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<strong>Dexia</strong>Financial resultsAnalysis of the balance sheetThe consolidated financial statements of<strong>Dexia</strong> are prepared under EU GAAP i.e. IFRSas adopted by the EU. The <strong>2005</strong> financialstatements include the application of IAS32, IAS 39 and IFRS 4. Therefore the balancesheet as of December 31, <strong>2005</strong> is <strong>com</strong>pared tothat as of January 1, <strong>2005</strong>.Total consolidated balance-sheet footingsas of December 31, <strong>2005</strong> amounted toEUR 508.8 billion. Compared to January 1,<strong>2005</strong>, the amount of total assets has increased(+25.7%) due to the development ofthe <strong>com</strong>mercial activities.LiabilitiesThe amount of customer deposits and debtsecurities (savings bonds, certificates andbonds) reached EUR 273.1 billion at the endof <strong>2005</strong> (+18.1%). Their relative share in thetotal of the balance sheet amounted to 53.7%.Customer deposits stood at EUR 97.4 billionat the end of <strong>2005</strong>, an increase of +11.8%,partly <strong>com</strong>ing from the growth of fundadministration activity and the progression ofstructured products with guaranteed capital.Debt securities increased to EUR 175.7 billion(+21.9%) mainly due to new issues of bondsfor EUR 22.9 billion and of certificatesof deposits for EUR 13.8 billion. Savingcertificates decreased by EUR 4.4 billion.Loans and advances to customersLoans and advances to customers increased by+13.5% and stood at EUR 192.4 billion as ofDecember 31, <strong>2005</strong> due to good <strong>com</strong>mercialactivity. Reverse repurchase agreements grewby EUR 4.5 billion, mortgage loans rose byEUR 2.2 billion in Belgium.Loans and securitiesUnder EU GAAP, loans and securities arepresented together by portfolio strategy:“trading”, “available for sale”, “designated atfair value through the statement of in<strong>com</strong>eor held to maturity”. The total amount as ofDecember 31, <strong>2005</strong> reached EUR 198.9 billionof which EUR 197.3 billion in securities(+34.7%).This increase came from the variation in theposition on bonds for EUR 48.5 billion (ofwhich EUR 13.6 billion from bonds issuedby public bodies) and from the increase ofshares, mainly those purchased by insurance<strong>com</strong>panies for unit-linked products.Due to/from banksThe increase of the interbank assets andliabilities was due to the development ofthe volume of banking activities, mainly termdeposit and repo/reverse-repo activities.Total equityTotal shareholders’ equity in the <strong>Dexia</strong>Group amounted to EUR 14.1 billion as ofDecember 31, <strong>2005</strong> against EUR 12.1 billionas of January 1, <strong>2005</strong>, i.e. a growth of +16.5%.46
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