Annual report 2009 - Dexia.com

More documents

Recommendations

Info

Activity and results of the business lines // Asset Management and ServicesManagement reportConsolidatedfinancial statementsAnnual financial statementsResultsIn 2009, after a difficult first quarter marked by impairmentsand losses on insurance investment portfolios, theresults of AMS which includes Asset Management, InvestorServices and Insurance, improved constantly throughout theyear. The business line reported a net income Group share ofEUR 74 million for the full year against a loss of EUR 329 millionin 2008.Asset ManagementNet income Group share amounted to EUR 37 million in2009, more than three times higher than in 2008, whichwas heavily impacted by the financial crisis. Nevertheless, theresults of asset management were contrasted in 2009 as theyear began modestly but improved during the second halfof the year.Total income stood at EUR 179 million in 2009, up 11%compared to the previous year. This increase is due to theimpact of the financial crisis in 2008, rising performance fees(+44%) and decreasing management fees (-29%) due tolower average assets under management.Expenses fell to EUR 128 million (-11% compared to lastyear) by virtue of the active management of costs and moreparticularly staff costs, IT and marketing expenses. Thecost ratio remained low at 16 basis points of assets undermanagement.Pretax income for the year amounted to EUR 51 million,almost three times higher than in 2008.Investor ServicesNet income Group share amounted to EUR 19 millionin 2009, down EUR 62 million (-77%) compared to 2008,mainly due to a decrease in average assets under administrationand lower interest income on client deposits.Income amounted to EUR 327 million in 2009, downEUR 81 million (-20%) driven by a decrease of core businessfees and of the interest margin.Costs were slightly reduced (EUR -4 million) over the year asa result of cost-cutting initiatives, especially at the level of ITexpenses.Cost of risk and impairments amounted to EUR 6 millionin 2009, as a result of a provision related to a legal claimbooked in the first quarter.Pretax income decreased from EUR 110 million in 2008 toEUR 27 million by the end of 2009.InsuranceNet income Group share amounted to EUR 19 million in2009 compared to a net loss of EUR 420 million in 2008,which included EUR 594 million (net) impairments and losseson investment portfolios, mainly bonds and shares. In 2009,insurance activities were back to profitability after some additionalimpairments and losses in the first half of 2009, partlyoffset by capital gains and write-backs in the fourth quarterof 2009.Income was at EUR 242 million in 2009 as a result of financialincome bouncing back (including a write-back of impairmentsand capital gains) after an unfavourable evolutionin the first half of the year. The improved financial incomewas tempered in the last quarter of 2009 by profit-sharingallocation.Costs decreased by EUR 2 million to EUR 251 million in 2009due to ongoing cost control.As a result, pretax income was at EUR -25 million in 2009.Taxes were at EUR 44 million further to deferred tax assetsand a EUR 32 million one-off adjustment.Additional information82Dexia Annual report 2009
Activity and results of the business lines // Asset Management and ServicesSTATEMENT OF INCOME(in millions of EUR, except where indicated) 2008 (1) 2009 VariationIncome 345 748 x2.2Expenses (694) (672) -3.1%Gross operating income (349) 76 n.s.Cost of risk and impairments (1) (23) n.s.Pretax income (350) 53 n.s.Tax expense 28 26 -10.1%Net income (378) 79 n.s.Minority interests 7 4 -39.0%Net income Group share (329) 74 n.s.of whichAsset Management 11 37 x3.4Investor Services 80 19 -76.9%Insurance (420) 19 n.s.Cost-income ratio n.s. 89.9%Total allocated equity (average) 947 961Weighted risks 3,351 2,533(1) Pro forma as new segment reporting has been applied since 1 January 2009. More details on the new segmentation are given in note 3 to the consolidatedfinancial statements on pages 128-130 of this annual report.Management reportConsolidatedfinancial statementsAdditional informationAnnual financial statementsAnnual report 2009 Dexia 83
Page 1 and 2:
9Annual report 2009
Page 3 and 4:
9Annual report 2009Management repor
Page 5 and 6:
9Management report
Page 7 and 8:
Group profi leSIMPLIFIED GROUP STRU
Page 9 and 10:
Group profi leQUALITY OF RISKS Dexi
Page 11 and 12:
In accordance with the agreement wi
Page 13 and 14:
2009 and early 2010 highlightsExit
Page 15 and 16:
2009 and early 2010 highlightsCreat
Page 17 and 18:
Corporate governanceIntroduction: t
Page 19 and 20:
Corporate governanceThe European Ad
Page 21 and 22:
Corporate governanceNAMEPIERREMARIA
Page 23 and 24:
Corporate governanceNAMEROBERTDE ME
Page 25 and 26:
Corporate governanceNAMESPECIALISTC
Page 27 and 28:
Corporate governanceNAMEKOEN VAN LO
Page 29 and 30:
Corporate governanceNew directors a
Page 31 and 32:
Corporate governanceConsidering tho
Page 33 and 34: Corporate governancemade and the fi
Page 35 and 36: Corporate governanceDIRECTORS’ AN
Page 37 and 38: Corporate governanceOperation and a
Page 39 and 40: Corporate governanceThe Appointment
Page 41 and 42: Corporate governanceResponsibilitie
Page 43 and 44: Corporate governanceVariable compen
Page 45 and 46: Corporate governancetional entities
Page 47 and 48: Corporate governance• It identifi
Page 49 and 50: Shareholder informationStock market
Page 51 and 52: Shareholder informationPRINCIPAL DE
Page 53 and 54: Human resourcesAGE PYRAMID> 5955-59
Page 55 and 56: Sustainable developmentThe 2009 Dex
Page 57 and 58: Risk managementIntroductionIn 2009,
Page 59 and 60: Risk managementThe Rating Committee
Page 61 and 62: Risk managementAsset qualityBy the
Page 63 and 64: Risk managementBond portfolioDexia
Page 65 and 66: Risk managementThis good performanc
Page 67 and 68: Risk managementRisk and control sel
Page 69 and 70: Risk managementECONOMIC CAPITALBY T
Page 71 and 72: Financial resultsPreliminary notes
Page 73 and 74: Financial resultsSolvency31/12/08 3
Page 75 and 76: Financial resultsAssetsLoans and ad
Page 77 and 78: Activity and results of the busines
Page 83: Activity and results of the busines
Page 89 and 90: General information3. Overview of t
Page 91 and 92: General informationAll the above-me
Page 93 and 94: General information4.5. Dexia banka
Page 95 and 96: General information6.3. Notificatio
Page 98 and 99: Consolidated balance sheet ........
Page 100 and 101: Consolidated balance sheetManagemen
Page 102 and 103: Consolidated statementof incomeMana
Page 104 and 105: Management reportConsolidatedfinanc
Page 106 and 107: Consolidated statementof comprehens
Page 108 and 109: Notes to the consolidated financial
Page 110 and 111: Notes to the consolidated fi nancia
Page 134 and 135:
Notes to the consolidated fi nancia
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214:
Statutory Auditor’s reportManagem
Page 217 and 218:
9Annual financial statementsFINANCI
Page 219 and 220:
SHAREHOLDERS’ EQUITY AND LIABILIT
Page 221 and 222:
Notes to the annualfinancial statem
Page 223 and 224:
Notes to the annual fi nancial stat
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Page 239 and 240:
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Statutory Auditor’s report• Wit
Page 247 and 248:
Additional informationGeneral dataN
Page 249 and 250:
Additional informationDexia FP Hold
Page 251 and 252:
Dexia’s annual report 2009 has be
show all

Annual report 2009 - Dexia.com

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?