Annual report 2005 - Dexia.com

DexiaPublic/Project Finance and Credit EnhancementAustriaDexia via KommunalkreditAustriaNeworiginations(in millions of EUR)l llllllllllllllllllllllllllllll ll l20042,950l llllllllllllllllllllllllllllll ll l20056,045Long-termcommitments (1)(in millions of EUR)l llllllllllllllllllllllllllllll ll l20049,922l llllllllllllllllllllllllllllll ll l200517,694(1) Corresponding to 100%new long-term originations/outstanding commitmentsof Kommunalkredit Austria,which is 49%-owned by Dexiasince 2001.French operator Veolia Water, relating to theconcession contract for water treatment in thecity of Braunschweig.From Berlin, Dexia essentially develops itsactivity of managing portfolios of securitiesissued by “sovereigns” and local authorities,operating on both the secondary and theprimary market.AustriaDexia has a minority holding (49%) in thecapital of Kommunalkredit Austria, a bankspecializing in the financing of Austrian localauthorities.In 2005, the Austrian partner had a recordyear. In fact, global long-term outstandingcommitments reached EUR 17.7 billionagainst EUR 9.9 billion in 2004. New longtermoriginations were at EUR 6 billion,or double the volume recorded at year-end2004. Outside Austria, KommunalkreditAustria intervenes in Switzerland and in otherdeveloped countries.Other geographic zones• International officesAt year-end 2005, global long-termoutstanding commitments generated by theactivity of the two international offices ofDexia Crédit Local and Dexia Bank Belgiumwere EUR 18.9 billion. Total originationsrecorded strong progress, reachingEUR 11.7 billion against EUR 3 billion in 2004.The total volume of financing to the publicsector reached EUR 5.3 billion againstEUR 1.3 billion. The increase observed isexplained by the extremely dynamic activityin Switzerland as well as the developmentof Public Sector Origination activity. InSwitzerland, originations were EUR 1.4 billionin 2005 against EUR 1.0 billion in 2004. Fromits international office, Dexia financed otheroperations in Spain, Greece, Canada andJapan.As regards structured financing, 2005 proved tobe an excellent year for originations: they wereEUR 6.4 billion against EUR 1.7 billion in 2004.Dexia activity related to the sectors of renewableenergy, oil/gas and telecommunications.Among the most remarkable operationswere the arrangements of financing for fourwind farms in Portugal developed by EDFEnergies nouvelles. Dexia also played therole of lead manager in the financing of newgas liquefaction factories in Qatar and inEgypt. Finally we note the launch of ImpaxNew Energy Investors, a fund investing inrenewable energies in Europe sponsored byDexia.70