NATIXIS - Universal registration document and financial report 2019

5 FINANCIAL DATA

Consolidated financial statements and notes

Gains or losses on other assets 7.9 This item comprises capital gains and losses on the disposal of property, plant and equipment and intangible assets used in operations, as well as capital gains and losses on the disposal of investments in consolidated companies.

31/12/2019

31/12/2018

Investments in consolidated companies

Property, plant and equipment and intangible

Investments in consolidated companies (b)

Property, plant and equipment and intangible assets (c)

assets TOTAL (a)

(in millions of euros)

TOTAL

Net capital gains/(losses) on disposals

627 627

60 60

687 687

49 49

5 5

54 54

TOTAL

Including €697.1 million for the sale of the SFS business lines (see Note 3.1) and -€14.7 million for the sale of Natixis Brasil. (a) Including +€7.6 million related to the settlement of the previously completed disposal of a portion of the Private Equity business and -€2.2 million related to the (b) disposal of Cofacrédit (held by Coface). Including +€4.2 million following the disposal and decommissioning of intangible assets. (c)

7.10

Reconciliation of the tax expense in the financial statements

and the theoretical tax expense

(in millions of euros)

31/12/2018*

31/12/2019

+ Net income group share

1,897

1,577

+ Net income (non-controlling interests)

380 669

304 781

+ Income tax charge

+ Income from discontinued operations + Impairment of goodwill

(5)

0

- Share in income of associates

(21)

(29)

= Consolidated net income/(loss) before tax, goodwill amortization and share in income of associates

2,919 (110) 2,809

2,632

+/- Permanent differences (a)

277

= Consolidated taxable income/(loss)

2,909

x Theoretical tax rate (b) = Theoretical tax charge

34.43%

34.43% (1,002)

(967)

+ Income taxed at reduced rates

0

(1)

+ Losses for the period not recognized for deferred tax purposes

(7) 16

(36)

+ Impact of tax consolidation

23

+ Differences in foreign subsidiary tax rates + Tax on prior periods and other tax items (c)

209

153

80

82

= Tax charge for the period

(669)

(781)

Of which:

taxes payable

(522) (147)

(510) (271)

deferred tax

Amounts restated relative to the financial statements published in 2018. * Permanent differences includes the share of the tax-exempt long-term capital gain relating to the sale of the SFS business lines to BPCE (-€454 million) and the (a) non-deductible capital loss on the disposal of Natixis Brasil (+€14.7 million), as well as the impacts of the non-deductible regulatory contributions of +€130 million at 31/12/2019 versus +€131.4 million at 31/12/2018. In 2019, the theoretical tax rate incorporates the 3.3% social security contribution on the corporate tax amount. For the sake of comparison, 2018 data were (b) restated. Of which in 2019: +€47.5 million in respect of interest due on perpetual deeply subordinated notes and, in 2018, +€20 million for reversals of provisions for (c) corporate tax refunds relating to non-consolidated entities and that are no longer applicable and +€20 million in reversals of provisions for tax risks following the completion of tax audits conducted that year.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2019