Annual report 2006 - Dexia.com

4.2.6. Amounts receivable within one year
4.2.9. Deferred charges and accrued income
RAPPORT DE GESTION
COMPTES CONSOLIDÉS
ANNUAL
FINANCIAL STATEMENTS
Trade debtors
The item “Trade debtors” relates to advances paid to suppliers
(EUR 0.6 million) and other commercial receivables for the
remaining balance (EUR 0.4 million).
Other receivables
The sale of Kempen & Co NV to a group of financial investors
and management was finalized on November 15, 2004.
Within the context of that agreement, the subordinated loan
of EUR 33 million granted by Dexia SA to Kempen & Co NV
remained in place. The terms and conditions of that loan were
amended in order to take into account the fact that Kempen
& Co NV is now independent and does not have a rating. Kempen
& Co wanted to repay this loan on January 2, 2007, which
justifies its transfer to receivables at one year maximum.
In fact, Dexia’s permanent establishment is the only entity
liable to corporate income tax, the withholding tax and the
annual flat tax owed by the tax group in France, with the
understanding that the subsidiaries reimburse the permanent
establishment for their share of the tax paid by the tax consolidation
group for its companies. On December 31, 2006,
the tax liability of the permanent establishment in Paris to the
French tax authorities as the head of the tax consolidation
group in France reached EUR 11.8 million.
For its part, the registered office has a tax claim on the Belgian
tax authorities corresponding to overpaid advance tax of
EUR 1.1 million relating to the year 2005.
The work rules state that salary is to be paid in advance.
These represent a claim of EUR 0.7 million as of December 31,
2006.
The balance includes various receivables is EUR 0.2 million.
4.2.7. Investments
Own shares
In accordance with the decision taken at the Extraordinary
Shareholders’ Meeting held on May 10, 2006, the own shares
held by Dexia SA on May 5, 2006, or 22,096,720 shares
representing EUR 414.2 million, were cancelled without
reduction of capital.
Deferred charges totaled EUR 0.7 million and accrued income
was EUR 46 million.
Among accrued income are the pro ratas of interest relating to
subordinated loans granted to Group entities (EUR 43.8 million),
a currency swap and accrued interest with Dexia Crédit
Local (EUR 1.1 million), the subordinated loan to Kempen &
Co (EUR 0.4 million) and cash investments (EUR 0.4 million)
as well as interest accrued on deferred tax advances (EUR
0.3 million).
4.3. LIABILITIES
SHAREHOLDERS’ EQUITY
As of December 31, 2006, the holding company’s shareholders’
equity including 2006 net income before appropriation
totaled EUR 18,700.4 million and is composed of the following
items.
4.3.1. Capital
Subscribed capital totaled EUR 5,237.7 million as of December
31, 2006 compared with EUR 4,887.6 million as of December
31, 2005.
This increase of EUR 350.1 million resulted from the following
operations:
1. a capital increase of EUR 279.8 million subscribed by institutional
investors with a view to financing the purchase of
DenizBank;
2. a capital increase reserved to employees and members of
the Dexia Group as part of the 2006 shareholding plan for an
amount of EUR 37.2 million;
3. the exercise of warrants granted to employees for an
amount of EUR 33.1 million.
As of December 31, 2006, the company’s capital was
represented by 1,163,184,325 shares, including 803,912,378
bearer shares and 359,271,947 registered shares. The total
number of Dexia VVPR strips was 668,841,416.
Other investments and deposits
This heading includes two term deposits of maximum one
month for a total amount of EUR 271.7 million as well as
VVPR Dexia strips worth EUR 0.1 million.
4.2.8. Cash at bank and in hand.
Available cash in accounts totaled EUR 17.1 million.
4.3.2. Additional paid-in capital
Each capital increase is accompanied by additional paid-in
capital, which totaled EUR 10,229 million as of December 31,
2006.
4.3.3. Reserves and retained earnings
The item “Reserves” includes the legal reserve (EUR 488.8 million)
and an available reserve amounting to EUR 683.8 million.
Retained earnings from 2005 amounted EUR 743.5 million.
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Dexia / Annual Report 2006