Annual report 2010 - Dexia.com

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Notes to the consolidated financial statementsManagement reportConsolidatedfinancial statements2. Significant changes inscope of consolidation andlist of main subsidiaries andaffiliated enterprises of theDexia Group2.1. Significant changes in scope ofconsolidationIn 2009As from 1 April 2009, Dexia stopped consolidating the activitiesof Financial Security Assurance Holdings Ltd. (hereafter FSAInsurance) sold to Assured Guaranty Ltd. (Assured).FSA Insurance's result for the first quarter was consolidatedon a line by line basis and the net result was offset in “Netincome on Investments“.The sale was completed on 1 July 2009. The sales price ofUSD 816.5 million was partially paid in cash (USD 546 million)and partially with 21.85 million Assured shares. The shareswere included in Available-for-sale Portfolio as Dexia did nothave a significant influence in Assured.As from the fourth quarter 2009, Crédit du Nord is no longerincluded in Dexia's consolidated financial statements pursuant tothe agreement under which Société Générale buys Dexia's 20%stake in Crédit du Nord for a cash consideration consisting ofEUR 676 million. The EUR 30 million first nine-month result ofCrédit du Nord was considered in Dexia's annual result 2009.The transaction generated a capital gain of around EUR 153 million.Simultaneously to this transaction Dexia purchased Crédit duNord's 20% stake in Dexia Crédit Local de France Banquefor a cash consideration of EUR 13 million. As a result ofthis acquisition, Dexia controls 100% of Dexia Crédit Localde France Banque.As at 9 December 2009, Dexia signed an agreement relatingto the sale of Dexia Epargne Pension (“DEP“) to BNP ParibasAssurance.Following the signing of the agreement, DEP was recorded in“Non current assets held for sale“ and in “Liabilities included indisposal groups held for sale“ for amounts around EUR 4.3 billionas at 31 December 2009.In 2010Following its sale in April 2010, Dexia Epargne Pension leftthe scope of consolidation. Its results of the first three months2010 have been consolidated.Dexia sold its 51% stake in Adinfo. Adinfo's results for thefirst six months 2010 have been consolidated.See also note 9.5. Acquisitions and disposals of consolidatedcompanies.Additional information Annual financial statements2.2. Main subsidiaries and affiliated enterprises of the Dexia Group (1)Name Head Office % of capital held ConsolidationmethodDIRECT PARTICIPATIONS OF DEXIA SAAssociated Dexia Technology Services SA(ADTS)Dexia Funding Luxembourg SA23, Atrium Business Park, z.a. Bourmicht,L-8070 Bertrange180, rue des AubépinesL-1145 Luxembourg100 fully100 fullyDexia Participations Belgique SA Place Rogier 11, B-1210 Bruxelles 100 fullyDexia Participations Luxembourg SA 69, route d’Esch, L-2953 Luxembourg 100 fullyGroup DenizBank AŞ Büyükdere Cad. No: 10699.85 fullyT-34394 Esentepe/IstanbulGroup Dexia Nederland NV Piet Heinkade 55, NL-1019 GM Amsterdam 100 fullyDEXIA BANQUE BELGIQUE SA: MAIN SUBSIDIARIES AND AFFILIATESDexia Auto Lease SA Place Rogier 11, B-1210 Bruxelles 100 fullyDexia Bank Belgium SA Boulevard Pachéco 44, B-1000 Bruxelles 100 fullyDexia Commercial Finance SA Place Rogier 11 - B-1210 Bruxelles 100 fullyDexia Crédits Logement SA Boulevard Pachéco 44, B-1000 Bruxelles 100 fullyDexia Funding Netherlands NVStrawinskylaan 3105 NL-1077 ZX100 fullyAmsterdamDexia Insurance Belgium SA Avenue Livingstone 6, B-1000 Bruxelles 99.79 fullyDexia Insurance Belgium Invest SA Rue Joseph II 96, B-1000 Bruxelles 100 fullyDexia Investment Company SA Boulevard Pachéco 44, B-1000 Bruxelles 100 fullyDexia Investments Ireland SA 6 George’s Dock, IRL-IFSC Dublin 1 100 fullyDexia Lease Belgium SA Place Rogier 11, B-1210 Bruxelles 100 fullyDexia Lease Services SA Place Rogier 11, B-1210 Bruxelles 100 fullyDexia Life and Pensions SA 2, rue Nicolas Bové, L-1253 Luxembourg 100 fullyDIS Finance SA 2, rue Nicolas Bové, L-1253 Luxembourg 100 fully(1) Complete list available on request.142 Dexia Annual report 2010
Notes to the consolidated financial statementsDEXIA BANQUE INTERNATIONALE À LUXEMBOURG SA: MAIN SUBSIDIARIES AND AFFILIATESDexia Asset Management Luxembourg SA 136, route d’Arlon, L-1150 Luxembourg 100 (1) fullyDexia Banque Internationale à69, route d’Esch99.95 fullyLuxembourgL-2953 LuxembourgDexia LdG Banque SA 69, route d’Esch, L-1470 Luxembourg 100 fullyRBC Dexia Investor Services Ltd77 Queen Victoria Street50 proportionallyUK-London EC4N 4AYRBC Dexia Investor Services Bank SA 14, rue Porte de France,50 proportionallyL-4360 Esch-sur-AlzetteRBC Dexia Investor Services Trust Ltd 77 King Street West - 35 th floor50 proportionallyRoyal Trust Tower,Toronto, ON, Canada M5W-1P9DEXIA CRÉDIT LOCAL SA: MAIN SUBSIDIARIES AND AFFILIATESDexia banka Slovensko Hodzova ul 11 – 010 11, Zilina – Slowakia 85.47 fullyDexia CLF Banque1, Passerelle des Reflets, Tour Dexia,100 fullyLa Défense 2F-92919 La DéfenseDexia Crediop Spa Via Venti Settembre 30, I-00187 Roma 70 fullyDexia Crediop Ireland 6 George’s Dock, IRL-IFSC Dublin 1 100 fullyDexia Crédit Local SA1, Passerelle des Reflets, Tour Dexia,100 fullyLa Défense 2F-92919 La DéfenseDexia Delaware LLC 15 East North Street, Delaware, 19901100 fullyDover – USADexia FP Holdings Inc.445 Park Avenue, 5 th floor New York100 fullyNY 10022 USADexia Holdings Inc.445 Park Avenue, 5 th floor New York100 fullyNY 10022 USADexia Israel Bank19 Ha’arbaha st., “Hatihon“ building65.99 fullyTel Aviv 61200. P.O.B 7091Dexia Kommunalbank Deutschland AG Charlottenstrasse 82, D-10969 Berlin 100 fullyDexia Kommunalkredit Bank AG Fischhof 3A-1010 Vienne − Autriche 100 fullyDexia Kommunalkredit Bank Polska ul Sienna 39 - 00-121 Warschau – Pologne 100 fullyDexia Municipal Agency SA1, Passerelle des Reflets, Tour Dexia100 fullyLa Défense 2F-92919 La DéfenseDexia Sabadell Banco Local Paseo de las 12 Estrellas 460 fullyCampo de las Naciones E-28042 MadridDexia Sofaxis Route de Créton, 18110 Vasselay France 100 fullyFSA Global Funding LtdPO Box 1093GT, Boundery Hall, Cricket100 fullySquare – Grand Cayman – Cayman Islands(1) 49% held by Dexia Bank Belgium, 51% held by Dexia Banque Internationale à Luxembourg.Management reportConsolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia143
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4 Group profile8 Message from the c
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Group profileManagement reportConso
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Group profileRESULTS Dexia GAAP IFR
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Message from the ChairmenManagement
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2010 and early 2011 highlightsManag
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2010 and early 2011 highlightsDecem
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StrategyManagement reportConsolidat
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Human ResourcesMEMBERS OF STAFFGEND
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Sustainable developmentEnergy perfo
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Photographs: page 8: C. LEBEDINSKY/
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Annual report 2010 - Dexia.com

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