NATIXIS Paris, April, 16th 2015
2/2
Preparation of Q1-15 financial disclosures: new quarterly seriesFollowing the evolution in standards adopted for the 1Q15 financial disclosure and some change in organization since January 1st, 2015, the 2014 quarterly series have been restated:
Evolution of the standards applied:
(1) In accordance with our Common Equity Tier 1 target, as of the 1st quarter of 2015, the capital allocated to our businesses will be at 10% of the average Basel 3 risk weighted assets versus 9% previously. 2014 quarterly series have been restated on this new basis;
(2) As of January 1st, 2015, application of the IFRIC 21 interpretation «Levies» regarding the accounting for tax except the income tax. This implementation leads to register taxes concerned at the date of their event and not necessarily throughout the year. This new standard implies an increase in expenses level for the 1st quarter 2015 and a decrease for the same amount spread out to the three other quarters. These taxes are charged to our businesses. 2014 quarterly series have been restated with this new accounting rule;
(3) In accordance with the application of the IFRIC 21 interpretation, the accounting of the estimated contribution to the Single Resolution Fund will be registered in the first quarter of 2015 in the expenses of the Corporate Center. This item will not be charged to the business lines and will be treated as an exceptional item in the financial communication disclosure;
Evolution in the Wholesale Banking organization:
The new disclosure within the wholesale Banking division is mainly related to the creation of a new joint-venture, called SET (Strategic Equity Transaction), compound by some activities previously exercised by the Financing or the Equity businesses. SET develops solutions in equity positions management for clients. The net revenues of this joint- venture are split 50/50 between Structured financing and Equity business lines. 2014 quarterly series has been restated with this new agreement.
Appendices (non audited)
Appendix 1: Impact of the application of IFRIC 21 interpretation in expenses and net revenues
Appendix 2: 2014 quarterly series pro forma of the changes in standards and organization specified above
Appendix 1: Impact of the application of IFRIC 21 interpretation in expenses and net revenues Impact in expensesin €m 1Q14 2Q14 3Q14 4Q14 2014
Wholesale Banking (34.4) 11.2 11.6 8.6 (3.0) Investment Solutions (10.5) 3.5 3.1 3.5 (0.4) Specialized Financial Services (7.4) 2.3 2.6 2.7 0.1
Financial Investments (3.0) 0.9 0.8 1.0 (0.2)
Corporate center (5.8) 2.0 1.6 2.2 (0.1)
in €m 1Q14 2Q14 3Q14 4Q14 2014
Specialized Financial Services (Leasing) (2.0) 0.0 0.0 2.0 0.0
(1) Effect in the accounting of the social solidarity contribution (C3S tax) taken into account as of January 1st 2014
2
Appendix 2: 2014 quarterly series pro forma of the changes in standards and organization specified above Natixis Consolidated pro formain €m 1Q14 2Q14 3Q14 4Q14 2014
Net revenues 1,879 2,032 1,715 1,886 7,512
Expenses (1,386) (1,352) (1,283) (1,422) (5,442)
Provision for credit losses (78) (85) (61) (78) (302) Associates 11 9 11 9 40
Gain or loss on other assets 0 (23) 88 13 78
Change in value of goodwill 0 (38) 0 (12) (51)
Tax (148) (183) (151) (140) (623) Minority interest (7) (14) (27) (28) (76)
in €m Wholesale
Banking
Invest.
Solutions SFS
Fin. Invests.
Corp. Center
Natixis excl. GAPC
GAPC
Natixis reported pro forma
Net revenues 2,804 2,822 1,266 830 (218) 7,505 7 7,512
Expenses (1,715) (2,004) (832) (693) (151) (5,395) (48) (5,442)
Gross operating
income 1,089 818 434 138 (368) 2,110 (41) 2,069
Provision for credit
losses (186) 5 (76) (10) (33) (300) (2) (302)
Net operating
income 903 823 359 127 (402) 1,810 (43) 1,767
Associates 21 17 0 2 0 40 0 40
Other items 0 (20) 15 (51) 82 27 0 27
Pre-tax profit 924 820 374 78 (319) 1,877 (43) 1,834
Tax (638) 15 (623)
Minority interest (76) 0 (76)
Net income (gs) excl. GAPC 1,164 Net income
(gs)
GAPC net of tax (28)
Net income (gs) 1,136
(28) 1,136
3
Wholesale Bankingin €m 1Q14 2Q14 3Q14 4Q14 2014
Net revenues 732 763 680 629 2,804Commercial Banking 102 100 101 114 416
Structured Financing 290 262 271 273 1,095
Capital Markets 349 384 314 249 1,296
Fixed Income & Treasury 233 249 224 164 871
Equity 116 135 89 85 425
Other (8) 16 (6) (7) (4)
Expenses (455) (422) (403) (435) (1,715)
Provision for credit losses (52) (61) (24) (48) (186)
Associates 6 4 6 5 21
Other items 0 0 0 0 0
Cost/Income ratio 62.1 % 55.4 % 59.2 % 69.1 % 61.2 % Cost/Income ratio excluding IFRIC 21 effect 57.4 % 56.8 % 61.0 % 70.5 % 61.1 %
RWA (Basel 3 - in €bn) 76.0 77.8 74.7 72.2 72.2
Normative capital allocation (Basel 3) 7,549 7,704 7,879 7,568 7,675
ROE after tax (Basel 3) 8.1 % 9.6 % 8.7 % 5.3 % 7.9 % ROE after tax (Basel 3) excluding IFRIC 21 effect 9.3 % 9.2 % 8.3 % 5.0 % 7.9 %
4
Investment Solutionsin €m 1Q14 2Q14 3Q14 4Q14 2014
Net revenues 648 711 690 773 2,822Asset Management 489 527 523 599 2,137
Private Banking 31 33 31 33 128
Insurance 126 139 130 134 529
Expenses (486) (489) (480) (549) (2,004)
Provision for credit losses 2 0 0 2 5
Associates 4 5 4 4 17
Other items (2) (10) (6) (3) (20)
Cost/Income ratio | 74.9 % | 68.8 % | 69.5 % | 71.1 % | 71.0 % |
Cost/Income ratio excluding IFRIC 21 effect | 73.3 % | 69.3 % | 70.0 % | 71.5 % | 71.0 % |
RWA (Basel 3 - in €bn) | 12.8 | 13.0 | 13.0 | 13.8 | 13.8 |
Normative capital allocation (Basel 3) | 3,578 | 3,616 | 3,647 | 3,762 | 3,650 |
ROE after tax (Basel 3) | 12.7 % | 15.6 % | 15.7 % | 15.9 % | 15.0 % |
ROE after tax (Basel 3) excluding IFRIC 21 effect | 13.5 % | 15.3 % | 15.4 % | 15.7 % | 15.0 % |
5
Specialized Financial Servicesin €m 1Q14 2Q14 3Q14 4Q14 2014
Net revenues 313 320 307 327 1,266Specialized Financing 179 186 183 195 743
Factoring 37 36 23 37 133
Sureties & Financial Guarantees 32 37 31 34 133
Leasing 43 44 60 54 200
Consumer Financing 63 65 65 66 259
Film Industry Financing 4 5 4 4 18
Financial Services 133 133 124 132 524
Employee Savings Scheme 30 34 27 33 123
Payments 77 74 74 73 298
Securities Services 27 26 24 26 103
Expenses (214) (206) (200) (212) (832)
Provision for credit losses (19) (16) (20) (22) (76)
Associates 0 0 0 0 0
Other items 0 0 17 (2) 15
Cost/Income ratio 68.4 % 64.5 % 65.1 % 64.8 % 65.7 % Cost/Income ratio excluding IFRIC 21 effect 65.6 % 65.2 % 65.9 % 66.1 % 65.7 %
RWA (Basel 3 - in €bn) 13.9 14.1 13.5 14.4 14.4
Normative capital allocation (Basel 3) 1,698 1,639 1,661 1,600 1,650
ROE after tax (Basel 3) 12.0 % 15.3 % 16.2 % 14.5 % 14.5 % ROE after tax (Basel 3) excluding IFRIC 21 effect 13.4 % 14.9 % 15.8 % 13.8 % 14.5 %
6
Financial Investmentsin €m 1Q14 2Q14 3Q14 4Q14 2014
Net revenues 213 212 209 196 830Coface 178 171 171 168 689
Corporate data solutions 21 21 20 21 83
Others 14 20 18 6 58
Expenses (176) (170) (167) (180) (693)
Provision for credit losses (2) (3) (2) (4) (10)
Associates 0 1 1 0 2
Other items 0 (38) 0 (12) (51)
in €m 1Q14 2Q14 3Q14 4Q14 2014
Provision for credit losses (8) (3) (16) (7) (33) Net operating income (90) 0 (220) (92) (402) Associates 0 0 0 0 0
Other items 1 (14) 77 17 82
INVESTOR RELATIONS: investorelations@natixis.com
Pierre-Alexandre Pechmeze T + 33 1 58 19 57 36
François Courtois T + 33 1 58 19 36 06
Souad Ed Diaz
Brigitte Poussard
T + 33 1 58 32 68 11
T + 33 1 58 55 59 21
7
|
distributed by
|
