Annual report 2006 - Dexia.com

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.
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