NATIXIS - 2020 Meeting notice combined general shareholder's meeting

MANAGEMENT REPORT AT DECEMBER 31, 2019

Payment terms Pursuant to Article D.441-4of the French CommercialCode, supplier invoices that have been received but remain unpaid at the reporting date (for a total amountincluding taxof €101.5 million) areas follows:

Invoices received but still unpaid at the end of the period

0 day (indicative)

Total (1 day and over)

1 to 30 days

31 to 60 days

61 to 90 days 91 days and over

Total amount of invoices affected, including tax (in millions of euros) Percentage of the total amount of purchases, including tax, for the period

1.5

3.0

7.2

94.3

1.1

1.6

6.17%

0.07%

0.10%

0.10%

0.20%

0.47%

Number of invoices concerned

2,673

832

This informationdoes not include banking transactionsand relatedoperations. For debt and receivables associatedwith Natixis S.A. clients, please refer to Note 37 of Chapter 5.3on assets and liabilities by maturity, which provides information on theirresidual maturity.

Outlook for Natixis 2019 closed on a positive note in terms of the global trade outlook: the risk of a hard Brexit was ruled out, and the US and China reached a partial agreementthat was then signed on January 15, 2020. While this progress does not eliminate all the uncertainties (especially the impactof the coronavirusoutbreak on global growth and Natixis' businesses,whichhas yet to be assessed),suchprogressshouldbring abouta cyclicalrecovery.Surveydataat the beginningof 2020indicate improvementin the manufacturingsector, which can vary in strength (weakin theeurozone, robustin theUS)depending on the region. Combined with what is expected to remain a loose policy mix (particularlyas central banksmaintainthe status quo) and a relatively tight job market, this cyclical recovery will support growth over the next quarters.We can thereforeexpect to see a 2.5% increase in GDP in the US in 2020. With the risk of escalation in the US-China trade war now limited, China can expect its growth to slow to 5.7%, which has more to do with structural factors than external trade risks. Recovery in the euro zone will be relatively slack in the first part of the year but is expected to gradually firm up (0.8% expectedin 2020 after 1.2% in 2019). France should outperform the euro zone with stable growth in the region of 1.2%, while Germanywill see its second consecutiveyear ofweak growth(0.5%).

In 2020,Natixiswill completethe implementationof the NewDimension strategic plan to give clients a broader range of high added-value solutions through three powerful initiatives: deepening the transformationof the businessmodel that successfullybegan under the New Frontier plan; allocating a significantportion of investments to digital technologies; and differentiating itself by taking the lead in areas where Natixis’ teams are recognized for their exceptional expertise.All this will take place in a persistentlyvolatileeconomicand geopoliticalsetting,especiallyin light of the coronavirusand its impact on the globaleconomy,despitesignsof improvement in the secondhalf of 2019 after 12 lacklustermonths. This context and volatility make it difficult to predict whether all the New Dimension 2020 goals will be achieved. The plan will come to an end this year and will be succeededby a new strategicplan that will be presented,together with newmedium-term goals, by thendof 2020.

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NATIXIS MEETING NOTICE 2020

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