Annual report 2010 - Dexia.com

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Notes to the annual financial statementsManagement reportConsolidatedfinancial statementsAdditional information Annual financial statements3.2.6. SHORT-TERM INVESTMENTS AND CASHASSETS (ITEMS VIII. AND IX.)Cash is stated at nominal value.Securities are stated at acquisition cost, while the accessorialcosts are recorded in the statement of income in the year inwhich they are incurred.At balance-sheet date, impairments are recorded on shortterminvestments and liquid assets if their realisation value islower than their book value.Additional impairments are recorded on these assets in orderto reflect either a change in their realisation or market value,or the risks inherent in the nature of the products concernedor the activities conducted.Nevertheless, own shares acquired with a view to cancellationare valuated at cost as they may only be destroyed further tothe agreement of the Shareholders’ Meeting.3.3. Liabilities3.3.1. REVALUATION SURPLUSES (ITEM III.)Shares and participating interests that are recorded as longterminvestments may be revaluated in the case of a certain,permanent increase in their fair value for the companycompared with their book value.Revaluation surpluses are maintained in this heading until therealisation of the assets concerned or their inclusion in thecapital.3.3.2. PROVISIONS FOR LIABILITIES AND CHARGES(ITEM VII.)At balance-sheet date, the Board of Directors, acting withprudence, sincerity and good faith, examines the provisionsto be built up in order to cover all possible risks or lossesthat might have occurred during the financial year or previousfinancial years.Provisions relating to previous financial years are regularlyreviewed and reversed if they no longer serve a purpose.3.3.3. DEBTS OF OVER ONE YEAR AND UP TOONE YEAR (ITEMS VIII. AND IX.)Debts are stated in the balance sheet for their nominal value.3.4. Off-balance-sheet itemsOff-balance-sheet items are recorded for the nominal value ofthe rights and commitments mentioned in the agreement orfor their assessed value.4. Notes to the annualfinancial statementsDexia SA is a cross-border holding company which has twopermanent establishments in Paris and Luxembourg. From anaccounting point of view, the financial statements of DexiaSA include the accounts of Brussels, the Dexia SA headoffice, and those of the permanent establishments in Parisand Luxembourg.4.1. The balance-sheet total (beforeincome appropriation)The balance-sheet total was EUR 23,397.9 million as at31 December 2010, against EUR 28,747.9 million as at31 December 2009, a decrease of 19%.4.2. AssetsFIXED ASSETS4.2.1. FORMATION EXPENSESAll the expenses related to the capital increases are recordedin the assets as “Formation expenses” and are amortised overa period of five years.The net book value of formation expenses amounts toEUR 4.9 million.Formation expenses include the fees directly associated withcapital increases and expenditure associated with the shareownership plans of previous years aimed at all members ofstaff of the Group in the different countries in which theDexia Group is active.4.2.2. INTANGIBLE FIXED ASSETSIntangible fixed assets totalled EUR 6.4 million and concernedthe acquisition and the development of software as wellas external costs related to the development of the Dexiawebsite. These intangible fixed assets are depreciated on astraight-line basis over a period of three years.4.2.3. TANGIBLE FIXED ASSETSTangible fixed assets which have a net book value ofEUR 1.6 million have a gross acquisition value ofEUR 8.5 million.Property, plant and equipment contribute a gross acquisitionvalue of EUR 3.3 million and are depreciated on a straight-linebasis over a period of ten years.Office and IT equipment represented a gross investment ofEUR 4.7 million, depreciated on a straight-line basis at a rateof 25%.Other tangible fixed assets involving the installation of theleased premises (gross acquisition value of EUR 0.5 million)depreciated on a straight-line basis over the period of thelease contracts.244 Dexia Annual report 2010
Notes to the annual financial statements4.2.4. FINANCIAL FIXED ASSETSCURRENT ASSETSParticipating interests in affiliatedcompaniesThe item “Participating interests” representing EUR 24,880.9million as at 31 December 2009 was EUR 20,434.7 million asat 31 December 2010.It includes the following equity interests:EUR 6,714.8 million: 100% of Dexia Crédit Local SA, Paris,France.On 22 December 2010, Dexia SA increased the capital of itssubsidiary Dexia Crédit Local by EUR 639.8 million with a cashcontribution. In addition, an impairment of EUR 4,039 millionwas registered on Dexia Crédit Local at the end of 2010.EUR 7,950.0 million: 100% of Dexia Bank Belgium SA,Brussels, Belgium.On 31 December 2010, an impairment of EUR 1,047 millionwas noted on Dexia Bank Belgium.EUR 2,644.4 million: 95.39% of Dexia ParticipationBelgique SA, Brussels, Belgium, whichowns 99,84% of DenizBank AS.EUR 1,751.8 million: 57.68% of Dexia Banque Internationaleà Luxembourg SA (Dexia BIL),Luxembourg.EUR 1,279.2 million: 99.99% of Dexia ParticipationLuxembourg SA, Luxembourg, whichowns 42.23% of Dexia BIL.EUR 93.0 million: 100% of Dexia Nederland BV,Amsterdam, The Netherlands.On 28 May 2010, Dexia Nederland Holding NV proceededwith a merger by absorption of Dexia Bank Nederland NV andchanged its name to Dexia Nederland BV.EUR 1.5 million: 99.40% of Associated DexiaTechno logy Services SA (ADTS),Luxembourg.PM:10% of Dexia Holdings Inc. in NewYork, USA, a holding company whichowns 100% of Dexia FP Holdings Inc.An impairment of EUR 284.1 million was noted in 2008 onthe participating interest held in Dexia Holdings Inc.PM:100% of Dexia Funding LuxembourgSA, Luxembourg.PM:0.01% of Deniz Faktoring, Istanbul,Turkey.On 9 July 2010, Dexia SA transferred to Dexia Crédit LocalSA its participating interest of EUR 0.02 million held in DexiaManagement Services Ltd. This sale resulted in a capital gainof EUR 0.06 million (cf. note 4.5.3.).Receivables on affiliated companiesThis item only relates to subordinated loans granted toGroup entities. It decreased from EUR 3,417.1 million as at31 December 2009 to EUR 2,833.2 million as at 31 December2010 due to the repayment of two subordinated loans, oneof EUR 640 million granted to Dexia Crédit Local and theother of EUR 75 million in favour of Dexia Bank Nederland.There was also a loan revaluation in USD (+EUR 131.1 million)as a result of the appreciation of that currency.4.2.5. RECEIVABLES AFTER MORE THAN ONE YEAROther amounts receivablesSince 2002, Dexia SA’s permanent establishment in Parishas headed the tax consolidation group in France, which as at31 december 2010 included the following companies:• CBX Gestion• CBXIA1• CBXIA2• CLF Marne-la-Vallée Participation• Compagnie pour le Foncier et l’Habitat (CFH)• Dexia Bail• Dexia CLF Avenir• Dexia CLF Banque• Dexia CLF Développement• Dexia CLF Immo• Dexia CLF Organisation• Dexia Crédit Local• Dexia DS Formation• Dexia DS Service• Dexia Éditions• Dexia Établissement Stable Paris• Dexia Habitat• Dexia Flobail• Dexia Investissements• Dexia Municipal Agency• Dexia Projets• Dexiarail• Dexia Sofaxis• Dexint Développement• Floral• Genebus Lease (formerly Dexia CLF Energia)• Guide Pratique de la Décentralisation.• PubliservicesBecause the commitments subscribed by Dexia Crédit Localand its subsidiaries allow Dexia, through its permanentestablishment, to lock in temporary tax savings, it was agreedthat the resources produced by the permanent establishmentwill be lent to the tax consolidation Group’s subsidiaries thatmade it possible to realise these tax savings through advancescalled “tax deferred advances”.Tax deferred advances granted by the permanent establishmentwith contractual maturity after 31 December 2011 amountedto EUR 47.6 million as at 31 December 2010..4.2.6. AMOUNTS RECEIVABLE WITHIN ONE YEARTrade debtorsThe item “Trade debtors” relates to commercial receivables forservices rendered to subsidiaries of the Group (EUR 3.5 million),and non-Group receivables (EUR 0.3 million) for the balance.Management reportConsolidatedfinancial statementsAdditional information Annual financial statementsOther financial assetsDexia SA paid EUR 0.7 million by way of rental guarantee forthe premises located in the Dexia Tower – CBX.Annual report 2010 Dexia245
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Annual report 2010 - Dexia.com

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