Annual report 2006 - Dexia.com

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GROUP PRESENTATION GROUP PRESENTATION CORPORATE PROFILE A EUROPEAN BANK, WORLD LEADER IN PUBLIC FINANCE MANAGEMENT REPORT COMPTES CONSOLIDÉS COMPTES SOCIAUX Dexia was born of the alliance in 1996, of two major institutions in local public finance in Europe: Crédit local de France and Crédit Communal de Belgique. Both institutions, together with Banque Internationale à Luxembourg (BIL) were united in 1999 into one publicly-quoted company named Dexia. This was one of the very first cross-border mergers in the European banking sector. Today, Dexia ranks among the top 20 largest banks in Euroland, and builds its strategy on two pillars: Universal Banking in Europe (Belgium, Luxembourg, Slovakia, Turkey) and a worldwide leadership in Public/Project Finance. Two pillars: Universal Banking in Europe and Public/Project Finance worldwide Dexia is a leading retail bank, and serves 5.5 million customers in Belgium, Luxembourg, Slovakia and Turkey. Over the years, Dexia has developed an entire range of banking services catering for individual customers, small and medium-sized enterprises and institutional clients and it is an active player in asset management, insurance, investor services and capital markets. Since its merger in 1999 and the acquisition in 2000 of Financial Security Assurance (FSA) in the United States, Dexia has become the world’s largest player in local public finance. Dexia’s high level of expertise, its long-term horizon and the very high solvency of its customers, grant a superior quality of franchise. Dexia develops its strategy in this area on a global scale. BUSINESS LINES Public/Project Finance and Credit Enhancement CORPORATE PROFILE 10 STRATEGY 13 ACTIVITIES OF THE BUSINESS LINES – CORPORATE MODEL 15 GROUP ORGANIZATION 18 MAIN ACTIVITIES AND EVOLUTION OF DEXIA IN 2006 AND THE BEGINNING OF 2007 22 Dexia has a well-deserved reputation for global leadership in public finance. This business line is especially exercised by Dexia Crédit local and its branch offices, and by subsidiaries established in thirty countries worldwide. The main subsidiaries are located in France, Belgium, Italy, North America and Mexico, Germany, Spain, the UK, Scandinavia, Switzerland Austria, Slovakia, Poland, Romania, the Czech Republic, Australia, Israel, Bulgaria, Hungary and Japan. In this enormous market, characterized by high-quality borrowers seeking to finance vast and growing public infrastructure needs, Dexia has a wealth of profitable business opportunities and strong prospects for international growth. Scale, innovation, expertise and a long-term view are the key ingredients of Dexia’s success in this business line, which generates more than half of Dexia’s earnings. Dexia participates in this market through a variety of activities which include basic lending, bond execution, highly-structured projects and credit enhancement. In addition, Dexia offers insurance, payment, asset management and other services to its clients. 10 | Dexia / Annual Report 2006
GROUP PRESENTATION Personal Financial Services In Belgium, Dexia Bank is one of the country’s top players in retail banking. It offers a complete range of banking and insurance services to a clientele of households and small and medium-sized enterprises. Similarly, Dexia BIL is a major retail bank in Luxembourg. Dexia banka Slovensko is a retail bank in Slovakia. In 2006, Dexia acquired DenizBank, the sixth largest privately-owned bank in Turkey. An important private banking business has been developed over the years. Dexia has also acquired or developed units and joint ventures in a number of European countries including Belgium, Luxembourg, France, Spain and Switzerland. Treasury and Financial Markets Dexia’s principal businesses give the Group an intensive presence in the capital markets, both for funding and managing the Group’s balance sheet and for structuring sophisticated products and solutions for clients of the various business lines. This business segment not only provides key support to the entire Group, it also functions as an important profit center generating substantial earnings. Asset Management, Insurance and Investor Services Dexia Asset Management has built a strong reputation in Europe and today distributes more than a third of its products to institutions and through third-party channels. Dexia Insurance Services supplies all the life and nonlife insurance products sold in the retail networks of the Group in Belgium and Luxembourg and in France. In Investor Services, RBC Dexia Investor Services was set up as a joint venture with Royal Bank of Canada in 2006. Today it ranks among the ten largest custodian banks worldwide. EXPERTISE, PERFORMANCE AND RATING Dexia’s success lies not only in its well-established franchise and strong distribution skills, but also in its ability to conceive efficient products and develop innovative solutions to meet its clients’ financial needs. In all business lines, Dexia has been able to attract and deploy the best professional skills. It exercises the highest standards in terms of underwriting, risk monitoring, operational disciplines and product performance. Dexia has one of the highest credit ratings in the banking industry: its three main entities – Dexia Crédit Local, Dexia Bank and Dexia BIL – are AA/Aaa/AA+ rated; two of its subsidiaries in Europe issue AAA rated secured bonds; finally FSA, one of the four largest bond insurers in the US is a triple A rated company. MANAGEMENT REPORT COMPTES CONSOLIDÉS SIMPLIFIED GROUP STRUCTURE Dexia SA Headquarters Brussels and Paris COMPTES SOCIAUX Financial Security Assurance 99.7 % Dexia Crédit Local 100% Dexia Banque Internationale à Luxembourg 99.9% Dexia Bank Belgium 100% DenizBank 99.8 % Dexia Crediop 70% Dexia Sabadell Banco Local 60% Dexia Kommunalbank Deutschland 100% Dexia Kommunalkredit Bank 74.9% Dexia Municipal Agency 100% Dexia Sofaxis 100% Dexia Asset Management 100% RBC Dexia Investor Services 50% Dexia Insurance Belgium 99.6% Percentages refer to direct and indirect holdings. Dexia / Annual Report 2006 | 11
Page 1: no achievement without commitment
Page 4 and 5: FINANCIAL HIGHLIGHTS 4 MESSAGE FROM
Page 6 and 7: FINANCIAL HIGHLIGHTS FINANCIAL HIGH
Page 8 and 9: MESSAGE FROM THE CHAIRMEN MESSAGE F
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Page 14 and 15: GROUP PRESENTATION HISTORY OF THE G
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Page 20 and 21: GROUP PRESENTATION GROUP ORGANIZATI
Page 22 and 23: GROUP PRESENTATION Group Executive
Page 24 and 25: GROUP PRESENTATION MAIN ACTIVITIES
Page 26 and 27: GROUP PRESENTATION December Opening
Page 28 and 29: CORPORATE GOVERNANCE Dexia’s comp
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Page 54 and 55: THE DEXIA SHARE MANAGEMENT REPORT C
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Page 58 and 59: HUMAN RESOURCES HUMAN RESOURCES Dex
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HUMAN RESOURCES INITIATING AND CAS
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SUSTAINABLE DEVELOPMENT SUSTAINABLE
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RISK MANAGEMENT MANAGEMENT REPORT C
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FINANCIAL RESULTS MANAGEMENT REPORT
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FINANCIAL RESULTS to business devel
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FINANCIAL RESULTS ANALYSIS OF THE
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PUBLIC/PROJECT FINANCE MANAGEMENT R
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PUBLIC/PROJECT FINANCE WORLD LEADE
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PERSONAL FINANCIAL SERVICES MANAGEM
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ASSET MANAGEMENT MANAGEMENT REPORT
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INSURANCE SERVICES INSURANCE SERVIC
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INSURANCE SERVICES MANAGEMENT REPOR
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INVESTOR SERVICES MANAGEMENT REPORT
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TREASURY AND FINANCIAL MARKETS MANA
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GENERAL INFORMATION MANAGEMENT REPO
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CONSOLIDATED BALANCE SHEET 112 CONS
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CONSOLIDATED BALANCE SHEET ASSETS (
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CONSOLIDATED STATEMENT OF INCOME (i
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MINORITY INTERESTS Core Gains and l
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CONSOLIDATED CASH FLOW STATEMENT (i
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RAPPORT DE GESTION CONSOLIDATED FIN
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4.1.3. Currency risk 4.2. CREDIT RI
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Name Head Office % of Consolidation
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GEOGRAPHIC Eurozone (1) Rest of USA
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PORTFOLIO Number Loan Collateral Ex
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7. NOTES ON THE ASSETS OF THE CONSO
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B. Analysis of quality See note 7.1
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C. Treasury bills and other eligibl
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7.8. SECURITIES HELD TO MATURITY De
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7.10. TANGIBLE FIXED ASSETS A. Net
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7.11. INTANGIBLE ASSETS AND GOODWIL
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A. Other assets Analysis by nature
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Present value of finance lease liab
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8. NOTES ON THE LIABILITIES OF THE
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B. Analysis by maturity and interes
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Convertible non-subordinated debt D
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D. Provisions for pensions and othe
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H. Range of assumptions to determin
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9. OTHER NOTES ON THE CONSOLIDATED
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Deferred tax coming from assets of
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2. Change in profit sharing reserve
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B. Nonlife contracts B.1. Income an
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9.4. RELATED PARTIES TRANSACTIONS A
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The assets and liabilities disposed
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9.8. SHARE-BASED PAYMENTS STOCK OPT
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9.9. MINORITY INTERESTS - CORE EQUI
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Dec. 31, 2005 Dec. 31, 2006 Banking
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10. NOTES ON THE CONSOLIDATED OFF-B
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11.3. NET INCOME FROM ASSOCIATES De
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11.6. COMMISSION INCOME AND EXPENSE
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(AVERAGE FTE) France Belgium Luxemb
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11.14. IMPAIRMENT ON GOODWILL Nil.
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12. NOTES ON RISK EXPOSURE (IN MILL
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12.2. CREDIT RISKS EXPOSURE A. Anal
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12.3. INTEREST RATE REPRICING RISK:
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12.6. LIQUIDITY RISK: BREAKDOWN BY
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12.7. CURRENCY RISK As of Dec. 31,
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BALANCE SHEET 216 OFF-BALANCE SHEET
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BALANCE SHEET (before income approp
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STATEMENT OF INCOME (in thousands o
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3.2.5. Amounts receivable after mor
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4.2.6. Amounts receivable within on
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RAPPORT DE GESTION COMPTES CONSOLID
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4.6. STATEMENT OF FORMATION EXPENSE
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4.10. SHARE IN THE CAPITAL AND OTHE
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D. Commitments to issue shares Amou
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4.19. OTHER TAXES AND TAXES BORNE B
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6. SOCIAL REPORT 6.1. STATEMENT OF
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6.3. STATEMENT CONCERNING THE IMPLE
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• there have been no transactions
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DEXIA IN THE WORLD RAPPORT DE GESTI
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RAPPORT DE GESTION Kommunalkredit D
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Dexia’s Annual Report 2006 has be
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SDXI 0109-5 03-07
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Annual report 2006 - Dexia.com

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