Annual report 2010 - Dexia.com

Notes to the consolidated financial statements7.8. Investments in associatesManagement reportConsolidatedfinancial statementsAdditional information Annual financial statementsA. Carrying value2009 2010Carrying value as at 1 Jan. 682 171- Acquisitions 0 1- Disposals (1) (392) (4)- Change in scope of consolidation (out) (7) 0- Share of result before tax 55 6- Share of tax (15) 0- Dividend paid (33) (3)- Changes in goodwill (see below) (142) 0- Share of gains and losses not recognized in the statement of income 22 0- Other 1 0Carrying value as AT 31 Dec. 171 171(1) Crédit du Nord in 2009.B. Positive goodwill included in carrying value2009 2010Acquisition cost as at 1 Jan. 210 33- Disposals (1) (178) 0Acquisition cost as at 31 Dec. (A) 33 33Accumulated amortization (2) and accumulated impairmentas at 1 Jan. (41) (6)- Disposals (1) 36 0Accumulated amortization (2) and accumulated impairmentas at 31 Dec.(B) (6) (6)Net carrying amount as at 31 Dec. (A)+(B) 27 27(1) Crédit du Nord.(2) Accumulated amortization represents the amount of depreciation recognised until 1 January 2004, before IFRS were applied. As at 1 january 2009, itrepresented an amount of EUR -36 million for Crédit du Nord and of EUR -6 million for Popular Banca Privada. As at 1 january 2010 and as at 31 December2010, it represents the amount for Popular Banca Privada.C. List of major associatesAssociates 2009 2009 2010 2010 WebsiteBook value Fair value ofinvestmentBook value Fair value ofinvestmentSLF Finances SA 64 64 63 63 www.slf.bePopular Banca Privada 48 64 49 64 www.popularbancaprivada.esTotal 112 128 112 127156 Dexia Annual report 2010