884

1,073,716

Detail of the calculation of earnings per share is presented in note 5.15.3

266_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Consolidated financial statements of the Amundi Group for the year ended 31 December 2023

6

Consolidated financial statements

6.2.2 Net income and gains and losses recognised directly in equity

(In € thousands)

Notes

2023

2022

Net income

1,159,942

1,074,214

• Actuarial gains and losses on post-employment benefits

(14,961)

39,807

  • Gains and losses on financial liabilities attributable to changes in own credit risk

• Gains and losses on equity instruments recognised in non-recyclable equity

5.5

(21,960)

81,811

• Gains and losses on non-current assets held for sale

Pre-tax gains and losses recognised directly

(36,921)

121,618

in non-recyclable equity, excluding equity-accounted entities

Pre-tax gains and losses recognised directly

in non-recyclable equity of equity-accounted entities

Taxes on gains and losses recognised directly

4,139

(11,549)

in non-recyclable equity, excluding equity-accounted entities

Taxes on gains and losses recognised directly

in non-recyclable equity of equity-accounted entities

Net gains and losses recognised directly

(32,782)

110,068

in equity and non-recyclable as income at a later date

• Gains and losses on currency translation adjustments (a)

(33,680)

26,954

• Gains and losses on debt instruments recognised in recyclable equity (b)

5.5

(2,440)

429

• Gains and losses on hedging derivatives (c)

-

-

Pre-tax gains and losses recognised directly in recyclable

(36,121)

27,383

equity, excluding entities accounted for by the equity method (a) + (b) + (c)

Taxes on gains and losses recognised directly

632

(112)

in recyclable equity, excluding equity-accounted entities

Pre-tax gains and losses recognised directly

(24,508)

(16,607)

in recyclable equity of equity-accounted entities

Taxes on gains and losses recognised directly

in recyclable equity of equity-accounted entities

Net gains and losses recognised directly

(59,997)

10,664

in equity and recyclable as income at a later date

NET GAINS AND LOSSES RECOGNISED DIRECTLY IN EQUITY

(92,779)

120,732

TOTAL NET INCOME INCLUDING NET GAINS AND LOSSES RECOGNISED

1,067,163

1,194,946

DIRECTLY IN EQUITY

of which, Group share

1,075,414

1,195,662

of which, non-controlling interests

(8,251)

(715)

AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

_267

  • Consolidated financial statements of the Amundi Group for the year ended 31 December 2023 Consolidated financial statements

6.2.3 Assets

(In € thousands)

Notes

31/12/2023

31/12/2022

Cash and central banks

5.1

523,199

502,836

Financial assets at fair value through profit or loss

5.2

22,476,640

14,900,015

Financial assets at fair value through equity

5.5

862,771

839,597

Financial assets at amortised cost

5.6

1,935,236

1,197,226

Current and deferred tax assets

5.9

272,068

346,534

Accruals and sundry assets

5.10

2,042,645

2,862,004

Investments in equity-accounted entities

5.11

497,638

443,020

Property, plant and equipment

5.12

307,743

342,869

Intangible assets

5.12

385,135

451,421

Goodwill

5.13

6,707,713

6,731,226

TOTAL ASSETS

36,010,789

28,616,748

6.2.4 Liabilities

(In € thousands)

Notes

31/12/2023

31/12/2022

Financial liabilities at fair value through profit or loss

5.3

19,359,232

12,985,633

Financial liabilities at amortised cost

5.7

1,594,591

1,427,268

Current and deferred tax liabilities

5.9

252,982

242,550

Accruals, deferred income and sundry liabilities

5.10

2,974,584

2,484,326

Provisions

5.14

101,693

93,266

Subordinated debt

5.8

304,976

302,677

Total debt

24,588,058

17,535,719

Equity, Group share

11,369,051

11,025,831

Share capital and reserves

5.15

3,041,607

3,007,151

Consolidated reserves

7,193,301

6,886,236

Gains and losses recognised directly in equity

(30,741)

58,728

Net income for the period

1,164,884

1,073,716

Non-controlling interests

53,680

55,198

Total equity

11,422,732

11,081,029

TOTAL LIABILITIES

36,010,789

28,616,748

268_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Consolidated financial statements of the Amundi Group for the year ended 31 December 2023

6

Consolidated financial statements

6.2.5 Statement of changes in shareholders' equity

Group share

Gains and losses

Share capital and reserves

recognised directly

in equity

Consolidated

Total capital

premiums

Disposal of

In non-

In

Equity

Share

and reserves

and

Net

related to

treasury

consolidated

recyclable

recyclable

Group

(In € thousands)

capital

capital

holdings

reserves

equity

equity

income

share

EQUITY AS AT 1 JANUARY 2022

507,687

10,242,894

(16,662)

10,733,918

(80,987)

17,833

-

10,670,764

Capital increase

Changes in treasury holdings Dividends paid in 2022

Effect of acquisitions and sales on non-controlling interests

Changes related to share-based payments

Changes related to transactions with shareholders

Change in gains and losses recognised directly in equity

Share of capital fluctuations of equity-accounted entities

2022 net income

Comprehensive net income as at 31 December 2022

Other changes

1,963

26,406

28,369

28,369

(2,073)

(54,324)

(56,397)

(56,397)

(831,137)

(831,137)

(831,137)

400

400

(64)

337

16,736

16,736

16,736

1,963

(789,668)

(54,324)

(842,029)

(64)

-

-

(842,092)

2,014

2,014

110,068

28,485

140,567

-

(16,607)

(16,607)

-

1,073,716

1,073,716

-

110,068

11,878

1,073,716

1,195,662

(516)

(516)

(516)

EQUITY AS AT 31 DECEMBER 2022

509,650

9,454,724

(70,986)

9,893,387

29,018

29,710

1,073,716

11,025,831

Allocation of 2022 net income

1,073,716

1,073,716

(1,073,716)

-

EQUITY AS AT 1 JANUARY 2023

509,650

10,528,439

(70,986)

10,967,103

29,018

29,710

-

11,025,831

Capital increase

1,969

27,943

29,912

29,912

Changes in treasury holdings

1,202

4,554

5,756

5,756

Dividends paid in 2023

(830,553)

(830,553)

(830,553)

Effect of acquisitions and sales

35,266

35,266

35,266

on non-controlling interests

Changes related to share-based

26,647

26,647

26,647

payments

Changes related to transactions

1,969

(739,495)

4,554

(732,972)

-

-

-

(732,972)

with shareholders

Change in gains and losses

-

(32,782)

(32,180)

(64,962)

recognised directly in equity

Share of capital fluctuations

-

(24,508)

(24,508)

of equity-accounted entities

2023 income

-

1,164,884

1,164,884

Comprehensive income

-

(32,782)

(56,687)

1,164,884

1,075,414

as at 31 December 2023

Other changes

778

778

778

EQUITY AS AT 31 DECEMBER 2023

511,619

9,789,722

(66,432)

10,234,909

(3,765)

(26,977)

1,164,884

11,369,051

AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

_269

  • Consolidated financial statements of the Amundi Group for the year ended 31 December 2023 Consolidated financial statements

Non-controlling interests

Gains and losses

Capital

recognised directly

in equity

consolidated

reserves

In non-

In recyclable

Non-

Consolidated

and net

recyclable

controlling

(in € thousands)

income

equity

equity

interests

equity

EQUITY AS AT 1 JANUARY 2022

51,179

(64)

5,074

56,189

10,726,953

Capital increase

Changes in treasury holdings Dividends paid in 2022

Effect of acquisitions and sales on non-controlling interests

Changes related to share-based payments

Changes related to transactions with shareholders

Changes in gains and losses recognised directly in equity

Share of changes in equity

of equity-accounted companies 2022 net income

Comprehensive net income as at 31 December 2022

Other changes

-

28,369

-

(56,397)

61

61

(831,076)

(400)

64

(337)

-

-

16,736

(339)

64

-

(275)

(842,368)

(1,214)

(1,214)

139,353

-

(16,607)

499

499

1,074,214

499

-

(1,214)

(715)

1,194,946

-

(516)

EQUITY AS AT 31 DECEMBER 2022

51,339

(0)

3,860

55,198

11,081,029

Allocation of 2022 net income

-

-

EQUITY AS AT 1 JANUARY 2023

51,339

(0)

3,860

55,198

11,081,029

Capital increase

-

29,912

Changes in treasury holdings

-

5,756

Dividends paid in 2023

-

(830,553)

Effect of acquisitions and sales

6,734

6,734

42,000

on non-controlling interests

Changes related to share-based payments

-

26,647

Changes related to transactions

6,734

-

-

6,734

(726,238)

with shareholders

Changes in gains and losses recognised

(3,309)

(3,309)

(68,271)

directly in equity

Share of changes in equity

-

(24,508)

of equity-accounted companies

2023 income

(4,942)

(4,942)

1,159,942

Comprehensive income as at 31 December 2023

(4,942)

-

(3,309)

(8,251)

1,067,163

Other changes

-

778

EQUITY AS AT 31 DECEMBER 2023

53,130

(0)

550

53,680

11,422,732

270_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Consolidated financial statements of the Amundi Group for the year ended 31 December 2023

6

Consolidated financial statements

6.2.6 Cash flow statement

The Group's cash flow statement is presented below using the indirect method. Cash flows in the financial year are shown by type: operating activities, investment activities and financing activities.

Operating activities are activities carried out on behalf of third parties which are selected mainly by fee and commission cash flows, and activities on its own behalf (investments and related financing, intermediation of swaps between funds and markets etc.). Tax inflows and outflows are included in full within operating activities.

Investment activities include acquisitions and disposals of investments in consolidated and non-consolidated companies, along with purchases of tangible and intangible fixed assets.

Non-consolidated equity securities included in this section are accounted for as "Financial assets at fair value through profit or loss" or "Financial assets at fair value through non- recyclable equity".

Financing activities cover all transactions relating to equity (issues and buybacks of shares or other equity instruments, dividend payments etc.) and long-term borrowings.

Net cash includes cash, receivables and amounts due with central banks, debit and credit balances in bank current accounts and demand loans with credit institutions, and overnight accounts and loans.

(In € thousands)

Notes

2023

2022

INCOME BEFORE TAX

1,510,699

1,402,883

Net depreciation and amortisation and provisions in relation to tangible and intangible

4.4

85,286

88,777

fixed assets

Goodwill impairmen

-

-

Net write-downs and provisions

(5,731)

2,891

Share of net income of equity-accounted companies

(101,995)

(88,153)

Net income from investment activities

4,966

(4,001)

Net income from financing activities

17,649

9,992

Other movements

25,615

31,378

Total non-monetary items included in net income before tax and other adjustments

25,791

40,884

Flows related to transactions with credit institutions(1)

53,277

(282,986)

Flows relating to other transactions affecting financial assets or liabilities(2)

(1,256,574)

396,295

Flows relating to transactions affecting non-financial assets or liabilities(3)

1,449,213

(1,291,505)

Dividends from equity-accounted companies

5.11

22,869

13,337

Tax paid

4.7

(261,822)

(462,696)

Net decrease (increase) in assets and liabilities

6,962

(1,627,555)

from operating activities

Net flows in cash flow from operating activities (A)

1,543,452

(183,787)

Changes in participating interests

33,259

568

Changes in tangible and intangible fixed assets

(53,430)

(50,195)

Net cash flows from investing activities (B)

(20,171)

(49,627)

Cash flow from or intended for shareholders

(794,694)

(859,483)

Other net cash flows from financing activities

(50,726)

(120,737)

Net cash flow from financing transactions (C)(4)

(845,420)

(980,220)

Impact of exchange rate changes and other changes

(26,988)

1,711

on cash (d)

CHANGES IN NET CASH (A + B + C + D)

650,873

(1,211,924)

Cash at beginning of the period

1,294,691

2,506,615

Net cash balance and central banks

502,836

947,661

Net demand loans and deposits with credit institutions

791,855

1,558,954

Cash at end of the period

1,945,565

1,294,691

Net cash balance and central banks

523,199

502,836

Net demand loans and deposits with credit institutions

1,422,366

791,855

CHANGES IN NET CASH

650,873

(1,211,924)

  1. Changes in interbank items correspond to term loans or borrowings. Transactions contracted as part of Amundi's operational activity, primarily with the Crédit Agricole group.
  2. Operating flows impacting financial assets and liabilities include investments and divestments in the investment portfolio.
  3. The flows of non-financial assets and liabilities includes margin calls on collateralised derivatives. These amounts fluctuate depending on the fair value of the underlying derivatives.
  4. Financing transactions flows include the impact of the payment of dividends to shareholders for financial year 2022. They also incorporate the reduced lease liabilities recognised as part of applying IFRS 16.

AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

_271

  • Consolidated financial statements of the Amundi Group for the year ended 31 December 2023 Notes to the consolidated financial statements

6.3 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Detailed summary of the Notes

NOTE 1

PRINCIPLES AND METHODS

274

1.1

Applicable standards and comparability

274

1.2 Presentation format of the financial

statements

274

1.3

Accounting principles and methods

274

1.4

Consolidation principles and methods

290

NOTE 2

FINANCIAL MANAGEMENT, RISK

EXPOSURE AND HEDGING POLICY

293

2.1 Capital management and regulatory

ratios

293

NOTE 3

CONTRACTUAL MATURITY OF

AMUNDI FINANCIAL ASSETS AND

LIABILITIES

294

NOTE 4

NOTES ON NET INCOME AND GAINS

AND LOSSES RECOGNISED DIRECTLY

IN EQUITY

295

4.1

Net asset management revenues

295

4.2

Net financial income

296

4.3

Other net income

296

4.4

General operating expenses

296

4.5

Cost of risk

297

4.6

Net gains or losses on other assets

299

4.7

Income tax

299

4.8 Change in gains and losses recognised

directly in equity

300

NOTE 5

NOTES ON THE BALANCE SHEET

302

5.1

Cash and central banks

302

5.2 Financial assets at fair value through

profit or loss

302

5.3 Financial liabilities at fair value through

profit or loss

303

5.4 Information on the netting of financial

assets and liabilities

304

5.5 Financial assets at fair value through

equity

305

5.6

Financial assets at amortised cost

305

5.7

Financial liabilities at amortised cost

305

5.8

Subordinated debt

305

5.9 Current and deferred tax assets

and liabilities

306

5.10 Accruals and sundry assets

and liabilities

306

5.11

Joint ventures and associates

306

5.12 Property, plant and equipment

and intangible assets

307

5.13

Goodwill

308

5.14

Provisions

309

5.15

Equity

309

NOTE 6

EMPLOYEE BENEFITS

AND OTHER COMPENSATION

310

6.1

Headcount

310

6.2

Analysis of employee expenses

310

6.3 Post-employment benefits,

defined-contribution plans

311

6.4 Post-employment benefits,

defined-benefit plans

311

6.5

Share-based payments

313

6.6

Executive compensation

314

NOTE 7

FAIR VALUE OF FINANCIAL

INSTRUMENTS

315

7.1

Derivatives

315

7.2 Other financial assets

and liabilities

315

7.3 Financial assets at fair value

on the balance sheet

315

7.4 Financial liabilities at fair value

on the balance sheet

317

7.5

Fair value of financial assets

and liabilities measured at cost

317

NOTE 8

NON-CONSOLIDATED STRUCTURED

ENTITIES

318

8.1 Nature and extent of Amundi's involvement with the non-consolidated

structured entities

318

8.2 Net revenues from sponsored

structured entities

319

NOTE 9

OTHER INFORMATION

319

9.1

Segment information

319

9.2

Related parties

320

9.3 Scope of consolidation and changes

during the year

322

9.4 Non-consolidated participating

interests

324

9.5

Off-balance sheet commitments

325

9.6

Lease

326

9.7

Statutory Auditors' fees

326

NOTE 10

EVENTS AFTER THE YEAR-END

327

272_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Consolidated financial statements of the Amundi Group for the year ended 31 December 2023

6

Notes to the consolidated financial statements

Period highlights

The reporting entities and changes as at 31 December 2023 are presented in detail in note 9.3.

We note here the main transactions that were carried out in financial year 2023.

Strategic partnership between Amundi and Caceis

In a press release on 24 April 2023, Amundi and Caceis announced the acquisition by Caceis of 33.32% of Fund Channel, in which Amundi remains the majority shareholder.

With this partnership, Fund Channel can offer one of the best platform solutions for investment managers and distributors, with comprehensive trading and distribution services, capitalising on the strength and expertise of its two shareholders.

Capital increase reserved for Group employees

On 23 June 20023, the Amundi group issued a press release announcing the launch of a capital increase reserved for employees, the principle of which had been authorised by the general meeting of 12 May 2023.

The subscription period for this capital increase reserved for employees ended on 30 June 2023.

Nearly 2,000 employees from 15 countries took part in this capital increase by subscribing for 787,503 new shares (or 0.4% of the capital) for a total amount of €30.3 million.

This capital increase took place on 27 July 2023, bringing the number of shares comprising Amundi's capital to 204,647,634 shares. Group employees held 1.4% of the share capital compared with 1.1% previously.

New tax regulations - Globe

New international tax rules have been established by the OECD, with the aim of imposing additional taxation on large international groups when the Effective Tax Rate (ETR) of the jurisdiction in which they are based is below 15%. These rules are designed to prevent countries from competing with each other through tax rates.

These rules must be implemented by the various Member States.

A European Directive was adopted at the end of 2022 (which is currently being transposed into national law by the Member States) and stipulates that the GloBE rules will apply in the EU from financial year 2024. At this stage, census work is in progress. However, it is not expected to have a significant impact on the Amundi Group.

AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

_273

  • Consolidated financial statements of the Amundi Group for the year ended 31 December 2023 Notes to the consolidated financial statements

Note 1 PRINCIPLES AND METHODS

1.1 Applicable standards and comparability

These consolidated financial statements were prepared in accordance with IAS/IFRS standards and the IFRIC interpretations applicable as at 31 December 2023, as adopted by the European Union. This reference is available from the European Commission website at:

https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting/financial-reporting_en

1.1.1 Standards applied as at 31 December 2023

The accounting principles and methods chosen by Amundi Group to prepare its consolidated financial statements as at 31 December 2023 are identical to those used for the preparation of the consolidated statements for the year ended 31 December 2022, with the exception of the following standards, amendments and interpretations newly applicable to the 2023 fiscal period:

Date of publication by

Date of first mandatory

Standards, amendments and interpretations

application for open

the European Union

financial years from

IAS 1 Disclosure of accounting methods

3 March 2022

1 January 2023

(EU 2022/357)

IAS 8 Accounting estimates

3 March 2022

1 January 2023

(EU 2022/357)

IAS 12 Deferred tax relating to assets and liabilities from the same transaction

12 August 2022

1 January 2023

(EU 2022/1392)

1.1.2 Standards not yet adopted by the EU

As at 31 December 2023, the Group has not applied the standards and interpretations published by the IASB and not yet adopted by the European Union. They will not become compulsory until the date set by the European Union and, therefore, the Group has not adopted these as at 31 December 2023.

1.2 Presentation format of the financial statements

Amundi presents its balance sheet in decreasing liquidity order. The assets and liabilities balance sheet is presented in notes 6.2.3. and 6.2.4.

The income statement is presented, by type, in note 6.2.1. The main income statement aggregates are:

  • net income, including net revenues from commissions and other customer activities (note 1.3.6) and net financial income;
  • general operating expenses;
  • cost of risk (note 1.3.13);
  • the share of net income from equity-accounted entities;
  • net gains or losses on other assets;
  • income tax charges.

1.3 Accounting principles and methods

1.3.1 Use of assumptions and estimates for the preparation of the financial statements

The preparation of the financial statements in accordance with the IFRS accounting standards implies that the Group carries out a number of estimates and retains certain assumptions it deems realistic and reasonable. The estimates relate to the identification of income and expenses and the valuation of assets and liabilities as well as the information in the notes to the financial statements.

The exercise assumes that Management applies its judgement based on the information available at the time the statements are prepared. Due to the uncertainties inherent in any valuation process, the Group revises its estimates based on information updated on a regular basis. It is therefore possible that the future results of the operations in question differ from the estimates.

Future results can indeed be impacted by a number of different factors, notably (but not exclusively):

  • the economic and political environment in certain business sectors and countries;
  • the risks associated with financial markets, including changes in the domestic and international markets as well as fluctuations in interest rates, exchange rates, equities and credit spreads. In line with the sensitivity of managed assets to any variation in financial markets (equity, rates, etc.), this may have an impact on the Amundi Group's asset management revenues;
  • changes in regulations and legislation;
  • the risk of non-compliance with regulations and legislation.

The significant estimates made by the Group to prepare the financial statements relate primarily to:

  • assessment of the recoverable amount of goodwill and other intangible assets (see notes 1.4.6 and 5.13.);

274_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

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Amundi SA published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 14:36:10 UTC.