Annual report 2006 - Dexia.com

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B. Analysis by maturity and interest rate See notes 12.3., 12.4. and 12.6. The following types of liabilities incurred by FSA are subject to the FVO classification: RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX C. Analysis of the fair value See note 12.1. The FVO for financial liabilities is mainly used in the following situations: 1) at the insurance business for its liabilities containing a discretionary participation feature that pay benefits based on realized/unrealized investment returns of a specified pool of insurer’s assets. 2) by FSA for liabilities where the hedge accounting requirements are not met or there is a risk that they will not be met, the FVO is used as an alternative in order reduce volatility in profit or loss. 8.5. DEBT SECURITIES a) Fixed rate liabilities that are highly customized funding contracts that are tailored to the specific needs of the investor. b) Global funding fixed rate liabilities. For both types of liabilities, the change of credit spread is immaterial as liabilities are AAA-rated and highly customized. This conclusion is confirmed by a quantitative analysis showing that contractual spreads were not correlated with FSA’s credit spread and by correlation with similar debts. 3) by companies issuing debt with embedded derivatives. The pricing tools used and the procedures followed to determine the fair value for non-listed financial instruments classified under the fair value option, are set up by Group Risk Management.The pricing tool is a discounted cash flow model whereby the net present value is determined by an interest rate based on available market rates applicable for similar securities and taking into account our own credit rating. Dec. 31, 2005 Dec. 31, 2006 Accrued interest 2,507 2,613 Fair value adjustment 686 (238) Reimbursement amount and premium discount 172,492 182,351 TOTAL 175,685 184,726 A. Analysis by nature (reimbursement amount and premium discount Dec. 31, 2005 Dec. 31, 2006 Certificates of deposit 33,685 31,993 Customer savings certificates 7,367 5,992 Non-convertible bonds 131,440 144,366 TOTAL 172,492 182,351 B. Analysis by maturity and interest rate See notes 12.3., 12.4. and 12.6. C. Analysis of the fair value See note 12.1. 164 | Dexia / Annual Report 2006
8.6. SUBORDINATED AND CONVERTIBLE DEBT Dec. 31, 2005 Dec. 31, 2006 Accrued interest 102 79 Fair value adjustment 81 63 Reimbursement amount and premium discount 4,802 4,223 TOTAL 4,985 4,365 A. Accrued interest Dec. 31, 2005 Dec. 31, 2006 Convertible subordinated debt 0 0 Non-convertible subordinated debt 83 72 Convertible non-subordinated debt 2 0 Other dilutive instruments 0 0 Hybrid capital and redeemable preference shares 17 7 TOTAL 102 79 B. Fair value adjustment Dec. 31, 2005 Dec. 31, 2006 Convertible subordinated debt 0 0 Non-convertible subordinated debt 81 63 Convertible non-subordinated debt 0 0 Other dilutive instruments 0 0 Hybrid capital and redeemable preference shares 0 0 TOTAL 81 63 C. Analysis by category (reimbursement amount and premium discount) Convertible subordinated debt Nil. RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Non-convertible subordinated debt Dec. 31, 2005 Dec. 31, 2006 Loan capital perpetual subordinated notes 1,027 923 Other 3,194 3,055 TOTAL 4,221 3,978 List available on request. Dexia / Annual Report 2006 | 165
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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
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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 (
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 140 and 141: Name Head Office % of Consolidation
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 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
Page 190 and 191: 9.9. MINORITY INTERESTS - CORE EQUI
Page 192 and 193: Dec. 31, 2005 Dec. 31, 2006 Banking
Page 194 and 195: 10. NOTES ON THE CONSOLIDATED OFF-B
Page 196 and 197: 11.3. NET INCOME FROM ASSOCIATES De
Page 198 and 199: 11.6. COMMISSION INCOME AND EXPENSE
Page 200 and 201: (AVERAGE FTE) France Belgium Luxemb
Page 202 and 203: 11.14. IMPAIRMENT ON GOODWILL Nil.
Page 204 and 205: 12. NOTES ON RISK EXPOSURE (IN MILL
Page 206 and 207: 12.2. CREDIT RISKS EXPOSURE A. Anal
Page 208 and 209: 12.3. INTEREST RATE REPRICING RISK:
Page 212 and 213: 12.6. LIQUIDITY RISK: BREAKDOWN BY
Page 214 and 215: 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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