NATIXIS -2020 Universal Registration Document

5 FINANCIAL DATA

Consolidated financial statements and notes

7.8

Deferred tax assets and liabilities

31/12/2020

31/12/2019

Deferred tax liabilities

Deferred tax liabilities

Deferred tax assets

Deferred tax assets

Standard

(in millions of euros)

Standard

Sources of deferred taxes (a) Tax amortization of goodwill (b) Provision for employee benefits Other non-deducted provisions Non-deducted accrued expenses (including deferred compensation) Elimination of equalization reserve

(1,193)

(1,295)

195

231

1,247

1,295

463 (61)

535

(321) (141) 7,396

Other sources of deferred tax through profit or loss

(169) 7,139

Ordinary tax losses

Unrecognized sources of deferred tax TOTAL SOURCES OF DEFERRED TAX THROUGH PROFIT OR LOSS Sources of deferred tax on recyclable OCI Sources of deferred tax on non-recyclable OCI

(4,286)

(4,617)

3,335 (734)

1,323 (194)

379

3,083 (745)

1,350

476 164 (24) 616

10 49

(7) 45

269

67

274

TOTAL SOURCES OF DEFERRED TAX

2,870

1,196

438

2,612

1,388

Positive amounts represent sources of deferred tax giving rise to deferred tax assets, while negative amounts represent sources giving rise (a) to deferred tax liabilities. Deferred tax related to the tax amortization of goodwill in the United States. (b)

Breakdown of deferred tax assets on losses by geographic area

Legal carry forward period

Max. recognition period

(in millions of euros)

31/12/2019

31/12/2020

Deferred tax assets on losses by geographic area France (a)

580

641

Unlimited

10 years

United States

57

47

Unlimited (b)

10 years (c)

United Kingdom

Unlimited

10 years

Other

121 758

101

TOTAL 789 The amount of deferred taxes on tax losses recognized at December 31, 2020 was €758 million, of which €580 million capitalized on the tax consolidation (a) group in France. The base of the tax loss recognized for the tax consolidation group in France amounts to €2,254 million, out of a total stock of tax loss carryforwards of €4,176 million. At December 31, 2020, Natixis conducted tests to measure the potential impact on deferred tax assets of the assumptions applied when implementing its tax business plans. These tests, which notably measure the impact of a +/- 10% change in the GDP growth assumptions applied, confirm the likelihood of Natixis being able to deduct tax losses, used to calculate the deferred taxes assets, from future taxable profits; Except for tax losses that arose prior to January 1, 2018 (limited to 20 years). (b) Concerning the federal deficit, the “State” and “City” portions may be activated over longer periods (limited to the legal time limit). (c)

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020