Annual report 2006 - Dexia.com

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Name Head Office % of Consolidation Activity capital held method RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Dexia Financial Services 6 George’s Dock 100 fully mutual funds Ireland Unltd IRL-IFSC Dublin 1 Dexia Insurance Belgium Rue Joseph II 96, 100 fully other services Invest NV B-1000 Bruxelles financial sector Dexia Insurance Belgium SA Avenue Livingstone 6 99.63 fully general insurance B-1000 Bruxelles Dexia Investment Boulevard Pacheco 44 100 fully investment company Company NV B-1000 Bruxelles Dexia Investments Ireland SA 6 George’s Dock 100 fully financing IRL-IFSC Dublin 1 DVV Finance SA 2, rue Nicolas Bové 100 fully development capital L-1253 Luxembourg Eurco RE Ltd 6 George’s Dock 99.94 fully general insurance IRL-IFSC Dublin 1 Parfipar SA Boulevard du Régent 40, 100 fully credit institution B-1000 Bruxelles MAIN SUBSIDIARIES AND AFFILIATED ENTERPRISES OF THE SUBGROUP “DEXIA BANQUE INTERNATIONALE À LUXEMBOURG SA” Darton Investments S.à.r.l. 180, rue des Aubépines 99.92 fully investment company L-1145 Luxembourg Dexia Asset Management Rue Royale 180 100 fully asset management Belgium SA B-1000 Bruxelles Dexia Asset Management Washington Plaza 100 fully asset management France SA 40, rue de Washington F-75008 Paris Cedex 08 Dexia Asset Management 283, route d’ Arlon 100 fully asset management Luxembourg SA (1) L-1150 Luxembourg Dexia Banque Internationale 69, route d’Esch 99.93 fully credit institution à Luxembourg L-2953 Luxembourg Group Dexia Banque Beethovenstrasse 48 100 fully credit institution Privée Suisse AG CH-8039 Zürich RBC Dexia Investor Services 5, rue Thomas Edison 50 proportionally fund services Bank SA L-1445 Strassen RBC Dexia Investor 77 King Street West – 35th floor 50 proportionally fund services Services Trust Ltd Royal Trust Tower Toronto, ON, Canada M5W-1P9 MAIN SUSIDIARIES AND AFFILIATED ENTERPRISES OF THE SUBGROUP “DEXIA CRÉDIT LOCAL SA” Crédit du Nord SA 59, Boulevard Haussmann 10 equity credit institution F-75008 Paris method Dexia Crediop Spa Via Venti Settembre 30 70 fully credit institution I-00187 Roma Dexia Crédit Local SA 7-11, quai André Citroën 100 fully credit institution F-75015 Paris Dexia Kommunalbank Charlottenstrasse 82 100 fully credit institution Deutschland AG D-10969 Berlin Dexia Kommunalkredit Türkenstrasse 9 50.84 fully credit institution Bank AG A-1092 Wien Dexia Municipal Agency SA 7 à 11, quai André Citroën 100 fully credit institution F-75015 Paris Dexia Sabadell Banco Local Paseo de las 12 Estrellas 4 60 fully credit institution Campo de las Naciones, E-28042 Madrid Dexia Sofaxis F-18020 Bourges Cedex 100 fully other service activities Financial Security Assurance 350, Park Avenue 98.1 fully investment company Holding Ltd New York, NY 10022 – USA Group Kommunalkredit Türkenstrasse 9 49 equity credit institution Austria AG A-1092 Wien method SISL SA 69, route d’ Esch L-2953 Luxembourg 100 fully investment company (1) 49% by Dexia Bank Belgium, 51% by Dexia Banque Internationale à Luxembourg. 138 | Dexia / Annual Report 2006
3. BUSINESS AND GEOGRAPHIC REPORTING BUSINESS Public/Project Personal Asset Treasury and Non allocated - Dexia REPORTING Finance and Financial Management, Financial Central Credit Services Insurance Markets Assets Enhancement and Investor (in millions of EUR) Services AS OF DECEMBER 31, 2005 Income 2,288 2,289 701 487 211 5,976 of which Net income from associates 23 46 2 0 18 89 Net income before tax 1,502 657 275 312 (51) 2,695 Assets Subtotal assets (1) 236,557 47,942 17,346 141,245 8,360 451,450 of which investments in associates 261 491 19 0 7 778 Liabilities Subtotal liabilities (2) 161,685 67,376 21,852 159,343 7,805 418,061 Other segment information Capital expenditures (111) 0 0 0 (427) (538) Depreciation and amortization 0 0 0 (246) (246) Impairments (3) (49) (25) 26 26 17 (5) Other non cash expenses (4) (14) (35) (4) (9) (4) (66) AS OF DECEMBER 31, 2006 Income 2,566 2,460 1,110 563 313 7,012 of which net income from associates 20 60 3 0 19 102 Net income before tax 1,701 799 580 387 (60) 3,407 Assets Subtotal assets (1) 247,332 35,383 20,809 199,918 7,142 510,584 of which investments in associates 270 528 21 0 7 826 Liabilities Subtotal liabilities (2) 149,799 58,779 22,250 248,484 1,935 481,247 Other segment information Capital expenditures 0 0 0 0 (272) (272) Depreciation and amortization 0 0 (252) (252) Impairments (3) (52) (31) 32 20 (8) (39) Other non cash expenses (4) (15) (35) (5) (4) (8) (67) (1) Includes Due from banks, Loans and advances to customers, Loans and securities held for trading, Loans and securities available for sale, Investments in associates, Other assets specific to insurance companies. (2) Includes Due to banks, Customer borrowing and deposits, Debt securities, Technical provisions of insurance companies. (3) Includes Impairments on tangible and other intangible assets, Impairments on securities, Impairments on loans and provisions for credit commitments, Impairments on goodwill. (4) Includes IFRS2 costs, net allowances to provisions for restructuring costs, net allowances to provisions related to IAS 19, capital losses on exchange of assets. RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Relations between business lines, and especially between commercial business lines, financial markets and production and service centers are subject to retrocessions and/or analytical transfers, governed by service level agreements based on normal commercial terms and market conditions. The results of each business line also include: • The earnings from commercial transformation, including the management costs of this transformation and the Group equity allocated to this activity on the basis of medium and long-term outstanding; • Interest on economic capital: economic capital is allocated to the business lines for internal purposes and the return on economic capital is used to measure the performance of each business line; • Funding cost. Tangible and intangible assets are allocated to “Non allocated – Central assets“ except when they are directly managed by a commercial or financial business line. Dexia / Annual Report 2006 | 139
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no achievement without commitment
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FINANCIAL HIGHLIGHTS 4 MESSAGE FROM
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FINANCIAL HIGHLIGHTS FINANCIAL HIGH
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MESSAGE FROM THE CHAIRMEN MESSAGE F
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MESSAGE FROM THE CHAIRMEN MESSAGE F
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GROUP PRESENTATION GROUP PRESENTATI
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GROUP PRESENTATION HISTORY OF THE G
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GROUP PRESENTATION MANAGEMENT REPOR
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GROUP PRESENTATION MANAGEMENT REPOR
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GROUP PRESENTATION GROUP ORGANIZATI
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GROUP PRESENTATION Group Executive
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GROUP PRESENTATION MAIN ACTIVITIES
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GROUP PRESENTATION December Opening
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CORPORATE GOVERNANCE Dexia’s comp
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CORPORATE GOVERNANCE MANAGEMENT REP
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CORPORATE GOVERNANCE NAME SPECIALIZ
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CORPORATE GOVERNANCE NAME SPECIALIZ
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CORPORATE GOVERNANCE DIRECTORS’ A
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CORPORATE GOVERNANCE THE MANAGEMEN
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CORPORATE GOVERNANCE The maximum am
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THE DEXIA SHARE MANAGEMENT REPORT C
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THE DEXIA SHARE MAIN SHAREHOLDERS O
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HUMAN RESOURCES HUMAN RESOURCES Dex
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HUMAN RESOURCES MANAGEMENT REPORT C
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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
Page 90 and 91: ASSET MANAGEMENT MANAGEMENT REPORT
Page 92 and 93: INSURANCE SERVICES INSURANCE SERVIC
Page 94 and 95: INSURANCE SERVICES MANAGEMENT REPOR
Page 96 and 97: INVESTOR SERVICES MANAGEMENT REPORT
Page 98 and 99: TREASURY AND FINANCIAL MARKETS MANA
Page 100 and 101: GENERAL INFORMATION MANAGEMENT REPO
Page 112 and 113: CONSOLIDATED BALANCE SHEET 112 CONS
Page 114 and 115: CONSOLIDATED BALANCE SHEET ASSETS (
Page 116 and 117: CONSOLIDATED STATEMENT OF INCOME (i
Page 118 and 119: MINORITY INTERESTS Core Gains and l
Page 120 and 121: CONSOLIDATED CASH FLOW STATEMENT (i
Page 122 and 123: RAPPORT DE GESTION CONSOLIDATED FIN
Page 136 and 137: 4.1.3. Currency risk 4.2. CREDIT RI
Page 142 and 143: GEOGRAPHIC Eurozone (1) Rest of USA
Page 144 and 145: PORTFOLIO Number Loan Collateral Ex
Page 148 and 149: 7. NOTES ON THE ASSETS OF THE CONSO
Page 150 and 151: B. Analysis of quality See note 7.1
Page 152 and 153: C. Treasury bills and other eligibl
Page 154 and 155: 7.8. SECURITIES HELD TO MATURITY De
Page 156 and 157: 7.10. TANGIBLE FIXED ASSETS A. Net
Page 158 and 159: 7.11. INTANGIBLE ASSETS AND GOODWIL
Page 160 and 161: A. Other assets Analysis by nature
Page 162 and 163: Present value of finance lease liab
Page 164 and 165: 8. NOTES ON THE LIABILITIES OF THE
Page 166 and 167: B. Analysis by maturity and interes
Page 168 and 169: Convertible non-subordinated debt D
Page 170 and 171: D. Provisions for pensions and othe
Page 172 and 173: H. Range of assumptions to determin
Page 174 and 175: 9. OTHER NOTES ON THE CONSOLIDATED
Page 176 and 177: Deferred tax coming from assets of
Page 178 and 179: 2. Change in profit sharing reserve
Page 180 and 181: B. Nonlife contracts B.1. Income an
Page 182 and 183: 9.4. RELATED PARTIES TRANSACTIONS A
Page 186 and 187: The assets and liabilities disposed
Page 188 and 189: 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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RAPPORT DE GESTION CONSOLIDATED FIN
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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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