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Natixis S.A. (NTXFF)

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4.94600.0000 (0.00%)
At close: 2:33PM EDT
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Previous close4.9460
Open4.9460
Bid0.0000 x 0
Ask0.0000 x 0
Day's range4.9460 - 4.9460
52-week range2.1400 - 4.9900
Volume480
Avg. volume193
Market cap15.903B
Beta (5Y monthly)1.32
PE ratio (TTM)25.49
EPS (TTM)0.1940
Earnings dateN/A
Forward dividend & yield0.07 (1.46%)
Ex-dividend date02 Jun 2021
1y target estN/A
  • Globe Newswire

    Mise à disposition de l’amendement au Document d’enregistrement universel 2020

    Mise à disposition de l’amendement au Document d’enregistrement universel 2020 Paris, le 12 mai 2021 Natixis informe le public que l’amendement au Document d’enregistrement universel 2020 a été déposé auprès de l’Autorité des Marchés Financiers le 12 mai 2021 sous le n° D.21-0105-A01. L’Amendement au Document d’enregistrement universel 2020 peut être consulté dans l’espace Communication Financière du site Internet de la Société (www.natixis.com > Nos investisseurs et actionnaires > Données et publications financières > Documents d’enregistrement universel / Documents de référence et Pilier III) ainsi que sur le site Internet de l’Autorité des Marchés Financiers (www.amf-france.org). Attachment Communiqué de mise à disposition de l'amendement au Document d'enregistrement universel 2020

  • Globe Newswire

    NATIXIS : 1Q21 results

    Paris, May 6, 2021 1Q21 resultsLaying the foundations of the upcoming 2024 strategic plan Reported net income at +€225m in 1Q21 (€(204)m in 1Q20) and underlying net income1 at +€239m (€(81)m in 1Q20) Underlying RoTE1 at 10.4% in 1Q21 Basel 3 FL CET1 ratio2 at 11.6% +330bps above regulatory requirements BUSINESS ACTIVITYBUSINESSES’ UNDERLYING NET REVENUES1 AT €2.1BN IN 1Q21, UP +21% YOY AWM: Business growth and continued AuM increase Underlying net revenues1 excl. H2O AM up +11% YoY (flat YoY including H2O AM) mainly driven by higher management fees and financial revenues Natixis Investment Managers’ AuM up +3% QoQ. AuM at €1,153bn3 as at end-March 2021 Positive asset management net inflows on long-term products of ~€6bn3 in 1Q21 mainly driven by North American affiliates with net inflows notably turning positive at Harris. More than €20bn3 positive net inflows on long-term products over the past 12 months CIB: Continued development and cost of risk improvement Underlying net revenues1 up +38% YoY (+9% excluding dividend mark-downs and XvA impacts in 1Q20). Net revenue growth mainly driven by Global markets and Global finance Underlying cost income ratio1 improving to 58.6% in 1Q21 (78.0% in 1Q20) thanks to a positive jaw effect Cost of risk benefiting from a favorable environment in 1Q21 although still at elevated levels at 52bps of outstandings Underlying RoE1 at 12.3% in 1Q21 Insurance: Solid commercial activity and financials Underlying net revenues1 up +5% YoY in 1Q21 with a positive jaw effect Underlying RoE1 at ~30% in 1Q21 Life Insurance4: AuM growth of +4% QoQ to reach €75.7bn (of which 27% of unit-linked products) Payments: Net revenue growth and investments Underlying net revenues1 up +4% YoY in 1Q21 despite COVID-19 lockdown measures in France Underlying RoE1 at 10.6% in 1Q21 while maintaining investment in order to ensure a sustainable development FINANCIAL STRENGTH Underlying net income1 at +€239m in 1Q21 (+€225m reported) vs. €(81)m in 1Q20 (€(204)m reported). Underlying RoTE1 at 10.4% in 1Q21 Basel 3 FL CET1 ratio2 at 11.6% as at March 31, 2021 (flat vs. 4Q20), +330bps above regulatory requirements “Natixis’ results for the first quarter of 2021 continue the positive momentum underway since the second half of 2020. Our business lines are on a sustainable growth path, underpinned by the transformation measures undertaken over recent months. These results represent a solid base for the kick-off of the 2021-2024 strategic plan and for the ongoing growth of Natixis’ four businesses under the simplification and development project presented by Groupe BPCE in February. I would like to pay tribute to the exceptional commitment of our teams who have remained fully mobilized throughout this unprecedented crisis to support our clients and contribute to a sustainable economic recovery.” Nicolas Namias, Natixis Chief Executive Officer 2020 figures restated for the evolution of the standards applied as well as the evolution of the Asset and wealth management organization as of January 1st, 2021 (see note on methodology) Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 in 4Q for cost/income, RoE and RoTE 2 See note on methodology 3 Excluding H2O AM (~€18bn AuM as at March 31, 2021) 4 Excluding reinsurance agreement with CNP 1Q21 RESULTS On May 06th, 2021, the Board of Directors examined Natixis’ first quarter 2021 results €m1Q21restated1Q20restated1Q21 vs. 1Q20restated1Q21o/w underlying1Q20o/w underlying1Q21 vs. 1Q20 underlying 1Q21underlyingincl. H2O1Q20underlyingincl. H2O1Q21 vs. 1Q20 underlyingincl. H2ONet revenues2,0731,65525%2,0491,63825% 2,0681,73319%o/w businesses2,0371,69320%2,0521,70021% 2,0711,79515%Expenses(1,659)(1,560)6%(1,614)(1,557)4% (1,628)(1,579)3%Gross operating income41495x4.443581x5.4 440153x2.9Provision for credit losses(92)(193) (92)(193) (92)(193) Net operating income323(98)NR344(113)NR 349(40)NRAssociates and other items6(8) 66 46 Pre-tax profit328(107)NR349(107)NR 353(34)NRIncome tax(95)1 (100)5 (102)(9) Minority interests(10)(10) (11)(10) (12)(39) Net income - group share excl. Coface & H2O AM224(116)NR239(111)NR Coface net contribution7(118) 01 01 H2O AM net contribution(6)29 029 00 Net income - group share incl. Coface & H2O AM225(204)NR239(81)NR 239(81)NR Underlying net revenues are up +25% YoY (+19% including H2O AM) off a low base due to several items, all directly or indirectly linked to the COVID-19 context having impacted 1Q20 (seed money portfolio mark-downs, dividend mark-downs on equity products, XvA - see page 12). All businesses are featuring YoY revenue growth with CIB up +38% YoY, AWM up +11% YoY, Insurance up +5% YoY and Payments up +4% YoY. Underlying expenses are up +4% YoY reflecting top line growth and related impacts on variable costs. The underlying cost/income ratio1 stands at 72.3% in 1Q21 (85.2% in 1Q20). The underlying cost of risk has improved both QoQ and YoY although remaining above its through-the-cycle level (see below for exposures to “sensitive” sectors). Expressed in basis points of loans outstanding (excluding credit institutions), the businesses’ underlying cost of risk worked out to 52bps in 1Q21. Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached €353m in 1Q21. Accounting for exceptional items (€(14)m net of tax in 1Q21) and IFRIC 21 impact (€114m in 1Q21) the reported net income (group share) in 1Q21 at €225m. The Natixis’ underlying RoTE1 reached 10.4% in 1Q21 excl. IFRIC 21 (vs. 0.8% in 1Q20). Natixis’ exposure to the Oil & Gas sector stood at ~€10.2bn of net EAD2 (Exposure at Default) as at 31/03/2021 (~60% Investment Grade) of which ~€0.7bn across US independent producers and service companies which have a more limited absorption capacity of lower oil price. As at 31/13/2021, the exposure to Aviation stood at ~€3.8bn of net EAD2, was well diversified across more than 30 countries (none of which exceeding 25% of the exposure), secured for >90% and majority Investment Grade. The exposure to Tourism & Leisure stood at ~€2.1bn of net EAD as at 31/03/2021, mainly in the EMEA region and geared towards industry leaders. 1See note on methodology. Excluding exceptional items and excluding IFRIC 21 2Energy & Natural Resources + Real Assets perimeters 1Q21 RESULTSExceptional items €m 1Q211Q20Exchange rate fluctuations on DSN in currencies (Net revenues)Corporate center3924Provision for litigation (Net revenues)CIB(15)(0)Contribution to the Insurance solidarity fund (Net revenues)Insurance0(7)Transformation & Business Efficiency Investment costs (Expenses)Business lines & Corporate center(28)0Real estate management strategy and other (Expenses)Business lines & Corporate center(17)(3)Impact of Liban default on ADIR Insurance (Associates)Insurance0(14)Coface residual stake valuation (Coface net contribution)Coface7(7)Coface capital loss (Coface net contribution)Coface0(112)H2O AM exchange rate fluctuations (H2O AM net contribution)H2O AM(6)0Total impact on income tax 5(4)Total impact on minority interests 10Total impact on net income (gs) (14)(123) Breakdown of Transformation & Business Efficiency Investment costs by businesses €m 1Q211Q20AWM(6)0CIB(7)0Insurance(0)0Payments(1)0Corporate center(14)(0)Impact on expenses(28)0 Real estate management strategy and other - €(14)m in the Corporate center and €(3)m in Payments in 1Q21. Mainly Corporate center in 1Q20Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 3) Asset & Wealth Management €m 1Q211Q201Q21vs. 1Q201Q21vs. 1Q20constant FXNet revenues 75568011%17%o/w Asset Management1 68961512%19%o/w Employee savings plan 25244%4%o/w Wealth management 41411%1%Expenses (581)(559)4%9%Gross operating income 17412144%58%Provision for credit losses (2)1 Associates and other items (0)(2) Pre-tax profit 17211944% Cost/income ratio2 76.4%81.7%(5.3)pp RoE after tax2 10.4%9.1%1.3pp AWM including H2O AM €m 1Q211Q201Q21vs. 1Q20Net revenues 7737740%o/w Asset Management1 707710 0%o/w Employee savings plan 2524 4%o/w Wealth management 4141 1%Expenses (594)(581)2%Gross operating income 179193(7)%Provision for credit losses (2)1 Associates and other items (2)(2) Pre-tax profit 175192(9)% The AWM underlying gross operating income is up +44% YoY in 1Q21. AM net revenues excluding performance fees are up +10% YoY in 1Q21, mainly driven by higher management fees and financial revenues. AM perf. fees reached €18m in 1Q21 vs. €3m in 1Q20 (excl. H2O AM) and are mainly coming from Loomis. The net revenue contribution is up YoY across affiliates in both North America and Europe. AWM underlying expenses are up +4% in 1Q21 including a -4% YoY reduction in AM non-comp expenses at constant exchange rate, translating into positive jaws. The Asset management overall fee rate excluding performance fees and excluding H2O AM is at ~23bps in 1Q21 and ~37bps excl. Ostrum AM (-0.7bps QoQ). Fee rate at ~34bps for North American affiliates and at ~39bps for European affiliates excl. Ostrum AM, which fee rate stands at ~3bps. Asset management AuM3 are up +3% QoQ at €1,153bn with positive net inflows, a positive market effect (+€9bn) and FX/other impact (+€22bn). An improvement in funds’ performance and percentile rankings can be noticed in 1Q21 with ~75% of funds in the first two quartiles on a 3-year view and ~85% on a 5-year view (o/w ~30% in the first decile). AM net inflows3 on LT products reached ~€6bn in 1Q21 driven by North American affiliates across fixed income and equity strategies. Positive net inflows at Harris Associates (AuM now >$115bn) driven by institutional accounts. Flat flows into European affiliates with a continued strong momentum for ESG strategies and private assets offsetting outflows on life insurance products. The US and International distribution platforms are supportive of the flow dynamics with >€20bn of net inflows on LT products over the last 12 months. 1Asset management including Private equity 2 See note on methodology. Excluding exceptional items and excluding IFRIC 21 3 Europe including Dynamic Solutions and Vega IM AuM, excluding H2O AM (€18bn AuM as at 31/03/2021). US including WCM IMUnless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 3) Corporate & Investment Banking €m 1Q211Q201Q21vs. 1Q201Q21vs. 1Q20constant FXNet revenues 94068038%43%Net revenues excl. CVA/DVA/Other 92973327%31%Expenses (576)(559)3%6%Gross operating income 364121x3.0x3.3Provision for credit losses (81)(194) Associates and other items 32 Pre-tax profit 286(70)NR Cost/income ratio1 58.6%78.0%(19.4)pp RoE after tax1 12.3%(1.9)%14.2pp Underlying net revenues are up +38% YoY in 1Q21 off a low base due to 1Q20 notably being impacted by dividend cancellations and xVA effects. Excluding such items, net revenues would be up +9% YoY. Global markets: FICT revenues are up QoQ at €330m in 1Q21, although down YoY due to a lower contribution from Treasury and FX that benefited from the high market volatility of end-1Q20. Solid growth in Credit. Equity revenues are at €167m in 1Q21 on the back of favorable market conditions and a strong commercial activity, notably with Groupe BPCE retail networks. Global finance: Net revenues are at €336m in 1Q21, up +13% YoY, driven by higher portfolio revenues generated with corporates as well as on Real estate and Infrastructure notably. Investment banking/M&A: Investment banking revenues are benefiting from strong activity levels in DCM in 1Q21. M&A revenues are down YoY on a good 1Q20. The underlying cost/income ratio1 is at 58.6% in 1Q21 (78.0% in 1Q20) with a positive jaw effect despite higher variable costs reflecting the top-line performance of the quarter. The underlying cost of risk is improving and benefiting from the 1Q21 environment although still at elevated levels with impairments notably coming from Tourism and Aviation. The underlying RoE1 is at 12.3% in 1Q21. 1 See note on methodology. Excluding exceptional items and excluding IFRIC 21 Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 3) Insurance €m 1Q211Q201Q21vs. 1Q20Net revenues 2402295%Expenses (138)(134)4%Gross operating income 102957%Provision for credit losses 00 Associates and other items 23 Pre-tax profit 104996%Cost/income ratio1 52.7%51.9%0.8ppRoE after tax1 33.0%33.3%(0.3)pp Underlying net revenues are up +5% YoY in 1Q21. Underlying expenses are up +4% YoY in 1Q21 i.e. a positive jaw effect of +1pp. The underlying cost/income ratio1 is at 52.7% in 1Q21, slightly up vs. 1Q20 (51.9%). The gross operating income is up +7% YoY in 1Q21. The underlying RoE1 is at 33.0% in 1Q21, in line with its 1Q20 (33.3%) and 2020 levels (33.2%). Commercial indicators2 €3.5bn gross inflows and €2.3bn net inflows for Life insurance in 1Q21, up vs. 1Q20 with a strong dynamism in January/February (+18% YoY). €75.7bn of AuM as at end-March 2021 (+4% QoQ) of which 27% in unit-linked products (37% of gross inflows). The P&C and Personal Protection equipment rate is at 28.7% (+0.8pp QoQ) for the Banques Populaires and at 32.1% for the Caisses d’Epargne (+0.6pp QoQ). The P&C combined ratio is at 92.8% in 1Q21 (+2.5pp YoY). 1 See note on methodology. Excluding exceptional items and excluding IFRIC 21 2 Excluding reinsurance agreement with CNP Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 3) Payments €m 1Q211Q201Q21vs. 1Q20 Net revenues 1171134% Expenses (102)(93)10% Gross operating income 1520(26)% Provision for credit losses (0)2 Associates and other items 00 Pre-tax profit 1421(32)% Cost/income ratio1 86.9%81.9%4.9pp RoE after tax1 10.6%15.7%(5.1)pp Underlying net revenues are up +4% YoY in 1Q21 despite COVID-related restriction measures in France: Payment Processing & Solutions: Net revenues up +6% YoY in 1Q21 with a number of card transactions processed up +2% vs. 1Q20. Contactless transactions accounting for ~45% of transactions in 1Q21, up YoY (~31% in 1Q20). Growth of instant payment transactions (x2.1 vs. 1Q20); Digital: PayPlug continues to benefit from its positioning across small and medium-sized merchants (business volumes x2.1 YoY in 1Q21) and with growth across Groupe BPCE retail networks (business volumes x4.7 YoY in 1Q21). Dalenys featuring dynamic activity levels with business volume growth at +30% YoY in 1Q21;Benefits: Issuing volumes for the Reward activity titres cadeaux are up +17% YoY in 1Q21 and +23% YoY for meal vouchers. Inflection on the Comitéo marketplace activity confirmed, reflecting latest commercial successes. Strengthening of synergies and activities through the acquisition of Jackpot which offers an API that publishes and distributes e-gift cards from the largest brands on demand. The underlying cost/income ratio1 is at 86.9% in 1Q21 (81.9% in 1Q20) with investments maintained in order to ensure sustainable development and despite the temporary slowdown in revenue growth. The underlying RoE1 is at 10.6% in 1Q21 (15.7% in 1Q20). 1 See note on methodology. Excluding exceptional items and excluding IFRIC 21Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 3) Corporate Center €m 1Q211Q201Q21vs. 1Q20 Net revenues (3)(62) Expenses (217)(214)2% SRF (135)(163)(17)% Other (82)(51) Gross operating income (220)(276)(20)% Provision for credit losses (8)(2) Associates and other items 12 Pre-tax profit (227)(275)(18)% Underlying net revenues are close to nil in 1Q21, an uplift vs. 1Q20 which embedded a negative €(71)m FVA (Funding Value Adjustments) impact due to the deteriorating market conditions of March 2020. Underlying expenses are marginally up YoY off a low base with a reduction in the SRF contribution. The underlying gross operating income is improving vs. 1Q20. FINANCIAL STRUCTURE Basel 3 fully-loaded1Natixis’ Basel 3 fully loaded CET1 ratio worked out to 11.6% as at March 31, 2021. Basel 3 fully loaded CET1 capital amounted to €12.3bnBasel 3 fully loaded RWA amounted to €105.7bn Main 1Q21 CET1 ratio impacts: +34bps related to the earnings capacity(11)bps related to the IFRIC21 impact(11)bps related to the FY21 accrued dividend (based on a 60% payout)(8)bps related to RWA and other As at March 31, 2021 Natixis’ Basel 3 fully loaded capital ratios stood at 13.2% for the Tier 1 and 15.2% for the Total capital. Proforma for the estimated 2021 regulatory impacts related to TRIM Banks and SA-CCR (~20bps cumulative negative impact post mitigation) as well as the impact coming from Natixis’ sale of its 50.01% stake in H2O AM (+10bps), Natixis’ Basel 3 fully-loaded CET1 ratio would stand at 11.5%. Basel 3 phased-in incl. current financial year’s earnings and dividends1 As at March 31, 2021, Natixis’ Basel 3 phased-in capital ratios incl. current financial year’s earnings and dividends stood at 11.6% for the CET1, 13.4% for the Tier 1 and 15.6% for the Total capital. Core Tier 1 capital stood at €12.3bn and Tier 1 capital at €14.2bnNatixis’ RWA totaled €105.7bn, breakdown as follows: Credit risk: €71.0bnCounterparty risk: €7.5bnCVA risk: €1.7bnMarket risk: €12.5bnOperational risk: €13.0bn Book value per shareEquity capital (group share) totaled €19.6bn as at March 31, 2021, of which €2.0bn in the form of hybrid securities (DSNs) recognized in equity capital at fair value (excluding capital gain following reclassification of hybrids). Natixis’ book value per share stood at €5.48 as at March 31, 2021 based on 3,155,441,451 shares excluding treasury shares (the total number of shares being 3,157,903,032). The tangible book value per share (after deducting goodwill and intangible assets) is €4.24. Post 2021 dividend accrual based on a 60% payout ratio, the tangible book value per share is €4.18. Leverage ratio1 The leverage ratio worked out to 4.4% as at March 31, 2021. Overall capital adequacy ratioAs at March 31, 2021, the financial conglomerate’s excess capital was estimated at around €2.9bn. 1 See note on methodologyAPPENDICES Note on methodology: The results at 31/03/2021 were examined by the board of directors at their meeting on 06/05/2021. Figures at 31/03/2021 are presented in accordance with IAS/IFRS accounting standards and IFRS Interpretation Committee (IFRIC) rulings as adopted in the European Union and applicable at this date. Following the evolution in standards adopted for the 1Q21 financial disclosures and the evolution in the Asset & Wealth Management’s organization since January 1st, 2021, the 2020 quarterly series have been restated: Evolution of the standards applied: The analytical remuneration rate of capital has been lowered in order to reflect the decrease in long term sovereign interest rates in Europe and in the US, whilst still keeping a 10-year average reference rate ;The analytical allocation rate for structure charges from Natixis holding functions to the business lines have been reviewed based on a recent analysis on allocated resources from the different support functions towards the business lines. This evolution of the standards applied is neutral at Natixis consolidated level, however it impacts each business lines and the corporate center, at the revenue level for the first point and at the expense level for the second point. Besides, Natixis RoTE calculation is adjusted in order to exclude unrealized or deferred gains and losses recognized in equity (OCI), as it is already done for the calculation of Natixis RoE. Evolution in Asset Management: During 1Q21, the final memorandum of understanding regarding the sale of Natixis’ 50.01% stake in H2O AM to the management of the company has been signed. The 2020 quarterly series have been restated to isolate the net contribution of H2O AM on a single line item at the bottom of Natixis’ income statement. The other income statement line items (net revenues, expenses…) are now being presented excluding H2O AM. In 2021, the contribution of H2O AM to Natixis’ income statement will be limited to the EUR/GBP evolution which will be classified as an exceptional item (see page 3). Business line performances using Basel 3 standards: The performances of Natixis business lines are presented using Basel 3 standards. Basel 3 risk-weighted assets are based on CRR-CRD4 rules as published on June 26th, 2013 (including the Danish compromise treatment for qualified entities).Natixis’ RoTE is calculated by taking as the numerator net income (group share) excluding DSN interest expenses (the associated tax benefit being already accounted for in the net income following the adoption of IAS 12 amendment). Equity capital is average shareholders’ equity group share as defined by IFRS, after payout of dividends1, excluding average hybrid debt, unrealized or deferred gains and losses recognized in equity (OCI) as well as average intangible assets and average goodwillNatixis’ RoE is calculated by taking as the numerator net income (group share) excluding DSN interest expenses (the associated tax benefit being already accounted for in the net income following the adoption of IAS 12 amendment). Equity capital is average shareholders’ equity group share as defined by IFRS, after payout of dividends1, excluding average hybrid debt and unrealized or deferred gains and losses recognized in equity (OCI)RoE for business lines is calculated based on normative capital to which are added goodwill and intangible assets for the business line. Normative capital allocation to Natixis’ business lines is carried out on the basis of 10.5% of their average Basel 3 risk-weighted assets. Business lines benefit from remuneration of normative capital allocated to them Net book value is calculated by taking shareholders’ equity group share (minus distribution of dividends proposed by the Board of Directors but not yet approved by the General Shareholders' Meeting1), restated for hybrids and capital gains on reclassification of hybrids as equity instruments. Net tangible book value is adjusted for goodwill relating to equity affiliates, restated goodwill and intangible assets as follows: €m31/03/2021Goodwill3,596Restatement for AWM deferred tax liability & others(333)Restated goodwill3,263 Dividend proposal for FY20 deducted from the net book value and the net tangible book value. For Natixis’ RoE and RoTE calculation, the FY21 accrued dividend, based on a 60% payout ratio, is also deducted €m31/03/2021Intangible assets662Restatement for AWM deferred tax liability & others(7)Restated intangible assets655 Own senior debt fair-value adjustment: calculated using a discounted cash-flow model, contract by contract, including parameters such as swap curves and revaluation spread (based on the BPCE reoffer curve). Adoption of IFRS 9 standards, on November 22, 2016, authorizing the early application of provisions relating to own credit risk as of FY16 closing Phased-in capital and ratios incl. current financial year’s earnings and dividends: based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - phased in. Presentation including current financial year’s earnings and accrued dividend1 Fully loaded capital and ratios: based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. Presentation including current financial year’s earnings and accrued dividend1 Leverage ratio: based on delegated act rules, without phase-in (presentation including current financial year’s earnings and accrued dividend1) and with the hypothesis of a roll-out for non-eligible subordinated notes under Basel 3 by eligible notes. Repo transactions with central counterparties are offset in accordance with IAS 32 rules without maturity or currency criteria. Leverage ratio disclosed including the effect of intragroup cancelation - pending ECB authorization Exceptional items: figures and comments on this press release are based on Natixis and its businesses’ income statements excluding non-operating and/or exceptional items detailed page 3. Figures and comments that are referred to as ‘underlying’ exclude such exceptional items. Natixis and its businesses’ income statements including these items are available in the appendix of this press release Restatement for IFRIC 21 impact: the cost/income ratio, the RoE and the RoTE excluding IFRIC 21 impact calculation in 1Q21 takes into account ¼ of the annual duties and levies concerned by this accounting rule Earnings capacity: net income (group share) restated for exceptional items and the IFRIC 21 impact Expenses: sum of operating expenses and depreciation, amortization and impairment on property, plant and equipment and intangible assets IAS 12: As of 3Q19, according to the adoption of IAS 12 (income taxes) amendment, the tax benefit on DSN interest expenses previously recorded in the consolidated reserves is now being accounted for in the income statement (income tax line) Dividend proposal for FY20 deducted as well as the FY21 accrued dividend, based on a 60% payout ratioNatixis - Consolidated P&L (restated) €m1Q202Q203Q204Q201Q21 1Q21 vs. 1Q20Net revenues1,6551,5441,7382,2392,073 25%Expenses(1,560)(1,282)(1,371)(1,558)(1,659) 6%Gross operating income 95261367681414 x4.4Provision for credit losses(193)(289)(210)(159)(92) Associates(8)12(1)5 Gain or loss on other assets(0)4210 Change in value of goodwill00000 Pre-tax profit(107)(23)161522328 NRTax1(2)(57)(130)(95) Minority interests(10)(8)(9)(24)(10) Net income - group share excl. Coface & H2O AM(116)(33)94367224 NRCoface net contribution(118)(27)(41)(7)7 H2O AM net contribution293(14)(38)(6) Net income - group share incl. Coface & H2O AM(204)(57)39323225 NR Restated figures (see note on methodology). See page 13 for the reconciliation of the restated figures with the accounting view Main observable impacts from the COVID-19 context in 2020 (excluding items classified as exceptional) €m 1Q202Q203Q204Q20 2020Net revenues (288)(106)59107 (226)Seed money portfolio mark-downsAWM(32)(17)1860 30 - Listed (34)251630 36 - Unlisted 2(42)331 (6)Dividend mark-downs on equity productsCIB(130)(143)1(11) (283)CVA/DVA impactCIB(55)12643 16FVA impactCorporate Center(71)531415 10Cost of riskCIB(115)(210)(190)(95) (610)Total pre-tax profit impact (403)(316)(131)12 (836) CET1 capital (507)342104336 275OCI (389)29970294 274PVA (118)433442 1Risk-weighted assets (€bn) 3.26.7(4.4)(0.5) 4.9Credit RWA 1.70.9(0.6)0.2 2.1 - RCF drawdowns & new money3 1.70.4(0.4)0.0 1.7 - State-guaranteed loans3 0.00.5(0.2)0.2 0.4Market RWA 1.06.0(3.4)(1.7) 1.9CVA RWA 0.5(0.2)(0.4)1.0 0.9Total CET1 ratio impact (bps) (90)bps(40)bps60bps20bps (45)bps Natixis - Reconciliation between management and accounting figures 1Q20 €m 1Q20underlying Exceptional items 1Q20restated CofacerestatementH2O restatement 1Q20reportedNet revenues1,638 17 1,655 095 1,750Expenses(1,557) (3) (1,560) 0(22) (1,582)Gross operating income 81 14 95 073 167Provision for credit losses(193) 0 (193) 00 (193)Associates6 (14) (8) (6)0 (14)Gain or loss on other assets(0) 0 (0) (112)0 (112)Pre-tax profit(107) (0) (107) (118)73 (152)Tax5 (4) 1 0(14) (13)Minority interests(10) 0 (10) 0(29) (39)Net income - group share excl. Coface & H2O AM(111) (4) (116) (118)29 Coface net contribution1 (119) (118) 1180 0H2O AM net contribution29 0 29 0(29) 0Net income - group share incl. Coface & H2O AM(81) (123) (204) 00 (204) 1Q21 €m 1Q21underlying Exceptional items 1Q21restatedCoface restatementH2O restatement 1Q21reportedNet revenues2,049 24 2,073019 2,092Expenses(1,614) (45) (1,659)0(14) (1,673)Gross operating income 435 (21) 41405 419Provision for credit losses(92) 0 (92)00 (92)Associates5 0 570 13Gain or loss on other assets0 0 00(8) (7)Pre-tax profit349 (21) 3287(3) 333Tax(100) 5 (95)0(2) (96)Minority interests(11) 1 (10)0(2) (11)Net income - group share excl. Coface net contribution239 (15) 2247(6) Coface net contribution0 7 7(7)0 0H2O AM net contribution0 (6) (6)06 0Net income - group share incl. Coface net contribution239 (14) 22500 225 Natixis - IFRS 9 Balance sheet Assets (€bn) 31/03/202131/12/2020Cash and balances with central banks42.130.6Financial assets at fair value through profit and loss1207.1210.4Financial assets at fair value through Equity13.013.2Loans and receivables1113.5112.6Debt instruments at amortized cost1.91.9Insurance assets114.1112.7Non-current assets held for sale0.30.7Accruals and other assets7.56.8Investments in associates0.70.9Tangible and intangible assets1.91.9Goodwill3.63.5Total505.7495.3 Liabilities and equity (€bn) 31/03/202131/12/2020Due to central banks0.00.0Financial liabilities at fair value through profit and loss1202.2208.5Customer deposits and deposits from financial institutions1129.2114.2Debt securities33.935.7Liabilities associated with non-current assets held for sale0.10.1Accruals and other liabilities8.17.8Insurance liabilities107.0104.2Contingency reserves1.71.6Subordinated debt3.93.9Equity attributable to equity holders of the parent19.619.2Minority interests0.20.2Total505.7495.3 1 Including deposit and margin call Natixis - 1Q21 P&L by business line €mAWMCIBInsurancePaymentsCorporate Center 1Q21restatedNet revenues75592524011736 2,073Expenses(587)(583)(138)(103)(248) (1,659)Gross operating income 16834210214(211) 414Provision for credit losses(2)(81)0(0)(8) (92)Net operating income 16626110214(220) 323Associates and other items(0)3201 6Pre-tax profit16626410414(219) 328 Tax (95) Minority interests (10) Net income - group share excl. Coface & H2O AM 224 Coface net contribution 7 H2O AM net contribution (6) Net income - group share incl. Coface & H2O AM 225 Asset & Wealth Management €m1Q202Q203Q204Q201Q21 1Q21 vs. 1Q20Net revenues6806847201,012755 11%Asset Management1639648681952713 12%Wealth management4136406141 1%Expenses(559)(529)(565)(685)(587) 5%Gross operating income 121155156327168 39%Provision for credit losses1(11)(10)(7)(2) Net operating income 121144146320166 37%Associates00000 Other items(2)(3)(1)(1)(0) Pre-tax profit119141145320166 39%Cost/Income ratio82.2%77.3%78.4%67.7%77.7% Cost/Income ratio excl. IFRIC 2181.7%77.5%78.6%67.8%77.2% RWA (Basel 3 - in €bn)14.014.114.414.114.2 1%Normative capital allocation (Basel 3)4,6044,6234,6024,5854,560 (1)%RoE after tax (Basel 3)28.9%8.5%6.8%15.4%9.4% RoE after tax (Basel 3) excl. IFRIC 2129.1%8.4%6.7%15.3%9.6% Asset management including Private equity and Employee savings plan2 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles Corporate & Investment Banking €m1Q202Q203Q204Q201Q21 1Q21 vs. 1Q20Net revenues680511695885925 36%Global markets277103272420490 77% FIC-T 365277213250315 (14)% Equity(33)(175)33127167 NR CVA/DVA desk(56)125437 Global finance1298321321343336 13%Investment banking2103999312696 (7)%Other 2(12)8(3)4 Expenses(559)(478)(512)(556)(583) 4%Gross operating income 12133183330342 x2.8Provision for credit losses(194)(275)(199)(152)(81) Net operating income (73)(242)(16)178261 NRAssociates22233 Other items0(0)0(0)0 Pre-tax profit(70)(240)(13)181264 NRCost/Income ratio82.2%93.5%73.7%62.8%63.1% Cost/Income ratio excl. IFRIC 2178.0%95.4%75.0%63.8%60.3% RWA (Basel 3 - in €bn)65.469.265.469.771.2 9%Normative capital allocation (Basel 3)6,7577,1207,1716,9427,571 12%RoE after tax (Basel 3)3(3.2)%(9.9)%(0.6)%7.6%10.4% RoE after tax (Basel 3) excl. IFRIC 213(1.9)%(10.3)%(1.0)%7.2%11.4% Including Film industry financing 2 Including M&A3 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangiblesInsurance €m1Q202Q203Q204Q201Q21 1Q21 vs. 1Q20Net revenues222229221233240 8%Expenses(134)(116)(117)(123)(138) 4%Gross operating income 88113104110102 16%Provision for credit losses00000 Net operating income 88113104110102 16%Associates(11)(2)(1)(4)2 Other items0000(0) Pre-tax profit77111103106104 35%Cost/Income ratio60.2%50.8%52.8%52.9%57.6% Cost/Income ratio excl. IFRIC 2153.6%52.9%55.0%55.0%52.7% RWA (Basel 3 - in €bn)7.67.68.18.88.9 17%Normative capital allocation (Basel 3)9658968939411,021 6%RoE after tax (Basel 3)121.0%34.6%32.4%31.1%29.7% RoE after tax (Basel 3) excl. IFRIC 21125.3%33.0%30.9%29.6%33.0% 1 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangiblesPayments €m1Q202Q203Q204Q201Q21 1Q21 vs. 1Q20Net revenues11385117115117 4%Expenses(93)(94)(97)(102)(103) 11%Gross operating income 19(9)201314 (28)%Provision for credit losses20(0)1(0) Net operating income 21(9)201414 (35)%Associates00000 Other items00000 Pre-tax profit21(9)201414 (35)%Cost/Income ratio82.8%110.5%83.0%88.6%88.1% Cost/Income ratio excl. IFRIC2182.2%110.8%83.2%88.8%87.5% RWA (Basel 3 - in €bn)1.11.21.11.11.1 (5)%Normative capital allocation (Basel 3)391403414405413 6%RoE after tax (Basel 3)115.1%-5.9%13.6%9.3%9.6% RoE after tax (Basel 3) excl. IFRIC 21115.5%-6.0%13.4%9.1%10.1% Standalone EBITDA calculationFigures excluding exceptional items2 1Q202Q203Q204Q201Q21Net revenues113 85 117 115 117 Expenses(93)(91)(96)(99)(102)Gross operating income - Natixis reported excl. exceptional items20 (6)21 16 15 Analytical adjustments to net revenues(0)(1)(1)(1)(1)Structure charge adjustments to expenses54445Gross operating income - standalone view24 (2)25 19 19 Depreciation, amortization and impairment on property, plant and equipment and intangible assets44555EBITDA28 2 30 24 24 EBITDA = Net revenues (-) Operating expenses. Standalone view excluding analytical items and structure charges Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles 2 See page 3Corporate Center €m1Q202Q203Q204Q201Q21 1Q21 vs. 1Q20Net revenues(39)34(15)(6)36 Expenses(216)(65)(81)(92)(248) 15%SRF(163)(2)(0)(0)(135) (17)%Other(53)(63)(81)(92)(113) Gross operating income (254)(31)(96)(98)(211) (17)%Provision for credit losses(2)(4)(1)(1)(8) Net operating income (256)(34)(97)(100)(220) (14)%Associates0(0)00(0) Other items27321 Pre-tax profit (254)(27)(94)(98)(219) (14)%RWA (Basel 3 - in €bn)9.19.39.89.69.8 8% Corporate Center 1Q21 RWA including the contribution from the residual stake in Coface 1Q21 results: from data excluding non-operating items to reported data €m 1Q21underlyingFX fluctuations on DSN in currencies Provision for litigation Transformation & Business Efficiency Investment costs Real estate management strategy and otherCoface residual stake valuationH2O AM FX fluctuations1Q21restatedNet revenues2,04939(15) 2,073Expenses(1,614) (28)(17) (1,659)Gross operating income 43539(15)(28)(17)00414Provision for credit losses(92) (92)Associates5 5Gain or loss on other assets0 0Pre-tax profit34939(15)(28)(17)00328Tax(100)(10)475 (95)Minority interests(11) 1 (10)Net income - group share excl. Coface & H2O AM23929(11)(20)(13)00224Coface net contribution0 7 7H2O AM net contribution0 (6)(6)Net income - group share incl. Coface & H2O AM23929(11)(20)(13)7(6)225 Natixis - 1Q21 capital & Basel 3 financial structureSee note on methodology Fully loaded €bn31/03/2021Shareholder’s Equity19.6Hybrid securities(2)(2.1)Goodwill & intangibles(3.7)Deferred tax assets(0.7)Dividend provision(0.3)Other deductions(0.6)CET1 capital12.3CET1 ratio11.6%Additional Tier 1 capital1.7Tier 1 capital14.0Tier 1 ratio13.2%Tier 2 capital2.0Total capital16.0Total capital ratio15.2%Risk-weighted assets105.7 Phased-in incl. current financial year’s earnings and dividends €bn31/03/2021CET1 capital12.3CET1 ratio11.6%Additional Tier 1 capital1.9Tier 1 capital14.2Tier 1 ratio13.4%Tier 2 capital2.3Total capital16.4Total capital ratio15.6%Risk-weighted assets105.7 IFRIC 21 effects by business lineEffect on expenses €m1Q202Q203Q204Q201Q21AWM(4)111(4)CIB(28)999(25)Insurance(15)555(12)Payments(1)000(1)Corporate center(113)383838(92)Total Natixis(161)54 54 54 (133) Normative capital allocation and RWA breakdown - 31/03/2021 €bnRWAEoP% oftotalGoodwill & intangibles1Q21Capital allocation 1Q21RoEafter tax1Q21AWM14.215%3.14.69.4%CIB71.275%0.27.610.4%Insurance8.99%0.11.029.7%Payments1.11%0.30.49.6%Total (excl. Corp. Center)95.4100%3.713.6 RWA breakdown (€bn)31/03/2021Credit risk71.0Internal approach59.5Standard approach11.5Counterparty risk7.5Internal approach6.6Standard approach0.9Market risk12.5Internal approach6.0Standard approach6.5CVA1.7Operational risk - Standard approach13.0Total RWA105.7 Fully loaded leverage ratio1 According to the rules of the Delegated Act published by the European Commission on October 10, 2014, including the effect of intragroup cancelation - pending ECB authorization €bn31/03/2021Tier 1 capital114.3Total prudential balance sheet391.9Adjustment on derivatives(30.4)Adjustment on repos2(15.7)Other exposures to affiliates(39.5)Exposure to central banks(19.3)Off balance sheet commitments46.1Regulatory adjustments(4.9)Total leverage exposure328.1Leverage ratio4.4% See note on methodology. Without phase-in - supposing replacement of existing subordinated issuances when they become ineligible2 Repos with clearing houses cleared according to IAS32 standard, without maturity or currency criteriaNet book value as at March 31, 2021 €bn31/03/2021Shareholders’ equity (group share) 19.6 Deduction of hybrid capital instruments(2.0)Deduction of gain on hybrid instruments(0.1)Distribution(0.2)Net book value17.3 Restated intangible assets1(0.7)Restated goodwill1(3.3)Net tangible book value213.4€ Net book value per share5.48Net tangible book value per share4.24 Net tangible book value per share of €4.18 post FY21 dividend accrual, based on a 60% payout ratio 1Q21 Earnings per share €m31/03/2021Net income (gs)225DSN interest expenses on preferred shares adjustment(27)Net income attributable to shareholders199Earnings per share (€)0.06 Number of shares as at March 31, 2021 31/03/2021Average number of shares over the period, excluding treasury shares3,153,805,866Number of shares, excluding treasury shares, EoP3,155,441,451Number of treasury shares, EoP2,461,581 Net income attributable to shareholders €m1Q21Net income (gs)225DSN interest expenses on preferred shares adjustment(27) RoE & RoTE numerator199 See note on methodology 2 Net tangible book value = Book value - goodwill - intangible assets RoTE1 €m31/03/2021Shareholders’ equity (group share)19,595DSN deduction(2,122)Dividend provision(308)Intangible assets(655)Unrealized/deferred gains and losses in equity (OCI)(561)Goodwill(3,263)RoTE Equity end of period12,686Average RoTE equity (1Q21)12,5591Q21 RoTE annualized with no IFRIC 21 adjustment6.3%IFRIC 21 impact1141Q21 RoTE annualized excl. IFRIC 219.9% RoE1 €m31/03/2021Shareholders’ equity (group share)19,595DSN deduction(2,122)Dividend provision(308)Unrealized/deferred gains and losses in equity (OCI)(561) RoE Equity end of period16,603Average RoE equity (1Q21)16,4531Q21 RoE annualized with no IFRIC 21 adjustment4.8%IFRIC 21 impact1141Q21 RoE annualized excl. IFRIC 217.6% Doubtful loans €bn31/12/202031/03/2021 Gross customer loans outstanding69.369.6 - Stage 1+265.765.7 - Stage 33.63.9 Stock of provisions1.41.5 % of Stage 3 loans5.2%5.5% Stock of provisions / Gross customer loans2.0%2.1% See note on methodology. Disclaimer This media release may contain objectives and comments relating to the objectives and strategy of Natixis. Any such objectives inherently depend on assumptions, project considerations, objectives and expectations linked to future and uncertain events, transactions, products and services as well as suppositions regarding future performances and synergies. No Insurance can be given that such objectives will be realized. They are subject to inherent risks and uncertainties, and are based on assumptions relating to Natixis, its subsidiaries and associates, and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in Natixis' principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those implied by such objectives. Information in this media release relating to parties other than Natixis or taken from external sources has not been subject to independent verification, and Natixis makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions herein. Neither Natixis nor its representatives shall be liable for any errors or omissions, or for any prejudice resulting from the use of this media release, its contents or any document or information referred to herein. Included data in this press release have not been audited. NATIXIS financial disclosures for the first quarter 2021 are contained in this press release and in the presentation attached herewith, available online at www.natixis.com in the “Investors & shareholders” section. Contacts Investor Relationsinvestorelations@natixis.com Damien SouchetNoémie Louvel+33 1 58 55 41 10+33 1 78 40 37 87 Press Relationspress@communication.natixis.com Daniel WilsonSonia DilouyaVanessa Stephan+33 1 58 19 10 40+33 1 58 32 01 03+33 1 58 19 34 16 www.natixis.com Our information is certified with blockchain technology. Check that this press release is genuine at www.wiztrust.com. Attachment PR 1Q21

  • Globe Newswire

    Information relating to the total number total of voting rights and of shares as of April 30, 2021

    Name of issuer: NATIXIS S.A. joint stock company with a share capital of 5,052,644,851.20 eurosRegistered under the number B 542 044 524 RCS ParisRegistered Office: 30 avenue Pierre Mendès-France - 75013 Paris Information relating to the total number total of voting rights and of shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the French Financial Markets Supervision Authority (AMF) General Regulations. DateNumber of shares composing current share capitalTotal number of voting rightsApril 30, 20213,157,903,032Gross total: 3,157,903,032Net total*: 3,155,441,451 * Net total: total number of voting rights attached to the total number of shares – shares without voting rights (treasury stock, etc.) The €5,052,644,851.20 share capital has been registered by a decision of the Chief Executive Officer on March 01, 2021. Note: This translation is for information purposes only. In case of inconsistencies between the French version and the English version of this document, the French version shall prevail Attachment Natixis_monthly_information_equity_distribution_202104130