Annual report 2006 - Dexia.com

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Dec. 31, 2005 Dec. 31, 2006 Banking FSA Other Total Banking FSA Other Total and insurance (1) and insurance (1) other other activities activities RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Interest margin 3,124 178 348 3,650 3,341 210 378 3,929 Dividend income 79 1 49 129 81 4 67 152 Net income from associates 82 6 1 89 102 0 0 102 Net trading income and net result of hedge accounting 163 6 (15) 154 273 54 (8) 319 Net income on investments 410 8 84 502 1,036 7 121 1,164 Net commission 1,138 (5) 39 1,172 1,280 (4) 31 1,307 Technical margin of insurance activities 0 329 (121) 208 0 310 (210) 100 Other net income 87 0 (15) 72 (67) 0 6 (61) INCOME 5,083 523 370 5,976 6,046 581 385 7 012 Staff expense (1,458) (45) (83) (1,586) (1,569) (56) (97) (1,722) General and administrative expense (888) (24) (63) (975) (1,015) (25) (65) (1,105) Network costs (311) 0 (55) (366) (299) 0 (53) (352) Depreciation & amortization (231) (2) (14) (247) (241) (3) (8) (252) Deferred acquisition costs 0 (55) 0 (55) 0 (50) 0 (50) COSTS (2,888) (126) (215) (3,229) (3,124) (134) (223) (3,481) GROSS OPERATING INCOME 2,195 397 155 2,747 2,922 447 162 3,531 Impairment on loans and provisions for credit commitments (31) (20) (1) (52) (105) (18) (1) (124) Impairment on tangible and intangible assets 0 0 0 0 0 0 0 0 Impairment on goodwill 0 0 0 0 0 0 0 0 NET INCOME BEFORE TAX 2,164 377 154 2,695 2,817 429 161 3,407 Tax expense (467) (104) (31) (602) (433) (110) (26) (569) NET INCOME 1,697 273 123 2,093 2,384 319 135 2,838 Attributable to minority interest 43 11 1 55 84 3 1 88 Attributable to equity holders of the parent 1,654 262 122 2,038 2,300 316 134 2,750 (1) The heading “Other insurance“ includes mainly Dexia Insurance Belgium Group. The contribution to financial statements is presented under IFRS after elimination of intercompany balances and transactions, and therefore does not correspond to the published financial statements of FSA, which is published under US GAAP, nor those of DIB, published under Belgian GAAP. 190 | Dexia / Annual Report 2006
9.11. EXCHANGE RATES Dec. 31, 2005 Dec. 31, 2006 Closing rate Average rate Closing rate Average rate Australian Dollar AUD 1.6113 1.6277 1.6699 1.6695 Canadian Dollar CAD 1.3728 1.4991 1.5337 1.4300 Swiss Franc CHF 1.5541 1.5475 1.6081 1.5763 Koruna (Czech republic) CZK 28.9839 29.7804 27.5492 28.2639 Danish Krone DKK 7.4598 7.4524 7.4546 7.4588 Euro EUR 1.0000 1.0000 1.0000 1.0000 Pound Sterling GBP 0.6852 0.6831 0.6726 0.6820 Hong Kong Dollar HKD 9.1426 9.6396 10.2438 9.8277 Forint HUF 252.8001 248.5968 251.4469 264.1324 Shekel ILS 5.4272 5.5674 5.5520 5.6087 Yen JPY 138.8567 136.9703 156.8456 146.8583 Mexican Peso MXN 12.5787 13.4915 14.2633 13.7988 Norwegian Krone NOK 7.9807 7.9999 8.2115 8.0450 New Zealand Dollar NZD 1.7266 1.7619 1.8704 1.9448 Swedish Krona SEK 9.3909 9.3017 9.0298 9.2459 Singapore Dollar SGD 1.9612 2.0630 2.0195 1.9987 New Turkish Lira (1) TRY 1.5917 1.6656 1.8515 1.8069 US Dollar USD 1.1790 1.2395 1.3172 1.2649 (1) Turkish Lira: average rate fourth quarter 2006: 1,8685. RAPPORT DE GESTION CONSOLIDATED FINANCIAL STATEMENTS COMPTES SOCIAUX Dexia / Annual Report 2006 | 191
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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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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
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
Page 190 and 191: 9.9. MINORITY INTERESTS - CORE EQUI
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
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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
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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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