Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Q1 2002 Earnings Presentation
32 slides from Dexia Holding SA's earnings presentation, May 23, 2002
Slide 1: Activity and Financial Results Q1 2002 – Analysts' supplement
Activity and Financial Results Q1 2002 Analysts’ supplement 23 May, 2002 Brussels
Slide 2: Contents
Contents 4 Bird’s eye view 4 Activity 4 Changes in consolidation scope and methods 4 Analysis of Group Profit and Loss 4 Key Performance Ratios 4 Segment Results
Slide 3: Financial Performance - Bird's eye view
Financial Performance - Bird’s eye view Results % change Q1 2002 Q4 2001 % change underlying Net Income (M ) 397 334 +18.9% +3.4% E.P.S. ( ) 0.343 0.293 +17.1% Annualized ROE 20.1% 17.6%
Slide 4: Activity
Activity DEXIA
Slide 5: Public / Project Finance & Credit Enhancement: L.T. Production
Activity Highlights Public / Project Finance & Credit Enhancement 4 L.T. Production (in & off B/S)* + 10.2 % 5.0 4.5 0.6 Other (Bn €) 0.4 Public Sector 4.1 4.4 March 2001 March 2002 * fully consolidated Co’s ; Germany excluded; Artesia excluded
Slide 6: Public / Project Finance & Credit Enhancement: L.T. Outstandings
Activity Highlights Public / Project Finance & Credit Enhancement 4 L.T. Outstandings (in & off B/S)* +8.0 % -1.9 % 125.8 123.4 114.4 14.7 14.3 (Bn €) 14.1 Other Public Sector 111.2 109.1 100.3 March 2001 Dec. 2001 March 2002 * fully consolidated Co’s ; Germany excluded; Artesia included (estimated
Slide 7: Public / Project Finance & Credit Enhancement: Deposits & Customers' Assets
Activity Highlights Public / Project Finance & Credit Enhancement 4 Deposits & Customers’ Assets* + 8.8 % 17.3 + 5.7 % (Bn €) 16.4 15.9 March 2001 Dec. 2001 March 2002 * Artesia included (estimated in March 2001)
Slide 8: Public / Project Finance & Credit Enhancement: New Insurance Premiums
Activity Highlights Public / Project Finance & Credit Enhancement 4 New Insurance Premiums + 3.1 % 179.7 174.2 4.2 (M€) 31.8 40.3 Dexia Prévoyance DVV Insurance Sofaxis 142.4 135.1 Q1 2001 Q1 2002
Slide 9: FSA Present Value of Gross Premiums
Activity Highlights Public / Project Finance & Credit Enhancement 4 FSA Present Value of Gross Premiums + 26.8 % 175 (M US$) 138 + 4.2 % 98 ABS 94 + 75.7 % 77 Muni 44 Q1 2001 Q1 2002
Slide 10: Retail Financial Services: Customers' Assets
Activity Highlights Retail Financial Services + 2.2 % 4 Customers’ Assets + 0.8 % 80.2 80.8 79.1 OPC + unit linked : 23.6 24.9 - Market effect : -0.1 25.5 (Bn €) - New money : +0.6 off B/S products in B/S products 55.5 55.2 55.4 March 2001 Dec. 2001 March 2002
Slide 11: Retail Financial Services: Credit Outstandings
Activity Highlights Retail Financial Services 4 Credit Outstandings + 6.6 % + 1.8 % 20.7 21.1 19.8 Bn € 6.3 6.5 5.9 SME 13.9 14.4 14.6 Personal Sector March 2001 Dec. 2001 March 2002
Slide 12: Retail Financial Services: Insurance Premiums
Activity Highlights Retail Financial Services 4 Insurance Premiums 624 (M€) 71 +5.5 % 511 100 67 415 438 377 72 95 67 Non Life 65 126 99 138 Life Guaranted yield 453 349 240 Life Unit-linked 213 210 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002
Slide 13: Investment Management Services: Private Banking / Affluent Customers Assets
Activity Highlights Investment Management Services 4 Private Banking / Affluent Customers Assets Technical and consolidation effect New Money (Bn €) 37.5 Market effect 37.3 - 0.6 + 0.2 +0.2 Dec. 2001 March 2002 as published
Slide 14: Equity-leasing: Total outstanding loans & customer assets
Activity Highlights Investment Management Services 4 Equity-leasing: Total outstanding loans & customer assets -9.3% (Bn €) 7.9% 5.2 4.9 4.3 4.3 4.4 4.1 4.2 4.1 4.2 3.9 0.7% 7.8% March 2001 June 2001 Sept. 2001 Dec. 2001 March 2002 Outstanding loans Customer assets
Slide 15: Investment Management Services: Assets under management
Activity Highlights Investment Management Services 4 Assets under management Market effect 86.4 (Bn €) Technical effect New money +1.3 +1.1 82.8 +1.2 Dec. 2001 March 2002 as published
Slide 16: Fund Administration
Activity Highlights Fund Administration # of transactions # of portfolios # of transactions processed (000’s) managed (Millions) +21% +25% +9% CAGR CAGR CAGR 115 1.26 1,331 981 90 1.19 853 78 1.06 March March March March March March March March March 2000 2001 2002 2000 2001 2002 2000 2001 2002 Cust
Slide 17: Q1 2002 Results
Q1 2002 Results DEXIA
Slide 18: Scope
Scope Artesia and Fin. Opale in Q1 Dexia Dexia 2001 = 1/2 of Sabadell Sabadell “New H1 2001 OSM OSM scope” Ely F.M. Ely F.M. No Kempen Kempen Fin.Opale Fin.Opale change* Artesia Artesia “Old “Old “Old scope” scope” scope” Q1 2001 Q1 2001 Q4 2001 Q1 2002 As reported in “pro forma” as May 2001 reporte
Slide 19: Methods
Methods 4 Restatement of Q1 2001 as depositors’ guarantee premiums and some product-linked taxes are now deducted from the revenues (previously counted as costs) - cf. Act.Rep. 2001, page 18. 4 Restatement of Q1 through Q4 2001: all charges linked to the renting activities are now counted in the Rev
Slide 20: Group Profit and Loss
Group Profit and Loss % change % change (M ) Q1 2002 Q4 2001 % change against Q1 2001 % change against (1) "underlying" (1) "underlying" (2) (3) Revenues 1,333 1,403 -5.0% -6.8% 1,109 +20.2% -6.0% Of which exceptional* 59 35 +112 Costs -797 -941 -15.3% -5.4% -536 +48.7% +0.3% Of which exceptional -1
Slide 21: Cost of risk
Cost of risk related to customer loans O/S + off balance sheet commitments (in basis points) 14 bp 8 bp 7 bp 6 bp 6 bp 2 bp 1997 1998 1999 2000 2001 Q1 2002
Slide 22: Key Performance indicators
Key Performance indicators* Full year Q1 2002 Q4 2001 2001 RWA* (Bn ) 106.2 103.6 103.6 Tier one Ratio* 9.3% 9.3% 9.3% RORWA** 1.62% 1.36% 1.72% ROE** 20.1% 17.6% 18.7% Profit Margin 31.9% 25.8% 27.1% C/I Ratio 59.7% 67.1% 59.3% * End of period ** annualized
Slide 23: Segment Results
DEXIA Segment Results
Slide 24: Public/Project Finance & Credit Enhancement: Analysis of quarterly P&L
Public/Project Finance & Credit Enhancement Analysis of quarterly P&L Q1 2002 / Q1 2002 / (in M ) Q1 2002 Q4 2001* Q4 2001* Q4 2001* underlying Revenues 467 467 0% -1.7% Costs -169 -176 -4.0% -4.5% Cost of Risk -11 -40 -72.5% -69.6% Operating Income 287 251 +14.3% +10.1% Other items -87 -68 +27.9% n
Slide 25: Retail Financial Services: Analysis of quarterly P&L
Retail Financial Services Analysis of quarterly P&L Q1 2002 / Q1 2002 / (in M ) Q1 2002 Q4 2001* Q4 2001* Q4 2001* underlying Revenues 403 426 -5.4% -4.0% Costs -357 -358 -0.3% -1.1% Cost of Risk -11 -9 +22.2% +161.9% Operating Income 35 59 -40.7% -33.7% Other items -1 -21 -95.2% n.m. Net Income 34
Slide 26: Investment Management Services: Analysis of quarterly P&L
Investment Management Services Analysis of quarterly P&L Q1 2002 / Q1 2002 / (in M ) Q1 2002 Q4 2001* Q4 2001* Q4 2001* underlying Revenues 271 303 -10.6% -10.3% Costs -179 -200 -10.5% -8.7% Cost of Risk -2 -36 n.m. -94.4% Operating Income 90 67 +34.3% +28.6% Other items -25 -38 -34.2% n.m. Net Inco
Slide 27: Capital Markets & Treasury Activities: Analysis of quarterly P&L
Capital Markets & Treasury Activities Analysis of quarterly P&L Q1 2002 / Q1 2002 / (in M ) Q1 2002 Q4 2001* Q4 2001* Q4 2001* underlying Revenues 164 129 +27.1% +15.1% Costs -46 -49 -6.1% -4.3% Cost of Risk 3 -22 n.m. -129.1% Operating Income 121 58 +108.6% +40.4% Other items -15 -26 -42.3% n.m. Ne
Slide 28: Update on Artesia integration
Update on Artesia integration Axel Miller, Group General Counsel
Slide 29: Synergy achievements
Synergy achievements 4 Costs 30 25 (M€) Worst Best case case 6 Þ EUR 2 mios linked to staff costs Þ EUR 4 mios linked to other operating expenses Objective full Achieved year 2002 Q1 2002 4 Revenues (M€) Worst Best case case Price harmonization of retail products and UCIT’s implemented -10 -15 Objec
Slide 30: Update on social negotiations
Update on social negotiations 4 Global agreement signed with two unions on March 26, 2002 8 Set up the guidelines and the main principles on the social aspects of the integration 8 Define the future organisation of the branches in two types of networks ð « Salariés » network ð Independent network 4
Slide 31: Downsizing
Downsizing 4 Evolution of FTE’s at Dexia Bank* and Artesia 12,660 12,580 12,400 12,340 June-01 December-01 February-02 March-02 4 44 branches planned for closure in 2002 * Includes workforce in the Dexia independent branches
Slide 32: Appendices
Appendices