Annual report 2006 - Dexia.com

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9.9. MINORITY INTERESTS – CORE EQUITY AS OF JAN.1, 2005 434 - Increase of capital 717 Note 1 - Dividends (25) - Net income for the period 55 - Variation of scope of consolidation (45) Note 2 AS OF DECEMBER 31, 2005 1,136 RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX AS OF JAN.1, 2006 1,136 - Increase of capital 513 Note 3 - Dividends (44) - Net income for the period 88 - Translation adjustments (1) - Variation of scope of consolidation (28) Note 4 AS OF DECEMBER 31, 2006 1,664 (1) Dexia Crédit Local issued on November 18, 2005 undated deeply subordinated non-cumulative Notes for EUR 700 million. The prospectus of which may be obtained on demand. The Notes bear interest on their current principal amount at a fixed rate of 4.300 % for the first 10 years, then, if not called, bear interest at a floating rate equal to 3-month Euribor plus a margin of 1.730% per annum payable on a quarterly basis. The payment of interest on the Notes may, or in certain circumstances shall, be suspended. In some circumstances, the principal amount may also be reduced according to the loss absorption mechanism. Any interest not paid on the Notes will be lost and will therefore no longer be due and payable by the issuer. In application of IAS 32, the notes are recognized in equity as the payments of interest are non cumulative and made at the discretion of the issuer. As those Notes were issued by Dexia Crédit Local and not directly by Dexia SA, they are accounted for as minority interests in Dexia financial statements. (2) The change in scope of consolidation in 2005 includes the purchase by FSA of remaining minority interests in FSA International Ltd for EUR 40 million, without impact in group equity and the change in value of the debt relating to FSA for EUR 5 million, deducted from minority interests. The impact on group equity of debt revaluation is EUR -7 million. (3) Dexia Funding Luxembourg issued on November 2, 2006 undated subordinated non-cumulative Notes for EUR 500 million. The prospectus of which may be obtained on demand. The Notes bear interest on their current principal amount at a fixed rate of 4.892 % for the first 10 years, then, if not called, bear interest at a floating rate equal to 3-month Euribor plus a margin of 1.78% per annum payable on a quarterly basis. The payment of interest on the Notes may, or in certain circumstances shall, be suspended. In some circumstances, the principal amount may also be reduced according to the loss absorption mechanism. Any interest not paid on the Notes will be lost and will therefore no longer be due and payable by the issuer. As for the issue done by DCL in 2005, those Notes will be considered as equity, and because they are issued by a subsidiary, will be recorded in minority interests in Dexia financial statements. (4) The change in scope of consolidation in 2006 mainly include the decrease of minority interests in DenizBank and in RBC–DFS Spain. 188 | Dexia / Annual Report 2006
9.10. CONTRIBUTION BY ACTIVITY Dec. 31, 2005 Dec. 31, 2006 Banking FSA Other Total Banking FSA Other Total and insurance (1) and insurance (1) other other activities activities I. Cash and balances with central banks 3,444 0 0 3,444 3,365 0 0 3,365 II. Due from banks 74,563 402 88 75,053 77,982 159 74 78,215 III. Loans and advances to customers 192,014 76 312 192,402 226,154 46 302 226,502 IV. Loans and securities held for trading 15,655 0 0 15,655 15,385 0 0 15,385 V. Loans and securities designated at fair value 7,848 257 5,760 13,865 10,914 194 6,076 17,184 VI. Loans and securities available for sale 140,133 15,857 10,214 166,204 159,369 17,184 11,825 188,378 VII. Securities held to maturity 3,217 0 0 3,217 2,260 0 0 2,260 VIII. Positive value of derivatives 28,426 201 5 28,632 23,727 298 7 24,032 IX. Fair value revaluation of portfolio hedge 1,659 0 0 1,659 759 0 0 759 X. Investments in associates 724 47 7 778 819 0 7 826 XI. Tangible fixed assets 2,129 27 29 2,185 2,140 25 23 2,188 XII. Intangible assets and goodwill 581 13 141 735 2,246 9 138 2,393 XIII. Tax assets 520 74 8 602 664 76 9 749 XIV. Other assets 2,704 1,205 385 4,294 2,069 1,190 293 3,552 XV. Non-current assets held for sale 36 0 0 36 955 0 0 955 TOTAL ASSETS 473,653 18,159 16,949 508,761 528,808 19,181 18,754 566,743 I. Due to banks 134,768 0 25 134,793 174,628 0 126 174,754 II. Customer borrowings and deposits 97,217 0 521 97,738 109,073 0 411 109,484 III. Liabilities held for trading 3,813 0 0 3,813 578 0 0 578 IV. Liabilities designated at fair value 0 13,010 5,012 18,022 2,378 14,152 4,781 21,311 V. Negative value of derivatives 37,627 25 0 37,652 30,438 51 0 30,489 VI. Fair value revaluation of portfolio hedge 966 0 0 966 239 0 0 239 VII. Debt securities 175,602 83 0 175,685 184,302 424 0 184,726 VIII. Subordinated and convertible debt 4,932 0 53 4,985 4,311 0 54 4,365 IX. Technical provisions of insurance companies 0 142 9,704 9,846 0 145 12,143 12,288 X. Provisions and other obligations 1,074 0 246 1,320 1,242 0 226 1,468 XI. Tax liabilities 1,027 182 168 1,377 983 204 89 1,276 XII. Other liabilities 4,074 2,371 419 6,864 3,853 2,341 351 6,545 XIII. Non-current liabilities held for sale 0 0 0 0 785 0 0 785 RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX TOTAL LIABILITIES 461,100 15,813 16,148 493,061 512,810 17,317 18,181 548,308 (1) The heading “Other insurance“ includes mainly Dexia Insurance Belgium Group. Dexia / Annual Report 2006 | 189
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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
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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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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 146 and 147: RAPPORT DE GESTION CONSOLIDATED FIN
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
Page 186 and 187: The assets and liabilities disposed
Page 188 and 189: 9.8. SHARE-BASED PAYMENTS STOCK OPT
Page 192 and 193: Dec. 31, 2005 Dec. 31, 2006 Banking
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Page 208 and 209: 12.3. INTEREST RATE REPRICING RISK:
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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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Page 230 and 231: 4.6. STATEMENT OF FORMATION EXPENSE
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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 COMPTES CONSOLID
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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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