Project for the sale of CCIs and Natixis 2012 Results

Paris, France, February 17, 2013

Project for the sale of CCIs(1) for an amount of €12.1bn(2): simplification of Natixis’ structure, deeply rooted in Groupe BPCE, value creation for shareholders

2012 underlying net income (group share)(3) of €1.141bn confirming earnings capacity and strengthening capital

In line with the New Deal strategic plan launched in 2009, which resulted in a significant reduction of its risk profile, recurring profitability and being deeply rooted in Groupe BPCE, Natixis announces a project for the sale of CCIs for an amount of €12.1bn. At the end of this operation, Natixis would make an exceptional distribution of €2bn, i.e. €0.65 per share.

Project for the simplification of Natixis’ structure

  • Sale of all CCIs to Banques Populaires and Caisses d’Epargne
  • Closing of the P3CI transaction
  • Simplified accounts, 83% of capital allocated to the 3 core businesses(4): Wholesale Banking, Investment Solutions, SFS

Value-creating operation

  • Exceptional distribution(5) of €2bn, i.e. €0.65 per share in 2013
  • Further strengthening of financial structure: Basel 3 Core Tier 1 ratio(6) above 9% as of January 1, 2013 and of 9.2% after Operation(7)
  • Improved of cost/income ratio(8) after Operation: 71.2% vs. 76.5%
  • Limited impact on net income (group share)
  • Increase of Return on Tangible Equity (ROTE) after Operation to 8.5% from 8.1%(8)

2012 results: core business revenues up and earning capacity confirmed

  • Core business revenues up +4% in 2012 vs. 2011
  • Program to reduce scarce-resources consumption (capital and liquidity) completed a year ahead of schedule
  • Good underlying(3) results: net income (group share) of €1.141bn down 15% vs. 2011 (excluding interest on P3CI)
  • Reported net income (group share) of €901m, after taking into account non-operating items of -€240 million, net of tax (mainly revaluation of own debt)
  • Proposition(9) to pay a cash dividend of €0.10 for 2012. A 3.5% yield (based on the share price as of February 15, 2013)

Dividend distribution policy favourable to shareholders: target distribution rate of 50% starting in 2013

  1. Cooperative Investment Certificates – indicative schedule in appendix (2) Subject to the experts’ final reports (3) Excluding non-operating items (4) Normative capital allocation to core businesses based on 9% of Basel RWA estimated on December 31 , 2012, including goodwill allocated to business lines (5) Proposition presented to the Extraordinary Shareholders’ Meeting (6) Impact will depend on final Basel 3 rules – Fully loaded except on DTA (7) Sale of CCIs, repayment of

P3CI and related operations, placement of liquidities and exceptional distribution (8) 2012 pro forma figures, except non-operating items (9) Proposition presented to General Shareholders’ Meeting of May 21, 2013


Get the full information with the attached document

To secure its communication, contents are certified on the blockchain using Wiztrust