Annual report 2010 - Dexia.com

Notes to the consolidated financial statements9.2. Deferred taxesManagement reportConsolidatedfinancial statementsAdditional information Annual financial statementsA. Analysis31/12/09 31/12/10Net deferred income tax assets/(liabilities) 2,688 2,677Deferred income tax liabilities (31) (33)Deferred income tax assets 4,302 5,700Deferred tax 4,271 5,667Unrecognized deferred tax assets (1,583) (2,990)B. Movements2009 2010As at 1 Jan. 3,908 2,688Movements of the year:- Amounts recognised in the statement of income (1) 107 (27)- Items directly computed by equity (1,297) (10)- Changes in consolidation scope 0 (12)- Exchange differences (31) 109- Other movements 1 (70)As at 31 Dec. 2,688 2,677(1) In 2009, the movements of the deferred tax income of the Insurance activity of FSA Holdings during the first quarter of 2009 are recorded in “Non currentassets held for sale“. As a consequence, an amount of 184 million, included in the statement of income is not recorded on this line (see note 11.15).In 2010, an amount of USD 35 million of deferred tax assets was recognised on temporary differences on the Financial Products portfolio.Deferred tax coming from assets of31/12/09 31/12/10the balance sheetTotal o/w impact inresultTotal o/w impact inresultCash, loans and loan loss provisions (1,549) 541 (2,800) (1,255)Securities 1,177 659 2,000 174Derivatives (1,686) 372 (3,718) (1,994)Tangible and intangible fixed assets (181) (7) (200) (9)Other assets specific to insurancecompanies 0 (1) (1) (1)Other 13 0 31 10Total (2,226) 1,564 (4,688) (3,074)Deferred tax coming from liabilities of31/12/09 31/12/10the balance sheetTotal o/w impact inresultTotal o/w impact inresultDerivatives 3,771 (767) 6,756 2,912Borrowings, deposits and issuance ofdebt securities 933 (333) 1,285 344Provisions 98 0 84 (18)Pensions 113 (1) 108 (4)Other liabilities specific to insurancecompanies (5) 28 3 7Legal tax free provisions (114) (2) (105) 9Other 129 7 151 112Total 4,925 (1,068) 8,282 3,362176 Dexia Annual report 2010