Annual report 2009 - Dexia.com

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Notes to the consolidated fi nancial statementsManagement reportThe impact on the result regarding the “cost of risk” is thenet of allocation and use of collective impairment and specificimpairments. In 2009, the net impact is estimated to anadditional charge of EUR 108 million before tax.If there is objective evidence of impairment for a financialasset initially classified as “Available for Sale” but reclassifiedto “Loans and Receivables” in accordance with theamended IAS 39, any difference between the net presentvalue of expected future cash flows, discounted at the effectiveinterest rate at date of reclassification, and the carryingamount is recognised as an impairment loss. Consequently,any oustanding non-amortised amount recognised in theAvailable-for-Sale Reserve is recognised as an impairment lossas well. The latter mainly includes non-economic losses thatwill be reversed in the future through the interest margin.The decrease of the carrying amount of the reclassifiedassets comes mainly from repayments, prepayments andopportunistic sale of bonds in the context of balance sheetmanagement.In comparison with 2008, the decrease of the differencebetween the carrying amount of reclassified assets and itsfair value reflects the decrease of credit and liquidity spreadson the markets.Impact on interest marginFor assets transferred from AFS to L&R, the amortizationof the premium discount on the bond is compensated bythe amortization of the frozen AFS reserve, so that the netimpact on result is zero.For assets transferred from trading to AFS and L&R, theimpact in 2009 on the interest margin of the amortization ofthe negative mark-to-market of previous periods amountedEUR 162 million.Consolidatedfinancial statementsannual financial statementsAdditional information7.8. Investments in associatesA. CARRYING VALUE2008 2009CARRYING VALUE AS AT 1 JAN. 861 682- Acquisitions 34 0- Disposals (1) (5) (392)- Change in scope of consolidation (out) (2) (41) (7)- Share of result before tax 31 55- Share of tax (20) (15)- Dividend paid (47) (33)- Changes in goodwill (see below) (1) (142)- Share of gains and losses not recognized in the income statement (121) 22- Translation adjustments 2 0- Impairment: booked (12) 0- Other 1 1CARRYING VALUE AS AT 31 DEC. 682 171(1) Crédit du Nord in 2009.(2) Mainly Kommunalkredit Austria AG in 2008.B. POSITIVE GOODWILL INCLUDED IN CARRYING VALUE2008 2009ACQUISITION COST AS AT 1 JAN. 229 210- Change in scope of consolidation (out) (1) (19) 0- Disposals (2) 0 (178)ACQUISITION COST AS AT 31 DEC. (A) 210 33ACCUMULATED DEPRECIATION AND ACCUMULATED IMPAIRMENT AS AT 1 JAN. (46) (41)- Booked (12) 0- Change in scope of consolidation (out ) (1) 17 0- Disposals (2) 0 36ACCUMULATED DEPRECIATION AND ACCUMULATED IMPAIRMENT AS AT 31 DEC. (B) (41) (6)NET CARRYING AMOUNT AS AT 31 DEC. (A)+(B) 169 27(1) Mainly Kommunalkredit Austria AG in 2008.(2) Crédit du Nord.142Dexia Annual report 2009
Notes to the consolidated fi nancial statementsC. LIST OF MAJOR ASSOCIATESAssociates 2008Book value2008Fair value ofinvestment2009Book value2009Fair value ofinvestmentWebsiteCrédit du Nord 507 700 0 0 www.groupe-credit-du-nord.comSLF Finances SA 64 64 64 64 www.slf.bePopular Banca Privada 46 58 48 64 www.popularbancaprivada.esTOTAL 617 822 112 1287.9. Tangible fixed assetsA. NET BOOK VALUELand and buildingsOwn useownerOwn usefinanceLeaseOwn useownerOffice furnitureand other equipmentOwn usefinanceleaseOperatingleaseInvestmentpropertyACQUISITION COST AS AT 1 JAN. 2008 1,994 3 1,134 69 88 929 4,217- Acquisitions 183 0 126 11 49 7 376- Subsequent expenditures 11 0 0 0 0 92 103- Disposals (123) 0 (22) 0 (12) (15) (172)- Change in scope of consolidation(out ) (15) 0 0 0 0 0 (15)- Transfers and cancellations 0 0 (85) 0 (1) (25) (111)- Translation adjustments (4) 0 (15) (15) 0 0 (34)ACQUISITION COSTAS AT 31 DEC. 2008 (A) 2,046 3 1,138 65 124 988 4,364ACCUMULATED DEPRECIATION ANDIMPAIRMENT AS AT 1 JAN. 2008 (519) 0 (845) (42) (31) (523) (1,960)- Booked (72) 0 (79) (8) (17) (18) (194)- Disposals 1 0 18 0 7 8 34- Transfers and cancellations 6 0 68 0 0 19 93- Translation adjustments 1 0 6 9 0 0 16ACCUMULATED DEPRECIATION ANDIMPAIRMENT AS AT 31 DEC. 2008 (B) (583) 0 (832) (41) (41) (514) (2,011)NET BOOK VALUEAS AT 31 DEC. 2008 (A)+(B) 1,463 3 306 24 83 474 2,353TotalManagement reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationAnnual report 2009 Dexia 143
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Group profi leSIMPLIFIED GROUP STRU
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Group profi leQUALITY OF RISKS Dexi
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In accordance with the agreement wi
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2009 and early 2010 highlightsExit
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2009 and early 2010 highlightsCreat
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Corporate governanceIntroduction: t
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Corporate governanceThe European Ad
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Corporate governanceNAMEPIERREMARIA
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Corporate governanceNAMEROBERTDE ME
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Corporate governanceNAMESPECIALISTC
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Corporate governanceNAMEKOEN VAN LO
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Corporate governanceNew directors a
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Corporate governanceConsidering tho
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Corporate governancemade and the fi
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Corporate governanceDIRECTORS’ AN
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Corporate governanceOperation and a
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Corporate governanceThe Appointment
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Corporate governanceResponsibilitie
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Corporate governanceVariable compen
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Corporate governancetional entities
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Corporate governance• It identifi
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Shareholder informationStock market
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Shareholder informationPRINCIPAL DE
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Human resourcesAGE PYRAMID> 5955-59
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Sustainable developmentThe 2009 Dex
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Risk managementIntroductionIn 2009,
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Risk managementThe Rating Committee
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Risk managementAsset qualityBy the
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Risk managementBond portfolioDexia
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Risk managementThis good performanc
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Risk managementRisk and control sel
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Risk managementECONOMIC CAPITALBY T
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Financial resultsPreliminary notes
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Financial resultsSolvency31/12/08 3
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Financial resultsAssetsLoans and ad
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Activity and results of the busines
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General information3. Overview of t
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General informationAll the above-me
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Additional informationGeneral dataN
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Additional informationDexia FP Hold
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Dexia’s annual report 2009 has be
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Annual report 2009 - Dexia.com

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