Annual report 2009 - Dexia.com

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Notes to the consolidated fi nancial statements11.14. Impairment on goodwillManagement reportConsolidatedfinancial statementsAnnual financial statementsAdditional information31/12/08 31/12/09Impairment on goodwill (12) (6)The goodwill on Dexia Bank Denmark A/S and the goodwill on Financial Security Assurance Holdings Ltd has been reviewedand found impaired in 2008.The goodwill on Dexia banka Slovensko and Dexia Kommunalkredit Bank Polska has been reviewed and found impaired in2009.11.15. Tax expense31/12/08 31/12/09Income tax on current year (328) (248)Deferred taxes on current year 917 (126)Tax on current year result (A) 589 (375)Income tax on previous year 68 40Deferred taxes on previous year (33) 52Provision for tax litigations 5 (31)Other tax expense (B) 40 61TOTAL (A)+(B) 629 (314)EFFECTIVE CORPORATE INCOME TAX CHARGEThe standard tax rate applicable in Belgium in 2008 and 2009 was 33.99%Dexia effective tax rate was respectively 15.3% and 27.3% for 2008 and 2009.The difference between the standard and the effective tax rate can be analysed as follows:31/12/08 31/12/09Net income before tax (3,877) 1,403Income and losses from companies accounted for by the equity method (1) 39Impairment on goodwill (12) (6)Tax base (3,864) 1,370Statutory tax rate 33.99% 33.99%Tax expense using statutory rate (1,313) 466Tax effect of rates in other jurisdictions 21 (133)Tax effect of non-taxable revenues (1) (308) (357)Tax effect of non-tax deductible expenses 665 192Tax effect of utilisation of previously unrecognised tax losses 0 (4)Tax effect on taxable benefit not previously recognised in profit or loss (5) 0Tax effect from reassessment of unrecognised deferred tax assets 454 314Tax effect of change in tax rates 4 0Items taxed at a reduced rate (56) (60)Other increase (decrease) in statutory tax charge (51) (44)Tax on current year result (589) 374Taxe base (3,864) 1,370Effective tax rate 15.3% 27.3%(1) Mainly non-taxable gains on sales of equity shares.184Dexia Annual report 2009
Notes to the consolidated fi nancial statements11.16. Earnings per shareBASICBasic earnings per share are calculated by dividing the net income attributable to equity holders of the parent by the weightedaverage number of ordinary shares in issue during the year, excluding the average number of ordinary shares purchased by thecompany and held as treasury shares.31/12/08 31/12/09Net income attributable to equity holders of the parent (3,326) 1,010Weighted average number of ordinary shares (millions) 1,310 1,762Basic earnings per share (expressed in EUR per share) (2.54) 0.57DILUTEDDiluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assumeconversion of all dilutive potential ordinary shares resulting from share options granted to employees.For the share options, a calculation is done to determine the number of shares that could have been acquired at fair value(determined as the average share price of the company’s shares for the financial year) based on the monetary value of thesubscription rights attached to outstanding share options.The number of shares calculated as above is compared with the number of shares that would have been issued assuming theexercise of the shares options.The potential ordinary shares calculated as above are treated as dilutive when, and only when, their conversion to ordinaryshares would decrease earnings per share.They are antidilutive and not taken into account when their conversion to ordinary shares would decrease loss per share.No adjustment is made to net income attributable to equity holders of the parent as there are no financial instrumentsconvertible in Dexia shares.31/12/08 31/12/09Net income attributable to equity holders of the parent (3,326) 1,010Weighted average number of ordinary shares (millions) 1,310 1,762Adjustment for share options (millions) 0 0Weighted average number of ordinary shares for diluted earningsper share (millions) 1,310 1,762Diluted earnings per share (expressed in EUR per share) (2.54) 0.57Management reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationAnnual report 2009 Dexia 185
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9Annual report 2009Management repor
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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 report• Wit
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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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