Universal Registration Document 2021

Note 11 Goodwill

/ Changes in goodwill

(in millions of euros)	Gross value	Impairment loss⁽²⁾	Net amount
January 1, 2020	January 1, 2020 Gross value 13,089	January 1, 2020 Impairment loss ⁽²⁾(1,460)	January 1, 2020 Net amount 11,629
Acquisitions	Acquisitions Gross value 35	Acquisitions Impairment loss ⁽²⁾ -	Acquisitions Net amount 35
Impairment loss	Impairment loss Gross value -	Impairment loss Impairment loss ⁽²⁾ (15)	Impairment loss Net amount (15)
Changes related to the revaluation of earn-outs during the window period⁽¹⁾	Changes related to the revaluation of earn-outs during the window period ⁽¹⁾ Gross value 1	Changes related to the revaluation of earn-outs during the window period ⁽¹⁾ Impairment loss ⁽²⁾ -	Changes related to the revaluation of earn-outs during the window period ⁽¹⁾ Net amount 1
Foreign exchange	Foreign exchange Gross value (912)	Foreign exchange Impairment loss ⁽²⁾ 120	Foreign exchange Net amount (792)
December 31, 2020	December 31, 2020 Gross value 12,213	December 31, 2020 Impairment loss ⁽²⁾(1,355)	December 31, 2020 Net amount 10,858
Acquisitions	Acquisitions Gross value 218	Acquisitions Impairment loss ⁽²⁾ -	Acquisitions Net amount 218
Impairment loss	Impairment loss Gross value -	Impairment loss Impairment loss ⁽²⁾ -	Impairment loss Net amount -
Changes related to the revaluation of earn-outs during the window period⁽¹⁾	Changes related to the revaluation of earn-outs during the window period ⁽¹⁾ Gross value 1	Changes related to the revaluation of earn-outs during the window period ⁽¹⁾ Impairment loss ⁽²⁾ -	Changes related to the revaluation of earn-outs during the window period ⁽¹⁾ Net amount 1
Disposals	Disposals Gross value (32)	Disposals Impairment loss ⁽²⁾ -	Disposals Net amount (32)
Foreign exchange	Foreign exchange Gross value 816	Foreign exchange Impairment loss ⁽²⁾ (101)	Foreign exchange Net amount 715
December 31, 2021	December 31, 2021 Gross value 13,216	December 31, 2021 Impairment loss ⁽²⁾(1,456)	December 31, 2021 Net amount 11,760

(1) See Note 1.3 on the change in fair-value on any earn-out in a business combination

(2) See Note 6.

Goodwill by cash-generating unit or by group of cash-generating units is disclosed in Note 6.

Note 12 Intangible assets, net

/ Changes in intangible assets

	Intangible assets with a finite useful life
(in millions of euros)	Client relationships	Software, technology and other	Brands	Total intangible assets
Gross value at January 1, 2020	1,637	1,046	984	3,667
Acquisitions	-	76	-	76
Disposals	-	(63)	-	(63)
Translation adjustments and other	(122)	(87)	(82)	(291)
Gross value at December 31, 2020	11,515	972	902	3,389
Acquisitions	-	45	-	45
Change in scope	-	56	-	56
Disposals	-	(25)	-	(25)
Translation adjustments and other	108	77	74	259
Gross value at December 31, 2021	1,624	1,125	976	3,725
Accumulated depreciation at December 31, 2020	(1,046)	(492)	(342)	(1,880)
Amortization	(72)	(184)	(89)	(345)
Disposals	-	24	-	24
Translation adjustments and other	(73)	(40)	(32)	(145)
Accumulated depreciation at December 31, 2021	(1,191)	(692)	(463)	(2,346)
Net value at December 31, 2021	433	433	513	1,379

Valuation of intangible assets

In 2021, valuations tests carried out by an independent expert did not lead the Groupe to recognize any impairment losses.