Annual report 2009 - Dexia.com

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Notes to the consolidated fi nancial statementsManagement reporth. Range of assumptions to determine pension expenseDiscountrateInflation31/12/08Expected return Expected return Expected returnon assets on bonds on sharesSalary increaserateEurope 5.00% – 5.75% 2.25% 5.00% – 5.60% 5.00% – 5.75% 8.00% – 8.75% 2.25% – 5.25%Switzerland 3.25% 1.30% 3,75% 3.25% 6.25% 2.50%United Kingdom 6.40% 3.20% 6.78% 6.00% 8.10% 4.70%31/12/09Discount rate Inflation Expected return Expected return Expected return Salary increaseon assets on bonds on sharesrateEurope 3.50% – 5.00% 2.50% 4.20% – 5.55% 2.95% – 4.68% 5.95% – 7.68% 2.50% – 5.50%Switzerland 3.25% 0.90% 3.50% 3.25% 6.70% 2.50%United Kingdom 5.70% 3.60% 6.74% 4.20% 8.40% 4.70%Consolidatedfinancial statementsannual financial statementsAdditional informationComment on assumptions:Return on shares takes into account a risk premium.The expected return on assets is function of the asset allocation.I. Reconciliation with financial statementsLong-term obligations 2008 2009Outstanding liability relating to defined benefit plans 676 686Outstanding liability relating to other postretirement obligations 52 54Outstanding liability relating to other long-term employee benefits 36 39Total outstanding liability reported in the financial statements (1) 764 779Total liability calculated by actuarials 764 780TOTAL LIABILITY RELATING TO INSIGNIFICANT PLANS 0 (1)Outstanding asset reported in the financial statements (2) 17 19Total assets analysed by actuarials 17 22TOTAL ASSETS RELATING TO INSIGNIFICANT PLANS 0 (3)(1) See note 8.6.A.(2) See note 7.12.A.j. Concentration riskSome of Dexia’s plan assets are insurance policies issued by Ethias.The fair value of the plan assets amounts to respectively EUR 954 million as at 31 December 2008 and EUR 870 million as at31 December 2009.Sensibility to changes of interest ratesAn increase/decrease of 25bp of interest rate would lead to the following consequences on 2009 amounts:The Benefit Obligation as at end of the year 2009 would decrease/increase by 2.8/2.9% but the amount reported in “provision”would remain unchanged for the pension plans as the actuarial gains and losses would absorb the differences.The service cost for the year 2010 would decrease/increase by 3.2/3.3%, interest cost would increase/decrease by 2.0/2.2%and the expected return on plan assets would increase/decrease by 5.1/5.1%.The total net pension cost would decrease/increase in 2010 by 3.6/4.4% as a decrease of 25bp would result in a higher amortizationof actuarial losses.Without any amortization, the decrease/increase of total net pension cost would be 3.5/3.4%.E. DEFINED CONTRIBUTION PLANContributions to legal pensions are not included in the amounts.The amount recognised as an expense for defined contribution plans was EUR 26.7 million for 2009 compared to EUR 30 millionfor 2008.156Dexia Annual report 2009
Notes to the consolidated fi nancial statements8.7. Tax liabilitiesAnalysis by nature 31/12/08 31/12/09Current income tax 231 207Deferred tax liabilities (see note 9.2.) 71 31TOTAL 302 2388.8. Other liabilities31/12/08 31/12/09Other liabilities (except relating to insurance companies) 4,230 4,350Other liabilities specific to insurance activities 163 235TOTAL 4,393 4,585A. OTHER LIABILITIES31/12/08 31/12/09Accrued costs 238 529Deferred income 311 408Subsidies 84 91Other accounts payable 2,369 2,116Other granted amounts received 1 1Salaries and social charges (payable) 316 291Shareholder dividends payable 115 101Operational taxes 159 165Other liabilities 637 649TOTAL 4,230 4,350B. LIABILITIES SPECIFIC TO INSURANCE ACTIVITIES31/12/08 31/12/09Debts for deposits from assignees 32 31Debts resulting from direct insurance transactions 111 189Debts resulting from reinsurance transactions 20 14TOTAL 163 2358.9. Liabilities included in disposal groups held for sale31/12/08 31/12/09Liabilities of subsidiaries held for sale (1) 5,691 4,332TOTAL 5,691 4,332(1) 2008: FSA Inc.; 2009: Dexia Epargne Pension. See note 9.5.C. “Analysis of groups held for sale”.Management reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationAnnual report 2009 Dexia 157
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9Management report
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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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General information4.5. Dexia banka
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General information6.3. Notificatio
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Consolidated balance sheet ........
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Consolidated balance sheetManagemen
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Consolidated statementof incomeMana
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Management reportConsolidatedfinanc
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Consolidated statementof comprehens
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Statutory Auditor’s reportManagem
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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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