NATIXIS - Document d'enregistrement universel et rapport financier annuel 2020

COMMENTAIRES SUR L’EXERCICE Perspectives pour Natixis

Perspectives pour Natixis 4.6

"H $?MNCIH >f;=NC@M F? L;JJLI=B?G?HN IJwL;NCIHH?F ?HNL? ,MNLOG * ?N ) - * ?MN >wMILG;CM Lw;FCMw N;H>CM KOfOH =IHNL;N >? =?MMCIH ; wNw MCAHw JIOL OH? P?HN? >? F; J;LNC=CJ;NCIH >? >? +;NCRCM &* >;HM % , * ;O G;H;A?G?HN >? F; MI=CwNw >? A?MNCIH IH=?LH;HN F; ;HKO? >? AL;H>? =FC?HNvF? OH L?JIMCNCIHH?G?HN >O GwNC?L >wLCPwM ;=NCIHM PCM;HN Ff;LLxN >?M JLI>OCNM F?M JFOM =IGJF?R?M ?N >?M FCGCN?M >f?RJIMCNCIH L?PO?M r F; <;CMM? ; wNw GCM ?H `OPL? P?LM F; @CH >O KO;NLCvG? NLCG?MNL? ? L?JIMCNCIHH?G?HN >?PL;CN =IH>OCL? r >?M L?P?HOM ;HHO?FM >O GwNC?L ;=NCIHM ;OR ;F?HNIOLM >? GCFFCIHM > ?OLIM 1IODIOLM =IH=?LH;HN F; ;HKO? >? AL;H>? =FC?HNvF? N;H>CM KOfOH L?=?HNL;A? >? Ff;=NCPCNw NL;>? @CH;H=? ; wNw ?@@?=NOw >;HM F? =IOL;HN >? Ff;HHw? F; Lw>O=NCIH >?M ?RJIMCNCIHM FCw?M ;OR A;T ?N JwNLIF? >? M=BCMN? >?PL;CN M? JIOLMOCPL? ;P?= JIOL I? >wA;A?L F?M G;LA?M >? G;H`OPL? Hw=wMM;CL?M ;O >wP?FIJJ?G?HN >? M?M GwNC?LM +;NCRCM ; J;L ;CFF?OLM ;HHIH=w OH JF;H > ?@@C=;=CNw IJwL;NCIHH?FF? PCM;HN JLvM >? GCFFCIHM > ?OLIM > w=IHIGC?M >? =I€NM r BILCTIH U GCFFCIHM > ?OLIM Lw;FCMw?M MOL U GCFFCIHM > ?OLIM MOL U GCFFCIHM > ?OLIM MOL ?N U GCFFCIHM > ?OLIM MOL JIOL OH GIHN;HN >fCHP?MNCMM?G?HNM =F;MMwM ?H wFwG?HNM ?R=?JNCIHH?FM >? FfIL>L? >? GCFFCIHM > ?OLIM wN;FwM DOMKOfr "H N?LG?M >? MIFP;? >O =;JCN;F >? % , * ?N >? >O =;JCN;F >? I@;=? @CH;FCMw? F? @wPLC?L >?PL;C?HN J?LG?NNL? >f;?M CGJ;=NM LvAF?G?HN;CL?M ;NN?H>OM MOL 1/&* ;HKO?M 0 / KOC MIHN ?MNCGwM r ?HPCLIH J< JIMN ;=NCIHM >? GCNCA;NCIH &F ?MN wA;F?G?HN r HIN?L KO? F? @wPLC?L F? $LIOJ? - " ; ;HHIH=w MIH CHN?HNCIH >? >wJIM?L OH JLID?N >fI@@L? JOO =;JCN;F >? +;NCRCM KOf?FF? H? >wNC?HN J;M MOL F; <;M? >O =;JCN;F MI=C;F wGCM ?N ?HNCvL?G?HN FCw=?G? ?OLIM J;L ;=NCIH +;NCRCM >CPC>?H>? ;NN;=Bw - " ; ;HHIH=w MIH CHN?HNCIH >? G?NNL? ?H `OPL? OH? JLI=w>OL? >? L?NL;CN I?M NCNL?M HIH >wN?HOM J;L ?FF? >;HM FfBSJINBvM? I F?M ;=NCIHH;CL?M GCHILCN;CL?M H? >wNC?H>L;C?HN J;M JFOM >? >O =;JCN;F ?N >?M >LICNM >? PIN? >? F; 0I=CwNw r FfCMMO? >? FfI@@L? ? JLID?N >fI@@L? MfCHM=LCL;CN >;HM F? =;>L? >fOH JLID?N CH>OMNLC?F ;GO >wP?FIJJ?G?HN >?M GwNC?LM >? +;NCRCM ?N >? F; MCGJFC@C=;NCIH >? M?M @CFCvL?M @IH=NCIHH?FF?M KO? F? $LIOJ? - " ?HN?H> G?NNL? r FfwNO>? )?n @wPLC?L - " 0 ; ;CHMC JLI=w>w ;O >wJ~N >fOH JLID?N >? HIN? >fCH@ILG;NCIH KOC =IGJL?H> HIN;GG?HN F? =;F?H>LC?L JLwPCMCIHH?F >?nF IJwL;NCIH ;OJLvM >? Ff ONILCNw >?M *;L=BwM #CH;H=C?LM KOC J?ON xNL?n=IHMOFNw r Ff;>L?MM? MOCP;HN? BNNJM ALIOJ?IQHFI;> @CF? ,LID?N >? HIN? > CH@ILG;NCIH J>@

JLvM OH? ;HHw? G;LKOw? J;L F; =LCM? >? F; ,3&! OH w=F;CL=CMM?G?HN >? FfBILCTIH JIOL ?MN ;NN?H>O ;P?= OH? Lw>O=NCIH JIN?HNC?FF? >O LCMKO? )?M >w@CM >?G?OL?HN Hw;HGICHM JLwM?HNM >;HM OH GIH>? I F; =LICMM;H=? M?L; M?HMCC@@wL?HN? >fOH? TIH? r Ff;ONL? >O @;CN >?M LwJIHM?M >CMJ;L;N?M ;JJILNw?M r F; =LCM? )? MO==vM ?M=IGJNw >O >wJFIC?G?HN >?M P;==CHM ; L?F?Pw F?M J?LMJ?=NCP?M >? =LICMM;H=? JIOL F?M >?OR JLI=B;CH?M ;HHw?M ?N ;GwFCILw F; PCMCfCHNwLxN >?PL;C?HN FwAvL?G?HN ;OAG?HN?L NION ?H L?MN;HN r >?M HCP?;OR @;C?PL;C?HN xNL? JFOM JILN?OM?M JIOL F?M ;=NCIHM KOC IHN ?HA;Aw OH L? @CH ); >SH;GCKO? >? =LICMM;H=? >?PL;CN xNL? P;LC;? MOfCGJILN;NCIHM GxG? MfCF ?RCMN?L; >?M LCMKO?M @CH;H=C?LM )? HCP?;O >? -& >? >?PL;CN xNL? MOJwLC?OL r =?FOC >? );nMCNO;NCIH ;GwLC=;CH? M?L;CN JFOM =IGJF?R? =IGJN? N?HO >? F; LwMOLA?H=? >? F; =LCM? M;HCN;CL? ); =LICMM;H=? ;HNC=CJw? M?L;CN @;COCN r F; GCM? ?H `OPL? >fOH JF;H >? L?F;H=? >wDr ;JJLIOPw J;L F; =B;G?M L?JLwM?HN;HN ;O GICM >? @wPLC?L )? -& H? >?PL;CN J;M xNL? >? L?NIOL ;O HCP?;O >? r F; @CH "H TIH? ?OLI F; =LCM? M;HCN;CL? ?MN ?H=IL? NLvM JLwM?HN? ;O >w? Ff;HHw? )?Mn>CP?LM JF;HM >? L?F;H=? >?PL;C?HN Hw;HGICHM J?LG?NNL? OHnL;NNL;J;A? ?H M;HM NION?@ICM ;NN?CH>L? F? HCP?;O >? -& ;P;HN F; @CH >O JL?GC?L NLCG?MNL? >?nFf;HHw? ); JIFCNCKO? AwN;CL? >?M pN;NM M?L; ;O =`OL >? F; >SH;GCKO? G;=LIw=IHIGCKO? ?N F?M JIFCNCKO?M GIHwN;CL?M ;==IGJ;AH?LIHN =? GIOP?G?HN ?F; >?PL;CN ;PICL JIOL =IHMwKO?H=? >? G;CHN?HCL F?M N;OR >fCHNwLxN <;M JIOL NION?M F?M G;NOLCNwM )? HCP?;O >? F; >?NN? JOAwN;CL?M L?MN?LIHN ;==IGGI>;HN?M ?H=IL? FIHAN?GJM =IHMNCNO?L; OH JICHN >? PCACF;H=? !;HM =? =IHN?RN? >?M CHN?LLIA;NCIHM M? MIHN @;CN DIOL ;O >w? Ff;HHw? MOL F?M LCMKO?M >fCH@F;NCIH ?N F?M N;OR >fCHNwLxNM r FIHA N?LG? M? MIHN N?H>OM ;OR "N;NM 2HCM 0OL Ff;HHw? F?M L?H>?G?HNM >O OH> 6 ?N >O 201 6 >?PL;C?HN AL;>O?FF?G?HN ;OAG?HN?L JIOL N?H>L? P?LM L?MJ?=NCP?G?HN ? Ff?R?L=C=? =? KOC M?L;CN ;MMI=Cw r OH? J?HNC@C=;NCIH >? F; =IOLM JwLCJBwLCKO?M >?PL;C?HN ;OMMC =IHNCHO?L r M? L?MM?LL?L "H@CH nF?M G;L=BwM ;=NCIHM >?PL;C?HN O L?>wG;LL;A? >? F;n=LICMM;H=? ?N >? Ff;GwFCIL;NCIH >?M JLwPCMCIHM >? ? +;NCRCM OH =?LN;CH HIG? >wP?FIJJ?G?HNM MNL;NwACKO?M IHN wNw ;HHIH=wM r FfI==;MCIH >?M LwMOFN;NM >O NLICMCvG? NLCG?MNL? ?H ;GIHN >? F; JLwM?HN;NCIH >fOH HIOP?;O JF;H >? GIS?H N?LG? KOC >?PL;CN JIN?HNC?FF?G?HN CHN?LP?HCL >;HM F? =IOL;HN >? Ff;HHw?

4

245

www.natixis.com

NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020

Made with FlippingBook Publishing Software