ÉLÉMENTS FINANCIERS Comptes consolidés et annexes
?NN? DOMN? P;F?OL M? =IGJIM? >fOH JLCR GCFC?O >? G;L=Bw ?N >f;DOMN?G?HNM ;>>CNCIHH?FM >? P;FILCM;NCIH >wN?LGCHwM ?H @IH=NCIH >?M CHMNLOG?HNM =IH=?LHwM ?N >?M LCMKO?M ;MMI=CwM )? JLCR GCFC?O >? G;L=Bw ?MN I? JLCR =INwM FILMKO? FfCHMNLOG?HN ?MN =INw MOL OH G;L=Bw ;=NC@ 2H V CHMNLOG?HN @CH;H=C?L ?MN =IHMC>wLw =IGG? =INw MOL OH G;L=Bw ;=NC@ MC F?M =IOLM MIHN ;CMwG?HN ?N LwAOFCvL?G?HN >CMJIHCfOH? IOLM? >fOH =IOLNC?L >fOH HwAI=C;N?OL >fOH M?=N?OL >f;=NCPCNw >fOH M?LPC=? >fwP;FO;NCIH >?M JLCR IO >fOH? ;A?H=? LwAF?G?HN;CL? ?N KO? =?M JLCR L?JLwM?HN?HN >?M NL;HM;=NCIHM Lw?FF?M KOC CHN?LPC?HH?HN LwAOFCvL?G?HN MOL F? G;L=Bw JLCH=CJ;F IO r >w@;ON F? G;L=Bw F? JFOM ;P;HN;A?OR >;HM >?M =IH>CNCIHM >? =IH=OLL?H=? HILG;F?n >fOH? P;F?OL >wN?LGCHw? r J;LNCL >? N?=BHCKO?M >? P;FILCM;NCIH ?H V Ff;? =IN;NCIH MOL OH G;L=Bw ;=NC@ )?M N?=BHCKO?M >fwP;FO;NCIH ONCFCMw?M >ICP?HN G;RCGCM?L FfONCFCM;NCIH >? >IHHw?M >f?HNLw? I? >IHHw?M >f?HNLw? HIH I?M >IHHw?M I? NL;HM;=NCIHM Lw=?HN?M >?M DOMN?M P;F?OLM >fCHMNLOG?HNM MCGCF;CL?M >?M GI>vF?M >f;=NO;FCM;NCIH >? @FOR IO >? P;FILCM;NCIH >fIJNCIHM >?M GI>vF?M JLIJLCwN;CL?M >;HM F? =;M >fCHMNLOG?HNM =IGJF?R?M IO ?M >IHHw?M HIH IfBSJINBvM?M H? L?JIM;HN HC MOL >?M JLCR >? NL;HM;=NCIH HC MOL >?M >IHHw?M >? G;L=Bw )?M ;DOMN?G?HNM ;>>CNCIHH?FM >? P;FILCM;NCIH CHNvAL?HN >?M @;=N?OLM FCwM r >?M CH=?LNCNO>?M >? P;FILCM;NCIH N?F KO? >?M JLCG?M >? LCMKO?M >? G;L=Bw ?N >? =Lw>CN ;@CH >? JL?H>L? ?H =IGJN? F?M =INM CH>OCNM J;L OH? IJwL;NCIH >? MILNC? MOL F? G;L=Bw JLCH=CJ;F !? GxG? OH ;DOMN?G?HN Yn#OH>CHA 3;FO;NCIH >DOMNG?HN d #3 n^ PCM;HN r JL?H>L? ?H =IGJN? r NL;P?LM >?M BSJINBvM?M F?M =INM FCwM ;O @CH;H=?G?HN >?M @FOR @ONOLM >? NLwMIL?LC? >?M >wLCPwM HIH =IFF;NwL;FCMwM IO CGJ;L@;CN?G?HN =IFF;NwL;FCMwM ?MN wA;F?G?HN JLCM ?H =IGJN? )?M JLCH=CJ;OR ;DOMN?G?HNM ;>>CNCIHH?FM >? P;FILCM;NCIH MIHN JLwM?HNwM =C
;JLvMn ?N ;DOMN?G?HN L?JLwM?HN? Ffw=;LN ?HNL? F? =IOLM ;=B?N?OL ?N F? =IOLM P?H>?OL =ILL?MJIH>;HN ;O =IN >? MILNC? &F L?@FvN? F; LwGOHwL;NCIH >?G;H>w? J;L OH CHN?LP?H;HN >? G;L=Bw ;O NCNL? >O LCMKO? r ;=KOwLCL OH? JIMCNCIH IO r >?PICL F; =w>?L r OH JLCR JLIJIMw J;L OH ;ONL? CHN?LP?H;HN >? G;L=Bw Ajustement pour incertitude de modèle ?N ;DOMN?G?HN J?LG?N >? JL?H>L? ?H =IGJN? F?M CGJ?L@?=NCIHM >?M N?=BHCKO?M >? P;FILCM;NCIH ONCFCMw?M ?N ?H J;LNC=OFC?L F?M @;=N?OLM >? LCMKO?M HIH =IHMC>wLwM ;FILM GxG? KO? >?M J;L;GvNL?M >? G;L=Bw ICMJIHCC@@vL?HN >? =?OR JILNwM J;L F?M J;L;GvNL?M I? =?LN;CHM JLCR IO >? J;L;GvNL?M ONCFCMwM J;L F?M N?=BHCKO?M >? P;FILCM;NCIH J?ON xNL? >C@@C=CF? IO F?M JLCR IO J;L;GvNL?M J?OP?HN H? J;M xNL? >CMJIHC? @;uIH MO@@CM;GG?HN LwAOFCvL? JIOL >wN?LGCH?L F? JLCR >? MILNC? !;HM =?M =CL=IHMN;H=?M OH ;DOMN?G?HN J?ON xNL? Hw=?MM;CL? JIOL L?@FwN?L F; JLI<;fONCFCM;NCIH >? P;F?OLM >C@@wL?HN?M JIOL =?M GxG?M J;L;GvNL?M >;HM FfwP;FO;NCIH >? F; DOMN? P;F?OL >? FfCHMNLOG?HN @CH;H=C?L =IHMC>wLw KO? F?M CHN?LP?H;HNM >? G;L=Bw ;>IJN?L;C?HN Ajustement bid/ask (cours acheteur/cours vendeur) – Risque de liquidité
Dérivés de crédit )?M >wLCPwM >? =Lw>CN ONCFCMwM J;L +;NCRCM H? MIHN J;M =IHMC>wLwM =IGG? >?M A;L;HNC?M @CH;H=CvL?M G;CM =IGG? >?M >wLCPwM ?HNL;HN >;HM F? =B;GJ >f;JJFC=;NCIH >? F; HILG? & 0n &FM MIHN =F;MMwM >;HM F?M ;=NC@M IO J;MMC@M r F; DOMN? P;F?OL J;L LwMOFN;N 5.5 )?M LvAF?M >? =IGJN;wJ?H>?HN >O =;L;=NvL? GIHwN;CL? IO HIH GIHwN;CL? >?M wFwG?HNM =IH=IOL;HN ;OR IJwL;NCIHM ?H >?PCM?M Lw;FCMw?M J;L +;NCRCM )?M ;=NC@M ?N J;MMC@M GIHwN;CL?M FC?PCM?M MIHN =IHP?LNCM >;HM F; GIHH;C? @IH=NCIHH?FF? ;O =IOLM >? =B;HA? =IGJN;HN ?H PCAO?OL r F; >;N? >f;LLxNw >?M =IGJN?M )?M w=;LNM >? =B;HA? LwMOFN;HN >? =?NN? =IHP?LMCIH MIHN =IGJN;?OR ?R=?JNCIHMn M?OF? F; =IGJIM;HN? >? Ffw=;LN >? =B;HA? =;F=OFw? MOL F? =IN V ;GILNC >?M ;=NC@M @CH;H=C?LM r F; DOMN? P;F?OL J;L =;JCN;OR JLIJL?M ?MN =IGJN;? ?MN ?HL?ACMNLw ?H Yn$;CHM ?N J?LN?M =IGJN;CL?=N?G?HN ?H =;JCN;OR JLIJL?Mn^n F?M w=;LNM >? =B;HA? MOL F?M wFwG?HNM GIHwN;CL?M >wMCAHwM =IGG? V =IOP?LNOL? >? @FOR >? NLwMIL?LC? IO @;CM;HN J;LNC? >fOH CHP?MNCMM?G?HN H?N >;HM OH? ?HNCNw wNL;HAvL? MIHN =IGJN;CL?=N?G?HN ?H =;JCN;OR JLIJL?Mn^ )?M wFwG?HNM HIH GIHwN;CL?M FC?PCM?M KOC MIHN wP;FOwM ;O =IN BCMNILCKO? MIHN =IHP?LNCM ?H ONCFCM;HN F? =IOLM >? =B;HA? >O DIOL >? F; NL;HM;=NCIH IO >O DIOL >O L?=F;MM?G?HN ?H =;JCN;OR JLIJL?M JIOL F?M 100!& wGCMn =@ hHIN?h )?M wFwG?HNM HIH GIHwN;CL?M FC?PCM?M ?N wP;FOwM r F; DOMN? P;F?OL MIHN =IHP?LNCM >;HM F; GIHH;C? @IH=NCIHH?FF? ;O =IOLM >? =B;HA? JLwP;F;HN r F; >;N? >? =F~NOL? )?M w=;LNM >? =B;HA? L?F;NC@M ;OR ;=NC@M HIH GIHwN;CL?M FC?PCM?M ?N =IGJN;? G;L=Bw ?Rn CHMNLOG?HNM >? =;JCN;OR JLIJL?M MIHN =IHMN;NwM ?H LwMOFN;N FILMKO? Ff;=NC@ ?MN =F;MMw >;HM F; LO;HM F; LOO LCMKO? >? =B;HA? >;HM OH? L?F;NCIH >? =IOP?LNOL? >? DOMN? P;F?OL F?M w=;LNM >? =B;HA? wN;HN ;FILM CHM=LCNM ?H LwMOFN;N Opérations en devises Principes généraux ); DOMN? P;F?OL >fOH CHMNLOG?HN ;=NC@ IO J;MMC@ ?MN F? JLCR KOC M?L;CN L?uO JIOL F; P?HN? >fOH ;=NC@ IO J;Sw JIOL F? NL;HM@?LN >fOH J;MMC@ FILM >fOH? NL;HM;=NCIH HILG;F? ?HNL? >?M CHN?LP?H;HNM >? G;L=Bw r F; >;N? >fwP;FO;NCIH ); DOMN? P;F?OL ?MN >IH= <;Mw? MOL F? JLCR >? MILNC? HINCIH >f?RCN JLC=? o FfCHCNC;NCIH F; DOMN? P;F?OL =ILL?MJIH> HILG;F?G?HN ;O JLCR >? NL;HM;=NCIH ?N >IH= ;O JLCR J;Sw JIOL ;=KOwLCL Ff;=NC@ IO L?uO JIOL ;MMOG?L F? J;MMC@ )ILM >?M wP;FO;NCIHM OFNwLC?OL?M F; DOMN? P;F?OL >?M ;=NC@M ?N J;MMC@M >ICN xNL? ?MNCGw? ?N >wN?LGCHw? ?H ;S;HN L?=IOLM ?H JLCILCNw r >?M >IHHw?M >? G;L=Bw I?M J;L;GvNL?M KOC =IGJIM?HN =?NN? DOMN? P;F?OL =IHP?LA?HN ;P?= F? JLCR KO? F?M YnCHN?LP?H;HNM >? G;L=Bwn^ ONCFCM?L;C?HN FILM >fOH? NL;HM;=NCIH Juste valeur 5.6 des instruments financiers
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NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020