Annual report 2009 - Dexia.com

Financial resultsManagement reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationCustomer deposits amounted to EUR 121 billion, an increaseof 5% or EUR +6.2 billion during the year. Savings accounts,demand and other deposits (EUR +13 billion) were largelypreferred to term deposits – retail and private – (EUR -18 billion)and investments in mutual funds. Reverse repurchaseagreements increased by EUR 11 billion and cash collateralsby EUR 1 billion.Debt securities increased by EUR 25 billion (or +13%)to EUR 213.1 billion by virtue of certificates of deposits(EUR +17 billion) and savings bonds (EUR +8 billion). Nonsubordinateddebts remained stable.Subordinated debts remained stable at EUR 4.1 billion.Liabilities due to banks were at EUR 123.7 billion at theend of 2009, down EUR 89.5 billion, three quarters of whichcame from central banks. The amount due to central bankswas particularly high in December 2008, due to the financialturmoil.Liabilities included in disposal groups held for saledecreased by EUR 1.4 billion and stood at EUR 4.3 billion.The insurance activities of FSA sold to Assured Guaranty contributedfor an amount of EUR 5.7 billion as at 31 December2008 while Dexia Épargne Pension contributed for EUR 4.3 billionas at 31 December 2009.CONSOLIDATED BALANCE SHEET(in millions of EUR) 31/12/08 31/12/09TOTAL ASSETS 651,006 577,630Cash and balances with central banks 2,448 2,673Loans and advances due from banks 61,864 47,427Loans and advances to customers 368,845 353,987Financial assets measured at fair value through profit or loss 16,044 10,077Financial investments 125,029 105,251Derivatives 55,213 40,728Fair value revaluation of portfolio hedge 3,938 3,579Investments in associates 682 171Tangible fixed assets 2,353 2,396Intangible assets and goodwill 2,193 2,177Tax assets 4,139 2,919Other assets 1,998 1,895Non current assets held for sale 6,260 4,350TOTAL LIABILITIES AND EQUITY 651,006 577,630Due to banks 213,192 123,724Customer borrowings and deposits 114,728 120,950Financial liabilities measured at fair value through profit or loss 18,952 19,345Derivatives 75,834 58,364Fair value revaluation of portfolio hedge 1,543 1,939Debt securities 188,120 213,065Subordinated debts 4,407 4,111Technical provisions of insurance companies 16,739 13,408Provisions and other obligations 1,487 1,581Tax liabilities 302 238Other liabilities 4,393 4,585Liabilities included in disposal groups held for sale 5,691 4,332Total liabilities 645,388 565,642Subscribed capital 8,089 8,089Additional paid-in capital 13,618 13,618Treasury shares (23) (25)Reserves and retained earnings (870) (4,194)Net income for the period (3,326) 1,010Core shareholders’ equity 17,488 18,498Gains and losses not recognised in the statement of income (13,572) (8,317)Total shareholders’ equity 3,916 10,181Minority interests 1,702 1,806Discretionary participation features of insurance contracts 0 1Total equity 5,618 11,98872Dexia Annual report 2009