5 ÉLÉMENTS FINANCIERS
Comptes consolidés et annexes
a)
Niveau 1 : Évaluation utilisant des
Des instruments complexes ?LN;CHM CHMNLOG?HNM @CH;H=C?LM JFOM =IGJF?R?M ?N IO >fw=Bw;H=? FIHAO? MIHN P;FILCMwM ;P?= OH GI>vF? L?=IHHO ?N ONCFCM;HN >?M J;L;GvNL?M >? G;L=Bw =;FC? >IHHw?M I? N;OR F?M H;JJ?M >? PIF;NCFCNw CGJFC=CN? >?M IJNCIHM ?N >?M >IHHw?M LwMOFN;HN >? =IHM?HMOM >? G;L=Bw IO r J;LNCL >? G;L=BwM ;=NC@M >? ALw r ALw )?M JLCH=CJ;OR GI>vF?M >? >wN?LGCH;NCIH >? F; DOMN? P;F?OL >? =?M CHMNLOG?HNM MIHN >w=LCNM J;L H;NOL? >? JLI>OCNM =C
>?MMIOMn JLI>OCNM =NCIHMn F; P;FILCM;NCIH >?M JLI>OCNM =IGJF?R?M ?MN V >wN?LGCHw? r J;LNCLn >? >IHHw?M >? G;L=Bw V >fOH YnJ;SI@@n^ =f?MN
r
>CL? >? F; @ILGOF? >?M @FOR JIMCNC@M IO V HwA;NC@M ;NN;=BwM ;O JLI>OCN r G;NOLCNw >fOH GI>vF? >fwPIFONCIH >O MIOM
D;=?HN V )?M JLI>OCNM NL;CNwM J?OP?HN xNL? GIHI MIOM
D;=?HN GOFNC MIOM
D;=?HNM IO BS?M N;OR ;=NCIH J;L ?R?GJF? )?M JLCH=CJ;OR GI>vF?M ONCFCMwM JIOL F?M JLI>OCNM ;=NCIHM MIHN F?M GI>vF?M r PIF;NCFCNw FI=;F? PIF;NCFCNw FI=;F? =IGvF? r PIF;NCFCNw FI=;F? L?JIM? MOL F; GI>wFCM;NCIH >? F; PIF;NCFCNw ?H @IH=NCIH >O N?GJM ?N >O =IOLM >O MIOM
D;=?HN 0; JLCH=CJ;F? JLIJLCwNw ?MN >? JL?H>L? ?H =IGJN? F; PIF;NCFCNw CGJFC=CN? >? FfIJNCIH J;L L;JJILN r MIH JLCR >f?R?L=C=? N?FF? KOf?FF? L?MMILN >?M wPIFONCIHM >? G;L=Bw )? GI>vF? BS? PIF;NCFCNw FI=;F? =IGvF? >? PIF;NCFCNw FI=;F? >w=LCN MOJL; ;P?= OH GI>vF? >? N;OR >? NSJ? %OFF 4BCN? #;=N?OL >IHN F; >?M=LCJNCIH ?MN G?HNCIHHw? JFOM <;M =@ hJLI>OCNM >? N;OR )? GI>vF? )03 ?MN <;Mw MOL OH? >C@@OMCIH DICHN? >O MIOM
D;=?HN ?N >? M; PIF;NCFCNw n@;=N?OLM ;O NIN;F ;P?= OH? @IH=NCIH >? PIF;NCFCNw FI=;F? ;JJ?Fw? >w=IL;N?OL J?LG?NN;HN >fxNL? =IHMCMN;HN ;P?= Ff?HM?G?M IJNCIHM P;HCFF?Mn JLI>OCNM >? N;ORn F?M JLI>OCNM >? N;OR JLwM?HN?HN AwHwL;F?G?HN >?M V =;L;=NwLCMNCKO?M JLIJL?M KOC GINCP?HN F? =BICR >O GI>vF? 0IHN JLCM ?H =IGJN? F?M @;=N?OLM >? LCMKO? MIOM
D;=?HNM ;O YnJ;SI@@n^ r P;FILCM?L )?M JLCH=CJ;OR GI>vF?M ONCFCMwM JIOL F; P;FILCM;NCIH ?N F; A?MNCIH >?M JLI>OCNM >? N;OR MIHN F?M GI>vF?M %OFF 4BCN? OH @;=N?OL %4 # n@;=N?OLM %4 # IO OH @;=N?OL r PIF;NCFCNw MNI=B;MNCKO? %4 #30 )? GI>vF? %4 # J?LG?N >? GI>wFCM?L F; =IOL?M N;OR ;P?= OH M?OF @;=N?OL >CN A;OMMC?H ?N OH? =;FC? N;OR )? GI>vF? %4 # J?LG?N >? GI>wFCM?L F; =IOL?M N;OR ;P?= >?OR @;=N?OLM ?N OH? =;FC? N;OR ?N >?M CHMNLOG?HNM >? NSJ? MJL?;>
IJNCIH )? GI>vF? %4 30 J?LG?N >? GI>wFCM?L =IHDICHN?G?HN F? @;=N?OL A;OMMC?H L?JLwM?HN;HN F; =IOL?M N;OR ?N M; PIF;NCFCNw r FfCG;A? >O GI>vF? )03 JIOL F? JwLCGvNL? "KOCNS n JLI>OCNM >? =B;HA?n F?M JLI>OCNM >? =B;HA? JLwM?HN?HN AwHwL;F?G?HN V >?M =;L;=NwLCMNCKO?M JLIJL?M KOC GINCP?HN F? =BICR >O GI>vF? )?M JLCH=CJ;OR GI>vF?M ONCFCMwM JIOL F; P;FILCM;NCIH ?N F; A?MNCIH >?M JLI>OCNM >? =B;HA? MIHN F?M GI>vF?M r PIF;NCFCNw FI=;F? ?N MNI=B;MNCKO? r FfCG;A? >O GI>vF? )03 JIOL F? JwLCGvNL? ?KOCNS ;CHMC KO? >?M GI>vF?M BS?M =IOJF;HN OH? GI>wFCM;NCIH >O MIOM
D;=?HN =B;HA? ;P?= >?OR GI>vF?M %OFF 4BCN?n #;=N?OL JIOL ;JJLwB?H>?L F?M =IOL? N;OR >?M w=IHIGC?M >IG?MNCKO?M ?N wNL;HAvL?M
cotations de marché sur marché liquide &F Mf;ACN >fCHMNLOG?HNM >IHN F; DOMN? P;F?OL ?MN >wN?LGCHw? r J;LNCL >? =IN;NCIHM MOL >?M G;L=BwM ;=NC@M >CL?=N?G?HN ONCFCM; JLCH=CJ;F?G?HN F?M NCNL?M =INwM MOL OH? f;ONL?M G;L=BwM ;=NC@M F?M >wLCPwM HwAI=CwM MOL >?M G;L=BwM ILA;HCMwM @ONOL?M IJNCIHMi >IHN F; FCKOC>CNw J?ON xNL? >wGIHNLw? ?N F?M J;LNM >f,- 3* >IHN F; P;F?OL FCKOC>;NCP? ?MN =;F=OFw? ?N =IGGOHCKOw? KOINC>C?HH?G?HN ? HCP?;O >? DOMN? P;F?OL L?ALIOJ? F?M CHMNLOG?HNM ;ONL?M KO? F?M CHMNLOG?HNM G?HNCIHHwM ?H HCP?;On >? DOMN? P;F?OL ?N F?M CHMNLOG?HNM wP;FOwM r J;LNCL >fOH? N?=BHCKO? >? P;FILCM;NCIH ONCFCM;HN >?M J;L;GvNL?M ICL?=N?G?HN JLCR MICN CH>CL?=N?G?HN >wLCPw >? JLCR DOMKOfr F; G;NOLCNw >? FfCHMNLOG?HN &F Mf;ACN JLCH=CJ;F?G?HNn Des instruments simples ); JFOJ;LN >?M >wLCPwM HwAI=CwM >? ALw r ALw MQ;JM >wLCPwM >? =Lw>CN ;==IL>M >? N;OR @ONOLM =;JM @FIILM ?N IJNCIHM MCGJF?M MIHN NL;CNwM MOL >?M G;L=BwM ;=NC@M =f?MN
r
>CL? MOL >?M G;L=BwM FCKOC>?M MOL F?MKO?FM >?M NL;HM;=NCIHM MIHN LwAOFCvL?G?HN IJwLw?M )?OL P;FILCM;NCIH LwMOFN? >? FfONCFCM;NCIH >? GI>vF?M =IGGOHwG?HN ;>GCM GwNBI>? >f;=NO;FCM;NCIH >?M =;MB @FIQM @ONOLM GI>vF? >? F;=E ;H> 0=BIF?M N?=BHCKO?M >fCHN?LJIF;NCIH ?N @;CM;HN CHN?LP?HCL >?M J;L;GvNL?M >CL?=N?G?HN IO >O GI>vF? ONCFCMw ?N F? =;L;=NvL? I?M F?M NCNL?M GICHM FCKOC>?M KO? =?OR =F;MMwM ?H HCP?;On >IHN F; DOMN? V P;F?OL ?MN >wN?LGCHw? r J;LNCL >? JLCR ?RN?LH?M JLIJIMwM J;L OH HIG? N?H?OLM >? G;L=Bw ;=NC@M ?N KOC MIHN LwAOFCvL?G?HN ICL?=N?G?HN ?Rw=ON;?M <;M?M >? =IHNLC? =IHM?HMOM n r >w@;ON >O L?MJ?=N >? =?M =LCNvL?M F?M NCNL?M MIHN =F;MMwM ?H HCP?;On >? DOMN? P;F?OLn F?M NCNL?M HIH =INwM MOL OH G;L=Bw ;=NC@ >IHN F; DOMN? P;F?OL ?MN V >wN?LGCHw? MOL F; <;M? >? >IHHw?M >? G;L=Bw I? >IHHw?M >? G;L=Bw CMMO?M >? MI=CwNwM =IGJ;L;? >? GOFNCJF?M CMMO? >? N?=BHCKO?M ONCFCMw?M =IOL;GG?HN J;L F?M ;=N?OLM >O G;L=Bwn F?M NCNL?M MIOP?L;CHM AL?=M >IHN F; DOMN? P;F?OL ?MN =F;MMw? ?H HCP?;On n V F?M J;LNM >f,- 3* >IHN F; P;F?OL FCKOC>;NCP? Hf?MN J;M =;F=OFw? ?N V =IGGOHCKOw? KOINC>C?HH?G?HN G;CM KOC @;CN FfI? JO?M NL;HM;=NCIHM Lw=?HN?Mn F?M >?NN?M wGCM?M P;FILCMw?M r F; DOMN? P;F?OL MOL IJNCIH FILMKO? F?M V CHMNLOG?HNM >wLCPwM MIOM
D;=?HNM MIHN =F;MMwM ?H HCP?;On )? YnLCMKO? >? =Lw>CN wG?NN?OLn^ ?MN J;L ;CFF?OLM =IHMC>wLw =IGG? I? =? >?LHC?L L?JIM? MOL F; GwNBI>? >f;=NO;FCM;NCIH >?M Yn=;MB
@FIQMn^ @ONOLM ONCFCM;HN >?M J;L;GvNL?M N?FM KO? =IOL?M N;OR YnMJL?;>Mn^ >? LwwP;FO;NCIH ?NN? P;FILCM;NCIH =ILL?MJIH> JIOL =B;KO? wGCMMCIH ;O JLI>OCN >? MIH HINCIHH?F L?MN;HN > ?N M; M?HMC? Ff?RCMN?H=? >? =;FFM ?N J;L Ffw=;LN ?HNL? F? YnMJL?;>n^ >? LwwP;FO;NCIH <;Mw MOL F; =IOLw=?G?M ;LLxNwM JLw=w>?HNM ?N F? YnMJL?;>n^ GIS?H >fwGCMMCIH )?M P;LC;NCIHM >? MJL?;> wG?NN?OL MIHN AwHwL;F?G?HN HIH MCAHC@C=;NCP?M JIOL F?M wGCMMCIHM >? >OLw? CHCNC;F? CH@wLC?OL? r OH ;H J;L;GvNL?M IHN wNw >I=OG?HNwM #CAOL?HN wA;F?G?HN ?H HCP?;On n Niveau 2 : Évaluation utilisant b) des modèles et paramètres de marché observables
320
NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020