Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — H1 2003 Earnings Presentation
25 slides from Dexia Holding SA's earnings presentation, 2003
Slide 1: DEXIA
DEXIA
Slide 2: Summary of 2nd Quarter 2003 P&L
Summary of 2nd Quarter 2003 P&L Evolution of underlying* Evolution of (M€) Q2 2002 Q2 2003 at constant underlying* rate of exchange Revenues Net Interest and Related Income 973 900 -7.5% Net Commissions and other Income 262 253 -3.4% Technical & Financial Margin / Insurance 196 208 +6.4%
Slide 3: 1st Half 2003 P&L Account
1st Half 2003 P&L Account Evolution of underlying* H1 2002 H1 2003 Evolution of (M€) at constant underlying* rate of exchange Revenues Net Interest and Related Income 1,846 1,749 -5.3% Net Commissions and other Income 544 475 -12.6% Technical & Financial Margin / Insurance 369 384 +4.3% T
Slide 4: Summary of 2nd Quarter 2003 P&L
Summary of 2nd Quarter 2003 P&L Evolution of underlying* Evolution of (M€) Q2 2002 Q2 2003 at constant underlying* rate of exchange Revenues Net Interest and Related Income 973 900 -7.5% Net Commissions and other Income 262 253 -3.4% Technical & Financial Margin / Insurance 196 208 +6.4%
Slide 5: Quarterly evolution of the underlying Gross Operating Income
Quarterly evolution of the underlying Gross Operating Income (M€) 1,373 1,323 1,289 1,251 1,236 Revenues 1,090 776 752 772 745 727 732 Costs + 19.4% +30.6% 641 537 551 475 491 363 Gross Operating Income Q1 2002* Q2 2002* Q3 2002* Q4 2002* Q1 2003* Q2 2003* * Pro forma 5
Slide 6: Summary of 2nd Quarter 2003 P&L
Summary of 2nd Quarter 2003 P&L Evolution of underlying* Evolution of (M€) Q2 2002 Q2 2003 at constant underlying* rate of exchange Revenues Net Interest and Related Income 973 900 -7.5% Net Commissions and other Income 262 253 -3.4% Technical & Financial Margin / Insurance 196 208 +6.4%
Slide 7: Cost of Risk related to total net O/S commitments
Cost of Risk related to total net O/S commitments (in basis points) 2.5 bp Credit 1.2 bp 0.9 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 4.7 bp* 2.2 bp Banking Activities 1997 1998 1999 2000 2001 2002 H1 03* * * Excluding impact of provisions for Legio Lease at D
Slide 8: 1st Half 2003 P&L Account
1st Half 2003 P&L Account Evolution of underlying* H1 2002 H1 2003 Evolution of (M€) at constant underlying* rate of exchange Revenues Net Interest and Related Income 1,846 1,749 -5.3% Net Commissions and other Income 544 475 -12.6% Technical & Financial Margin / Insurance 369 384 +4.3% T
Slide 9: Key Performance Indicators
Key Performance indicators 30/ 06/ 02 30/ 06/ 03 EPS (€) 0.68 0.66 ROE* 19.6% 17.5% C/ I Ratio 57.4% 57.2% Tier one Ratio* 9.3% 9.7% RWA* * (Bn€) 106.4 108.2 RORWA 1.58% 1.47% Profit Margin 30.0% 30.7% NAV per share* * * (€) 8.75 9.07 * Annualized ** End of period *** Including GBRR Group share 9
Slide 10: Public/Project Finance & Credit Enhancement: L.T. Outstandings
Activity Highlights Public / Project Finance & Credit Enhancement L.T. Outstandings (in & off B/S)* +8.3 % + 10.8 % at constant exchange rate 167.5 (Bn€) 154.6 14,6 14,2 Other Public Sector 152,9 140,4 * Fully consolidated Co’s J une 2002 J une 2003 10
Slide 11: 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)* + 18.5 % + 29.8 % at constant exchange rate 14.6 (Bn€) 12.3 2.0 Other 1.9 Public Sector 12.6 10.4 H1 2002 H1 2003 * Fully consolidated Co’s ; Germany excluded 11
Slide 12: Public/Project Finance & Credit Enhancement: FSA Gross Present Value Origination
Activity Highlights Public / Project Finance & Credit Enhancement FSA Gross Present Value Origination (M US$) + 15.5 % 433 18 + 65.5 375 35 % 27 331 35 84 15 30 Investments Products 50 International ABS 87 200 76 International Muni 113 8 US. ABS 17 66 U.S. Muni 44 209 56 150 144 75 H1 2002 H1 2003
Slide 13: Public/Project Finance & Credit Enhancement: Analysis of underlying P&L
Public/Project Finance & Credit Enhancement Analysis of underlying P&L at constant (M€) Q2 2002* Q2 2003* Q2 03 / rate of Q2 02 exchange Revenues 439 479 +9.1% 15.8% Costs -144 -153 +6.0% 10.5% Gross Operating I ncome 294 326 +10.6% 18.5% Cost of Risk -43 -6 -86.0% Corporate income tax -65 -87 +
Slide 14: Retail Financial Services: Customers' Assets
Activity Highlights Retail Financial Services Customers’ Assets +1.9 % (Bn€) + 3.0 % 79.6 78.7 81.1 24,0 23,3 -Market effect : 24,4 +0.5 - Inflows : +0.6 off B/ S products 55,6 55,4 56,7 in B/ S products J une 2002 Dec. 2002 J une 2003 14
Slide 15: Retail Financial Services: Insurance Premiums
Activity Highlights Retail Financial Services Insurance Premiums + 72.2 % 701 72 48 Non Life (M€) 489 440 407 76 Traditional Life 345 68 Assurance 70 46 61 458 55 71 Life Guaranteed 34 214 yield (Branch 21) 59 124 73 Life Unit-linked (Branch 23) 224 167 187 153 123 Q2 2002 Q3 2002 Q4 2002 Q1 2003
Slide 16: Retail Financial Services: Analysis of underlying P&L
Retail Financial Services Analysis of underlying P&L Q2 03 / (M€) Q2 2002* Q2 2003* Q2 02 Revenues 435 452 +3.8% Costs -344 -335 -2.8% Gross Operating I ncome 91 117 +28.9% Cost of Risk -8 -8 +0.2% Corporate I ncome tax -23 -32 +36.6% Other I tems +5 +11 n.s. Net I ncome 65 88 +35.4% ROEE* * 14.1%
Slide 17: Retail Financial Services: Analysis of H1 2003 underlying P&L
Retail Financial Services Analysis of H1 2003 underlying P&L H1 03 / (M€) H1 2002* H1 2003 H1 02 Revenues 836 872 +4.3% Costs -688 -674 -2.0% Gross Operating I ncome 148 198 +33.6% Cost of Risk -18 -21 +13.5% Corporate I ncome tax -35 -57 +64.4% Other I tems +12 +17 n.s Net I ncome 107 137 +27.9%
Slide 18: Investment Management Services: Private Banking/Affluent customers' assets
Activity Highlights Investment Management Services Private Banking/Affluent customers’ assets* -4.4 % +1.0 % (Bn€) -0.6 -1.0 -0.6 +0.9 30.8 Organic growth Market effect 29.1 Q1 2003 Q1 2003 Organic growth Market effect 29.4 Q2 2003 Q2 2003 Dec. 2002 March 2003 June 2003 * Excluding Dexia Nederland
Slide 19: Investment Management Services: Assets under management
Activity Highlights Investment Management Services Assets under management* +4.8 % +6.7 % (Bn€) +0.9 -2.1 +3.3 +1.3 72.8 69.4 Organic growth Market effect 68.2 Organic growth Market effect Q1 2003 Q1 2003 Q2 2003 Q2 2003 Dec. 2002 March 2003 June 2003 * Excluding Dexia Nederland Holding (Dexia Ban
Slide 20: Investment Management Services: Fund Administration and Securities Services
Investment Management Services Fund Administration and Securities Services Total assets under # of NAV to # of transactions custody (Bn€) calculate in the year (in millions) (x 1000) 303 305 297 321 302 2.62 2.39 181 182 184 Other** Other** Other** 122 Dec. 115 121 00 Mandates Mandates Mandates 00 t
Slide 21: Investment Management Services: Quarterly evolution of underlying Gross Operating Income
Investment Management Services Quarterly evolution of the underlying Gross Operating Income (M€) Revenues 273 252 242 244 235 224 Costs 178 169 161 161 162 147 -4.1% +43.2% 95 91 Gross 88 81 76 Operating 61 Income Q1 2002* Q2 2002* Q3 2002* Q4 2002* Q1 2003* Q2 2003* * Pro forma 21
Slide 22: Capital Markets & Treasury Activities: Analysis of underlying P&L
Capital Markets & Treasury Activities Analysis of underlying P&L H1 03 / at constant (M€) H1 2002* H1 2003 H1 02 rate of exchange Revenues 342 271 -20.9% -16.7% Costs -86 -79 -8.3% -6.3% Gross Operating I ncome 256 192 -25.1% -20.3% Cost of Risk 1 1 n.m Corporate I ncome Tax -60 -41 -31.0% Other
Slide 23: Cost synergy achievements
Artesia integration Cost synergy achievements (M€ 60 59 ) 50 Best case 41 M€ linked to staff costs Wors t 18 M€ linked to other operating case expenses Objective full Achieved year 2003 H1 2003 23
Slide 24: Final Results of the Dexia Offer
DBNL/Legio Final Results of the Dexia Offer Rate of response to the Offer: 58% of the contracts* Acceptance of the Offer by 80% of the respondents Effective average acceptance rate: 46% 41% for contracts already matured 54% for contracts expiring between 2003 and 2006 42% for contracts e
Slide 25: DEXIA
DEXIA