Annual report 2006 - Dexia.com

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THE DEXIA SHARE MANAGEMENT REPORT COMPTES CONSOLIDÉS THE DEXIA SHARE EVOLUTION OF THE STOCK MARKET PRICE IN 2006 The year 2006 marks a further rise of world stock markets, particularly in Europe. The upward and downward trends of the year were strongly correlated on the one hand to the price of oil, which exceeded USD 70 a barrel at one point in the year, with its negative impact on economic growth, and on the other hand to the monetary policies of the Fed and the ECB as well as the weakness of the US dollar, which lost 12% of its value against the euro in one year. During the year a large number of mergers and acquisitions in all sectors influenced the stock market prices and volumes. Against that background stock market indices climbed, with the EuroStoxx50 up 15.2%, the CAC 40 17.5%, the BEL20 23.6% and the banking sector (EuroStoxx Banks) 22.5%. The latter benefited from excellent results posted by banks as a consequence of a favorable economy and the merger transactions taking place in the sector. The Dexia share began the year well and on May 11, 2006 had hit a high of EUR 22.20, but some of that ground was lost at the end of May when the markets reversed. The announcement at the same time of the acquisition of DenizBank and the need of a capital increase to finance it also weighed on the share price which ceded a maximum 9.4% compared to the end of 2005. When the capital increase was announced in September, the share took off, rising 17.6% to the end of the year. The Dexia share closed the year 2006 at EUR 20.75 in Brussels and Paris, thus posting a rise of 6.5% in the whole year. COMPTES SOCIAUX STOCK EXCHANGE DATA Dec. 31, 2005 Dec. 31, 2006 Share price (1) (in EUR) 19.49 20.75 Stock market capitalization (in millions of EUR) 21,579 24,136 (1) Average closing prices on Euronext Brussels and Euronext Paris. DEXIA’S STOCK MARKET PERFORMANCE Brussels Paris Share price as of Dec. 31, 2005 (in EUR) 19.48 19.49 Share price as of Dec. 31, 2006 (in EUR) 20.75 20.75 Highest price/Lowest price (in EUR) 22.04/17.66 22.04/17.64 Average daily trading volume (in millions of EUR) 33.05 37.57 Average daily trading volume (in thousands of shares) 1,456 1,866 DEXIA’S POSITION IN THE PRINCIPAL EUROPEAN INDICES Weighting in index Position BEL20 10.01% 5 CAC 40 1.97% 18 Euronext 100 1.14% 26 Next CAC 70 1.26% 26 FTSE EuroTop 100 0.46% 96 FTSE EuroFirst 80 0.84% 51 Dow Jones EuroStoxx Banks 2.48% 13 52 | Dexia / Annual Report 2006
THE DEXIA SHARE DEXIA’S STOCK MARKET PERFORMANCE (FROM NOVEMBER 1996 TO THE END OF DECEMBER 2006) Average Dexia EuroStoxx Banks EuroStoxx 50 24 EUR 21 EUR 18 EUR 15 EUR 12 EUR 9 EUR 6 EUR 20/11/96 20/03/97 20/07/97 20/11/97 20/03/98 20/07/98 20/11/98 20/03/99 20/07/99 20/11/99 20/03/00 20/07/00 20/11/00 20/03/01 20/07/01 20/11/01 20/03/02 20/07/02 20/11/02 20/03/03 20/07/03 20/11/03 20/03/04 20/07/04 20/11/04 20/03/05 20/07/05 20/11/05 20/03/06 20/07/06 20/11/06 29/12/06 MANAGEMENT REPORT DEXIA’S STOCK MARKET PERFORMANCE IN PARIS AND TRADING VOLUMES (FROM NOVEMBER 1996 TO THE END OF DECEMBER 2006) 25 EUR 20 EUR 15 EUR Monthly trading volume Dexia CAC 40 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 COMPTES CONSOLIDÉS 10 EUR 5 EUR 0 EUR 20/11/96 20/03/97 20/07/97 20/11/97 20/03/98 20/07/98 20/11/98 20/03/99 20/07/99 20/11/99 20/03/00 20/07/00 20/11/00 20/03/01 20/07/01 20/11/01 20/03/02 20/07/02 20/11/02 20/03/03 20/07/03 20/11/03 20/03/04 20/07/04 20/11/04 20/03/05 20/07/05 20/11/05 20/03/06 20/07/06 20/11/06 29/12/06 40,000,000 30,000,000 20,000,000 10,000,000 0 COMPTES SOCIAUX DEXIA’S STOCK MARKET PERFORMANCE IN BRUSSELS AND TRADING VOLUMES (FROM NOVEMBER 1996 TO THE END OF DECEMBER 2006) 25 EUR Monthly trading volume Dexia BEL20 50,000,000 45,000,000 20 EUR 40,000,000 35,000,000 15 EUR 30,000,000 25,000,000 10 EUR 20,000,000 15,000,000 5 EUR 10,000,000 5,000,000 0 EUR 0 20/11/96 20/03/97 20/07/97 20/11/97 20/03/98 20/07/98 20/11/98 20/03/99 20/07/99 20/11/99 20/03/00 20/07/00 20/11/00 20/03/01 20/07/01 20/11/01 20/03/02 20/07/02 20/11/02 20/03/03 20/07/03 20/11/03 20/03/04 20/07/04 20/11/04 20/03/05 20/07/05 20/11/05 20/03/06 20/07/06 20/11/06 29/12/06 Dexia / Annual Report 2006 | 53
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no achievement without commitment
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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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D. Provisions for pensions and othe
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H. Range of assumptions to determin
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9. OTHER NOTES ON THE CONSOLIDATED
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Deferred tax coming from assets of
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2. Change in profit sharing reserve
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B. Nonlife contracts B.1. Income an
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9.4. RELATED PARTIES TRANSACTIONS A
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The assets and liabilities disposed
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9.8. SHARE-BASED PAYMENTS STOCK OPT
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9.9. MINORITY INTERESTS - CORE EQUI
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Dec. 31, 2005 Dec. 31, 2006 Banking
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10. NOTES ON THE CONSOLIDATED OFF-B
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11.3. NET INCOME FROM ASSOCIATES De
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11.6. COMMISSION INCOME AND EXPENSE
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(AVERAGE FTE) France Belgium Luxemb
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11.14. IMPAIRMENT ON GOODWILL Nil.
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12. NOTES ON RISK EXPOSURE (IN MILL
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12.2. CREDIT RISKS EXPOSURE A. Anal
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12.3. INTEREST RATE REPRICING RISK:
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12.6. LIQUIDITY RISK: BREAKDOWN BY
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12.7. CURRENCY RISK As of Dec. 31,
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BALANCE SHEET 216 OFF-BALANCE SHEET
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BALANCE SHEET (before income approp
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STATEMENT OF INCOME (in thousands o
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3.2.5. Amounts receivable after mor
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4.2.6. Amounts receivable within on
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RAPPORT DE GESTION COMPTES CONSOLID
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4.6. STATEMENT OF FORMATION EXPENSE
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4.10. SHARE IN THE CAPITAL AND OTHE
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D. Commitments to issue shares Amou
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4.19. OTHER TAXES AND TAXES BORNE B
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6. SOCIAL REPORT 6.1. STATEMENT OF
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6.3. STATEMENT CONCERNING THE IMPLE
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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 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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Annual report 2006 - Dexia.com

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