Annual report 2009 - Dexia.com

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Group profi leManagement reportConsolidatedfinancial statementsRESULTS Dexia GAAP IFRS as adopted by EU(in millions of EUR) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Income 3,740 5,631 5,157 5,160 5,392 5,976 7,005 6,896 3,556 6,163Costs (2,050) (3,323) (3,037) (3,056) (3,012) (3,229) (3,474) (3,834) (4,119) (3,607)Gross operating income 1,690 2,308 2,120 2,104 2,380 2,747 3,531 3,062 (563) 2,556Net income Group share 1,001 1,426 1,299 1,431 1,772 2,038 2,750 2,533 (3,326) 1,010BALANCE SHEET Dexia GAAP IFRS as adopted by EU(in billions of EUR) 31/12/00 31/12/01 31/12/02 31/12/03 31/12/04 31/12/05 31/12/06 31/12/07 31/12/08 31/12/09Balance-sheet total 257.8 351.4 350.9 349.9 389.2 508.8 566.7 604.6 651.0 577.6Loans and advancesto customers 134.4 156.4 157.8 161.9 166.2 192.4 226.5 242.6 368.8 354.0Financial assets at fairvalue through profitand loss and financialinvestments 77.7 125.9 134.7 127.9 144.5 198.9 223.2 257.9 141.1 115.3Customers borrowingsand deposits52.4 84.0 85.3 92.3 97.6 97.7 116.2 126.7 114.7 121.0Debt securities 134.4 140.9 146.5 134.9 143.9 175.7 184.7 204.0 188.1 213.1Core shareholders’equity (1) 8.1 10.3 10.9 11.6 12.3 11.5 14.4 16.1 17.5 18.5(1) For the years 2000-2004: shareholders’ equity + general banking risks reserve.Annual financial statementsRATIOS Dexia GAAP IFRS as adopted by EU2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Cost-income ratio (1) 54.8% 59.0% 58.9% 59.2% 55.9% 54.0% 49.6% 55.6% 115.8% 58.5%Return on equity (2) 17.7% 18.7% 16.2% 16.5% 19.8% 20.0% 23.1% 17.8% -22.6% 5.6%Tier 1 ratio 9.3% 9.3% 9.3% 9.9% 10.7% 10.3% 9.8% 9.1% 10.6% 12.3%Capital adequacy ratio 9.8% 11.5% 10.7% 11.2% 11.7% 10.9% 10.3% 9.6% 11.8% 14.1%(1) The ratio between the costs and the income.(2) The ratio between the net income Group share and the weighted average core shareholders’ equity (estimated dividend for the period deducted).Additional information6Dexia Annual report 2009
Group profi leQUALITY OF RISKS Dexia GAAP IFRS as adopted by EU2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Impaired loans to customers(in millions of EUR) 905 1,897 1,942 1,708 1,722 1,473 1,359 1,218 3,535 4,808Assets quality ratio (1) 0.68% 1.20% 1.23% 1.05% 1.04% 0.78% 0.61% 0.50% 0.99% 1.39%Coverage ratio (2) 65.0% 66.7% 68.0% 72.8% 73.2% 69.1% 69.3% 67.2% 58.9% 55.3%(1) The ratio between the impaired loans and the gross outstanding loans.(2) The ratio between the portfolio impairments and the impaired loans.Management reportDATA PER SHARE Dexia GAAP IFRS as adopted by EU(in EUR) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Earnings per share (1) 1.15 1.25 1.13 1.24 1.58 1.87 2.49 2.18 (2.54) 0.57Gross dividend 0.43 0.48 0.48 0.53 0.62 0.71 0.81 0.91 - (2) - (3)Net assets (4) 8.02 8.39 8.79 9.25 9.95 9.86 11.60 12.87 9.92 10.50Pay-out ratio (5) 41.9% 39.3% 43.0% 42.1% 38.7% 37.9% 34.3% 42.0% - (2) - (3)(1) The ratio between the net income Group share and the average weighted number of shares (undiluted for the years under IFRS as adopted by EU).(2) The Board of Directors decided to propose to the Shareholders’ Meeting on 13 May 2009 that exceptionally no dividend be paid for 2008.(3) The Board of Directors wants shareholders to benefit from Dexia’s positive result in 2009 in the form of new shares, and as a consequence it will makea proposal to the Extraordinary Shareholders’ Meeting on 12 May 2010 to proceed with a capital increase of approximately EUR 350 million. For moreinformation, see chapter “Shareholder information” on page 49 of this annual report.(4) The ratio between the core shareholders’ equity and the number of shares (after deduction of treasury shares) at the end of the period. Under Dexia GAAP:including GBRR Group share.(5) The ratio between the total dividend and the net income Group share.Consolidatedfinancial statementsNOTATIONS Long term Outlook Short termFitchDexia Bank Belgium A+ Stable outlook F1 +Dexia Crédit Local A+ Stable outlook F1 +Dexia Banque Internationale à Luxembourg A+ Stable outlook F1 +Dexia Municipal Agency (obligations foncières) AAA -Moody’sDexia Bank Belgium A1 Stable outlook P-1Dexia Crédit Local A1 Stable outlook P-1Dexia Banque Internationale à Luxembourg A1 Stable outlook P-1Dexia Municipal Agency (obligations foncières) Aaa -Standard & Poor’sDexia Bank Belgium A Negative outlook A-1Dexia Crédit Local A Negative outlook A-1Dexia Banque Internationale à Luxembourg A Negative outlook A-1Dexia Municipal Agency (obligations foncières) AAA Stable outlookDexia Kommunalbank Deutschland (Pfandbriefe) AAA Negative outlookThe Group’s principal banking entities – Dexia Bank Belgium, Dexia Crédit Local and Dexia Banque Internationale à Luxembourg – are rated A + with stable outlookby Fitch (9 February 2010), A1 with stable outlook by Moody’s (12 February 2010) and A with negative outlook by Standard & Poor’s (10 February 2010).The triple-A rating of the covered bonds (obligations foncières) issued by Dexia Municipal Agency was affirmed by Fitch (22 March 2010), Moody’s (23 January2009) and Standard & Poor’s (4 February 2010, stable outlook).Annual financial statementsAdditional informationAnnual report 2009 Dexia 7
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Page 7: Group profi leSIMPLIFIED GROUP STRU
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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 managementECONOMIC CAPITALBY T
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Financial resultsPreliminary notes
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Financial resultsSolvency31/12/08 3
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Dexia’s annual report 2009 has be
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Annual report 2009 - Dexia.com

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