Annual report 2010 - Dexia.com

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Notes to the consolidated financial statementsManagement reportConsolidatedfinancial statementsAdditional information Annual financial statementsh. Range of assumptions to determine pension expenseDiscount Rate Inflation Expectedreturnon assets31/12/09Expectedreturn on bondsExpectedreturnon sharesSalaryIncreaseRateEurope 3.50% – 5.00% 2.50% 4.20% – 5.55% 2.95% – 4.68% 5.95% – 7.68% 2.50% – 5.50%Switzerland 3.25% 0.90% 3.50% 3.25% 6.70% 2.50%United Kingdom 5.70% 3.60% 6.74% 4.20% 8.40% 4.70%Discount Rate Inflation Expectedreturnon assets31/12/10Expectedreturn onbondsExpectedreturnon sharesSalaryIncreaseRateEurope 3.25% – 4.50% 2.00% 3.75% – 5.55% 2.25% – 4.25% 5.75% – 7.38% 2.50% – 5.00%Switzerland 2.75% 0.80% 3.50% 2.75% 6.60% 1.50%United Kingdom 5.30% 3.70% 6.46% 4.10% 8.30% 5.10%Comment on assumptions:(1) Due to decrease in interest-rates, discount rates have been reduced by 25bp to 50 bp in comparison with 2009.(2) The inflation rate has been reduced from 2.5% to 2.0% taking into account the low level of inflation of the last period.(3) Return on shares takes into account a risk premium.The expected return on assets is function of the asset allocation.i. Reconciliation with financial statementsLong-term obligations 2009 2010Outstanding liability relating to defined benefit plans 686 702Outstanding liability relating to other postretirement obligations 54 56Outstanding liability relating to other long-term employee benefits 39 41Total outstanding liability reported in the financial statements (1) 779 799Total liability calculated by actuaries 780 797Total liability relating to insignificant plans (1) (2)Outstanding asset reported in the financial statements (2) 19 17Total assets analysed by actuaries 22 20Total assets relating to insignificant plans (3) (3)(1) See note 8.6.A.(2) See note 7.12.A.j. Concentration riskSome of Dexia's plan assets are insurance policies issued by Ethias.The fair value of the plan assets amounts to respectively EUR 870 million as at 31 December 2009 and EUR 887 million as at31 December 2010.Sensibility to changes of interest rateAn increase/decrease of 25 bp of interest rate would lead to the following consequences on 2010 amounts:The Benefit Obligation as at end of the year 2010 would decrease/increase by 2,9/3,1% but the amount reported in “provision“would remain unchanged for the pension plans as the actuarial gains and losses would absorb the differences.The service cost for the year 2011 would decrease/increase by 3.0/3.2%, interest cost would increase/decrease by 2.4/2.8% andthe expected return on plan assets would increase/decrease by 5.4%/5.4%.The total net pension cost would decrease/increase in 2011 by 3.3/3.0% as a decrease of 25bp would result in a higheramortization of actuarial losses.Without any amortization, the decrease/increase of total net pension cost would be 2.9/2.5%.E. Defined contribution planContributions to legal pensions are not included in the amounts.The amount recognised as an expense for defined contribution plans was EUR 25 million for 2010 compared to EUR 26.7 millionfor 2009.172 Dexia Annual report 2010
Notes to the consolidated financial statements8.7. Tax liabilitiesAnalysis by nature 31/12/09 31/12/10Current income tax 207 123Deferred tax liabilities (see note 9.2.) 31 33Total 238 1578.8. Other liabilities31/12/09 31/12/10Other liabilities (except relating to insurance companies) 4,350 4,102Other liabilities specific to insurance activities 235 197Total 4,585 4,299Management reportA. Other liabilities (except relating to insurance companies)31/12/09 31/12/10Accrued costs 529 287Deferred income 408 408Subsidies 91 94Other accounts payable 2,116 1,925Other granted amounts received 1 1Salaries and social charges (payable) 291 299Shareholder dividends payable 101 101Operational taxes 165 174Other liabilities 649 813Total 4,350 4,102B. Liabilities specific to insurance activities31/12/09 31/12/10Debts for deposits from assignees 31 64Debts resulting from direct insurance transactions 189 120Debts resulting from reinsurance transactions 14 13Other insurance liabilities 0 0Total 235 1978.9. Liabilities included in disposal groups held for sale31/12/09 31/12/10Liabilities of subsidiaries held for sale (1) 4,332 0Total 4,332 0(1) 2009: Dexia Epargne Pension. See note 9.5.C “Analysis of Groups held for sale“.Consolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia173
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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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Human ResourcesMEMBERS OF STAFFGEND
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Financial resultsConsolidated state
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Annual report 2010 - Dexia.com

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