4 COMMENTAIRES SUR L’EXERCICE Faits majeurs de l’année 2020
); <;HKO? ; L?uO >?OR NLIJBw?M FfOH >w=?LHw J;L F? G;A;TCH? 1B? ;HE?L ?N Ff;ONL? J;L F? G;A;TCH? 0NLO=NOL?> /?N;CF -LI>O=NM /IOL=? %HP?MNG?HN ;HE I@ NB? 5?;L @IL !KOCNS FCHE?> ,LI>O=NM
?;F I@ NB? 5?;L Real Assets )?M FCAH?M GwNC?LM '40; BB4CB KOC CH=FO?HN F?M M?=N?OLM PC;NCIH &H@L;MNLO=NOL? ?N &GGIfOH? MIFC>? LwMCMN;H=? )? M?=N?OL >O NL;HMJILN ;wLC?H >? J;MM;A?LM ; wNw J;LNC=OFCvL?G?HN ;@@?=Nw J;L FfwJC>wGC? >? F; ,3&!
;GILu;HN OH? F?HN? L?JLCM? NCLw? J;L F?M PIFM >IG?MNCKO?M ?N NIOLCMNCKO?M ;P?= OH HCP?;O >? PIS;A?M >f;@@;CL?M ?N CHN?LH;NCIH;OR >?G?OL;HN @;C? >C@@C=CF? +;NCRCM ; =IHNCHOw >f;==IGJ;AH?L M?M =FC?HNM N;HN F?M =IGJ;AHC?M ;wLC?HH?M KO? F?M FIO?OLM ?H @IOLHCMM;HN >?M @;=CFCNwM >? NLwMIL?LC? >?M @CH;H=?G?HNM >? JILN?@?OCFF?M IO >?M NL;HM;=NCIHM A;L;HNC?M J;L >?M ;A?H=?M >? =Lw>CN ?RJILN Yn&H@L;MNLO=NOL?Mn^ YnpH?LAC?n^ ; ?M CH@L;MNLO=NOL?M >? NwFw=IGGOHC=;NCIHM ?N J;L F? M?=N?OL >?M wH?LAC?M L?HIOP?F;? HIGCR 3" );HA; /?>?H $L?H?LAS LLISI =? KOC =IH@CLG? F; JIMCNCIH >IGCH;HN? >? +;NCRCM MOL =? M?AG?HN "H@CH &GGIfOH? J;LN r ;==IGJ;AH?L M?M =FC?HNM >;HM NION?M F?M TIH?M AwIAL;JBCKO?M I CF ?MN JLwM?HN >f;ONL? J;LN r >wP?FIJJ?L F; GCM? ?H JF;=? >? @CH;H=?G?HNM YnAL??H MOMN;CH;? JIMCNCIH >;HM F? =F;MM?G?HN >?M &' $FI<;F )?;AO? 1;;HM F? GIH>? NwGICAH;HN >? MIH ?RJ?LNCM? ?H @CH;H=?G?HN >?M CH@L;MNLO=NOL?M Trade & Treasury Solutions 1L;>? 1L?;MOLS 0IFONCIHM Mf?MN NL;HM@ILGw? ?Hn ?H M? L;JJLI=B;HN >?M ;=NCPCNwM >? =Lw>CNM ?RJILN ?N >? HwAI=? >? G;NCvL?M JL?GCvL?M PCM;HN r GC?OR M?LPCL HIM =FC?HNM ?H F?M ;==IGJ;AH;HN >? @;uIH JFOM =IGJFvN? >;HM F?OLM M >? LIOF?G?HN ?N F? >wP?FIJJ?G?HN >? F?OLM P?HN?M HIN;GG?HN r FfCHN?LH;NCIH;F -;LGC F?M wPwH?G?HNM G;LKO;HNM ?Hn "+/ 1L;>? ; ;==wFwLw Ff;==IGJ;AH?G?HN >?M =FC?HNM >;HM F?OL NL;HMCNCIH wH?LAwNCKO? ;P?= >?M JLI>OCNM CHHIP;HNM N?FM KO? F? $L??H L?JI Lw;FCMw MOL Ff;FOGCHCOG ;P?= 1L;@CAOL; "H IONL? 1L?;MOLS 0IFONCIHM ; =IHNCHOw r CHHIP?L >;HM F? >IG;CH? >CACN;F J;L ?R?GJF? ;P?= F; NL;u;?M J;C?G?HNM CHN?LH;NCIH;OR M&A !? HIGf?HP?LAOL? IHN wNw G?Hw?M =?NN? ;HHw? J;L +;NCRCM ?N F? LwM?;O >? MOL F; P?HN? >? &J;=E=B?G r 0( ;JCN;F O /IS;OG?
2HC #?H=BOL=B >PCMILS ; =IHM?CFFw %;MNCHAM $LIOJ JF= JIOL FfI@@L? JOf;=B;N J;L OH =IHMILNCOG =IHMNCNOw >? 0;GJI ?N /*& OR pN;NM
2HCM -' 0IFIGIH ; =IHM?CFFw *II> *?>C; >;HM OH JL?GC?L N?GJM MOL M; L?MNLO=NOL;NCIH ;O NCNL? >O =B;JCNL?n8 9 JOCM >;HM OH M?=IH> N?GJM MOL M; P?HN? r 3?=NIL ;JCN;F "H #L;H=? +;NCRCM ?N +;NCRCM -;LNH?LM M? =F;MM?HN =IHDICHN?G?HN H[n ?R ;?KOI ?H HIGfIJwL;NCIHM ;OJLvM >?M GC>=;JM MIOL=?h (` A?@C $?<>I O /IS;OG?
2HC #?H=BOL=B >PCMILS M? =F;MM? H[n >;HM F? M?=N?OL >?M #&$ ?H HIGfIJwL;NCIHM MIOL=?h )?LA?LG;LE?N
Investment Banking O M?CH >f&HP?MNG?HN ;HECHA F?M @CH;H=?G?HNM MNL;NwACKO?M ?N >f;=KOCMCNCIHM MIHN CHN?LP?HOM ?H ;JJOC >?M wKOCJ?M >? IP?L;A? =ILJIL;N? ?H ;LL;HA?;HN =?NN? ;HHw? >? HIG? FCKOC>CNw -$" ?H #L;H=? P?H;HN ?H L?H@IL=?G?HN >? ? =FC?HNM >? +;NCRCM 0OL F? JF;H >?M @CH;H=?G?HNM >f;=KOCMCNCIHM >? HIG?M ;=KOwL?OLM =ILJIL;N? >IHN Ff;=KOCMCNCIH >f"H>?GIF 0BCH? $LIOJ J;L ;HCD;S J?LG?NN;HN ;O ALIOJ? >? >?P?HCL F? JFOM AL;H> JLI>O=N?OL CH>wJ?H>;HN GIH>C;F >? JLIAL;GG?M 13 *;FALw OH? Lw>O=NCIH >?M PIFOG?M MOL F? M?AG?HN >?M @CH;H=?G?HNM r ?@@?N >? F?PC?L JIOL >?M @IH>M >fCHP?MNCMM?G?HN +;NCRCM ; =IHHO KO?FKO?M IHHw 0IF? 0OMN;CH;CH;NIL ?N #;=CFCNS A?HN JIOL F? =IGJN? >? &( -;LNH?LM >;HM F? =;>L? >? Ff;=KOCMCNCIH >? (?LMC; F?;>?L >;HM F; n^ JIOL OH ?GJLOHN @L;Hu;CM +;NCRCM ; wNw ;=NCP? MOL F? G;L=Bw >?M ;OAG?HN;NCIHM >? =;JCN;F ;ACMM;HN ?H N;HN KO? 1?H?OL >? )CPL? MMI=Cw MOL FfIJwL;NCIH >f FMNIG JFOM CGJILN;HN? ;OAG?HN;NCIH >? =;JCN;F JIOL @CH;H=?L OH? IJwL;NCIH * >?JOCM ?H #L;H=? ;CHMC KO? MOL Ff;OAG?HN;NCIH >? =;JCN;F >? 1?=BHC=IFIL ?H N;HN KO? IIL>CH;N?OL $FI<;F ?N 1?H?OL >? )CPL? MMI=Cw !;HM =?M =IH>CNCIHM >? G;L=Bw ?R=?JNCIHH?FF?G?HN PIF;NCF?M +;NCRCM ; JO ? M; @ILN? ?RJ?LNCM? MOL F? G;L=Bw >?M ICLCA?L =CHK IJwL;NCIHM >f?HP?LAOL? ?Hn >IHN F?M wGCMMCIHM >f ==IL >? 0;@L;H >? 01*C=LI?F?=NLIHC=M IO ?H=IL? >? 4ILF>FCH? r >?OR L?JLCM?M +;NCRCM >?G?OL? Ff;=N?OL H[n ;ON;HN ?H PIFOG?M L;=B?NwM MOL F? G;L=Bw @L;Hu;CM KOf?H HIG? NL;HM;=NCIHM MIOL=?h >IHHp?M LpAOFp?M CMMO?M >?M MCN?M >?M pG?NN?OLM >O / " MOL F`;HHp? )? G;L=Bw I? HIG? F?OLM ICMNCHAOw? ?H M? BCMM;HN ?H B;ON >? F; F?;AO? N;O YnM?AG?HN >?M BS?M HIH >CFONCP?M ?H #L;H=?n^ MIOL=? >?;FIAC= +;NCRCM =IHNCHO? J;L ;CFF?OLM r G?NNL? ?H `OPL? M; MNL;NwAC? >;HM F? >IG;CH? >? F; @CH;H=? >OL;? NL;HM;=NCIHM I? G;H>;NM ?Rw=ONwM CH=FO;HN >?M wGCMMCIHM PCM;HN r MION?HCL F?M ;=NCPCNwM CGJ;=Nw?M J;L F; =LCM? M;HCN;CL? ,3&! IH>M JIOL Ff?HM?G?M M?AG?HNM ILJIL;N?M 0IOP?L;CHM 0OJL; +;NCIH;OR ?N #CH;H=CvL?M !;HM F? =IHN?RN? >? F; J;H>wGC? >? ,3&!
F? J~F? BBDA0=24B ; wNw CGJ;=Nw J;L F; =LCM? ?N Mf?MN ;>;JNw ?H JL?H;HN >?M G?MOL?M PCM;HN r JLwM?LP?L MIH ;=NCPCNw ?N r L?MN?L IJwL;NCIHH?F JIOL M?M =FC?HNM )? J~F? ; =IHNLCM >? MIFC>;LCNw >?M 1-" GCM ?H `OPL? J;L F? AIOP?LH?G?HN r B;ON?OL >? nGCFFCIHM >f?OLIM )?M MMOL;H=?M >? J?LMIHH?M ?N F?M MMOL;H=?M HIH PC? M? MIHN ;>;JNw?M ;OR JwLCI>?M >? =IH@CH?G?HN ?H AwHwL;FCM;HN F? NL;P;CF r >CMN;H=? >vM F? JL?GC?L =IH@CH?G?HN ?H G;CHN?H;HN MOL MCN? M?OF?G?HN >?M ;=NCPCNwM =LCNCKO?M ;@CH >? Mw=OLCM?L F?M NL;P;OR ?N ?H G?NN;HN ?H JF;=? OH >CMJIMCNC@ KOINC>C?H >?M ;=NCPCNwM >? MIOM=LCJNCIH ?N A?MNCIH PCM;HN HIN;GG?HN r G;CHN?HCL F? HCP?;O >? KO;FCNw >? M?LPC=? JIOL F?M =FC?HNM -IOL F?M MMOL;H=?M >? J?LMIHH? F?M CGJ;=NM @CH;H=C?LM >? F; =LCM? MIHN G;{NLCMwM >O @;CN HIN;GG?HN >?M Gw=;HCMG?M >? JLIN?=NCIH ?H JF;=?n ?H J;LNC=OFC?L FfCGJ;=N >? F; <;CMM? >?M G;L=BwM ;=NCIHM ;O JL?GC?L NLCG?MNL? ; wNw ;NNwHOw J;L F; =IOP?LNOL? ;=NCIHM MIOM=LCN? ?Hn ?N J?O >fCGJ;=NM MIHN ICPC>O?FF?
230
NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020