Annual report 2006 - Dexia.com

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STATEMENT OF INCOME (in thousands of EUR) 31/12/04 31/12/05 31/12/06 RAPPORT DE GESTION COMPTES CONSOLIDÉS ANNUAL FINANCIAL STATEMENTS I. Operating income 238 108 164 D. Other operating income 238 108 164 II. Operating charges (93,070) (91,944) (126,832) B. Services and other goods (42,711) (53,977) (82,901) C. Remuneration, social security costs and pensions (20,526) (24,793) (36,064) D. Depreciation of and amounts written off on formation expenses, intangible and tangible fixed assets (20,899) (4,306) (4,964) F. Increase (+); decrease (-) in provisions for liabilities and charges (8,565) (8,450) (2,487) G. Other operating charges (369) (418) (416) III. Operating loss (92,832) (91,836) (126,668) IV. Financial income 1,242,457 1,697,485 1,641,710 A. Income from financial fixed assets 1,234,113 1,683,894 1,566,423 B. Income from current assets 7,810 11,193 15,356 C. Other financial income 534 2,398 59,931 V. Financial charges (54,163) (115,351) (221,570) A. Debt charges (49,929) (110,726) (161,021) C. Other financial charges (4,234) (4,625) (60,549) VI. Current profit before taxes 1,095,462 1,490,298 1,293,472 VII. Exceptional income 0 0 195 A. Adjustments to depreciation of and to other amounts written off intangible and tangible fixed assets 0 0 195 VIII. Exceptional charges (51,331) (204) (68) A. Exceptional depreciation of and other exceptional amounts written off on formation expense, intangible and tangible fixed assets (322) (204) (68) B. Amounts written off on financial fixed assets (51,009) 0 0 IX. Profit for the period before taxes 1,044,131 1,490,094 1,293,599 X. Income taxes 20,094 15,882 24,120 A. Income taxes (1,553) (3,000) (1,021) B. Adjustment of income taxes and write-back of tax provisions 21,647 18,882 25,141 XI. Profit for the period 1,064,225 1,505,976 1,317,719 XIII. Profit to be appropriated 1,064,225 1,505,976 1,317,719 Profit brought forward of the previous period 743,450 Profit for the period to be appropriated 1,317,719 PROFIT TO BE APPROPRIATED 2,061,169 218 | Dexia / Annual Report 2006
NOTES TO THE FINANCIAL STATEMENTS 1. PRESENTATION OF THE FINANCIAL STATEMENTS 3.1.2. Foreign currency translation into euros Monetary assets, liabilities, rights and commitments denominated in foreign currencies are translated into euros at the last day average year-end exchange rate. Non-monetary items are translated into euros at the exchange rate ruling in effect on the transaction date. Foreign currency income and expense are translated into euros at the exchange rate ruling in effect on the date on which the income or expense is recognized in the statement of income. Dexia SA presents its financial statements before appropriation. The profit for the 2006 financial year amounts to EUR 1,317.7 million. The profit carried forward from the previous year stands at EUR 743.5 million, making a total profit for appropriation of EUR 2,061.2 million. Proposal to appropriate the profit thus: • to the legal reserve up to EUR 35 million; • to the available reserve up to EUR 300 million; • to the payment of a gross dividend of 0.81 EUR on each share; • with the balance to be transferred to the profit carried forward. 2. FINANCIAL STATEMENTS AND CHART OF ACCOUNTS Dexia SA, a financial firm, is a company governed by Belgian law whose financial instruments are authorized for trading in a regulated Belgian market, and it is therefore subject to the obligation to publish yearly financial statements as prescribed by the Belgian Company Code and its decree of application dated January 30, 2001. The accounting plan is presented in accordance with the accounting plan prescribed in the Royal Decree of September 12, 1983, amended by the Royal Decree of August 4, 1996. The items provided for in the accounting plan that do not apply to Dexia have been excluded. The financial statements are presented in thousands of euros. 3.2. ASSETS 3.2.1. Formation expenses (item I.) Formation expenses are recorded as an asset and amortized on a straight-line basis at the rate of at least 20% per year. 3.2.2. Intangible fixed assets (item II.) License acquisitions, software definition and the external costs related to the development of the website of Dexia Group are recorded as intangible fixed assets when the acquisition price is at least equal to EUR 495.79 per item, or when delivery is broken down into partial shipments representing less than EUR 495.79 each but the total delivery is at least EUR 495.79. Intangible fixed assets recorded in the assets are depreciated over a maximum of 5 years. Furthermore, the internal costs related to the development of software and the website are entirely charged in the financial year in which they are exposed. 3.2.3. Tangible fixed assets (item III.) If necessary, exceptional depreciations will be effected so as to align the accounting value of fixed assets to their utilization value for the company by virtue of their alteration or changes of economic or technological circumstances. Exceptional depreciations are reversed if they are no longer justified. 3.2.4. Financial assets (item IV.) RAPPORT DE GESTION COMPTES CONSOLIDÉS ANNUAL FINANCIAL STATEMENTS 3. ACCOUNTING POLICIES 3.1. GENERAL POLICIES 3.1.1. Legislation Accounting policies are in conformity with the Royal Decree of January 30, 2001, in application of the Belgian Company Code. If legislation allows options or authorizes a waiver, the accounting policies hereafter shall mention the option chosen of whether such a waiver has been applied. Participating interests and shares are stated at acquisition cost or contribution cost. Related transaction costs are recorded directly in the statement of income. Impairments are recorded in the case of capital losses or lasting depreciation. They are determined by reference to the financial position, profitability and prospects of the company in which shares and/or equity interests are held. Participating interests and shares may also be revalued. For this it is necessary that their value, determined on the basis of their utility to the company, presents a certain and lasting surplus in relation to their book value. Debts appearing under financial fixed assets are valuated according to the same principles as debts at more than one year and one year at the most. Dexia / Annual Report 2006 | 219
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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
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GEOGRAPHIC Eurozone (1) Rest of USA
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PORTFOLIO Number Loan Collateral Ex
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7. NOTES ON THE ASSETS OF THE CONSO
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B. Analysis of quality See note 7.1
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C. Treasury bills and other eligibl
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7.8. SECURITIES HELD TO MATURITY De
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7.10. TANGIBLE FIXED ASSETS A. Net
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7.11. INTANGIBLE ASSETS AND GOODWIL
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A. Other assets Analysis by nature
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Present value of finance lease liab
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8. NOTES ON THE LIABILITIES OF THE
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B. Analysis by maturity and interes
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Convertible non-subordinated debt D
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Page 238 and 239: 6. SOCIAL REPORT 6.1. STATEMENT OF
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Page 242 and 243: • there have been no transactions
Page 244 and 245: DEXIA IN THE WORLD RAPPORT DE GESTI
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
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Annual report 2006 - Dexia.com

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