Annual report 2006 - Dexia.com

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FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS GROUP – CONSOLIDATED FIGURES MANAGEMENT REPORT BALANCE SHEET TOTAL (in billions of EUR) 1999 2000 2001 2002 2003 2004 01/01/2005 31/12/2005 2006 245 258 351 351 350 389 405 509 567 NET INCOME – GROUP SHARE (in millions of EUR) 1999 2000 2001 2002 2003 2004 761 01/01/2005 31/12/2005 2006 1,001 1,426 1,299 1,431 1,772 1,822 2,038 2,750 Dexia Group accounting standards adopted until the publication on December 31, 2004. IFRS as adopted by the European Union for publications after January 1, 2005. COMPTES CONSOLIDÉS COMPTES SOCIAUX RETURN ON EQUITY (ROE) (in %) 1999 2000 2001 2002 2003 2004 2004 2005 2006 15.7 17.7 16.2 16.5 18.7 17.2 19.8 20.0 23.1 EARNINGS PER SHARE (in EUR) 1999 2000 2001 2002 2003 2004 2004 2005 2006 0.98 1.15 1.25 1.13 1.24 1.58 1.63 1.87 2.49 COST-INCOME RATIO (in %) 1999 2000 2001 2002 2003 2004 2004 2005 2006 53.9 54.8 59.0 58.9 59.2 55.9 54.4 54.0 49.6 D E F E C A D A B C B BUSINESS LINE CONTRIBUTION TO THE UNDERLYING NET INCOME – GROUP SHARE 2006* A PUBLIC/PROJECT FINANCE AND CREDIT ENHANCEMENT 51% B PERSONAL FINANCIAL SERVICES 22% C TREASURY AND FINANCIAL MARKETS 14% D ASSET MANAGEMENT 5% E INVESTOR SERVICES 4% F INSURANCE SERVICES 4% * Excluding Central Assets and non-operating items. MEMBERS OF STAFF AS OF DECEMBER 31, 2006* 33,321 OF WHICH A BELGIUM 15,270 B FRANCE 2,639 C LUXEMBOURG 3,513 D TURKEY 6,290 E OTHER COUNTRIES 5,609 * Including the self-employed networks and RBC Dexia Investor Services. 4 | Dexia / Annual Report 2006
FINANCIAL HIGHLIGHTS RESULTS Dexia GAAP IFRS as adopted by EU (in millions of EUR) 1999 2000 2001 2002 2003 2004 2004 (1) 2005 2006 Income 3,143 3,740 5,631 5,157 5,160 5,392 5,623 5,976 7,012 Costs (1,694) (2,050) (3,323) (3,037) (3,056) (3,012) (3,057) (3,229) (3,481) Gross operating income 1,449 1,690 2,308 2,120 2,104 2,380 2,566 2,747 3,531 Net income – Group share 761 1,001 1,426 1,299 1,431 1,772 1,822 2,038 2,750 (1) The reconciliation between Dexia GAAP and IFRS as adopted by EU, is explained in the Dexia Annual Report 2005 “Accounts & reports”. BALANCE SHEET Dexia GAAP IFRS as adopted by EU (in billions of EUR) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Jan. 1, (1) Dec. 31, Dec. 31, 1999 2000 2001 2002 2003 2004 2005 2005 2006 Total assets 245.1 257.8 351.4 350.9 349.9 389.2 404.6 508.8 566.7 Loans and advances to customers 128.5 134.4 156.4 157.8 161.9 166.2 169.5 192.4 226.5 Loans and securities 67.0 77.7 125.9 134.7 127.9 144.5 147.3 198.9 223.2 Customer borrowings and deposits 46.9 52.4 84.0 85.3 92.3 97.6 87.1 97.7 109.5 Debt securities 132.3 134.4 140.9 146.5 134.9 143.9 144.2 175.7 184.7 Core shareholders’ equity (2) 6.9 8.1 10.3 10.9 11.6 12.3 10.5 11.5 14.4 (1) The reconciliation between Dexia GAAP and IFRS as adopted by EU, and the impact of the first-time application of IFRS is explained in the Dexia Annual Report 2005 “Accounts & reports”. (2) For the years 1999-2004: shareholders’ equity + general banking risks reserve. RATIOS Dexia GAAP IFRS as adopted by EU 1999 2000 2001 2002 2003 2004 2004 2005 2006 Profit margin (1) 25.9% 28.4% 27.1% 26.9% 29.3% 34.2% 33.6% 35.0% 40.5% Cost-income ratio (2) 53.9% 54.8% 59.0% 58.9% 59.2% 55.9% 54.4% 54.0% 49.6% Return on equity (3) 15.7% 17.7% 18.7% 16.2% 16.5% 19.8% 17.2% 20.0% 23.1% Tier 1 ratio (5) 9.0% 9.3% 9.3% 9.3% 9.9% 10.7% 10.0% 10.3% 9.8% Capital adequacy ratio (5) 12.8% 9.8% 11.5% 10.7% 11.2% 11.7% 11.1% 10.9% 10.3% (1) The ratio between the net income and the income. (2) The ratio between the costs and the income. (3) The ratio between net income – Group share and the weighted average core shareholders’ equity (estimated dividend for the period deducted). (4) Including EUR 236 million result on Dexia’s net asset contribution to the joint venture RBC Dexia Investor Services and EUR 280 million result on the sale of Banque Artesia Nederland. (5) The profit for the financial year minus the proposed dividend is included in the shareholders’ equity. QUALITY OF RISKS Dexia GAAP IFRS as adopted by EU 1999 2000 2001 2002 2003 2004 2004 2005 2006 (4) (4) MANAGEMENT REPORT COMPTES CONSOLIDÉS COMPTES SOCIAUX Impaired loans (in millions of EUR) 672 905 1,897 1,942 1,708 1,722 1,722 1,473 1,359 Assets quality ratio (1) 0.53% 0.68% 1.20% 1.23% 1.05% 1.04% 1.04% 0.78% 0.61% Coverage ratio (2) 79.3% 65.0% 66.7% 68.0% 72.8% 73.2% 73.2% 69.1% 69.3% (1) The ratio between the impaired loans and the gross outstandings loans. (2) The ratio between the portfolio impairments and the impaired loans. DATA PER SHARE Dexia GAAP IFRS as adopted by EU (in EUR) 1999 2000 2001 2002 2003 2004 2004 2005 2006 Earnings per share (1) 0.98 1.15 1.25 1.13 1.24 1.58 1.63 1.87 2.49 (2) Gross dividend 0.39 0.43 0.48 0.48 0.53 0.62 0.62 0.71 0.81 (2) Net assets (3) 8.54 8.02 8.39 8.79 9.25 9.95 8.87 9.86 11.60 (2) Pay-out ratio (4) 41.4% 41.9% 39.3% 43.0% 42.1% 38.7% 37.6% 37.9% 34.3% (1) The ratio between the net income – Group share and the average weighted number of shares (undiluted for the years under IFRS as adopted by EU). (2) Proposed dividend. (3) The ratio between the core shareholders’ equity (estimated dividend for the period deducted) and the number of shares (after deduction of treasury shares) at the end of the period. Under Dexia GAAP : including GBRR – Group share. (4) The ratio between the total dividend and the net income – Group share. For 2006, based on proposed dividend. RATINGS (LONG TERM) (1) Dexia Dexia Dexia Financial Security Dexia Municipal Bank Crédit Local BIL Assurance Agency Moody’s Aaa Aaa Aaa Aaa Aaa Standard & Poor’s AA AA AA AAA AAA Fitch AA+ AA+ AA+ AAA AAA (1) Ratings as of February 24, 2007. Dexia / Annual Report 2006 | 5
Page 1: no achievement without commitment
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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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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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