Annual report 2010 - Dexia.com

More documents

Recommendations

Info

Notes to the consolidated financial statementsManagement reportConsolidatedfinancial statements9.5. Acquisitions and disposals ofconsolidated companiesA. Main acquisitionsThere were no significant acquisitions in 2009.On 31 May 2010 RBC Dexia Investor Services completed itsacquisition and transfer of the Unione di Banche Italiane scpa(“UBI Banca“) Group's depository bank business.Under the terms of the agreement, RBC Dexia will providedepositary and fund administration services to UBI Pramerica,UBI Banca's subsidiary and Italy's third largest fund manager.Certain correspondent bank agreements which relate to theprovision of paying agent services in Italy for LuxembourgSICAVs and Dublin UCITS were also included in the transaction,subject to client consent.The value of the transaction was EUR 93 million. The impactfor Dexia is only 50% as RBC Dexia Inverstor Services isproportionnally consolidated.The impact on total asset is not significant.B. Main disposalsYear 2009On 14 November 2008 Dexia has signed a binding agreementto sell the Insurance activity of FSA Holdings to AssuredGuaranty Ltd.As required by IFRS 5, the Insurance activity of FSA Holdingshas been recorded as a group held for sale as from 1 October2008.The sale was completed as at 1 July 2009.The sales price of USD 816.5 million was partially paid in cash(USD 546 million) and partially with 21.85 million Assuredshares.Year 2010On 30 April 2010, Dexia Epargne Pension has been sold toBNP Paribas Assurance. DEP offers life insurance products inFrance. As at 31 December 2009, Dexia Epargne Pension wasrecorded in Assets and liabilities included in disposal groupsheld for sale as required by IFRS 5.On 6 September 2010, the 51% stake in the group Adinfohas been sold to Network Research Belgium. Adinfo is agroup active in IT services for Belgian local authorities.Additional information Annual financial statementsThe assets and liabilities disposed were as follows: 2009 2010 2010Insurance activityof FSA HoldingsGroup AdinfoDexia EpargnePensionCash and cash equivalents 8 0 66Loans and advances due from banks 76 13 1Loans and advances to customers 18 0 369Financial assets measured at fair value through profit andloss 0 0 1,769Financial investments 4,464 0 2,147Derivatives 79 0 0Tax assets 554 3 5Other assets 1,987 25 42Due to banks 0 (2) (86)Customer borrowings and deposits 0 0 0Financial liabilities measured at fair value through profitand loss 0 0 0Derivatives (673) 0 0Debt securities (543) 0 0Subordinated debts 0 0 (108)Technical provisions of insurance companies (1,399) 0 (4,224)Other liabilities (4,027) (15) (23)Net assets 543 24 (42)Proceeds from sale (in cash) 398 26Less: cost of the transaction (19) 0Less: cash and cash equivalents in the subsidiary sold (8) 0Net cash inflow on sale 371 26 (*)(*) In accordance with sale contract, the sales conditions can not be disclosed.186 Dexia Annual report 2010
Notes to the consolidated financial statementsC. Assets and liabilities included indisposal groups held for saleYear 2009As required by IFRS 5, the assets and liabilities of DexiaEpargne Pension (DEP) have been recorded as a group heldfor sale as from 31 December 2009.On 9 December 2009, Dexia signed an agreement relating tothe sale of Dexia Epargne Pension to BNP Paribas Assurance.The transaction has been closed on 30 April 2010.The assets and liabilities included in the group held for sale are as follows: 2009Cash and cash equivalents 126Loans and advances due from banks 2Loans and advances to customers 377Financial assets measured at fair value through profit and loss 1,658Financial investments 2,066Other assets 66Non current assets held for sale 4,295Due to banks (109)Subordinated debts (108)Technical provisions of insurance companies (4,072)Other liabilities (43)Liabilities included in disposal groups held for sale (4,332)Net assets (37)DEPManagement reportConsolidatedfinancial statementsYear 2010There are no assets and liabilities transferred to disposalgroups held for sale as at 31 December 2010.D. Dexia banka SlovenskoOn 11 November 2010, in compliance with the DexiaGroup's strategic disinvestment plan, Dexia KommunalkreditBank (a 100% subsidiary of Dexia SA, via Dexia Crédit Local)concluded an agreement to sell its Dexia banka Slovenskosubsidiary (“DBS“) to Penta Investments Ltd.This agreement provides for:− the sale of the 88.7057% of DBS held by DexiaKommunalkredit Bank;− clauses amending the transaction (price, possibilities torescind) depending on the outcome of the Ritro litigation;− the purchase, by Dexia, of a portfolio of EUR 110 million inGreek securities that were previously acquired by DBS fromits parent company Dexia Kommunalkredit Bank, withoutany impact on DBS's net assets.The agreement also provides for funding adapting in such away as to guarantee the transition: funding currently receivedby DBS by nature of its being a Dexia Group subsidiary, andwhich would be changed on its exit from the Group, will bereplaced by guaranteed funding with maturities of up to twoyears. Other existing funding will be maintained for the fullterm.Considering the uncertainties – as at 31 December 2010 –surrounding the conditions for implementation of this agreement(Ritro litigation, authorisations and so on), it was decided, on31 December 2010, to keep DBS globally integrated. DBSwas also valued for provisioning on the basis of its long-termvalue (EUR 82 million); this gave rise to a depreciation of EUR3 million in compliance with IAS 36 “Impairment of assets“.Additional information Annual financial statementsAnnual report 2010 Dexia187
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:
Page 114 and 115:
Page 116:
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 131 and 132:
Page 133:
Page 136 and 137:
Page 138 and 139: Notes to the consolidated financial
Page 142: Notes to the consolidated financial
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

Create successful ePaper yourself

Delete template?

Save as template?