Annual report 2006 - Dexia.com

4.2.4. Financial assets
Participating interests in affiliated companies
The item “Participating interests” representing EUR 16,530.3
million as of December 31, 2005 was EUR 18,352.3 million as
of December 31, 2006.
It includes the following equity interests:
EUR 6,497.0 million 100% of Dexia Bank Belgium SA, Brussels,
Belgium.
EUR 6,614.0 million 100% interests in Dexia Crédit Local
SA, Paris, France.
EUR 1,819.8 million 95% of Dexia Participation Belgique
SA, Brussels, Belgium.
On May 30, 2006, the Dexia Group
signed an agreement to purchase
shares with a view to the acquisition
from Zorlu Holding of a 75% holding
in DenizBank Financial Services Group.
On June 26, 2006, Dexia SA incorporated
Dexia Participation Belgique SA in
order to accommodate the holding in
DenizBank Financial Services Group.
EUR 1,751.8 million 57.68% interest in Dexia Banque Internationale
à Luxembourg SA (Dexia BIL),
Luxembourg.
On December 22, 2006, Dexia SA purchased
427 shares in Dexia BIL for EUR
0.6 million.
EUR 1,279.3 million 99.99% interest in Dexia Participation
Luxembourg SA, Luxembourg, which
owns 42.26% of Dexia BIL.
EUR 284.1 million 10% interest in Dexia Holding Inc. in
New York, USA, a holding company
which owns 99.02% of Financial Security
Assurance Holdings Ltd.
EUR 93.0 million 100% in Dexia Nederland Holding NV,
Amsterdam, The Netherlands.
EUR 7.8 million 8.42% interest in Dexia Financière SA,
Brussels, Belgium.
EUR 3.0 million 100% interest in Dexia Habitat SA, Paris,
Finance.
EUR 1.0 million 99,99 % dans Dexia Employee
Benefits SA, Bruxelles, Belgium.
EUR 1.5 million 99.53% in Associated Dexia Technology
Services SA Luxembourg
The company ADTS was incorporated
on July 17, 2006 and its object in particular
is to provide IT services. This
company only commenced activity on
January 1, 2007.
PM
100% interest in Dexia Management
Services Ltd, London, United Kingdom.
PM
100% in Dexia Funding Luxembourg SA,
Luxembourg.
Dexia Funding Luxembourg SA is a
financing vehicle which, within the context
of the acquisition of DenizBank,
issued indefinite-term subordinated
securities under the conditions for qualification
as Tier 1 own funding (Tier 1
hybrid capital) for an amount of EUR
500.0 million.
Receivables on affiliated companies
This item includes subordinated loans granted to Group entities
for a total of EUR 3,581.0 million.
CURRENT ASSETS
4.2.5. Receivables after more than one year
Other receivables
Since 2002, Dexia SA’s permanent establishment in Paris has
headed the tax consolidation group in France, which as of
December 31, 2006 included the following companies:
• CLF Marne-la-Vallée Participation
• CLF Patrimoniale
• Compagnie pour le Foncier et l’Habitat
• Dexia Assuréco
• Dexia Bail
• Dexia CBXIA1 (integration in scope)
• Dexia CBXIA2 (integration in scope)
• Dexia CLF Avenir
• Dexia CLF Développement
• Dexia CLF Energia
• Dexia CLF Energy
• Dexia CLF Immo
• Dexia CLF Organisation
• Dexia Crédit Local
• Dexia Éditions Locales de France
• Dexia Établissement Stable Paris
• Dexia Finance
• Dexia Flobail
• Dexia Habitat
• Dexia Municipal Agency
• Dexia Sofaxis
• Dexint Développement
• Europrojet Développement
• Floral
• Guide pratique de la Décentralisation.
The company CLF Badger left the scope.
Because the commitments subscribed by Dexia Crédit Local
and its subsidiaries allow Dexia, through its permanent establishment,
to lock in temporary tax savings, it was agreed that
the resources produced by the permanent establishment will
be lent to the tax consolidation Group’s subsidiaries that made
it possible to realize these tax savings through advances called
“tax deferred advances”.
Tax deferred advances granted by the permanent establishment
with contractual maturity after December 31, 2007 amounted
to EUR 43.1 million as of December 31, 2006.
RAPPORT DE GESTION
COMPTES CONSOLIDÉS
ANNUAL
FINANCIAL STATEMENTS
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