Annual report 2009 - Dexia.com

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Notes to the annual fi nancial statementsManagement reportConsolidatedfinancial statementsAnnual financial statementsAdditional information3.2.4. FINANCIAL ASSETS (ITEM IV.)Participating interests and shares are stated at acquisition costor contribution cost. Related transaction costs are recordeddirectly in the statement of income.Impairments are recorded in the case of capital losses or lastingdepreciation. They are determined by reference to thefinancial position, profitability and prospects of the companyin which shares and/or equity interests are held.Participating interests and shares may also be revalued. In thisit is therefore required that their value, determined on thebasis of their utility to the company, presents a certain andlasting surplus in relation to their book value.Debts appearing under financial fixed assets are valuedaccording to the same principles as debts at more than oneyear and up to one year.3.2.5. AMOUNTS RECEIVABLE AFTER MORETHAN ONE YEAR AND WITHIN ONE YEAR(ITEMS V. AND VII.)Receivables are stated at their nominal value. Allowances arebooked to cover any risk of non-recovery.3.2.6. SHORT-TERM INVESTMENTS AND CASHASSETS (ITEMS VIII. AND IX.)Cash is stated at nominal value.Securities are stated at acquisition cost, while the accessorialcosts are recorded in the statement of income in the year inwhich they are incurred.At balance sheet date, impairments are recorded on shortterminvestments and liquid assets if their realisation value islower than their book value.Additional impairments are recorded on these assets in orderto reflect either a change in their realisation or market value,or the risks inherent in the nature of the products concernedor the activities conducted.Nevertheless, own shares acquired with a view to cancellationare valuated at cost as they may only be destroyed further tothe agreement of the Shareholders’ Meeting.3.3. Liabilities3.3.1. REVALUATION SURPLUSES (ITEM III.)Shares and participating interests that are recorded as longterminvestments may be revaluated in the case of a certain,permanent increase in their fair value for the company comparedwith their book value.Revaluation surpluses are maintained in this heading until therealisation of the assets concerned or their inclusion in thecapital.3.3.2. PROVISIONS FOR LIABILITIES ANDCHARGES (ITEM VII.)that might have occurred during the financial year or previousfinancial years.Provisions relating to previous financial years are regularlyreviewed and reversed if they no longer serve a purpose.3.3.3. DEBTS OF OVER ONE YEAR AND UP TOONE YEAR (ITEMS VIII. AND IX.)Debts are stated in the balance sheet for their nominalvalue.3.4. Off-balance-sheet itemsOff-balance-sheet items are recorded for the nominal valueof the rights and commitments mentioned in the agreementor for their assessed value.4. Notes to the annualfinancial statementsDexia SA is a cross-border holding company which has twopermanent establishments in Paris and Luxembourg. Froman accounting point of view, the financial statements ofDexia SA include the accounts of Brussels, the Dexia SA headoffice, and those of the permanent establishments in Parisand Luxembourg.4.1. The balance-sheet total (beforeincome appropriation)The balance-sheet total was EUR 28,748 million as at31 December 2009, against EUR 28,513 million as at31 December 2008, or an increase of 1%.4.2. AssetsFIXED ASSETS4.2.1. FORMATION EXPENSESAll the expenses related to the capital increases are recordedin the assets as “Formation expenses” and are amortisedover a period of five years.The net book value of formation expenses amounts toEUR 6.3 million.Formation expenses include the fees directly associated withcapital increases and expenditure associated with the shareownership plans of previous years aimed at all members ofstaff of the Group in the different countries in which theDexia Group is active.At balance-sheet date, the Board of Directors, acting withprudence, sincerity and good faith, examines the provisionsto be built up in order to cover all possible risks or losses220Dexia Annual report 2009
Notes to the annual fi nancial statements4.2.2. INTANGIBLE FIXED ASSETSIntangible fixed assets totalled EUR 4.5 million and concernedthe acquisition and the development of software as well asexternal costs related to the development of the Dexia website.These intangible fixed assets are depreciated on a straightlinebasis over a period of three years.4.2.3. TANGIBLE FIXED ASSETSTangible fixed assets which have a net book value ofEUR 2.1 million have a gross acquisition value of EUR9 million.Property, plant and equipment contribute a gross acquisitionvalue of EUR 3.8 million and are depreciated on a straightlinebasis over a period of ten years.Office and IT equipment represented a gross investment ofEUR 4.7 million, depreciated on a straight-line basis at a rateof 25%.Other tangible fixed assets reach a net book value ofEUR 0.2 million and include the improvement of the premisesrented (gross acquisition value of EUR 0.5 million) depreciatedon a straight-line basis over the period of the leasecontracts.4.2.4. FINANCIAL FIXED ASSETSParticipating interests in affiliatedcompaniesThe item “Participating interests” representing EUR 24,882.4 millionas at 31 December 2008 was EUR 24,880.9 million as at31 December 2009.It includes the following equity interests:EUR 10,114.0 million: 100% of Dexia Crédit Local SA,Paris, France.EUR 8,997.0 million: 100% of Dexia Bank Belgium SA,Brussels, Belgium.EUR 2,644.4 million: 95.39% of Dexia ParticipationBelgique SA, Brussels, Belgium,which owns 99,84% of DenizBankAS.EUR 1,751.8 million: 57.68% of Dexia Banque Internationaleà Luxembourg SA (DexiaBIL), Luxembourg.EUR 1,279.2 million: 99.99% of Dexia Participation LuxembourgSA, Luxembourg, whichowns 42.23 % of Dexia BIL.EUR 93.0 million: 100% of Dexia Nederland HoldingNV, Amsterdam, The Netherlands.EUR 1.5 million: 99.40% of Associated DexiaTechnology Services SA (ADTS),Luxembourg.PM:10% of Dexia Holdings Inc. in NewYork, USA, a holding companywhich owns 100% of Dexia FPHoldings Inc.It was decided in 2008 to register an impairment ofEUR 284.1 million on the participating interest held in DexiaHoldings Inc., which appeared in the assets at its historicalcost corresponding to EUR 284.1 million. This valuation takesaccount of the financial situation of Dexia Holdings Inc. andits future prospects in terms of profitability against the currentparticularly difficult economic background.PM:100% of Dexia Management ServicesLtd, London, United Kingdom.PM:100% of Dexia Funding LuxembourgSA, Luxembourg.PM:0.01% of Deniz Faktoring, Istanbul,Turkey.As at 31 December 2008, Dexia SA held EUR 1.5 million inDexia Employee Benefits SA, Brussels, 100% subsidiary ofDexia SA. On 15 July 2009, Dexia Employee Benefits reducedits capital by EUR 0.8 million with a reimbursement in cashand was then placed in liquidation. The liquidation closed on28 December 2009 and generated a loss of EUR 0.7 million forDexia SA (cf. note 4.5.3.).Receivables on affiliated companiesThis item includes subordinated loans granted to Group entitiesfor a total of EUR 3,417.1 million.Other financial assetsDexia SA paid EUR 0.8 million by way of rental guarantee forthe new premises located in the Dexia Tower – CBX.CURRENT ASSETS4.2.5. RECEIVABLES AFTER MORE THAN ONEYEAROther amounts receivablesSince 2002, Dexia SA’s permanent establishment in Paris hasheaded the tax consolidation group in France, which as at31 December 2009 included the following companies:• CBX Gestion• CBXIA1• CBXIA2• CLF Marne-la-Vallée Participation• Compagnie pour le Foncier et l’Habitat• Dexia Assuréco• Dexia Bail• Dexia CLF Avenir• Dexia CLF Développement• Dexia CLF Immo• Dexia CLF Organisation• Dexia Crédit Local• Dexia Éditions• Dexia Établissement Stable Paris• Dexia Habitat• Dexia Finance• Dexia Flobail• Dexia Investissements• Dexia Municipal Agency• Dexia Projets• Dexiarail• Dexia Sofaxis• Dexint Développement• Eoliennes Galerne (formerly Dexia CLF Energy)• Floral• Genebus Lease (previously Dexia CLF Energia)• Guide Pratique de la Décentralisation.Management reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationAnnual report 2009 Dexia 221
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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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Corporate governanceIntroduction: t
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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 managementECONOMIC CAPITALBY T
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Financial resultsPreliminary notes
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Financial resultsSolvency31/12/08 3
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Annual report 2009 - Dexia.com

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