Annual report 2006 - Dexia.com

More documents

Recommendations

Info

The assets and liabilities disposed are as follows: 2005 2006 Eural Banque Artesia Nederland RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Cash and cash equivalents 107 176 Due from banks 355 277 Loans and advances to customers 758 3,422 Loans and securities available for sale 1,394 684 Positive value of derivatives 55 51 Other assets 19 35 Due to banks (22) (3,033) Customer borrowings and deposits (1,363) (1,216) Negative value of derivatives (77) (55) Debt securities (1,091) Other liabilities (47) (119) NET ASSETS (1) 88 222 Proceeds from sale (in cash) 121 485 Less: cash and cash equivalents in the subsidiary sold (107) (176) NET CASH INFLOW ON SALE 14 309 (1) Eural: including EUR 39 million gains and losses not recognized in the statement of income (AFS reserve). Banque Artesia Nederland: including EUR 17 million gains and losses not recognized in the income statement (AFS reserve). C. Joint venture RBC Dexia investor services On January 2, 2006, Dexia and Royal Bank of Canada completed the joint venture to combine their institutional investor services businesses. RBC Dexia Investor Services is a joint venture equally owned by Royal Bank of Canada and Dexia. Dexia consolidate 50% of the joint venture by the proportional method. Contribution Contribution Net impact done by Dexia received by Dexia on assets disposal of 50% from RBC entry of 50% and liabilities Cash and cash equivalents 4,431 2,691 (1,740) Due from banks 1 0 (1) Loans and advances to customer 703 32 (671) Loans and securities available for sale 22 0 (22) Positive value of derivatives 6 0 (6) Goodwill, including goodwill of RBC contribution 21 153 132 Other assets 502 80 (422) Due to banks (442) 0 442 Customer borrowings and deposits (4,858) (2,389) 2,469 Negative value of derivatives (5) 0 5 Debt securities 0 0 0 Other liabilities (175) (125) 50 NET CONTRIBUTION 206 442 236 The contribution to the joint venture has been done at fair value by both parties, Dexia and RBC. Dexia recorded a profit of EUR 236 million on the part brought to RBC taking into account the costs linked to the transaction and booked a net goodwill of EUR 121 million on the net assets contributed by RBC at fair value. This net goodwill was not allocated to intangible assets as the purpose of the transaction was not to purchase existing customers’ relations but to retain actual clients and attract new clients in a company having a worldwide coverage. Taking into account the very short notice of rupture of contracts in such an activity, the value of existing customers’ relationship was not material. The purpose of this joint-venture was also lead to future synergies and to allow saving cost in IT infrastructure. As those elements did not meet the recognition criteria of intangible assets, the whole net goodwill was let in unallocated goodwill and correspond to real increase in profit and synergies, which is clearly the case since the creation of this joint venture, as reported in Dexia 2006 financial statements. 184 | Dexia / Annual Report 2006
9.7. EQUITY By category of share Dec. 31, 2005 Dec. 31, 2006 Number of shares authorized and not issued 660,445,892 1,023,934,945 Number of shares issued and fully paid 1,107,469,030 1,163,184,325 Number of shares issued and not fully paid 0 0 Value per share no nominal no nominal value value Outstanding as of Jan. 1 1,145,261,366 1,107,469,030 Number of shares issued 14,094,529 77,812,015 Number of shares cancelled (51,886,865) (22,096,720) Outstanding as of Dec. 31 1,107,469,030 1,163,184,325 Rights, preferences and restrictions, including restrictions on the distribution of dividends and the repayment of capital 0 0 Number of treasury shares (1) 20,550,020 490,607 Number of shares reserved for issue under stock options and contracts for the sale of share 819,344 479,340 (1) In 2005: mainly purchased by Dexia SA and also, to a lesser extent, shares bought by Dexia Crédit Local to cover 1999’s SOP. In 2006: Dexia Crédit Local’s purchases to cover 1999’s SOP. RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Dexia / Annual Report 2006 | 185
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
Page 10 and 11:
MESSAGE FROM THE CHAIRMEN MESSAGE F
Page 12 and 13:
GROUP PRESENTATION GROUP PRESENTATI
Page 14 and 15:
GROUP PRESENTATION HISTORY OF THE G
Page 16 and 17:
GROUP PRESENTATION MANAGEMENT REPOR
Page 18 and 19:
GROUP PRESENTATION MANAGEMENT REPOR
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
Page 30 and 31:
CORPORATE GOVERNANCE MANAGEMENT REP
Page 32 and 33:
CORPORATE GOVERNANCE NAME SPECIALIZ
Page 34 and 35:
CORPORATE GOVERNANCE NAME SPECIALIZ
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
CORPORATE GOVERNANCE DIRECTORS’ A
Page 44 and 45:
Page 46 and 47:
CORPORATE GOVERNANCE THE MANAGEMEN
Page 48 and 49:
CORPORATE GOVERNANCE The maximum am
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
THE DEXIA SHARE MANAGEMENT REPORT C
Page 56 and 57:
THE DEXIA SHARE MAIN SHAREHOLDERS O
Page 58 and 59:
HUMAN RESOURCES HUMAN RESOURCES Dex
Page 60 and 61:
HUMAN RESOURCES MANAGEMENT REPORT C
Page 62 and 63:
HUMAN RESOURCES INITIATING AND CAS
Page 64 and 65:
SUSTAINABLE DEVELOPMENT SUSTAINABLE
Page 66 and 67:
RISK MANAGEMENT MANAGEMENT REPORT C
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
FINANCIAL RESULTS MANAGEMENT REPORT
Page 74 and 75:
FINANCIAL RESULTS to business devel
Page 76 and 77:
FINANCIAL RESULTS ANALYSIS OF THE
Page 78 and 79:
PUBLIC/PROJECT FINANCE MANAGEMENT R
Page 80 and 81:
PUBLIC/PROJECT FINANCE WORLD LEADE
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
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 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
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 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137: 4.1.3. Currency risk 4.2. CREDIT RI
Page 138 and 139: RAPPORT DE GESTION CONSOLIDATED FIN
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 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 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,
Page 216 and 217: BALANCE SHEET 216 OFF-BALANCE SHEET
Page 218 and 219: BALANCE SHEET (before income approp
Page 220 and 221: STATEMENT OF INCOME (in thousands o
Page 222 and 223: 3.2.5. Amounts receivable after mor
Page 224 and 225: 4.2.6. Amounts receivable within on
Page 226 and 227: RAPPORT DE GESTION COMPTES CONSOLID
Page 228 and 229: RAPPORT DE GESTION COMPTES CONSOLID
Page 230 and 231: 4.6. STATEMENT OF FORMATION EXPENSE
Page 232 and 233: 4.10. SHARE IN THE CAPITAL AND OTHE
Page 234 and 235: D. Commitments to issue shares Amou
Page 236 and 237:
4.19. OTHER TAXES AND TAXES BORNE B
Page 238 and 239:
6. SOCIAL REPORT 6.1. STATEMENT OF
Page 240 and 241:
6.3. STATEMENT CONCERNING THE IMPLE
Page 242 and 243:
• there have been no transactions
Page 244 and 245:
DEXIA IN THE WORLD RAPPORT DE GESTI
Page 246 and 247:
RAPPORT DE GESTION COMPTES CONSOLID
Page 248 and 249:
RAPPORT DE GESTION Kommunalkredit D
Page 250 and 251:
Dexia’s Annual Report 2006 has be
Page 252:
SDXI 0109-5 03-07
show all

Annual report 2006 - Dexia.com

Create successful ePaper yourself

Delete template?

Save as template?