Annual report 2006 - Dexia.com

11.3. NET INCOME FROM ASSOCIATES
Dec. 31, 2005 Dec. 31, 2006
Income from associates before tax 125 143
Share of tax (36) (41)
Impairment on goodwill 0 0
TOTAL 89 102
RAPPORT DE GESTION
11.4. NET TRADING INCOME AND NET RESULT OF HEDGE ACCOUNTING
Dec. 31, 2005 Dec. 31, 2006
Foreign exchange net income 67 130
Revaluation of assets at fair value in FVH hedge 2,452 (1,640)
Revaluation of liabilities at fair value in FVH hedge 522 1,170
Other activities from trading and hedging (2,887) 659
TOTAL 154 319
CONSOLIDATED
FINANCIAL STATEMENTS
All interests received and paid on all assets, liabilities and derivatives are recorded in the interest margin.
Therefore, the net trading income and net result of hedge accounting include only the change in market value of derivatives, the
revaluation of assets and liabilities in a hedge relationship and the revaluation of trading portfolio.
This heading therefore includes the inefficiency of all hedge relationships.
The item “Other activities from trading and hedging” includes results on trading derivatives, hedging derivatives and, in case of
rupture of cash flow hedge relationship, the accumulated CFH reserve related to those derivatives.
It also includes net result on portfolio hedge.
COMPTES SOCIAUX
194 |
Dexia / Annual Report 2006