Annual report 2010 - Dexia.com

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Group profileRESULTS Dexia GAAP IFRS as adopted by EU(in millions of EUR) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Income 5,631 5,157 5,160 5,392 5,976 7,005 6,896 3,556 6,184 (1) 5,310Costs (3,323) (3,037) (3,056) (3,012) (3,229) (3,474) (3,834) (4,119) (3,607) (3,703)Gross operating income 2,308 2,120 2,104 2,380 2,747 3,531 3,062 (563) 2,577 1,607Net income Group share 1,426 1,299 1,431 1,772 2,038 2,750 2,533 (3,326) 1,010 723(1) The provisions for legal litigation were previously included in income (other net income).Management reportConsolidatedfinancial statementsBALANCE SHEET Dexia GAAP IFRS as adopted by EU(in billions of EUR) 31/12/01 31/12/02 31/12/03 31/12/04 31/12/05 31/12/06 31/12/07 31/12/08 31/12/09 31/12/10Balance-sheet total 351.4 350.9 349.9 389.2 508.8 566.7 604.6 651.0 577.6 566.7Loans and advances tocustomers 156.4 157.8 161.9 166.2 192.4 226.5 242.6 368.8 354.0 355.8Financial assets at fairvalue through profitand loss and financialinvestments 125.9 134.7 127.9 144.5 198.9 223.2 257.9 141.1 115.3 101.9Customers borrowingsand deposits 84.0 85.3 92.3 97.6 97.7 116.2 126.7 114.7 121.0 125.8Debt securities 140.9 146.5 134.9 143.9 175.7 184.7 204.0 188.1 213.1 222.2Core shareholders’equity (1) 10.3 10.9 11.6 12.3 11.5 14.4 16.1 17.5 18.5 19.2(1) For the years 2001-2004: shareholders’ equity + general banking risks reserve.Ratios Dexia GAAP IFRS as adopted by EU2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Cost-income ratio (1) 59.0% 58.9% 59.2% 55.9% 54.0% 49.6% 55.6% 115.8% 58.3% (2) 69.7%Return on equity (3) 18.7% 16.2% 16.5% 19.8% 20.0% 23.1% 17.8% -22.6% 5.6% 3.8%Tier 1 ratio 9.3% 9.3% 9.9% 10.7% 10.3% 9.8% 9.1% 10.6% 12.3% 13.1%Capital adequacy ratio 11.5% 10.7% 11.2% 11.7% 10.9% 10.3% 9.6% 11.8% 14.1% 14.7%(1) The ratio between the costs and the income.(2) The provisions for legal litigation were previously included in income (other net income).(3) The ratio between the net income Group share and the weighted average core shareholders’ equity (estimated dividend for the period deducted).Additional information Annual financial statementsQUALITY OF RISKS Dexia GAAP IFRS as adopted by EU2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Impaired loans tocustomers (in millionsof EUR) 1,897 1,942 1,708 1,722 1,473 1,359 1,218 3,535 4,808 5,554Assets quality ratio (1) 1.20% 1.23% 1.05% 1.04% 0.78% 0.61% 0.50% 0.99% 1.39% 1.64%Coverage ratio (2) 66.7% 68.0% 72.8% 73.2% 69.1% 69.3% 67.2% 58.9% 55.3% 57.9%(1) The ratio between the impaired loans and advances to customers and the gross outstanding loans and advances to customers.(2) The ratio between the specific impairments on loans and advances to customers and the impaired loans and advances to customers.6 Dexia Annual report 2010
Group profileDATA PER SHARE Dexia GAAP IFRS as adopted by EU(in EUR) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Earnings per share (1) 1.25 1.13 1.24 1.58 1.87 2.38 2.08 (2.42) 0.55 0.39Gross dividend 0.48 0.48 0.53 0.62 0.71 0.81 0.91 - (2) - (3) - (4)Net assets (5) 8.39 8.79 9.25 9.95 9.86 11.08 12.28 9.47 10.02 10.41Pay-out ratio (in %) (6) 39.3% 43.0% 42.1% 38.7% 37.9% 34.3% 42.0% - (2) - (3) - (4)(1) The ratio between the net income Group share and the average weighted number of shares (undiluted for the years under IFRS as adopted by EU). Forthe years 2006-2009 earnings per share have been restated to take into account the issue of bonus shares distributed to the shareholders and to enablecomparison.(2) The Board of Directors decided to propose to the Shareholders’ Meeting on 13 May 2009 that exceptionally no dividend be paid for 2008.(3) On the proposal of the Board of Directors, the Extraordinary Shareholders’ Meeting of 12 May 2010 approved a capital increase of EUR 352,915,394.01by incorporation of reserves and the issue of 83,927,561 bonus shares granted to shareholders on 11 June 2010 prorata to their shareholding. For moreinformation, see chapter “Shareholder information” on page 69 of this annual report.(4) As in 2010 and subject to prior approval by the Extraordinary Shareholders’ Meeting of 11 May 2011 of the capital reduction referred to as the first item onthe agenda of that Shareholders’ Meeting, the Board of Directors will propose to the Shareholders’ Meeting that it approves a capital increase by incorporationof reserves in an amount of approximately EUR 280 million and the issue of bonus shares which will be granted to shareholders pro rata to their shareholding,to reward them for their continuous support.(5) The ratio between the core shareholders’ equity and the number of shares (after deduction of treasury shares) at the end of the period. Under DexiaGAAP: including GBRR Group share. For the years 2006-2009 net assets have been restated to take into account the issue of bonus shares distributed to theshareholders and to enable comparison.(6) The ratio between the total dividend and the net income Group share.Management reportRatings Long term Outlook Short termDexia Bank BelgiumFitch A+ Stable outlook F1+Moody’s A1 Stable outlook P-1Standard & Poor’s A Negative outlook A-1Dexia Crédit LocalFitch A+ Stable outlook F1+Moody’s A1 Stable outlook P-1Standard & Poor’s A Negative outlook A-1Dexia Banque Internationale à LuxembourgFitch A+ Stable outlook F1+Moody’s A1 Stable outlook P-1Standard & Poor’s A Negative outlook A-1DenizBankMoody’s (foreign currency) Ba3 Stable outlookMoody’s (local currency) Baa2 Stable outlook P-2Fitch (foreign currency) BBB- Stable outlook F3Fitch (local currency) BBB Stable outlook F3Dexia Municipal Agency (obligations foncières)Fitch AAA -Moody’s Aaa -Standard & Poor’s AAA Stable outlookDexia Kommunalbank Deutschland (Pfandbriefe)Standard & Poor’s AAA Stable outlookDexia LDG Banque (lettres de gage)Standard & Poor’s AAA Stable outlookThe Group’s principal banking entities – Dexia Bank Belgium, Dexia Crédit Local and Dexia Banque Internationale à Luxembourg – are rated A+ with stableoutlook by Fitch (29 September 2010), A1 with stable outlook by Moody’s (12 February 2010), A with negative outlook by Standard & Poor’s (2 March 2011).DenizBank is rated Ba3 (foreign currency) with positive outlook and Baa2 (local currency) with stable outlook by Moody’s (7 October 2010) and BBB- (foreigncurrency) with positive outlook and BBB (local currency) with positive outlook by Fitch (2 December 2010).The triple-A rating of the covered bonds (obligations foncières) issued by Dexia Municipal Agency was affirmed by Fitch (22 March 2010), Moody’s(23 January 2009) and Standard & Poor’s (4 February 2010 – stable outlook). The triple-A rating of the covered bonds (Pfandbriefe) issued by DexiaKommunalbank Deutschland was affirmed by Standard & Poor’s (16 April 2010 – stable outlook). The triple-A rating of the covered bonds (lettres de gage)issued by Dexia LDG Banque was affirmed by Standard & Poor’s (2 June 2010 – stable outlook).Consolidatedfinancial statementsAdditional information Annual financial statementsAnnual report 2010 Dexia7
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Human ResourcesMEMBERS OF STAFFGEND
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Photographs: page 8: C. LEBEDINSKY/
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Annual report 2010 - Dexia.com

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