Annual report 2006 - Dexia.com

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H. Range of assumptions to determine expenses Dec. 31, 2005 Discount Inflation Expected Expected Expected Salary Rate return return return Increase on assets on bonds on shares Rate Europe 4.00% – 5.50% 2.50% 3.00% – 6.00% 4.00% – 5.50% 6.00% – 7.00% 2.50% – 5.50% Switzerland 2.50% 1.00% 3.11% 2.25% 6.75% 1.50% United Kingdom 4.75% 2.50% 6.58% 4.75% 7.75% 4.00% RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Dec. 31, 2006 Discount Inflation Expected Expected Expected Salary Rate return return return Increase on assets on bonds on shares Rate Europe 3.61% – 4.50% 2.50% 2.90% – 7.50% 2.90% – 4.50% 5.90% – 7.90% 2.50% – 5.50% Switzerland 2.75% 1.00% 3.25% 2.75% 5.75% 2.00% United Kingdom 5.00% 2.75% 6.02% 5.00% 8.00% 4.25% Comment on assumptions: As a general principle, discount rate is equal to return on bonds in a plan assets. Return on shares takes into account a risk premium. The expected return on assets is based on the mix of return of bonds and shares of the portfolio. I. Reconciliation with financial statements Long Term Obligations 2005 2006 Outstanding liability relating to defined benefit plans 549 597 Outstanding liability relating to other post retirement obligations 45 51 Outstanding liability relating to other long term employee benefits 46 45 TOTAL OUTSTANDING LIABILITY REPORTED IN THE FINANCIAL STATEMENTS 640 693 See note 8.7.A. TOTAL LIABILITY CALCULATED BY ACTUARIALS 640 693 TOTAL LIABILTIY RELATING TO INSIGNIFICANT PLANS 0 0 Outstanding asset reported in the financial statements 7 17 See note 7.13.A. TOTAL ASSETS ANALYSED BY ACTUARIALS 7 17 TOTAL ASSETS RELATING TO INSIGNIFICANT PLANS 0 0 J. Concentration risk Some of the Dexia’s plan assets are insurance policies issued by Ethias.The fair value of the plan assets amounts to respectively EUR 1,043 million as of December 31, 2005 and EUR 1,022 million as of December 31, 2006. E. Defined contribution plan Contributions to legal pensions are not included in the amounts. For 2005 and 2006, the amount recognized as an expense for defined contribution plans is respectively EUR 30 million and EUR 33 million. 170 | Dexia / Annual Report 2006
8.8. TAX LIABILITIES Analysis by nature Dec. 31, 2005 Dec. 31, 2006 Current income tax 241 235 Operational taxes 86 141 CURRENT TAX LIABILITIES 327 376 Deferred tax liabilities (See note 9.2.) 1,050 900 TOTAL 1,377 1,276 8.9. OTHER LIABILITIES Dec. 31, 2005 Dec. 31, 2006 Other liabilities (1) 4,524 4,332 Other liabilities specific to insurance activities 2,340 2,213 TOTAL 6,864 6,545 (1) In order to harmonize the accountring presentation within Dexia, cash collaterals of some companies of the Group have been reclassified from “Other liabilities” to “Customer borrowings and deposits” in December 31, 2005 balance sheet for an amount of EUR 359 million. A. Other liabilities Dec. 31, 2005 Dec. 31, 2006 Accrued costs 141 132 Deferred income 78 122 Subsidies 58 78 Other accounts payable 3,003 2,791 Other granted amounts received 177 198 Salaries and social charges (payable) 531 546 Shareholder dividends payable 55 71 Long-term construction contracts 1 0 Other liabilities 480 394 TOTAL 4,524 4,332 B. Liabilities specific to insurance activities RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Dec. 31, 2005 Dec. 31, 2006 Debts for deposits from assignees 68 67 Debts resulting from direct insurance transactions 2,194 2,085 Debts resulting from reinsurance transactions 71 60 Other insurance liabilities 7 1 TOTAL 2,340 2,213 8.10. LIABILITIES INCLUDED IN DISPOSAL GROUPS HELD FOR SALE Dec. 31, 2005 Dec. 31, 2006 Liabilities of subsidiaries held for sale (1) 0 785 Discontinued operations 0 0 TOTAL 0 785 (1) Dexia Banque Privée France. Dexia / Annual Report 2006 | 171
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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 (
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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
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
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Page 154 and 155: 7.8. SECURITIES HELD TO MATURITY De
Page 156 and 157: 7.10. TANGIBLE FIXED ASSETS A. Net
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Page 160 and 161: A. Other assets Analysis by nature
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Page 164 and 165: 8. NOTES ON THE LIABILITIES OF THE
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Page 168 and 169: Convertible non-subordinated debt D
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Page 174 and 175: 9. OTHER NOTES ON THE CONSOLIDATED
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Page 182 and 183: 9.4. RELATED PARTIES TRANSACTIONS A
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Page 202 and 203: 11.14. IMPAIRMENT ON GOODWILL Nil.
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Page 214 and 215: 12.7. CURRENCY RISK As of Dec. 31,
Page 216 and 217: BALANCE SHEET 216 OFF-BALANCE SHEET
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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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