Dexia Holding SA · EURONEXT:DEXB

Dexia Holding SA — FY2002 Earnings Presentation

19 slides from Dexia Holding SA's earnings presentation, Mar 13, 2003

  1. Slide 1: Conférence de presse : les résultats financiers du groupe Dexia pour l'année 2002

    Conférence de presse : les résultats financiers du groupe Dexia pour l’année 2002 Jeudi 13 mars 2003

  2. Slide 2: Key Performance indicators

    Key Performance indicators 2002 2001 RWA* (Bn€) 109.4 103.6 RORWA 1.30 % 1.50 % * * Tier one Ratio* 9.3 % 9.3 % ROE 16.1 % 18.7 % Profit Margin 26.8 % 26.8 % C/ I Ratio 59.0 % 59.1 % NAV per share* * * (€) 9.01 8.53 * End of period ** Including an estimation of the Artesia contribution *** Including

  3. Slide 3: Underlying Cost of Risk related to total net O/S commitments

    Underlying Cost of Risk related to total net O/S commitments (in basis points) 2.5 bp Credit 1.2 bp 0.7 bp 0.6 bp 0.6 bp 0.4 bp Enhancement 12.2 bp* 9.8 bp* 7.8 bp 6.4 bp 6.6 bp 2.2 bp Banking Activities 1997 1998 1999 2000 2001 2002 * Excluding Dexia Bank Nederland provisions

  4. Slide 4: Summary of 2002 P&L

    Summary of 2002 P&L 2001 % Underlying (M€) 2002 pro-forma % Revenues 5,165 5,638 -8.4% -6.2% Costs -3,045 -3,350 -9.1% -4.3% Gross Operating I ncome 2,120 2,288 -7.3% -9.0% Cost of Risk -722 -293 +146.0% 3.9% Net gains + impairments -36 +13 n.s. n.s. on LT investments Taxes -57 -522 -89.0% -14.2%

  5. Slide 5: Summary of Net Income variations 2002 / 2001

    Summary of Net Income variations 2002 / 2001 2001  2002 / (M€) 2002 proforma 2001 Total 3 Core Business Lines (underlying) 1,159 1,139 +21 Capital Markets + Treasury (underlying) 281 340 -59 Central Assets (underlying) -254 -192 -62 Exceptionals 113 147 -34 TOTAL 1,299 1,434 -135

  6. Slide 6: Public / Project Finance & Credit Enhancement: Production of L.T. facilities

    Activity Highlights Public / Project Finance & Credit Enhancement  Production of L.T. facilities (in & off B/S)* + 28.1 % 28.7 (Bn €) 3.9 Other 22.4 3.0 Public Sector 24.8 19.4 2001 2002 * Fully consolidated Co’s ; Germany excluded

  7. Slide 7: Public / Project Finance & Credit Enhancement: FSA Gross PV Originations

    Activity Highlights Public / Project Finance & Credit Enhancement  FSA Gross PV Originations + 26.6 % 882 (M USD) 66 Asset Management Products 697 4 199 120 International 196 350 U.S. ABS 421 U.S. Muni 222 2001 2002

  8. Slide 8: Public/Project Finance & Credit Enhancement: Analysis of underlying P&L

    Public/Project Finance & Credit Enhancement Analysis of underlying P&L At 2001  2002 / constant (M€) 2002 Pro-forma 2001 rate of exchange Revenues 1,798 1,716 + 4.8% + 6.9% Costs - 637 - 633 + 0.6% + 2.1% Gross Operating I ncome 1,161 1,082 + 7.3% + 9.7% Cost of Risk - 168 - 180 - 7.0% Corporate in

  9. Slide 9: Retail Financial Services: Customers' Assets

    Activity Highlights Retail Financial Services  Customers’ Assets - 1.1 % (Bn €) + 1.4 % 79.6 77.6 78.7 OPC + unit OPC + unit linked: linked: 24,8 - Market effect: - 23,0 - Market effect: 23,3 2.8 0.0 off B/ S products - inflows: +1.0 - inflows: +0.3 54,8 54,6 55,4 in B/ S products Dec. 2001 Sept. 2

  10. Slide 10: Retail Financial Services: Analysis of underlying P&L

    Retail Financial Services Analysis of underlying P&L 2002 2001  2002 / (M€) Pro-forma 2001 Revenues 1,703 1,756 - 3.0% Costs - 1,377 - 1,434 - 3.9% Gross Operating I ncome 326 323 + 1.0% Cost of Risk - 43 -29 + 49.0% Corporate I ncome tax - 112 -95 + 18.1% Other I tems +31 +19 n.s. Net I ncome 202

  11. Slide 11: Example of Artesia integration

    Example of Artesia integration  Cost synergies (M€) 2002 2003 2005 Objective Realised Objective Objective 25 - 30 54.5 50 - 60 180 - 200  Staff reductions 12,660 One third of total 3,510 objective 11,920 (2,270 by 2005) 3,439 independe nt +122 +23 independe 9,150* -814 nt Recruitmen 8,481 Job cuts

  12. Slide 12: Investment Management Services: Private Banking / Affluent Customer Assets

    Activity Highlights Investment Management Services  Private Banking / Affluent Customer Assets* Conso & (Bn €) Market technic.effect New Money effect -0.2 - 0.5 -2.5 33.9 30.8 Dec. 2001 Dec. 2002 * Excluding Dexia Bank Nederland

  13. Slide 13: Investment Management Services: Assets under management

    Activity Highlights Investment Management Services  Assets under management* (Bn €) Market Conso & New money effect effect +0.2 +0.7 -7.8 76.4 69.4 Dec. 2001 Dec. 2002 * Excluding Dexia Bank Nederland

  14. Slide 14: Fund Administration

    Activity Highlights Fund Administration Capital managed # of NAV to # of transactions end of period (bn €) calculate in the year (x 1 000 000) (x 1000) + 2.3 % + 71.1 % + 12.9 % 276 +11.4% +0.1% 5.17 5.24 112.3 112.3 114.8 4.64 +25.2% 202 161 Dec. Dec. 02 02 2002 Dec. scope Dec. Dec. scope Dec. scop

  15. Slide 15: Capital Markets & Treasury Activities: Analysis of underlying P&L

    Capital Markets & Treasury Activities Analysis of underlying P&L At 2001  2002 / constant (M€) 2002 Pro-forma 2001 rate of exchange Revenues 551 688 -20.0% -18.9% Costs -168 -181 -7.3% -6.8% Gross Operating I ncome 383 507 -24.5% -23.3% Cost of Risk -24 -21 +15.6% Corporate I ncome Tax -75 -145 -48

  16. Slide 16: Steering / Organisation: Clear Management Missions

    Actions Levers (1) Steering / Organisation Clear Management Missions  Central steering of strategic corporate functions  3 core businesses must increase their contributions to total group earnings  Specific assignments (DBNL ; Central Assets ; …)

  17. Slide 17: Cost Reductions: Underlying costs

    Actions Levers (2) Cost Reductions Underlying costs (M€) -4.3% 3,244* 3,244 3,105 3,105 2001 2002 2003 Realised Budget * proforma

  18. Slide 18: Investment Management Services: Analysis of underlying P&L

    Investment Management Services Analysis of underlying P&L At 2001  2002 / constant (M€) 2002 Pro-forma 2001 rate of exchange Revenues 1,045 1,189 -12.1% -11.6% Costs -700 -751 -6.8% -6.8% Gross Operating I ncome 345 438 -21.1% -19.7% Cost of Risk -8 -14 -46.5% Corporate I ncome Tax -97 -135 -27.6%

  19. Slide 19: Quarterly evolution of the underlying Gross Operating Income

    Quarterly evolution of the underlying Gross Operating Income (M€) 1,347 1,378 1,360 1,324 1,344 Revenues 1,311 1,268 1,128 836 837 784 787 790 779 786 Costs 750 562 592 545 557 523 475 478 Gross Operating 379 Income Q1 2001* Q2 2001* Q3 2001* Q4 2001* Q1 2002* Q2 2002* Q3 2002* Q4 2002 * Q1 2001 to

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