Annual report 2010 - Dexia.com

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Notes to the consolidated financial statements12.7. Currency riskManagement reportConsolidatedfinancial statementsAdditional information Annual financial statementsEUROther EUcurrencies31/12/09USD Other TotalTotal assets 430,282 29,848 67,994 49,506 577,630Total liabilities and equity 443,102 19,212 74,304 41,012 577,630Net balance position (12,820) 10,636 (6,310) 8,494 0EUROther EUcurrencies31/12/10USD Other TotalTotal assets 424,655 31,344 61,240 49,496 566,735Total liabilities and equity 434,066 18,859 77,546 36,264 566,735Net balance position (9,411) 12,485 (16,306) 13,232 0The on-balance position is hedged by derivatives, so that nearly all foreign exchange positions are closed.12.8. Insurance risksInsurances activities are performed in Dexia Group by DISGroup (see Accounting principles point 1.10.)DIS-group is active in life (84% of gross premium written) andNon-life activities and has no major concentration of risks.Regarding the activities of Dexia Group, Non-life insuranceactivities are not significant.Some of the risks are reinsured (see note 9.3.). Because of itsactivities, the reinsurance of a part of the risks and the sizeof DIS-group activities in comparison with total activities andrisks of Dexia Group, change of insurance variables will nothave a significant impact on Dexia's financial position.234 Dexia Annual report 2010
Dexia saStatutory Auditor's reporton the consolidated financial statementsfor the year ended 31 December 2010to the Shareholders’ MeetingManagement reportTo the shareholdersAs required by law and the company’s articles of association,we are pleased to report to you on the audit assignmentwhich you have entrusted to us. This report includes ouropinion on the consolidated financial statements togetherwith the required additional comment.Unqualified audit opinion on theconsolidated financial statementsWe have audited the accompanying consolidated financialstatements of Dexia SA (“the company”) and its subsidiaries(jointly “the Group”), prepared in accordance with InternationalFinancial Reporting Standards as adopted by the EuropeanUnion and with the legal and regulatory requirementsapplicable in Belgium. Those consolidated financial statementscomprise the consolidated balance sheet as at 31 December2010, the consolidated statement of income, the consolidatedstatement of changes in equity, the consolidated statementof comprehensive income and the consolidated cash flowstatement for the year then ended, as well as the summaryof significant accounting policies and other explanatory notes.The consolidated balance sheet shows total assets of 566,735million EUR and the consolidated statement of income showsa consolidated profit (Group share) for the year then endedof 723 million EUR.The Board of Directors of the company is responsible forthe preparation of the consolidated financial statements.This responsibility includes among other things: designing,implementing and maintaining internal control relevant to thepreparation and fair presentation of consolidated financialstatements that are free from material misstatement, whetherdue to fraud or error, selecting and applying appropriateaccounting policies, and making accounting estimates thatare reasonable in the circumstances.Our responsibility is to express an opinion on these consolidatedfinancial statements based on our audit. We conducted ouraudit in accordance with legal requirements and auditingstandards applicable in Belgium, as issued by the “Institutdes Réviseurs d’Entreprises/Instituut van de Bedrijfsrevisoren”.Those standards require that we plan and perform the auditto obtain reasonable assurance whether the consolidatedfinancial statements are free from material misstatement.In accordance with these standards, we have performedprocedures to obtain audit evidence about the amountsand disclosures in the consolidated financial statements.The procedures selected depend on our judgment, includingthe assessment of the risks of material misstatement of theconsolidated financial statements, whether due to fraud orerror. In making those risk assessments, we have consideredinternal control relevant to the Group’s preparation andfair presentation of the consolidated financial statementsin order to design audit procedures that are appropriate inthe circumstances but not for the purpose of expressing anopinion on the effectiveness of the Group’s internal control.We have assessed the basis of the accounting policies used,the reasonableness of accounting estimates made by thecompany and the presentation of the consolidated financialstatements, taken as a whole. Finally, the Board of Directorsand responsible officers of the company have replied to all ourrequests for explanations and information. We believe thatthe audit evidence we have obtained provides a reasonablebasis for our opinion.In our opinion, the consolidated financial statements give atrue and fair view of the Group’s financial position as at 31December 2010, and of its results and its cash flows for theyear then ended, in accordance with International FinancialReporting Standards as adopted by the European Union andwith the legal and regulatory requirements applicable inBelgium.Consolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia235
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Annual report 2010 - Dexia.com

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