Annual report 2009 - Dexia.com

Notes to the consolidated fi nancial statements2. Significant changes in scope of consolidation and list ofmain subsidiaries and affiliated enterprises of the Dexia Group2.1. Significant changes in scope of consolidationManagement reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationIN 2008Dexia exits from Kommunalkredit Austria AG (previously49%-owned by Dexia) and takes full ownership ofDexia Kommunalkredit Bank AG (previously 51%-ownedby Dexia).Dexia signed a binding agreement to sell FSA Holdings Ltd toAssured Guaranty Ltd, a bond insurer listed on the NY StockExchange. Financial Products activity was excluded from thescope of the transaction. On 20 January 2009 the anti-trustauthorities gave their authorisation for the sale of FSA Insuranceactivities to Assured Guaranty. Dexia recorded all theaccounting and prudential impacts of the sale of FSA Insurancein the fourth quarter 2008.IN 2009As from 1 April 2009, Dexia no longer consolidates the activitiesof Financial Security Assurance Holdings Ltd (hereafterFSA Insurance) sold to Assured Guaranty Ltd (Assured).FSA Insurance’s result for the first quarter is consolidated ona line-by-line basis and the net result is offset in “Net Incomeon Investments”.The sale was completed on 1 July 2009. The sales price ofUSD 816.5 million was partially paid in cash (USD 546 million)and partially with 21.85 million Assured shares. The sharesare included in Available-for-sale Portfolio as Dexia does nothave a significant influence in Assured.As from the fourth quarter 2009, Crédit du Nord is no longerincluded in Dexia’s consolidated financial statements pursuantto the agreement under which Société Générale buys Dexia’s20% stake in Crédit du Nord for a cash consideration consistingof EUR 676 million. The EUR 30 million first nine-monthresult for Crédit du Nord is considered in Dexia’s annual result2009. The transaction generates a capital gain of around EUR153 million.Simultaneously to this transaction Dexia purchased Crédit duNord’s 20%-stake in Dexia Crédit Local de France Banquefor a cash consideration of EUR 13 million. Pursuant to thisacquisition, Dexia controls 100% of Dexia Crédit Local deFrance Banque.As at 9 December 2009, Dexia signed an agreement relatingto the sale of Dexia Epargne Pension (“DEP”) to BNP ParibasAssurance. DEP, a 100% subsidiary of Dexia, offers life insuranceproducts in France.The transaction is subject to approval from the competentsupervisory authorities and is expected to be finalised duringthe first half of 2010. The final result made by Dexia will berecorded in the accounts at the closing of the transaction.Following the signing of the agreement, DEP was recorded in“Non-current assets held for sale” and in “ Liabilities includedin disposal groups held for sale” for amounts around EUR 4.3billion as at 31 December 2009.2.2. Main subsidiaries and affiliated enterprises of the Dexia Group (1)Name Head Office % of capitalheldDIRECT PARTICIPATIONS OF DEXIA SAAssociated Dexia TechnologyServices SA (ADTS)Dexia Funding Luxembourg SA23, Atrium Business Park – z.a. BourmichtL-8070 Bertrange180, rue des AubépinesL-1145 LuxembourgDexia Nederland Holding NV Piet Heinkade 55NL-1019 GM AmsterdamDexia Participations Belgique SA Place Rogier 11B-1210 BruxellesDexia ParticipationsLuxembourg SA69, Route d’EschL-2953 Luxembourgconsolidationmethod100 fully100 fully100 fully100 fully100 fullyGroup DenizBank AS Büyükdere Cad. No: 106fully99.85T-34394 Esentepe/IstanbulGroup Dexia Bank Nederland NV Piet Heinkade 55100 fullyNL-1019 GM AmsterdamDEXIA BANQUE BELGIQUE SA: MAIN SUBSIDIARIES AND AFFILIATESDexia Auto Lease SA Place Rogier 11 – B-1210 Bruxelles 100 fullyDexia Bank Belgium SA Boulevard Pachéco 44 – B-1000 Bruxelles 100 fullyDexia Commercial Finance SA Place Rogier 11 – B-1210 Bruxelles 100 fullyDexia Crédits Logement SA Boulevard Pachéco 44 – B-1000 Bruxelles 100 fullyDexia Epargne Pension SA 79, rue de la Victoire – F-75009 Paris 100 fullyDexia Funding Netherlands NV Strawinskylaan 3105 – NL-1077 ZX Amsterdam 100 fully(1) Complete list available on request.126Dexia Annual report 2009