NATIXIS - 2018 Registration document and annual financial report

FINANCIAL DATA Consolidated financial statements and notes

Interests in subsidiaries 4.3

4.3.1

Material non-controlling interests

At December 31, 2018, as at December 31, 2017, the main material subsidiary in which the Group had a non-controlling interest was Coface.

AT DECEMBER 31, 2018 R

31/12/2018

Non-controlling interests

Concise financial information on entities

(in millions of euros)

Income attributable to the owners of non-controlling interests over the period

Percentage control of non-controlling interests (if different)

Percentage interest in non-controlling interests

Amount of non-controlling interests in the subsidiary

Dividends paid to the owners of non-controlling

Total debt (liabilities – equity)

Place of establishment

Name of entity

interests Total assets

Net income Total income

Coface

France

57.14%

57.14%

71

1,067

31

7,219

5,413

124

101

H2O

Great Britain

49.99%

49.99%

180

187

81

545

171

360

357

Other entities

53

25

57

TOTAL

304

1,279

169

5

AT DECEMBER 31, 2017 R

31/12/2017

Non-controlling interests

Concise financial information on entities

(in millions of euros)

Income attributable to the owners of non-controlling interests over the period

Percentage control of non-controlling interests (if different)

Percentage interest in non-controlling interests

Amount of non-controlling interests in the subsidiary

Dividends paid to the owners of non-controlling interests

Total debt (liabilities – equity)

Place of establishment

Name of entity

Total assets

Net income Total income

Coface

France

58.62%

58.62%

33

1,082

12

7,360

5,554

83

76

H2O

Great Britain

49.99%

49.99%

83

89

28

256

78

167

165

Other entities

76

20

39

TOTAL

192

1,192

79

Impact of changes in percentage holdings in subsidiaries still under control 4.3.2 at December 31, 2018

No such material transactions were recorded in 2018.

AT DECEMBER 31, 2017 R

The Group’s % interest at the beginning of the period

Impact of changes in the percentage on Equity

The Group's % interest at the end of the period

Group share

Share of non-controlling interests (change in investment)

(in millions of euros)

The buying by Natixis of minority shareholders’ investments

60.00

100.00

(94)

(179)

BPCE Assurance

4.3.3

Some entities are also subject to local regulations concerning liquidity and solvency. The share of encumbered assets that cannot be freely used is presented in Section 3.3 of Chapter [3], “Risk factors, risk management and the pillar III report”, of the registration document. Despite the application of exchange controls in some countries, Natixis did not encounter difficulties transferring the dividends of subsidiaries located in these countries during the period. Assets representative of unit-linked policies from insurance activities measured under the fair value option are held for the benefit of policyholders.

Impact of the loss of control during the period of a subsidiary in which an interest has been retained

No such transactions were recorded in either 2017 or 2018.

Material restrictions 4.3.4 Natixis is subject to liquidity risk supervision, which requires the creation of a liquidity reserve limiting the use of the assets of which it is composed (see Note 3.2.87 “Balance sheet management” in Chapter [3], “Risk factors, risk management and the pillar III report”, of the registration document) .

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Natixis Registration Document 2018