Amundi : 2023 Parent company financial statements

7

INDIVIDUAL

FINANCIAL

STATEMENTS

7.1 ANNUAL FINANCIAL STATEMENTS

334

7.2 NOTES APPENDED TO THE ANNUAL

FINANCIAL STATEMENTS

336

7.3 STATUTORY AUDITORS' REPORT ON THE ANNUAL FINANCIAL

STATEMENTS

370

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• Individual financial statements Annual financial statements

7.1 ANNUAL FINANCIAL STATEMENTS

Balance sheet as at 31 December 2023

Assets

(in € thousands)	Notes	31/12/2023	31/12/2022
Interbank transactions and similar items		2,028,049	2,154,818
Cash, central banks
Treasury bills and similar securities	5
Loans and receivables due from credit institutions	3	2,028,049	2,154,818
Receivables due from customers	4	175,455	241,931
Securities transactions		2,883,466	1,509,915
Bonds and other fixed-income securities	5	183,863	193,355
Equities and other variable-income securities	5	2,699,603	1,316,560
Fixed assets		6,757,046	6,780,869
Equity investments and other long-term investments	6-7	206,338	231,966
Shares in affiliated undertakings	6-7	6,550,688	6,548,874
Intangible assets	7
Property, plant and equipment	7	20	29
Unpaid share capital
TREASURY SHARES	8	66,432	70,986
Accruals and sundry assets		427,361	419,229
Other assets	9	375,432	382,687
Accruals	9	51,929	36,542
TOTAL ASSETS		12,337,809	11,177,748

Liabilities

(in € thousands)	Notes	31/12/2023	31/12/2022
Interbank transactions and similar items		2,236,135	1,379,779
Central banks
Debts to credit institutions	11	2,236,135	1,379,779
Amounts due to customers	12	2,969,987	3,230,342
Debt securities	13	406,985	238,808
Accruals, deferred income and sundry liabilities		391,061	398,371
Other liabilities	14	363,911	372,880
Accruals	14	27,150	25,491
Provisions and subordinated debt		354,045	334,268
Provisions	15-16-17	49,069	31,591
Subordinated debt	18	304,976	302,677
Fund for general banking risks (FGBR)		37,149	37,149
Shareholders' equity excluding FGBR:	19	5,942,447	5,559,031
Share capital		511,619	509,650
Share premiums		2,596,431	2,568,488
Reserves		63,092	62,895
Revaluation adjustment
Regulated provisions and investment subsidies
Retained earnings		1,587,444	1,487,645
Net income pending approval / interim dividends
Net income for the financial year		1,183,860	930,353
TOTAL EQUITY & LIABILITIES		12,337,809	11,177,748

334_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Individual financial statements	7
Annual financial statements

Off balance sheet

(in € thousands)	Notes	31/12/2023	31/12/2022
COMMITMENTS GIVEN
Financing commitments	26
Guarantee commitments	26	1,353,405	2,394,003
Commitments on securities	26

(in € thousands)	Notes	31/12/2023	31/12/2022
COMMITMENTS RECEIVED
Financing commitments	26	1,750,000	1,750,000
Guarantee commitments	26
Commitments on securities	26

Income statement as at 31 December 2023

(in € thousands)	Notes	31/12/2023	31/12/2022
Interest and similar income	27	96,515	21,163
Interest and similar expenses	27	(227,876)	(36,473)
Revenues from variable-income securities	28	1,326,926	913,971
Commissions and fees (income)	29	4,077	8,018
Commissions and fees (expenses)	29	(6,347)	(1,981)
Net gains (losses) on trading book transactions	30	2,834	3,192
Net gains (losses) on short-term investment portfolio and similar	31	1,727	59,732
Other income from banking operations	32	25,454	24,777
Other expenses from banking operations	32	(25,550)	(24,776)
Net banking income		1,197,761	967,622
General operating expenses	33	(46,469)	(67,884)
Depreciation, amortisation and impairment of tangible	8	(9)	(9)
and intangible fixed assets
Gross operating income		1,151,283	899,729
Cost of risk	34
Operating income		1,151,283	899,729
Net income on fixed assets	35
Income before tax on ordinary activities		1,151,283	899,729
Net extraordinary income			(15)
Income tax charge	36	32,577	30,640
Net allocation to FGBR and regulated provisions
NET INCOME		1,183,860	930,353

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• Individual financial statements
  Notes appended to the annual financial statements

7.2 NOTES APPENDED TO THE ANNUAL FINANCIAL STATEMENTS

Table of contents of notes

NOTE 1 LEGAL AND FINANCIAL BACKGROUND -
SIGNIFICANT EVENTS RELATING TO THE
2023 FINANCIAL YEAR	338
1.1 Legal and financial background	338

1.2 Significant events relating

	to the financial year 2023	338
1.3	Events after the 2023 financial year	338
NOTE 2	ACCOUNTING PRINCIPLES AND METHODS	338

2.1 Loans and receivables due from credit institutions and customers -

	financing commitments	338
2.2	Securities portfolio	340
2.3	Fixed Assets	342

2.4 Liabilities due to credit institutions

	and clients	342
2.5	Debt securities	342
2.6	Provisions	342
2.7	Fund for general banking risks (FGBR)	342
2.8	Financial futures instruments and options	342
2.9	Currency transactions	343
2.10	Off-balance sheet commitments	343
2.11	Employee profit-sharing and incentive plans	344
2.12	Post-employment benefits	344

2.13 Plan for the distribution of equities and subscriptions offered to employees as part

	of the company savings plan	345
2.14	Extraordinary income and expenses	345
2.15	Income tax charge	346
NOTE 3	LOANS AND RECEIVABLES DUE
	FROM CREDIT INSTITUTIONS -
	ANALYSIS BY REMAINING MATURITY	346
NOTE 4	RECEIVABLES DUE FROM CUSTOMERS	347

4.1 Receivables due from customers -

Analysis by remaining term

347

4.2 Receivables due from customers -

Analysis by geographical area

347

1. Receivables due from customers - Doubtful assets and impairments by geographical area 348
2. Receivables due from customers -

Analysis by economic agent

349

NOTE 5 TRADING, SHORT-TERM INVESTMENT,
LONG-TERM INVESTMENT AND
MEDIUM-TERM PORTFOLIO SECURITIES	350

5.1 Trading securities, investment securities and portfolio securities (excluding government securities) - breakdown by major

counterparty category

351

5.2 Breakdown of listed and unlisted fixed-

and variable-income securities

351

5.3 Government securities, bonds and other fixed-income securities - Analysis by

remaining term

351

5.4 Treasury bills, bonds and other fixed-income

	securities -
	analysis by geographic area	352
NOTE 6	EQUITY INVESTMENTS AND SUBSIDIARIES	352
6.1	Estimated value of equity securities	353
NOTE 7	CHANGE IN FIXED ASSETS	354
7.1	Financial assets	354

7.2 Property, plant and equipment

	and intangible assets	354
NOTE 8	TREASURY SHARES	355
NOTE 9	ACCRUALS AND SUNDRY ASSETS	355
NOTE 10	IMPAIRMENTS RECOGNISED
	AS DEDUCTION FROM ASSETS	355
NOTE 11	AMOUNTS DUE TO CREDIT INSTITUTIONS -
	ANALYSIS BY REMAINING MATURITY	356
NOTE 12	AMOUNTS DUE TO CUSTOMERS	356

12.1	Amounts due to customers -
	Analysis by remaining term	356
12.2	Amounts due to customers -
	Analysis by geographical area	356

12.3 Amounts due to customers -

Analysis by economic agent

357

336_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Individual financial statements	7
Notes appended to the annual financial statements

NOTE 13	DEBT SECURITIES	357
13.1	Debt securities - Analysis by remaining term	357
13.2	Bonds (in currency of issue)	357
NOTE 14	ACCRUALS, DEFERRED INCOME
	AND SUNDRY LIABILITIES	358
NOTE 15	PROVISIONS	358
NOTE 16	HOME PURCHASE SAVINGS CONTRACTS	358
NOTE 17	LIABILITIES TO EMPLOYEES -
	POST-EMPLOYMENT BENEFITS,
	DEFINED-BENEFIT PLANS	359
NOTE 18	SUBORDINATED DEBT -
	ANALYSIS BY REMAINING TERM	360
NOTE 19	CHANGE IN EQUITY
	(BEFORE DISTRIBUTION)	360
NOTE 20	COMPOSITION OF EQUITY	360
NOTE 21	TRANSACTIONS WITH AFFILIATED
	COMPANIES AND EQUITY INVESTMENTS	361
NOTE 22	TRANSACTIONS CARRIED OUT
	IN FOREIGN CURRENCIES	361
NOTE 23	FOREIGN EXCHANGE TRANSACTIONS,
	LOANS AND BORROWINGS IN FOREIGN
	CURRENCIES	361
NOTE 24	NET GAINS (LOSSES) ON OTHER
	FORWARD FINANCIAL INSTRUMENTS	362

24.1 Financial futures instruments: notional assets under management

	by remaining term	363
24.2	Financial futures: fair value	363
NOTE 25	INFORMATION ON COUNTERPARTY RISK
	ON DERIVATIVES	364

NOTE 26 COMMITMENTS GIVEN OR RECEIVED

NOTE 27 NET INTEREST AND SIMILAR REVENUES

NOTE 28 INCOME FROM SECURITIES

NOTE 29 NET COMMISSION AND FEE INCOME

NOTE 30 NET GAINS (LOSSES) ON TRADING BOOK TRANSACTIONS

NOTE 31 GAINS OR LOSSES ON SHORT-TERM INVESTMENT PORTFOLIOS AND SIMILAR

NOTE 32 OTHER BANKING INCOME AND EXPENSES

NOTE 33 GENERAL OPERATING EXPENSES

33.1 Headcount by category

NOTE 34 COST OF RISK

NOTE 35 NET INCOME ON FIXED ASSETS

NOTE 36 INCOME TAX CHARGE

NOTE 37 ALLOCATION OF INCOME

NOTE 38 OFFICES IN NON-COOPERATIVE COUNTRIES AND TERRITORIES

NOTE 39 COMPENSATION OF MANAGEMENT BODIES

NOTE 40 STATUTORY AUDITORS' FEES

365

366

366

366

367

367

367

368

368

368

368

368

369

369

369

369

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• Individual financial statements
  Notes appended to the annual financial statements

Note 1 LEGAL AND FINANCIAL BACKGROUND -

SIGNIFICANT EVENTS RELATING TO THE 2023 FINANCIAL YEAR

1.1 Legal and financial background

Amundi is a public limited company with share capital of €511,619,085 (204,647,634 shares with a nominal value of €2.50 each).

In accordance with Article 44 of the law of 16 July 1992 adapting insurance and credit legislation to the single European market, Amundi is a credit institution classified as a financial company. This text amends Article 18 of the French Banking Act 84-46 of 24 January 1984 and repeals Article 99.

Under the French Financial Activity Modernisation Act 96- 597 of 2 July 1997, Amundi opted to be classified as a financial company, i.e., a credit institution.

The Comité des établissements de crédit et des entreprises d'investissement (Credit Institutions and Investment Firms Committee) redefined Amundi's accreditation on 19 February 2002. Amundi is authorised as a financial company to provide capital and/or performance guarantees in the area of asset management, specifically for the clients of the Crédit Agricole group or UCITS managed thereby.

Ownership percentages in the Company are:

• 68.93% by the Crédit Agricole group;
• 30.46% by the public (including employees);
• 0.61% in treasury shares.

1.2 Significant events relating to the financial year 2023

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 share capital) for an aggregate amount of €30.3 million.

This capital increase took place on 27 July 2023, bringing the number of shares comprising Amundi's share capital to 204,647,634 equities. In addition, Group employees held 1.5% of the share capital compared with 1.1% previously.

1.3 Events after the 2023 financial year

No significant events took place after the financial year end, whether recognised or not.

Note 2 ACCOUNTING PRINCIPLES AND METHODS

The presentation of the financial statements of Amundi is consistent with the provisions of ANC Regulation 2014-07, which brings together all of the accounting standards applicable to credit institutions.

There are no changes in accounting methods and in the presentation of the financial statements compared with the previous financial year.

2.1 Loans and receivables due from credit institutions and customers - financing commitments

Loans and receivables from credit institutions, Amundi Group entities and clients are governed by ANC Regulation No. 2014-07.

They are broken down according to their initial duration or the nature of the credit facilities:

• demand loans and term loans for credit institutions;
• ordinary accounts and term deposits and advances for the internal transactions of the Amundi Group;
• trade receivables, other loans and ordinary accounts for clients.

The customer section includes transactions completed with financial customers.

Subordinated loans, as well as repurchase agreements (taking the form of securities or assets), are incorporated under the various loans and receivables sections, depending on the type of counterparty (interbank, internal transactions within Crédit Agricole, customer).

Loans and advances to banks and clients are recognised on the balance sheet at their nominal value, including accrued interest.

Accrued interest not yet due on loans and receivables is recognised under related receivables through profit or loss.

In accordance with ANC regulation 2014-07, commissions and fees received and the marginal cost of transactions completed are spread out over the actual life of the loan and are therefore incorporated into the outstanding balance of the relevant loan.

Signed commitments recognised in the off-balance sheet section correspond to irrevocable cash loan commitments and guarantee commitments that have not resulted in movements of funds.

The accounting treatment of credit risk is defined below:

• The use of external and/or internal rating systems makes it possible to assess the level of credit risk.
• Loans and receivables and financing commitments are divided between unimpaired and doubtful.

338_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Unimpaired loans and receivables

As long as receivables are not deemed doubtful, they are considered unimpaired or deteriorated and remain under their original heading.

Provisions for credit risk on unimpaired, deteriorated outstanding loans

With regard to credit exposures, Amundi Finance recognises provisions on the liabilities side of its balance sheet to cover the expected credit risks over the next twelve months (exposures qualified as performing) and/or over the life of the assets if the credit quality of the exposure has deteriorated significantly (exposures classified as downgraded).

These provisions are determined as part of a special monitoring process and are based on estimates showing the change in the expected credit risk level.

Doubtful loans and receivables

These are receivables of all kinds, even when backed by guarantees, with a demonstrated credit risk corresponding to one of the following situations:

• There are one or more unpaid instalments within the past year, at least.
• The counterparty's situation suggests the existence of a demonstrated risk, independent of the existence of any arrears.
• There are disputes between the establishment and its counterparty.
• Significant payment arrears generally in excess of ninety days unless special circumstances show that the arrears are due to reasons unrelated to the debtor's situation.
• The entity deems it unlikely that the debtor will settle its credit obligations in full without recourse to measures such as the provision of surety.

A loan is said to be doubtful when one or more events have occurred that have a harmful effect on its estimated future cash flows. The following events are observable data that are indicative of a non-performing loan:

• major financial difficulties experienced by the issuer or the borrower;
• a breach of contract, such as failed or late payment;
• the granting of one or more favours by one or more lenders to the borrower for economic or contractual reasons relating to the borrower's financial difficulties that the lender(s) would not have envisaged under other circumstances;
• the increasing probability of the failure or financial restructuring of the borrower;
• the disappearance of an active market for the financial asset due to financial difficulties;
• the purchase or creation of a financial asset with a big discount, which reflects the credit losses suffered.

A loan may be deemed doubtful because of a combination of several events.

A defaulting counterparty can return to unimpaired status only after it has been validated over the course of an observation period that the debtor is no longer in a doubtful position.

Among doubtful loans, Amundi makes a distinction between non-performing doubtful loans and performing doubtful loans.

Individual financial statements	7
Notes appended to the annual financial statements

Performing doubtful loans and receivables

Performing doubtful loans and receivables are those that do not meet the definition of non-performing doubtful receivables.

Non-performing doubtful loans and receivables

Doubtful loans and receivables with a very poor collection outlook and for which a future write-off is being considered.

Interest continues to accrue on doubtful loans and receivables as long as they are considered doubtful but performing. Interest stops accruing as soon as the receivable becomes non-performing.

Classification as a doubtful loan can be disregarded as soon as the demonstrated credit risk is permanently eliminated and when regular payments have resumed for the amounts stipulated for the original contractual due dates. In this case, the loan is once again considered unimpaired.

Impairments for credit risk on doubtful outstanding

As soon as a loan becomes doubtful, Amundi accounts for the probable write-off through a write-down deducted from the asset on the balance sheet. These write-downs represent the difference between the book value of the loan or receivable and the future estimated flows discounted at the contract rate, while taking into consideration the financial position and economic outlook of the counterparty, as well as any potential guarantees minus their cost of enforcement.

Potential write-offs relating to off-balance sheet commitments are taken into account through provisions included in balance sheet liabilities.

Accounting treatment of write-downs

Impairment allocations and reversals for risk of non-recovery on doubtful loans and receivables are recognised in cost of risk.

In accordance with ANC Regulation 2014-07, the Group has elected to recognise the effects of the unwinding of impairments in risk costs.

Writing off of losses

The assessment of the time period for a write-off is based on the judgement of experts. Amundi determines this with its Risk Management Department, based on its knowledge of its business.

Loans and receivables that have become irrecoverable are recognised as losses and the corresponding write-downs are reversed.

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• Individual financial statements
  Notes appended to the annual financial statements

2.2 Securities portfolio

The rules on recognising credit risk and impairment of fixed- income securities are described in Articles 2311-1 to 2391-1 and Articles 2211-1 to 2251-13 of ANC Regulation 2014-07.

Securities are presented in the financial statements depending on their nature: Treasury bills and similar securities, bonds, and other fixed-income securities (negotiable debt securities and securities of the interbank market), equities, and other variable-income securities.

They are classified in the portfolios stipulated by the regulations (trading, short-term investment, long-term investment, medium-term portfolio securities, fixed assets, other long-term investments, equity interests, shares in affiliated undertakings) depending on the entity's management intention and the specifications of the product upon subscription.

Trading securities

These are securities which are originally:

• either acquired at the outset with the intention of selling them or sold with the intention of buying them back in the short term;
• either held by the institution as a result of its market-making activity; this classification as trading securities is subject to the condition that the stock of securities is effectively rotated and there is a significant volume of transactions, taking into account market opportunities.

These securities must be tradable on an active market and the market prices must represent actual and regularly occurring market transactions under normal competitive conditions.

The following are also considered trading securities:

• securities acquired or sold as part of specialised trading portfolio management, including forward financial instruments, securities or other financial instruments that are managed together, and showing indications of a recent short-termprofit-taking profile;
• securities subject to a sale commitment as part of an arbitrage transaction carried out on an organised or equivalent market in financial instruments;
• borrowed securities (including, where applicable, borrowed securities subject to a loan reclassified as "trading securities on loan") as part of lending/borrowing transactions classified as trading securities and offset against debts representing borrowed securities recorded on the liabilities side of the balance sheet.

Excluding in the cases provided for by ANC regulation 2014-07, securities recorded as trading securities cannot be reclassified and will continue to be presented and measured as trading securities until they are sold, fully redeemed or transferred to losses.

Trading securities are recognised on their purchase date at their purchase price excluding costs, including any accrued interest.

Debt representing short sold securities is recorded in the liabilities of the transferring institution for the sale price of the securities, excluding costs.

At each reporting date, the securities are valued at the most recent market price of the day. The total balance of differences resulting from changes in exchange rates is recognised in the income statement and recorded in the item "Net gains (losses) on trading book".

They are recognised on the balance sheet at their acquisition price, excluding acquisition costs.

At each reporting date, the securities are valued at the most recent market price of the day.

The total balance of differences resulting from changes in exchange rates is recognised in the income statement and recorded in the item "Net gains (losses) on trading book".

Short-term investment securities

This category is for securities that are not recognised within the other categories.

The securities are recognised at their acquisition price, including costs.

Bonds and other fixed-income securities

These securities are recognised at their acquisition price, accrued income on purchase included.

The difference between the purchase price and the redemption value is spread over the residual life of the security.

The revenue is recognised in the income statement under the heading "Interest and similar income on bonds and other fixed-income securities".

Equities and other variable-income securities

Equities are recognised on the balance sheet at their purchase value, including acquisition costs. Revenues from dividends associated with equities are recognised in the "Revenues from variable-income securities" section of the income statement.

Revenue from SICAVs (variable-capital investment companies) and mutual funds are recorded at the time the funds are received in the same section.

Short-term investment securities are valued at the lower of the purchase cost or the market value at the end of the financial year. Accordingly, when the book value of one holding or of a homogeneous set of securities (calculated, for example, using the stock market price on the closing date) is lower than the carrying amount, a charge for write-down of unrealised losses is recognised without any offset for any capital gains recorded under other types of securities. Gains generated by hedges, as defined in ANC regulation 2014-07, taking the form of purchases or sales of forward financial instruments, are taken into account in calculating write- downs. Potential capital gains are not recognised.

Disposals of securities are deemed to involve the securities of the same type that were subscribed at the earliest date.

Impairment allocations and reversals as well as gains or losses from disposal of short-term investment securities are recognised in "balance of short-term investment portfolios and similar transactions" of the income statement.

340_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT

Long-term investment securities

Fixed-income securities with a fixed maturity that have been acquired or reclassified in this category with the clear intention to hold them until maturity are recorded as long- term investment securities.

This category includes only those securities for which Amundi has the financing capacity required to hold them to maturity and is not subject to any existing legal or other constraints that may cast doubt upon its intention to hold these securities until maturity.

Long-term investment securities are recognised at their acquisition price, including acquisition costs and coupons.

The difference between the purchase price and the redemption price is spread over the residual life of the security.

No write-downs are recorded for investment securities if their market value is lower than their cost price. However, if the impairment is due to a risk specific to the issuer of the security, an impairment loss is recorded under "Cost of risk".

If investment securities are sold or transferred to another category of securities for a significant amount, the institution may no longer classify previously acquired securities and securities to be acquired as investment securities during the current financial year or the following two financial years, in accordance with ANC Regulation 2014-07.

Investments in subsidiaries and affiliates, equity investments and other long-term investments

• Investments in subsidiaries and affiliates are investments in companies that are under exclusive control and which are, or are likely to be, fully consolidated into a single group.
• Equity investments are investments (other than investments in subsidiaries and affiliates), whose long-term ownership is deemed beneficial to the reporting entity, particularly because it allows it to exercise influence or control over the issuer.
• Other long-term equity investments consist of securities held with the intention of promoting long-term business relations by creating a special relationship with the issuer, but involve no influence on the issuer's management due to the small percentage of voting rights held.

The securities are recognised at their acquisition price, including costs.

At the end of the financial year, these securities are measured individually based on their value in use and are recorded on the balance sheet at the lower end of their historical cost or value in use.

The value in use represents what the institution would agree to pay out in order to acquire them, given its holding objectives.

The value in use may be estimated on the basis of various factors such as the issuer's profitability and profitability outlook, its equity, the economic environment or even its average share price in the preceding months or the mathematical value of the security.

When value in use is lower than the historical cost, impairments are booked for these unrealised losses, without offset against any unrealised gains.

Impairment allocations and reversals as well as gains or losses from disposal relating to these securities are recognised in the section "Gains or losses of short-term investment portfolios and similar transactions" of the income statement.

Individual financial statements	7
Notes appended to the annual financial statements

Market price

The market price at which, if applicable, the different categories of shares are valued, is determined as follows:

• Securities traded in an active market are valued at their most recent price.
• If the market on which the security is traded is not or is no longer considered to be active, or if the share is not listed, Amundi Finance determines the probable trading value of the security in question by using valuation techniques. Firstly, these techniques refer to recent transactions carried out in normal competitive conditions. When appropriate, Amundi uses valuation techniques commonly used by market participants to value these securities when it has been demonstrated that these techniques produce reliable estimates of the prices obtained in actual market trades.

Recording dates

Amundi records securities that are classified as long-term investment securities on the settlement/delivery date. Other securities, regardless of their nature or category in which they are classified, are recorded on the trading date.

Reclassification of securities

In accordance with ANC Regulation 2014-07, the following reclassifications are authorised:

• Reclassification of trading portfolios as investment portfolios or short-term investment portfolios in case of exceptional market situations or for fixed-income securities when they can no longer be traded on an active market and if the establishment intends and is able to hold them for the foreseeable future or until maturity.
• Short-terminvestment portfolios to long-term investment portfolios in the case of exceptional market situations or for fixed-income securities when they can no longer be traded on an active market.

In 2023, Amundi performed no reclassifications pursuant to ANC regulation 2014-07.

Buyback of treasury shares

Treasury shares bought back by Amundi under a liquidity agreement are recorded under the assets of the balance sheet in a transaction portfolio for their inventory value.

The treasury shares repurchased by Amundi as part of hedging the allotment of bonus shares are recognised in a marketable investment portfolio. They are subjected, where applicable, to a write-down if the book value is lower than the purchase price, with the exception of transactions related to the stock option plans or subscription of shares and the allotment of bonus shares for employees pursuant to ANC regulation 2014-07.

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• Individual financial statements
  Notes appended to the annual financial statements

2.3 Fixed Assets

Amundi applies Regulation 2014-03 relating to the amortisation and impairment of assets.

Amundi applies component accounting to all its tangible fixed assets. In accordance with the provisions of this regulation, the depreciable base takes account of the potential residual value of tangible fixed assets.

The purchase cost of fixed assets includes the purchase price plus any incidental expenses, namely expenses directly or indirectly incurred in connection with bringing the asset into service or "into inventory".

Buildings and equipment are recognised at purchase cost less accumulated depreciation, amortisation and write-downs since they were commissioned.

Acquired software is measured at cost less accumulated depreciation, amortisation and write-downs since the acquisition date.

Proprietary software is measured at production cost less accumulated depreciation, amortisation and write-downs since completion.

Intangible fixed assets other than software, patents and licences are not amortised. If applicable, they may be subject to a write-down.

Fixed assets are depreciated based on their estimated useful lives.

The following components and depreciation periods have been adopted by Amundi following the application of component accounting for non-current fixed assets. It should be remembered that these depreciation periods should be adapted to the nature of the construction and its location:

Component	Amortisation period
Technical facilities	5 years
and installations
IT equipment	3 years

2.4 Liabilities due to credit institutions and clients

Liabilities due to credit institutions and clients are presented in the financial statements according to their initial durations or their nature:

• demand or term liabilities for credit institutions;
• other liabilities for clients (including, in particular, financial clients).

Accrued interest on these debts is registered under related payables through profit or loss.

2.5 Debt securities

Debt securities are presented according to the type of vehicle: savings certificates, interbank market instruments, negotiable debt securities and bonds, excluding subordinated securities included in liabilities under "Subordinated debt".

Accrued interest not yet due on these debts is recognised under related payables through profit or loss.

2.6 Provisions

Share premiums and redemption premiums of bond issues are amortised over the life of the bonds in question, and the corresponding expense is recognised in the section "Interest and similar expenses on bonds and other fixed-income securities".

Amundi applies ANC Regulation 2014-03 for the recognition and measurement of provisions.

These provisions include provisions relating to financing commitments, retirement and end-of-career liabilities, litigation and various risks.

All these risks are reviewed quarterly.

2.7 Fund for general banking risks (FGBR)

The funds are set aside by Amundi at the discretion of its management to meet expenses or cover risks which may or may not materialise and which fall within the scope of banking activities.

Provisions are released to cover any incidence of these risks during a financial year. As at 31 December 2023, the balance of this account is €37,148,962.00.

2.8 Financial futures instruments and options

Hedging and market transactions on forward financial instruments involving interest rates, foreign exchange or equities are recognised in accordance with the provisions of ANC regulation 2014-07.

Commitments related to these transactions are recorded off- balance sheet at the nominal value of the contracts: this amount represents the volume of transactions in progress.

At 31 December 2023, financial futures commitments amounted to €573,840 thousand.

The profit (losses) associated with these transactions are recognised according to the nature of the instrument and the strategy followed:

342_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT