Annual report 2010 - Dexia.com

More documents

Recommendations

Info

Notes to the consolidated financial statementsManagement reportConsolidatedfinancial statementsPositive goodwill31/12/09 31/12/10(amounts larger than EUR 100 mios)DenizBank 1,125 1,173Group RBC Dexia 171 203Crediop 131 131DIS 104 104The evaluation of the recoverable amount of a cash-generatingunit (CGU) requires incorporating the cash outflows associatedwith the funding. Because the capital deployed is managedon group basis, the Economic Equity allocated to a CGUrepresents the net assets generating the margin. The carryingamount of the CGU is therefore the economic equity plus theallocated goodwill.If a subsidiary is only active on a single CGU, the entiregoodwill is allocated to this CGU. If a subsidiary is activeon several CGU's, the goodwill is allocated to CGU's basedon the cash flows attributable to each one at the date ofacquisition. If one activity is highly integrated, a CGU mayinclude several legal entities or related CGU from differentlegal entities (Asset management is considered as one CGU,as well as Investor services)Impairment on goodwill under IAS 36 is recognised inprofit or loss if the recoverable amount of an investmentis lower than its carrying value. The recoverable amount isdefined as the higher of the value in use (calculated basedon discounted cash flow - DCF - analysis) and the fair value(transaction multiples for comparable businesses, share pricedata for listed companies with comparable businesses) lesscosts to sell.The DCF method is based on a number of assumptions interms of future revenues and expenses for each businessunit. These parameters are based on financial planning asapproved by management, extrapolated over a sustainablegrowth period and then in perpetuity based on long termgrowth rates thereafter.The tests take into account the cost of capital based on arisk-free rate plus risk premium specific to the CGU. The keyparameters which are sensitive to the assumptions made aretherefore the cost/income ratio, the long term growth rateand the cost of capital.The test did not result in any impairment on goodwill for anyof the Cash-Generating Units.Additional information Annual financial statements7.11. Tax assets31/12/09 31/12/10Current taxes 200 136Deferred tax assets (see note 9.2.) 2,718 2,710Total 2,919 2,847Deferred tax assets (DTA) are constituted for an amount ofEUR 2.03 billion (1.95 billion in 2009) by DTA coming fromnegative Available-for-sale reserve on bonds and “frozen“ fairvalue adjustment of financial assets reclassified to Loans andReceivables and by DTA on cash flow hedges reserves for EUR0.13 billion (0.15 billion in 2009).Apart from this, it relates to other elements includingrecoverable tax losses and provisions.160 Dexia Annual report 2010
Notes to the consolidated financial statements7.12. Other assets31/12/09 31/12/10Other assets 1,713 2,094Other assets specific to insurance companies 182 264Total 1,895 2,358A. Other assetsAnalysis by nature 31/12/09 31/12/10Accrued income 109 123Deferred expenses 60 60Other accounts receivables 902 1,044Plan assets (1) 19 17Inventories 18 5Operational taxes 76 73Other assets 529 772Total 1,713 2,094(1)See note 8.6.i.B. Other assets specific to insurance companiesAnalysis by nature (acquisition costs and share of reinsurers) 31/12/09 31/12/10Share of the reinsurers in the technical reserves 76 77Receivables resulting from direct insurance transactions 50 47Premiums still to be issued 0 50Deferred acquisition costs 0 2Other insurance assets 57 89Total 182 2647.13. Non-current assets held for sale31/12/09 31/12/10Assets of subsidiaries held for sale (1) 4,296 0Tangible and intangible assets held for sale 54 50Other assets 1 1Total 4,350 50(1) 2009: Dexia Epargne Pension. See note 9.5.C. Analysis of Groups held for sale.Management reportConsolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia161
Page 1:
A n n u a lr e p o r t2 0 1 0
Page 4 and 5:
4 Group profile8 Message from the c
Page 6 and 7:
Group profileManagement reportConso
Page 8 and 9:
Group profileRESULTS Dexia GAAP IFR
Page 10 and 11:
Message from the ChairmenManagement
Page 12 and 13:
2010 and early 2011 highlightsManag
Page 14 and 15:
2010 and early 2011 highlightsDecem
Page 16 and 17:
Update on the transformation planMa
Page 18 and 19:
Update on the transformation planMa
Page 20 and 21:
StrategyManagement reportConsolidat
Page 22 and 23:
Declaration of corporategovernanceM
Page 24 and 25:
Declaration of corporate governance
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Shareholder informationManagement r
Page 72 and 73:
Shareholder informationManagement r
Page 74 and 75:
Human ResourcesMEMBERS OF STAFFGEND
Page 76 and 77:
Human ResourcesFinally, questions r
Page 78 and 79:
Sustainable developmentEnergy perfo
Page 80 and 81:
Risk managementManagement reportCon
Page 82 and 83:
Risk managementThe Operational Risk
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Capital managementManagement report
Page 100 and 101:
Capital managementEconomic capitalE
Page 102 and 103:
Financial resultsConsolidated state
Page 104 and 105:
Financial resultsManagement reportC
Page 106 and 107:
Activity and results of the busines
Page 108 and 109:
Page 110 and 111:
Page 112 and 113: Activity and results of the busines
Page 114 and 115: Activity and results of the busines
Page 116: Activity and results of the busines
Page 119 and 120: C o n s o l i d a t e d f i n a n c
Page 121 and 122: Liabilities Note 31/12/09 31/12/10(
Page 123 and 124: Consolidated statementof changes in
Page 125 and 126: Gains and losses not recognised in
Page 127 and 128: Consolidated cash flow statement(in
Page 129 and 130: Notes to the consolidated financial
Page 133: Notes to the consolidated financial
Page 213 and 214:
Notes to the consolidated financial
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
Page 221 and 222:
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Dexia saStatutory Auditor's reporto
Page 240 and 241:
240 Balance sheet241 Off-balance-sh
Page 242 and 243:
Balance sheet(before income appropr
Page 244 and 245:
Statement of incomeManagement repor
Page 246 and 247:
Notes to the annual financial state
Page 248 and 249:
Page 250 and 251:
Page 252 and 253:
Page 254 and 255:
Page 256 and 257:
Page 258 and 259:
Page 260 and 261:
Page 262 and 263:
Statutory Auditor's reportManagemen
Page 264 and 265:
Additional informationManagement re
Page 267 and 268:
Photographs: page 8: C. LEBEDINSKY/
show all

Annual report 2010 - Dexia.com

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?