Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Q3 2006 Earnings Presentation
18 slides from Dexia Holding SA's earnings presentation, Nov 16, 2006
Slide 1: Q3 2006 Results Conference Call Journalists
Conference Call Journalists Q3 2006 Results Paris, Axel Miller November 16th, 2006 CEO
Slide 2: Agenda
Agenda Business Lines : Activity Group Results 1
Slide 3: Business volumes (12 months growth) in the Commercial Business Lines
Business volumes (12 months growth) in the Commercial Business Lines Public/Project • LT banking commitments o/s + 18.0 % Finance and Credit Enhancement • Net par o/s FSA + 3.9 % • Customer assets o/s + 5.3 % Personal Financial Services • Customer loans o/s + 14.3 % • Assets under management + 16.4
Slide 4: Long-Term Banking Commitments
Long-Term Banking Commitments (1) PUBLIC / PROJECT FINANCE & CREDIT ENHANCEMENT (Bn€) + 18.0 % 253.3 America 214.7 31,4 44,8 (+ 13.1 %) 18,6 Project/ 39,6 Corporate Finance 117,7 Other countries 88,6 (+ 32.9 %) 221,9 196,1 Public Finance France + 86,6 90,8 Belgium + Luxembourg (+ 5.0 %) 30/09/2005 3
Slide 5: Credit Enhancement (FSA)
Credit Enhancement (FSA) PUBLIC / PROJECT FINANCE & CREDIT ENHANCEMENT Gross present value originations Net par outstanding (M US$) (Bn US$) -14.3 % + 3.9 % 721 365 352 73 618 13 16 47 33 30 85 10 16 86 23 87 77 171 219 74 209 226 345 217 9M 2005 9M 2006 30/09/05 30/09/06 U.S. Muni U.S. ABS Internat
Slide 6: Total Customer Loans (Retail and Private banking)
Total Customer Loans (Retail and Private banking) PERSONAL FINANCIAL SERVICES (Bn€) +14.3% 31.3 28.6 Loans to Private banking 27.4 3.4 customers 2.9 2.7 6.5 Loans to SME, 6.4 independents 6.2 2.4 Consumer loans 2.3 2.3 Mortgage loans 19.0 16.3 17.1 Sept. 2005 Dec. 2005 Sept. 2006 5
Slide 7: Total Customer Assets (Retail & Private banking)
Total Customer Assets (Retail & Private banking) PERSONAL FINANCIAL SERVICES (Bn€) +5.3% 127.8 of which 121.4 122.3 10.4 8.9 9.6 Insurance 45.5 (Life insurance Private technical rese rves) Banking 59.9 60.5 63.6 Off Balance Sheet products (Mutual funds, direct securities,...) 82.4 Retail Balance She
Slide 8: Assets under Management
Assets under Management ASSET MANAGEMENT (Bn€) Organic growth: YTD + 10.4% Market effect: YTD + 2.5% + 12.9 % 2.0 2.0 3.0 102.3 5.4 1.2 97.2 97.3 87.9 1.5 1.1 90.6 M arket O rganic O rganic M arket O rganic effect grow th -1.9 grow th effect O rganic M arket grow th M arket grow th effect effect Sep
Slide 9: Insurance Gross Written Premiums
Insurance Gross Written Premiums INSURANCE SERVICES (M€) 1,297 94 257 1,057 947 106 885 829 823 127 87 101 120 101 686 115 123 149 99 56 Nonlife 117 946 864 705 728 Life Branch 23 586 573 470 Life Branch 21 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Gross Grosswritten writtenpremiums pr
Slide 10: Investor Services: Activity Highlights
Investor Services (1): Activity Highlights INVESTOR SERVICES Number of shareholder Assets under administration (2 ) Number of funds accounts in transfer agent (Bn USD) under administration (in thousands) + 20.6 % + 19.2 % + 13.8 % 4,585 2,170 6,341 3,845 3,898 5,783 1,799 1,796 5,573 Sept. Dec. Sept
Slide 11: Agenda
Agenda Business Lines : Activity Group Results 10
Slide 12: Summary of Q3 2006 P&L Account
Summary of Q3 2006 P&L Account Variation (M€) Q3 2005 Q3 2006 reported underlying(1) Income 1,510 1,663 +10.1% +8.4% Costs -821 -850 +3.5% +5.1% Gross operating income 689 813 +18.0% +12.8% Cost of risk +24 -8 n.s. +68.4% Impairments on (in)tangible assets 0 -1 n.s. n.s. Tax expense -195 -177
Slide 13: Summary of 9M 2006 P&L Account
Summary of 9M 2006 P&L Account Variation (M€) 9M 2005 9M 2006 (1) reported underlying Income 4,406 5,127 +16.4% +9.5% Costs -2,387 -2,509 +5.1% +6.1% Gross operating income 2,019 2,618 +29.7% +13.8% Cost of risk -26 -69 x 2.7 +49.3% Impairments on (in)tangible assets +1 -1 n.s. n.s. Tax expens
Slide 14: Summary of 9M 2006 P&L Account
Summary of 9M 2006 P&L Account Variation (M€) 9M 2005 9M 2006 (1) reported underlying Income 4,406 5,127 +16.4% +9.5% Costs -2,387 -2,509 +5.1% +6.1% Gross operating income 2,019 2,618 +29.7% +13.8% Cost of risk -26 -69 x 2.7 +49.3% Impairments on (in)tangible assets +1 -1 n.s. n.s. Tax expens
Slide 15: Cost of Risk
Cost of Risk Related to Total Net o/s Commitments (2) (in bas is points) 2.5 1.2 1.2 Credit 0.7 0.6 0.6 0.6 0.6 0.8 0.4 enhancement (1) 12.2 9.8 (1) 7.8 6.4 6.6 (1) 5.7 2.2 1.8 (1) 2.1 (1) Banking 1.6(1) activities 1997 1998 1999 2000 2001 2002 2003 2004 2005 9M 2006 annualized (1) Excluding impact
Slide 16: Key Performance Indicators (1)
Key Performance Indicators (1) 9M 2005 9M 2006 C/I ratio 54.2% 48.9% C/I ratio underlying 55.6% 53.9% ROE 19.3% 23.0% Return on risk-weighted assets 1.89% 2.21% Profit margin 34.7% 39.4% 15
Slide 17: Key Performance Indicators (2)
Key Performance Indicators (2) Variation in 30/06/06 30/09/06 3 months Tier 1 ratio 9.9% 10.8% - Tier 1 ratio with 50% hybrid 9.4% 10.4% - Tier 1 capital (M€) 12,591 13,922 +10.6% Risk weighted assets (Bn€) 127.1 128.9 +1.4% NAV per share (€) (1) (2) Core shareholders’ equity 10.67 11.45 +7.3% (3) T
Slide 18: Earnings Per Share
Earnings Per Share (€) +32.7% 1.80 1.36 1.39 (1) +19.1% 1.21 (1) +14.7% 0.56 0.47 0.43 (1) 0.38 (1) +11.9% Q3 2005 Q3 2005 Q3 2006 Q3 2006 9M 2005 9M 2005 9M 9M 2006 2006 (1) Excluding non-operating items 17