Annual report 2010 - Dexia.com

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Notes to the consolidated financial statements11. Notes on the consolidated statement of incomeManagement reportConsolidatedfinancial statementsAdditional information Annual financial statements(in millions of EUR – some amounts may not add up due to roundings off)11.1. Interest income - Interest expense 19411.2. Dividend income 19411.3. Net income from associates 19511.4. Net income from financial instrumentsat fair value through profit and loss 19511.5. Net income on investments 19611.6. Fee and commission income and expense 19711.7. Technical margin of insurance activities 19811.8. Other net income 19911.9. Staff expense 19911.1. Interest income – Interest expense31/12/09 31/12/10Interest income 63,980 46,886a) Interest income of assets not at fair value through profit and loss 18,653 16,429Cash and balances with central banks 58 41Loans and advances due from banks 835 609Loans and advances to customers 13,144 11,947Financial assets available for sale 4,257 3,396Investments held to maturity 116 127Interest on impaired assets 86 170Other 157 139b) Interest income of assets at fair value through profit and loss 45,327 30,457Financial assets held for trading 370 183Financial assets designated at fair value 25 14Derivatives held for trading 29,558 19,623Derivatives used for hedging 15,374 10,637Interest expense (58,951) (43,004)a) Interest expense of liabilities not at fair value through profit and loss (11,121) (9,661) (1)Due to banks (1,917) (1,011)Customer borrowings and deposits (1,972) (1,613)Debt securities (6,516) (6,388)Subordinated debts (158) (114)Preferred shares and hybrid capital (15) (15)Expenses linked to the amounts guaranteed by the States (493) (490)Other (50) (30)b) Interest expense of liabilities at fair value through profit and loss (47,831) (33,342)Financial liabilities held for trading (5) (9)Financial liabilities designated at fair value (624) (629)Derivatives held for trading (29,616) (19,724)Derivatives used for hedging (17,586) (12,980)Net interest income 5,029 3,882(1) In 2010, an amount of EUR -73 million was booked as contribution to the Belgian deposit guaranty mechanism.11.2. Dividend income11.10. General and administrative expense 20011.11. Depreciation and amortization 20011.12. Impairment on loans and provisions forcredit commitments 20111.13. Impairment on tangible and intangible assets 20111.14. Impairment on goodwill 20211.15. Provisions for legal litigation 20211.16. Tax expense 20211.17. Earnings per share 20331/12/09 31/12/10Financial assets available for sale 112 80Financial assets held for trading 1 1Financial assets designated at fair value through profit and loss 1 0Total 114 81194 Dexia Annual report 2010
Notes to the consolidated financial statements11.3. Net income from associates31/12/09 31/12/10Income from associates before tax 55 6Share of tax (15) 0Total 39 511.4. Net income from financial instruments at fair valuethrough profit and loss31/12/09 31/12/10Net trading income (96) (98)Net result of hedge accounting (47) 3Net result of financial instruments designated at fair value through profit or lossand result from the related derivatives (1) 70 (34)Change in own credit risk (2) (154) (26)Forex activity and exchange differences 289 157Total 61 2(1) Among which trading derivatives included in a fair value option strategy (240) 102(2) See also note 12.2.H. Credit-risk information about financial liabilities designated at fair value through profit or loss.Result of hedge accounting31/12/09 31/12/10Fair value hedges 7 34Fair value changes of the hedged item attributable to the hedged risk (4,760) 6,081Fair value changes of the hedging derivatives 4,768 (6,046)Cash flow hedges (1) (2)Fair value changes of the hedging derivatives – ineffective portion (1) (2)Discontinuation of cash flow hedge accounting(Cash flows no longer expected to occur) 5 2Hedges of net investments in a foreign operation 3 (48)Fair value changes of the hedging derivatives – ineffective portion (1) 3 (48)Portfolio hedge (61) 16Fair value changes of the hedged item (1,383) 1,221Fair value changes of the hedging derivatives 1,322 (1,204)Total (47) 3Discontinuation of cash flow hedge accounting (cash flows still expected to occur) –amounts recorded in interest margin 11 5(1) Dexia hedged its investment in Dexia Holding Investments (DHI), parent company of FSA group. As this company did a loss on the sale of FSA Inc. and onimpairments on assets of Dexia Financial Products, the FSA GIC activity kept by Dexia, hedge became inefficient and was broken.Management reportConsolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia195
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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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Update on the transformation planMa
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Human ResourcesMEMBERS OF STAFFGEND
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Sustainable developmentEnergy perfo
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Capital managementManagement report
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Financial resultsConsolidated state
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Financial resultsManagement reportC
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Liabilities Note 31/12/09 31/12/10(
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Additional informationManagement re
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Annual report 2010 - Dexia.com

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