NATIXIS -2020 Universal Registration Document
FINANCIAL DATA Consolidated financial statements and notes
On January 1, 2020, Natixis Investment Managers LP absorbed Natixis Investment Managers Holdings LLC, a holding company that indirectly holds an insignificantstake (1% to 2%) in the various US affiliates (Loomis, Harris, AEW Capital Management, Vaughan Nelson, etc.), affiliates whose residual capital was also wholly owned by Natixis Investment Managers LP. As part of this transaction,Natixis Investment ManagersLP was transformedinto a limited liability company (LLC), then renamed Natixis Investment Managers LLC. On March 15, 2020, Natixis ASG Holdings Inc.absorbedAlternative Strategies Group LLC, its wholly-owned subsidiary. Alternative Strategies Group LLC had until then served as the holding company of AlphaSimplex Group LLC, whose capital it fulloywned. Insurance 3.1.3 Deconsolidated entities Deconsolidation in the first quarter of 2020 of the Selection V Protection 85 fund after falling below the thresholds. Payments 3.1.4 Deconsolidated entities Closurewithin Dalenys of the entity Rentabiliwebin Romania in the V fourth quarter of 2020. Changes in percentage of ownership In the second quarter of 2020, the stake in Payplug increased from V 99.1% to 99.4% following the buyback of shares from thefounders. Coface 3.1.5 Since January 1, 2020, Coface has been consolidated using the equity method (see Key Events) . Newly consolidated entities Acquisition of the Coface GK Forsikring AS entity in the third V quarter of 2020. This entity manages a short-term export credit insurance portfolio on the Nordic market. Restructuring The Seguro Brasileira CE entity was absorbed by Coface Do Brasil V Seguros De Credito in the third quarter of 2020. the recognition of new put options granted to minority V shareholders relating to acquisitions, for -€44.2 million. For the CorporateBankingbusiness line, as part of the acquisitionof Azure Capital, a mergers and acquisitions consulting firm, a put of -€9 million was recorded on the 48% non-controlling interests. In addition, a -€0.3 million put was recorded on Natixis Coficiné non-controllinginterests (0.01% of share capital). In the case of the Asset & Wealth Management business line, Natixis Investment Managers sold part of its stake in Flexstone Partners SAS, thus decreasing Natixis’ ownership interest from 100% to 84%. A put option on non-controlling interests was recorded on the 16% non-controllingstake for -€3.6 million. In addition, ThematicsAsset Management,which was co-foundedby its managingpartners and Natixis Investment Managers in 2019, was consolidated in the accounts. The intention is for the firm to become Natixis’ partner of choice for thematic investing in international equities. Natixis Impact of acquisitions 3.2 and disposals The impact of acquisitions and disposals were as follows at December 31, 2019:
Investment Managers also holds put options on non-controlling interests (60%) in the amount of -€30.2 million. At Massena Partners, a put option on non-controlling interests (2%) was recorded in the amount of -€0.9 million. Finally, for the Payments business, a put option on the non-controlling interests at Lakooz (0.1%) was recorded in the amount of -€0.2 million; concerning puts on non-controlling interests at the beginning of V the fiscal year in the amount of +€12.7 million. This impact stems from the change in fair value of these put options over the period, resulting from the negative revaluation of financial debt for +€29.5 million and the effects of unwinding the discount on this financial debt, for -€16.8 million; the effect of changes in the percentage of ownership without a V loss of control of consolidated entities, in the amount of -€13 million, of which -€4.4 million for Coface and -€11.5 million in losses for the buyout of 49% of non-controllinginterests of Mirova Natural Capital Limited; the recycling to profit or loss (resulting from the disposal of the V SFS business lines to BPCE) in particular of unrealized reserves on available-for-sale assets from the CEGC portfolio for -€70 million, recyclable hedging derivatives reserves for +€106 million and revaluation adjustments on defined benefit plans fo+r €2 million; the recycling through profit or loss (resulting from the disposal of V Natixis Brasil) of translation adjustments for +€21.9 million and recyclable OCI on fixed income securities for +€0.8 million; the translation adjustment recycling for -€5.6 million following the V repayment by the Dubai branch of part of its capital ($94.4 million) in order to reduce the Group’s global exposure to USD/EUR foreign exchange risk. The effects of acquisitions and disposals are as follows at December 31, 2020: concerning puts on non-controlling interests at the beginning of V the fiscal year for +€19.1 million. These effects are related to the change in the fair value of these puts over the period for +€13.7 million, generated by the downward revaluation of the financial debt for +€16.1 million, of which +€19.4 million for the AWM division (including +€7.8 million for Dorval Finance and +€10.2 million for IML), and an amount of -€2.4 million generated by the effects of the unwinding of the discount on this financial debt. The transfer of the positive change in the share of net non-controlling interests of these entities representing these puts was +€5.4 million over the period; new puts on non-controlling interests during the period amounted V to -€18.1 million. As part of the merger of the interest rate managementand insurance activities of Natixis IM and La Banque Postale AM, a large part of the activities of LBP AM were transferred to Ostrum in the fourth quarter of 2020. Following this contribution of assets, Natixis IM retains 55% of the capital of Ostrum, while La Banque Postale acquires a 45% stake, as Natixis granted a put to the latter. The effect in equity of -€18.1 million corresponds to the difference between the valuation of the put (€79.5 million) and the non-controlling interests of the new entity (€61.4 million); changes in the percentage of interest without loss of control of V consolidated entities in the amount of +€11.4 million, mainly corresponding to the result of dilution following the disposal of 45% of Ostrum to La Banque Postale AM for +€11.8 millioncarried out in the fourth quarter of 2020; reclassification of actuarial gains and losses resulting from the V application of IAS 19R as reserves in connection with the loss of control of Coface for -€10.9 million.
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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020
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