Paris, April, 16th 2015
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Preparation of Q1-15 financial
disclosures: new quarterly series

Following 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 expenses
             
in €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) 
Total Natixis (61.2)  20.0 19.7 18.0   (3.5)(1):
#_ftn1
             
Impact in net revenues
             
in €m 1Q14 2Q14 3Q14 4Q14   2014
Specialized Financial Services  (Leasing) (2.0)  0.0 0.0 2.0   0.0
Total Natixis (2.0)  0.0 0.0 2.0   0.0

Appendix 2: 2014 quarterly series pro forma of the changes in standards and organization specified above

Natixis Consolidated pro forma
             
in €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)
Gross operating income  492  681  433  464   2,069
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)
Pre-tax profit  425  543  471  396   1,834
Tax (148) (183) (151) (140)   (623)
Minority interest (7) (14) (27) (28)   (76)
Net income (group share) 270 345 293 228   1,136

2014 Natixis pro forma results - breakdown by business division
                           
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)   (28)   1,136
      GAPC net of tax   (28)            
      Net income (gs)    1,136            

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Wholesale Banking
             
in €m 1Q14 2Q14 3Q14 4Q14   2014
Net revenues 732 763 680 629   2,804
Commercial 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)
Gross operating income 277 340 277 194   1,089
Provision for credit losses (52) (61) (24) (48)   (186)
Net operating income 225 279 253 146   903
Associates 6 4 6 5   21
Other items 0 0 0 0   0
Pre-tax profit 231 283 260 151   924
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 %

Investment Solutions
             
in €m 1Q14 2Q14 3Q14 4Q14   2014
Net revenues 648 711 690 773   2,822
Asset 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)
Gross operating income 163 222 210 223   818
Provision for credit losses 2 0 0 2   5
Net operating income 165 222 211 225   823
Associates 4 5 4 4   17
Other items (2) (10) (6) (3)   (20)
Pre-tax profit 167 217 209 227   820
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 %

Specialized Financial Services
             
in €m 1Q14 2Q14 3Q14 4Q14   2014
Net revenues 313 320 307 327   1,266
Specialized Financing 179186183195   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 Services133133124132   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)
Gross operating income 99 113 107 115   434
Provision for credit losses (19) (16) (20) (22)   (76)
Net operating income 80 98 88 94   359
Associates 0 0 0 0   0
Other items 0 0 17 (2)   15
Pre-tax profit 80 98 105 92   374
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 %

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Financial Investments
             
in €m 1Q14 2Q14 3Q14 4Q14   2014
Net revenues 213 212 209 196   830
Coface 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)
Gross operating income 37 42 43 16   138
Provision for credit losses (2) (3) (2) (4)   (10)
Net operating income 36 38 41 12   127
Associates 0 1 1 0   2
Other items 0 (38) 0 (12)   (51)
Pre-tax profit 36 1 41 0   78

Corporate Center
             
in €m 1Q14 2Q14 3Q14 4Q14   2014
Net revenues (42) 35 (171) (39)   (218)
Expenses (40) (32) (33) (46)   (151)
Gross operating income (82) 3 (204) (85)   (368)
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
Pre-tax profit (89) (13) (143) (74)   (319)

Contacts:

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

 

 

  		 


(1):
#_ftnref1 Effect in the accounting of the social solidarity contribution (C3S tax) taken into account as of January 1st 2014


Preparation of 1Q15 financial disclosure:
http://hugin.info/143507/R/1911931/682262.pdf


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NATIXIS via Globenewswire
HUG#1911931