Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Q1 2001 Earnings Presentation
34 slides from Dexia Holding SA's earnings presentation, May 22, 2001
Slide 1: Activity and Financial Results Q1 2001 Analysts' supplement
Activity and Financial Results Q1 2001 Analysts’ supplement 22 May, 2001 Brussels
Slide 2: Financial Performance in Q1 2001
Financial Performance in Q1 2001 ü Changes in consolidation scope between Q1 2001 and Q1 2000 ü Bird’s eye view ü Analysis of Group Profit and Loss ü Key Performance Ratios ü Segment Activity and Results ü Appendices 2
Slide 3: Changes in the scope of consolidation
Changes in the scope of consolidation compared to March 31, 2000 Percentage New Companies fully consolidated (or participation changes) holding FSA 100 % Labouchere 100 % Dexia Nordic Private Bank 100 % Dexia Life & Pensions 100 % Prva Kommunalna Banka 78.4 % P-H Denmark 71.7 % Dexia Kommunalkredit
Slide 4: Financial Performance - Bird's eye view
Financial Performance - Bird’s eye view Q1 2001 Q1 2000 Q4 2000 % change % change Net Income (M €) 376 266 + 41.4% 260 + 44.6% ROE 23.9% 20.1% EPS 3.93 € 3.40 € + 15.4% + 12.1% without acquisitions, exceptionals, FRBG and OLO’s 4
Slide 5: First Quarter 2001 - Key Activity Features
First Quarter 2001 - Key Activity Features Public Finance ✓ LT ouststandings grow by 5.4% ✓ Very strong increase of SOFAXIS new premiums (+ 43%) ✓ Record quarter at FSA (both Muni & ABS) M$ 137.8 Present Value of Gross Premium (against M$ 62.3 at Q1 2000) Retail Financial Services ✓ Customers assets
Slide 6: Group Profit and Loss
Group Profit and Loss P&L Quarterly data Evolution Evolution (M€) Q1 2001 Q1 2000 in % Q4 2000 in % TOTAL REVENUES 1,115 908 22.8% 910 22.5% COSTS -542 -440 23.2% -584 -7.2% GROSS OPERATING INCOME 573 468 22.4% 326 75.8% Total Write downs and allowances 6 -45 n.s -75 ns Corporate Income Tax -198 -15
Slide 7: Revenue Split by type
Revenue Split by type Insurance Insurance Commissions and Commissions and other Banking 5.7% other Banking 8.9% Income Income 26.3% 29.3% 68.0% 61.8% Net Interest and related Income Net Interest and related Income Total 2000 : M€ 3,759 Total Q1 2001 : M€ 1,115 7
Slide 8: Analysis of Group Profit and Loss: Revenues
Analysis of Group Profit and Loss Revenues REVENUES Quarterly data Evolution Evolution (M€) Q1 2001 Q1 2000 in % Q4 2000 in % Net interest & related income 689 649 6.2% 567 21.5% Net commission and other revenues 327 249 31.3% 236 38.6% Insurance 99 10 n.s. 107 -7.5% TOTAL REVENUES 1115 908 22.8% 91
Slide 9: Analysis of Group Profit and Loss: Costs
Analysis of Group Profit and Loss Costs COSTS Quarterly data Evolution Evolution (M€) Q1 2001 Q1 2000 in % Q4 2000 in % Payroll expenses -237 -180 31.7% -249 -4.8% network commissions -64 -65 -1.5% -55 16.4% other general operating expense -167 -135 23.7% -211 -20.9% depreciation and amortization -6
Slide 10: Analysis of Group Profit and Loss: Other P&L items
Analysis of Group Profit and Loss Other P&L items OTHER ELEMENTS Quarterly data Evolution Evolution (M€) Q1 2001 Q1 2000 in % Q4 2000 in % Write-downs and allowances * for loan losses and off-balance sheet items -28 -30 -6.7% -42 -33.3% of which changes in consolidation scope -2 *on long-term invest
Slide 11: Key Performance Ratios
Key Performance Ratios March 2001 2000 * RWA (Bn€) 79.5 74.0 Tier one Ratio (%) 9.4% 9.3% RORWA (%) 2.03% 1.51% ROE (%) 23.9% 17.7% Profit Margin (%) 35.1% 28.3% C/I Ratio (%) 48.6% 55.4% Underlying C/I Ratio (%) 51.6% 52.0% * End of period for RWA; full year for other indicators 11
Slide 12: Segment Performance
Segment Performance 12
Slide 13: Segment Contribution Net Income Q1 2001
Segment Contribution Net Income* 2000 Q1 2001 Capital Markets + Capital Markets + Retail Financial ABS Insurance Retail Financial ABS Insurance Services Services 16.1% 16.4% 17.9% 19.4% Investment 25.1% Management 25.2% Investment 39.4% Services 40.5% Management Services Public + Project Public + Pr
Slide 14: Public & Project Finance
Public & Project Finance
Slide 15: Public & Project Finance Activity statistics
Public & Project Finance Activity statistics Long-term outstandings (balance and off balance sheet) Deposits Bn€ +5.4% +48.6% 128.7 135.8 Bn€ 11.0 Germany 1.8 Other 7.4 France France 1.1 USA 9.2 Belgium 6.3 Belgium Italy Q1 2000 Q1 2001 Q1 2000 Q1 2001 New Insurance Premiums SOFAXIS FSA: Principal &
Slide 16: Public & Project Finance Analysis of quarterly P&L
Public & Project Finance Analysis of quarterly P&L Q1 2001 Q1 2000 Q1 2001/ Half S2 Q1 2001/ (in M€) Q1 2000 Half S2 2000 2000 Net Banking Income 295 286 + 3.2% 302 - 2.3% Operating expenses - 114 - 96 + 19.6% - 124 - 8.1% Gross Operating Income 181 190 - 5.1% 178 + 1.7% Write-downs and allowances 4
Slide 17: Retail Financial Services
Retail Financial Services
Slide 18: Retail Financial Services Activity Statistics
Retail Financial Services Activity Statistics Deposits and Investments products Outstanding Retail Loans (outstanding end of period) 57.3 59.0 59.0 58.9 Bn€ 14.3 14.5 Bn€ 2.4 2.6 13.0 52.8 1.8 2 49.7 1.1 11.3 0.7 7.8 8.8 11.7 12.9 13.0 12.6 7.6 5.9 7.1 6.3 1.9 1.8 43.8 44.1 43.6 43.7 1.8 43.1 42.9 1
Slide 19: Retail Financial Services Analysis of quarterly P&L
Retail Financial Services Analysis of quarterly P&L Q1 2001 Q1 2000 Q1 2001/ Half S2 Q1 2001/ (in M€) Half S2 2000 Q1 2000 2000 Net Banking Income 343 354 - 2.9% 284 + 21% Operating expenses - 239 - 222 + 7.7% - 235 + 2% Gross Operating Income 105 132 - 20.8% 49 + 114% Write-downs and allowances - 1
Slide 20: Investment Management Services
Investment Management Services
Slide 21: Private Banking
Private Banking Total customer assets: evolution 31/12/2000 - 31/03/2001 +.1.3% +5.9% +2.3% Bn€ 33.0 32.5 +0.2 32.0 +1.2 -1.1 31.4 31.1 31.0 30.7 +0.4 30.0 29.0 28.0 27.0 26.0 25.0 Dec. 2000 Organic Q1 2001 Consolidation Technical Q1 2001 Market Q1 2001 Growth constant scope Effect Effect market eff
Slide 22: Asset Management Assets by type of management
Asset Management Assets by type of management (Bn€) 62.1 59.3 6.2 52.2 4.9 9.6 10.4 7.6 9.6 9.4 8.6 10.4 10.8 10.5 24.6 26.1 24.9 -7.1 -7.7 -7.3 March 2000 Dec. 2000 March 2001 Mutual Funds Advisory mandates Discretionary mandates Institutional Funds Share Leasing (Lab) Counted twice 22
Slide 23: Investment Fund Administration
Investment Fund Administration Q1 2001 2000 Q1 2000 ∆ Q1 01/ ∆ Q1 01/ Q1 00 00 Custodian Bank Capital managed end of period (Bn€) 97.1 97.9 91.5 6.1% -0.8% Number of buying/selling transactions securities 90,003 307,001 78,124 15.2% Central Administration Capital managed end of period (Bn€) 99.6 103
Slide 24: Investment Management Services Analysis of quarterly P&L
Investment Management Services Analysis of quarterly P&L Q1 2001 Q1 2000 Q1 2001/ Half S2 Q1 2001/ (in M€) Q1 2000 Half S2 2000 2000 Net Banking Income 290 179 + 62.4% 234 + 24 Operating expenses - 143 - 84 + 70.4% - 151 - 5% Gross Operating Income 148 95 + 55.3% 84 + 77% Write-downs and allowances
Slide 25: Capital Markets Activities and ABS Assurance
Capital Markets Activities and ABS Assurance
Slide 26: Capital Markets Activities and ABS Assurance Activity Statistics
Capital Markets Activities and ABS Assurance Activity Statistics L.T. Funding Principal and Interest O/S on ABS insured by FSA New issues in Bn€ O/S in Bn€ + 37.1% 6.4 6.6 88.0 64.1 3.3 4.3 3.3* 2.1* 1/4 full Q1 2001 Q1 2000 Q1 2001 year 2000 * Obligations Foncières 26
Slide 27: Capital Markets Activities and ABS Assurance Analysis of quarterly P&L
Capital Markets Activities and ABS Assurance Analysis of quarterly P&L Q1 2001 Q1 2000 Q1 2001/ Half S2 Q1 2001/ (in M€) Half S2 2000 Q1 2000 2000 Net Banking Income 146 97 + 50.4% 122 + 20% Operating expenses - 53 - 38 + 41.3% - 58 - 9% Gross Operating Income 92 59 + 56.2% 64 44% Write-downs and al
Slide 28: Appendices
——_ 4 | DEXIA Appendices 28
Slide 29: Analysis of underlying quarterly revenues
Analysis of underlying quarterly revenues (M€) Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 1,115 164 2 992 2 110 949 46 6 908 910 138 64 120 62 -18 130 846 841 829 818 -66 780 Underlying OLO's Exceptional Net Contribution of newly consolidated companies Reported 29
Slide 30: Analysis of underlying quarterly costs
Analysis of underlying quarterly costs (M€) Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 584 77 542 14 530 527 77 71 20 487 -2 87 1 467 458 1 13 440 427 426 Underlying Exceptional Changes in consolidation scope Reported 30
Slide 31: Proforma Q1 P&L with Artesia B.C.
Proforma Q1 P&L with Artesia B.C. P&L Quarterly data Percentage of total (M€) Q1 2001 revenue TOTAL REVENUES 1,491 of which: Net interest and related income 868 58.2% Net commissions and other banking revenues 451 30.2% Insurance 172 11.5% COSTS -817 GROSS OPERATING INCOME 674 Total Write downs and
Slide 32: Insurance Business gains momentum at Dexia
Insurance Business gains momentum at Dexia excludes FSA Total production (by type of product) (M€) Total production (by business line) (M€) 543.0 Statutory 543.0 Life 1st Business line 142.4 Non-life 354.5 2nd Business line 142.4 3rd Business line 354.5 99.8 99.8 177.8 373.3 177.8 382.8 226.0 219.3
Slide 33: Principal Aggregates
PRINCIPAL AGGREGATES in M € e volution in % 31/12/00 31/03/00 31/03/01 03/01-03/00 Total asse ts 257,847 246,207 272,841 10.8 Shareholders' equity 6,537 5,461 6,599 20.8 Customer deposits 52,323 47,051 53,920 14.6 Debt securities 134,446 131,122 136,837 4.4 Customer loans 134,370 126,517 133,865 5.8
Slide 34: Data per Share
DATA PER SHARE 31/12/00 31/03/00 31/03/01 Earnings per share in € 11.50 3.40 3.93 Net assets without GBRR Group share (in €) 70.24 68.77 67.78 Net assets with GBRR Group share (in €) 87.83 87.09 83.91 Gross dividend (in €) 4.30 - - Net dividend (in €) 3.225 - - Average weighted number of shares 87,0