Annual report 2006 - Dexia.com

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THE DEXIA SHARE MAIN SHAREHOLDERS OF DEXIA (1) Percentage of Dexia SA capital held Arcofin 17.5% Holding Communal 16.4% Caisse des dépôts et consignations 11.8% Group Ethias 6.4% CNP Assurances 2.0% (1) As of December 31, 2006. MANAGEMENT REPORT COMPTES CONSOLIDÉS COMPTES SOCIAUX NUMBER OF SHARES Dec. 31, 2002 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2005 Dec. 31, 2006 Number of shares 1,181,685,852 1,175,222,680 1,145,261,366 1,107,469,030 1,163,184,325 of which Treasury shares 20,082,005 32,546,412 40,050,935 20,550,020 490,607 Number of options 31,809,349 43,301,416 50,684,800 55,903,030 58,697,872 Total number of current/ potential future shares (1) 1,213,495,201 1,218,524,096 1,195,946,166 1,163,372,060 1,221,882,197 (1) For more details, refer to “Legal Information” on www.dexia.com. DATA PER SHARE 2002 2003 2004 2005 2006 Earning per share – EPS (in EUR) - basic under Dexia GAAP (1) 1.13 1.24 1.58 - - - basic under EU GAAP (1) - - 1.63 1.87 2.49 - diluted under EU GAAP (2) - - 1.62 1.85 2.45 Average weighted number of shares (3) - basic 1,150 867,134 1,157,363,982 1,118,723,767 1,091,316,100 1,104,950,054 - diluted - 1,124,050,279 1,103,413,861 1,120,893,987 Net assets per share (in EUR) (4) - under Dexia GAAP (5) 8.79 9.25 9.95 - - - related to core shareholders’ equity (6) - - 8.87 (8) 9.86 11.60 - related to total shareholders’ equity (7) - - 10.32 (8) 12.25 13.21 Dividend (in EUR) Gross dividend 0.48 0.53 0.62 0.71 0.81 Net dividend (9) 0.36 0.40 0.47 0.53 0.61 Net dividend for shares with a VVPR strip (10) 0.41 0.45 0.53 0.60 0.69 (11) (11) (11) (1) The ratio between the net income – Group share and the weighted average number of shares. (2) The ratio between the net income – Group share and the weighted average diluted number of shares. (3) Excluding shares held in treasury stocks. (4) The ratio between the shareholders’ equity (estimated dividend for the period deducted) and the number of shares (after deduction of treasury shares) at the end of the period. (5) Including GBRR – Group share. (6) Without AFS, CFH reserve and cumulative translation adjustments. (7) With AFS, CFH reserve and cumulative translation adjustments. (8) As of January 1, 2005. (9) After deduction of a 25% Belgian withholding tax. (10) After deduction of a 15% Belgian withholding tax (as the deduction is reduced to 15% for securities with a VVPR strip). (11) Proposed dividend; net dividends are rounded for the purpose of this publication. STOCK MARKET RATIOS 2002 2003 2004 2005 2006 Payout ratio (in %) (1) - under Dexia GAAP 43.0 42.1 38.7 - - - under EU GAAP - - 37.6 37.9 34.3 Price-earnings ratio (3) 10.4x 11.0x 10.7x 10.4x 8.3x Price to book ratio (4) 1.3x 1.5x 1.7x 2.0x 1.8x Annual yield (in %) (5) 4.1 3.9 3.7 3.6 3.9 (1) The ratio between the total dividend and the net income – Group share. (2) Based on proposed dividend. (3) The ratio between the average share price as of December 31 and the earnings per share for the year. (4) The ratio between the average share price as of December 31 and the net assets per share as of December 31 (related to core shareholders’ equity for 2005 and 2006). (5) The ratio between the gross dividend per share and the average share price as of December 31. (2) 54 | Dexia / Annual Report 2006
THE DEXIA SHARE SHAREHOLDERS’ CALENDAR IN 2007 Thursday March 8 Marseilles In partnership with FFCI (1) Wednesday March 14 Mons In partnership with INVESTA Wednesday April 4 Brussels Meeting of the European Consultative Committee of Individual Shareholders Thursday April 5 Orléans In partnership with FFCI (1) Wednesday May 9 Brussels Shareholders’ meetings Thursday May 10 Paris – Méridien Etoile Wednesday May 23 Lille In partnership with Le Revenu Thursday June 7 Strasbourg In partnership with FFCI (1) Thursday June 21 Nancy In partnership with FFCI (1) Meeting chaired by Axel Miller and Pierre Richard in partnership with Investir MANAGEMENT REPORT Thursday September 13 Toulouse In partnership with FFCI (1) Thursday September 27 Montpellier In partnership with La Vie Financière October 2007 Paris Thursday October 4 Dijon In partnership with FFCI (1) Thursday October 18 Lyon In partnership with FFCI (1) Monday October 22 Nantes In partnership with FFCI (1) Friday November 16 – Saturday November 17 Paris – Palais des Congrès Meeting of the European Consultative Committee of Individual Shareholders Actionaria Convention Monday November 19 Bordeaux In partnership with Investir (1) Fédération française des clubs d’investissement. COMPTES CONSOLIDÉS COMPTES SOCIAUX Dexia / Annual Report 2006 | 55
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no achievement without commitment
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FINANCIAL HIGHLIGHTS 4 MESSAGE FROM
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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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