NATIXIS -2020 Universal Registration Document
FINANCIAL DATA Consolidated financial statements and notes
LBP AM also has a promissory agreement granted by Natixis in relation to all its shares. As such, a put on non-controlling interests was recognized as a liability for an amount of €79.5 million at December 31, 2020. COVID-19 1.2.4 The COVID-19 health crisis has had significant repercussionson the economicactivitiesof many countries.Restrictionson mobility in the affected areas and closures of companiesand retailers have a clear impact on economic value chains in the affected geographicalareas and business sectors (tourism, catering, air transport, locsalles, etc.). In order to support the economyduring this crisis, Natixis took part in measures to support the economy (loans guaranteed by the State and moratoriums) in order to provide financial assistance to the affected business sectors. The COVID-19 crisis also spread to the financial world, particularly leading to very high volatility and erratic market fluctuations. In an environment marked by a high degree of uncertainty, Natixis took into account the effects of the crisis and the measures taken by certain governments in determining the valuation of financial assets and liabilities as well as impairments and provisions. The impact of the crisis on Natixis’ financial statements as of December 31, 2020 are detailed in Note 1.4. 1.3 Filing of a simplified public tender offer for Natixis shares. On February 9, 2021, BPCE S.A. announced its intention to acquire the shares in the capital of Natixis S.A. that it did not hold, i.e. around 29.3% as at December 31, 2020, and to file a simplified takeover bid with the Company. of the Autorité des Marchés Financiers (AMF). This proposed public offer, at a price of €4.00 per share (dividend attached), will be submitted to the AMF for review and will, if applicable, be followed by a squeeze-out if the conditions of implementation work are satisfied. This proposed offer would be part of an ambitious industrial project for the development of Natixis’ business lines and the simplification of its functional channels, which Groupe BPCE intends to study as part of its preparation. of its strategic plan. This transaction had no impact on the consolidated financial statements of Natixis at December 31, 2020. Natixis and Arch Capital group Ltd. announced the completion of the contract to sell 29.5% of Coface’s share capital. Following the approval of the relevant competition and regulatory authorities, Natixis and Arch Capital group Ltd announced on February 10, 2021 the sale by Natixis of a 29.5% stake in the share capital of Natixis Coface to Arch Financial Holdings Europe IV Limited, an affiliate of Arch Capital group Ltd., at a price of €9.95 per share (dividend attached). Natixis is no longer representedon the Board of Directors of Coface, as Arch occupies four of the seats of Natixis. Natixis will hold its residual stake of 12.7% in Coface as a financial investment. This transaction had no impact on the consolidated financial statements of Natixis at December 31, 2020. Post-closing events
At December 31, 2020, the loss of exclusive control led Natixis to recognize in its financial statements: the gain or loss on disposal at the date of loss of control (i.e. V January 1, 2020), plus the impact of the price adjustment described above, which amounted to -€145.6 millionpresented on the line “Gains or losses on other assets” of Natixis’ consolidated net income; the 29.5% share of capital sold to Arch Capital group, valued on the V basis of its sale price minus selling costs directly related to the transaction, isrecognized in accordancewith IFRS 5 and is entered on a separate line of the Natixis balance sheet, “Non-currentassets held for sale”, equal to €446,3 million; the residual share of 12.7%, which is not affected by the sale V agreement, is still recognized using the equity method and presented in the balance sheet under the line “Investments in companies accounted for under the equity method”. For €158.5 million at December 31, 2020 after recognition of a depreciation of -€57.4 million based on Coface’s closing share price (€8.21 per share). This impairment is included in the “Share in income of associates” line on the income statement. H2O 1.2.2 In the fourth quarter of 2020, Natixis launched negotiations for the sale of its entire stake in the entity, i.e. 50.01% of the share capital. This sale consists for H2O Holding in the purchaseof its own shares. The final memorandumof understandingwas signed on January 29, 2021. At December 31,2020, Natixismaintainedthe full consolidationof the entity and presented, in accordance with the provisions of IFRS 5 “Non-current assets held for sale and discontinued operations”, the assetsand liabilitiesof this entitygroupedunder two separatebalance sheet items: “Non-currentassets held for sale” for €281.5 millionand “Non-current liabilities held for sale” for €54.7 million.Completion of the sale is subject to obtaining regulatory approvals. The estimated gain on disposal of -€47.6 millionis recorded in Gains and losses on fixed assets (excluding tax effects). Natixis and La Banque Postale 1.2.3 partnership After obtaining the required regulatory approvals, Natixis and La Banque Postalewere able to finalize the merger on October 31,2020, of the fixed income and insurance-relatedmanagement activities of Ostrum Asset Management and La Banque Postale Asset Management announced in 2019. This transaction resulted in the contribution of LBP AM’s activities to Ostrum. At the end of this asset contribution, Natixis retains a 55% stake in Ostrum, while La Banque Postale now holds a 45% stake. Prior to this merger, Ostrum’s activities, unrelated to interest rate and insurance management activities, were transferred to other companies belonging to the Natixis IM group. With regard to the provisions of IFRS 10, Natixis exercises exclusive control over the Company, which is therefore fully consolidated in Natixis’ financial statements. This transaction can be analyzed from an accounting point of view as two transactions: a takeover of the LBP AM entity accounted for using the V acquisition method with recognition of goodwill amounting to €52.3 million at December 31, 2020; a decrease in the percentage interest without loss of control in V Ostrum AM, in respect of the dilution, the effects of which are recognized in “Equity – Group share” for +€11.8 million.
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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020
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