125 31/12/2020 (in thousands of euros) Products Losses Net Fair value hedges 0 0 0 Changes in the fair value of hedged items attributable to hedged risks 0 Changes in fair value of hedging derivatives (including hedge terminations) 0 Cash flow hedges 0 0 0 Changes in fair value of hedging derivatives - ineffective portion 0 Hedges of net investments in foreign operations 0 0 0 Changes in fair value of hedging derivatives - ineffective portion 0 Fair value hedging of the interest rate risk exposure of a portfolio of financial instruments 3,065 -2,984 81 Changes in fair value of hedged items -2,984 -2,984 Changes in fair value of hedging derivatives 3,065 3,065 Cash flow hedging of the interest rate risk exposure of a portfolio of financial instruments 0 0 0 Changes in the fair value of the hedging instrument - ineffective portion 0 Total profit/loss from hedge accounting 3,065 -2,984 81 Details of gains (losses) from hedge accounting by type of relationship (fair value hedges, cash flow hedges, etc.) are presented in Note 3.4 “Hedge accounting”. 4.4 NET GAINS OR LOSSES ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH EQUITY (in thousands of euros) 31/12/2021 31/12/2020 Net gains or losses on debt instruments recognised in equity recyclable to income 0 0 Compensation of equity instruments recognised in equity not recyclable to income (dividends) 0 0 Net gains (losses) on financial instruments at fair value through other comprehensive income 0 0 4.5 NET GAINS OR LOSSES RESULTING FROM THE DERECOGNITION OF FINANCIAL ASSETS AT AMORTISED COST N/A 4.6 NET GAINS OR LOSSES ON RECLASSIFICATION OF FINANCIAL ASSETS TO FAIR VALUE THROUGH PROFIT OR LOSS N/A 4.7 NET INCOME AND EXPENSES FROM OTHER ACTIVITIES (in thousands of euros) 31/12/2021 31/12/2020 Gains or losses on non-operating non-current assets 0 -136 Other net income from insurance activities 0 Change in technical reserves of insurance companies 0 Net income from investment properties 0 Other net income (expenses) 1,713 727 Net income (expense) related to other activities 1,713 591 4.8 OPERATING EXPENSES (in thousands of euros) 31/12/2021 31/12/2020 Personnel expenses -57,094 -53,780 Taxes and statutory contributions -748 -457 External services and other operating expenses -33,937 -31,022 Operating expenses -91,779 -85,259
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