Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — FY2009 Earnings Presentation
87 slides from Dexia Holding SA's earnings presentation, Feb 24, 2010
Slide 1: FY & 4Q 2009 Results, Achievements of the Transformation Plan and Business Highlights
FY & 4Q 2009 Results, Achievements of the Transformation Plan and Business Highlights February 24, 2010 Pierre Mariani, CEO Philippe Rucheton, CFO
Slide 2: Disclaimer
Disclaimer This presentation and the information contained herein are provided for information purposes only and may not be complete. It does not constitute an offer to sell or the solicitation to buy any securities issued by Dexia or any entity of the Dexia Group. This presentation includes unaudit
Slide 3: Key Messages
Key Messages Over-delivery on the Transformation Plan on its three objectives: core client franchises, risk profile and costs Good momentum on all commercial businesses Confirmed capacity to generate profits EUR 1.0 bn net profit in 2009 vs. EUR -3.3 bn loss in 2008 EUR 202 m net profit in 4Q 2009 v
Slide 4: Agenda
Agenda Group Summary Achievements of the Transformation Plan FY & 4Q 2009 Results Business Lines Highlights Conclusion FY & 4Q 2009 Detailed Results 4
Slide 5: Transformation Plan Launched in November 2008
Transformation Plan Launched in November 2008 Reminder of the three objectives of the Transformation Plan 1 Priority given to core client franchises 2 Improvement of Group's risk profile 3 Cost base adaptation 5
Slide 6: Priority Given to Core Client Franchises
Priority Given to Core Client Franchises Status vs. end 2008 commitments Transformation commitments Realisation to date Discontinuation of commercial activities in 1. Rapid refocus of the Public & Wholesale Australia, Mexico, India, Scandinavia, Banking business Switzerland (Public Finance), Japan a
Slide 7: Priority Given to Core Client Franchises: Additional achievements and commitments
Priority Given to Core Client Franchises Additional achievements and commitments 4. Sale of Kommunalkredit Austria, 20% stake in Additional Crédit du Nord and signed sale agreement of Dexia achievements Epargne Pension* 5. Offshore private banking activities refocused on Luxembourg and Switzerland 6
Slide 8: Main Divestments within the Next Three Years
Main Divestments within the Next Three Years Additional achievements and commitments Dexia Crediop Dexia Sabadell Dexia Banka Slovensko EUR m 2008 EUR m 2008 EUR m 2008 Total assets 58,779 Total assets 15,799 Total assets 2,723 Weighted risks 4,918 Weighted risks 2,925 Weighted risks 1,409 Market sh
Slide 9: Improvement of Group's Risk Profile (1/2)
Improvement of Group's Risk Profile (1/2) Status vs. end 2008 commitments Transformation commitments Realisation to date Closing of FSA Insurance sale on July 1st, 2009 Containment of Financial Products risks: 1. Sale of FSA Insurance and containment of 75% of the portfolio benefit from States expos
Slide 10: Improvement of Group's Risk Profile (2/2)
Improvement of Group's Risk Profile (2/2) Status vs. end 2008 commitments Transformation commitments Realisation to date Group debt lengthened with EUR 46 bn medium and long term debt raised in 2009, including EUR 13 bn of covered bonds 3. Drastic improvement of Group's liquidity situation EUR 73 bn
Slide 11: Solid Start in 2010 Long-term Funding Program
Solid Start in 2010 Long-term Funding Program Above 45% of annual program completed YTD Long-term funds raised YTD Above 45% of 2010 long-term funding program completed YtD EUR bn EUR 11.1 bn GGB issued with an 46 average maturity of 3.2 years at 41 EUR3M + 26 bps (excl. States 34 7.6 10.3 > 50% non
Slide 12: Cost Base Adaptation
Cost Base Adaptation Status vs. end 2008 commitments Cost reductions: Target of EUR 600 m confirmed EUR m 4,119 Restructuring charges 3,607 (EUR 174 m) -200 c. 3,250 FSA -161 (EUR 101 m) -240 Restructuring charges (EUR 96 m) Recurring 3,844 FSA costs (EUR 28 m) 3,483 2008 2009 savings Extra savings
Slide 13: Agenda
Agenda Group Summary Achievements of the Transformation Plan FY & 4Q 2009 Results Business Lines Highlights Conclusion FY & 4Q 2009 Detailed Results 13
Slide 14: Group Consolidated Statement of Income 2009
Group Consolidated Statement of Income 2009 Reported Statement of Income (including FSA Insurance) (EUR m) FY 2008 FY 2009 % yoy Income 3,556 6,163 73.3% Expenses -4,119 -3,607 -12.4% Gross operating income -563 2,556 n.s. Cost of risk & impairments -3,314 -1,153 -65.2% Pre-tax income -3,877 1,403 n
Slide 15: Review of Business Lines: Focus on Revenues
Review of Business Lines Focus on Revenues (EUR m) Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services +313 +403 (+11.5%) (x2.2) 3,035 2,722 1,483 1,482 748 898 345 2008 2009 2008 2009 2008 2009 -994 2008 2009 Resilience of Public & Strong recovery driven
Slide 16: Review of Business Lines: Focus on Costs
Review of Business Lines Focus on Costs (EUR m) Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services -103 -48 -22 -338 (-5.2%) (-7.5%) (-3.1%) (-41.9%) 1,978 1,875 Restructuring charges FSA 694 672 809 637 589 471 535 347 2008 2009 2008 2009 2008 2009 2008
Slide 17: Review of Business Lines: Focus on Cost of Risk
Review of Business Lines Focus on Cost of Risk Retail & Commercial Banking Public & Wholesale Banking (bps) (bps) Total RCB Turkey 403 Belgium & Luxembourg 340 314 268 227 80 75 80 8 52 65 6 5 18 23 26 23 3 3 15 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 Increasing cost of risk in T
Slide 18: Review of Business Lines: Focus on Net Income – Group Share
Review of Business Lines Focus on Net Income – Group Share (EUR m) Retail & Commercial Public & Wholesale Asset Management & Group Center Banking Banking Services +424 +114 (x3.3) (+29.2%) 608 502 388 184 74 2008 2009 2008 2009 -173 -329 2008 2009 -3,570 2008 2009 Good performance in Still impacted
Slide 19: Group Consolidated Statement of Income 4Q 2009 (1/2)
Group Consolidated Statement of Income 4Q 2009 (1/2) Reported Statement of Income (including FSA Insurance) (EUR m) 4Q08 3Q09 4Q09 % qoq Income -249 1,369 1,451 6.0% Expenses -1,177 -916 -920 0.4% Gross operating income -1,426 453 531 17.2% Cost of risk & impairments -1,448 -102 -281 x2.8 Pre-tax in
Slide 20: Group Consolidated Statement of Income 4Q 2009 (2/2)
Group Consolidated Statement of Income 4Q 2009 (2/2) Reported Statement of Income (including FSA Insurance) 4Q09 benefited from EUR 153 m capital gain on Crédit du Nord’s (EUR m) 151 stake (EUR 151 m after tax) Decrease of Group Center of EUR 178 m vs. 3Q 2009, o/w EUR 119 274 m of additional impair
Slide 21: Agenda
Agenda Group Summary Achievements of the Transformation Plan FY & 4Q 2009 Results Business Lines Highlights Conclusion FY & 4Q 2009 Detailed Results 21
Slide 22: Retail & Commercial Banking – Belgium (1/2)
Retail & Commercial Banking – Belgium (1/2) Customer deposits (EUR bn) +7.2 bn 59.6 52.4 Strong commercial performance in 2009 Client base: 4.5M clients (+3.5% in 2009 vs. 2008), with increase of client satisfaction on high-value segments 31/12/2008 31/12/2009 Deposits: +14% with strong inflow Examp
Slide 23: Retail & Commercial Banking – Belgium (2/2)
Retail & Commercial Banking – Belgium (2/2) New branch model Deployment of new branch model on track (number of Open & Cashier-less deployed) Fully open and communicative 308 Cashier-less concept: no more cash transactions at the counter Adapted branch configuration to better serve 133 Affluent, Pri
Slide 24: Retail & Commercial Banking – Luxembourg
Retail & Commercial Banking – Luxembourg Customer assets (EUR bn) A resilient franchise in a turbulent environment Slight increase in international Private Banking assets 29 30 Commercial efforts resulting in increase in deposits of corporate and public clients Off- 16 balance 17 +7% Full Year 09 sh
Slide 25: Retail & Commercial Banking – Turkey (1/2)
Retail & Commercial Banking – Turkey (1/2) Strong commercial momentum Continued investment in 2009 Launch of a global advertising campaign 615,000 new retail & business customers in 2009 (+20% vs. end 2008) Deposits: +24% vs. end 2008 through specific commercial initiatives Loans: +7% through discip
Slide 26: Retail & Commercial Banking – Turkey (2/2)
Retail & Commercial Banking – Turkey (2/2) Loan-to-deposit ratio Significant decrease of the Loan-to-Deposit Ratio (percentage) vs. end 2008 146% Strong commercial focus on deposit gathering: 126% Focus on SME business (deposit growth vs. end 2008: +34% in TRY, +38% in USD) Leverage of non-interest
Slide 27: Public & Wholesale Banking (1/2)
Public & Wholesale Banking (1/2) Yearly loan production Rapid refocus on markets with core client franchises (EUR bn) Resilient business in France and Belgium Stable long term commitments: -4% in France €60B Production for 2010 onwards and -1% in Belgium vs. end 2008 52 in line with agreement with N
Slide 28: Public & Wholesale Banking (2/2)
Public & Wholesale Banking (2/2) Yearly loan production vs. covered Decreased relative weight of PWB in Dexia’s overall bond annual issuance (EUR bn) revenues Yearly loan production Covered bond issuance PWB accounting for 24% of Group’s FY revenues in €60B €20B DLG 18 19 2009 18 52 DKD DMA 17 16 Pr
Slide 29: Asset Management & Services
Asset Management & Services Evolution of assets Asset Management Net outflows 4% growth of AuM in 2009 supported by 2.5 Market effect market effect 1.9 Pre-tax income strongly up in 2009 (x3) thanks to rising performance fees, lower crisis impacts and cost control 79.3 82.4 -6.4 +9.6 19.4 20.4 Insur
Slide 30: Group Center
Group Center Breakdown of Group Center net income Group share 4Q08 4Q08 3Q09 3Q09 4Q09 4Q09 2008 FY08 2009 FY09 In millions of EUR Bond portfolios in run-off -1,234 -129 -159 -2,102 -514 Treasury 232 98 74 454 469 Central assets -1,239 -11 -135 -1,922 -128 Total Group Center -2.241 -42 -220 -3,570 -
Slide 31: Legacy Portfolio Management Division
Legacy Portfolio Management Division EUR 191 bn -29 EUR 162 bn -82 Bond portfolio in 158 -24 run-off 134 (o/w 16.5 bn sales) EUR 80 bn -72 62 Financial Products 12 -1 11 -4 Non core 7 21 -4 17 -7 public loans 10 2008 2009 2014e Classification of Dexia’s portfolios in run-off in a Legacy Portfolio Ma
Slide 32: Agenda
Agenda Group Summary Achievements of the Transformation Plan FY & 4Q 2009 Results Business Lines Highlights Conclusion FY & 4Q 2009 Detailed Results 32
Slide 33: Dexia Future Profile
Dexia Future Profile Indicative 2014 Revenues Dexia core divisions 20% A Retail & Commercial Banking activity with solid positions in Belgium and Luxembourg 40% A Retail & Commercial Banking 20% activity in an attractive Turkish market A refocused Public & Wholesale 20% Banking franchise with an ada
Slide 34: Balance Sheet
Balance Sheet -73 Divestment of Dexia Crediop, Dexia EUR 651 bn Agreed Sabadell, Dexia banka Slovensko sales of 57 and other participations EUR 578 bn -148 Activities -13 44 -44 Legacy 191 division -29 162 EUR 430 bn (o/w 16.5 bn bond sales) -82 80 Core divisions 403 -31 -22 372 350 (o/w 1.5 bn non-
Slide 35: Reduced Short Term Funding Need
Reduced Short Term Funding Need Short term funding need reduced by c.EUR 80 bn in 2009 Evolution of Group’s Strong reduction of Central Bank funding short term funding need Central Bank funding divided by 2 vs. end 2008 Rebased on 100 Portfolio of repo and central banks eligible assets: 110 EUR 136
Slide 36: Early Exit from Liquidity States Guarantee
Early Exit from Liquidity States Guarantee Projected current guaranteed debt outstandings Sizeable decrease of States guaranteed funding EUR bn Total guaranteed outstanding EUR 45 bn as of 15/02/2010 100 O/w EUR 11.6 bn short-term guaranteed funding 80 Full exit from States guarantee in EUR June 201
Slide 37: Strong Decrease of Weighted Risks and Credit Risk Exposure
Strong Decrease of Weighted Risks and Credit Risk Exposure Weighted Risks Maximum Credit Risk Exposure* EUR bn EUR bn 152.8 153.3 957.1 148.6 10.3 144.8 143.2 10.3 3.1 3.8 10.3 2.9 10.3 10.4 2.5 3.0 297.1 619.1 586.1 139.5 139.2 135.4 660.0 132.1 129.8 31/12/08 31/03/09 30/06/09 30/09/09 31/12/09 31
Slide 38: Strong Solvency
Strong Solvency Capital Adequacy ratio Tier 1 ratio & core Tier 1 ratio 14.1% 13.5% 11.8% 12.3% 13.0% 11.3% 10.6% 10.7% 12.0% 11.8% 10.4% 10.8% 11.3% 9.6% 9.8% 31/12/08 31/03/09 30/06/09 30/09/09 31/12/09 31/12/08 31/03/09 30/06/09 30/09/09 31/12/09 Core capital Hybrid capital Tier 1 ratio up by 172
Slide 39: Agenda
Agenda Group Summary Achievements of the Transformation Plan FY & 4Q 2009 Results Business Lines Highlights Conclusion FY & 4Q 2009 Detailed Results 39
Slide 40: Results Excluding FSA Insurance
Results Excluding FSA Insurance Lower crisis impacts and confirmed profitability Revenues Gross operating income EUR m EUR m 7,258 3,239 6,277 2,698 FY08 FY09 -485 FY08 FY09 -2,857 -485 -2,857 crisis impact revenues excl. crisis crisis impact GOI excl. crisis Cost of risk & impairments Net income EU
Slide 41: Quarterly Results Excluding FSA Insurance
Quarterly Results Excluding FSA Insurance Lower crisis impacts and confirmed profitability Revenues Gross operating income EUR m EUR m 1,934 972 1,839 799 809 1,685 1,348 1,405 432 486 21 46 21 46 4Q08 1Q09 2Q09 3Q09 4Q09 -44 -508 4Q08 1Q09 2Q09 3Q09 4Q09 -508 -44 -1,443 -1,443 crisis impact revenue
Slide 42: FY 2009 Results Before and After Crisis Impacts
FY 2009 Results Before and After Crisis Impacts Aggregate profitability of commercial businesses at EUR 1,184 m Net income, excl. financial crisis: EUR 1,698 m Impact from financial crisis: EUR -688 m EUR m EUR m 625 510 -17 -8 + 271 292 -197 -466 RCB PWB AMS Group Center RCB PWB AMS Group Center Re
Slide 43: 4Q 2009 Results Before and After Crisis Impacts
4Q 2009 Results Before and After Crisis Impacts Aggregate profitability of commercial businesses at EUR 422 m Net income, excl. financial crisis: EUR 282 m Impact from financial crisis: -EUR 80 m EUR m EUR m 246 54 79 2 44 + -3 -87 -133 RCB PWB AMS Group Center RCB PWB AMS Group Center Reported net
Slide 44: Retail and Commercial Banking: Key Financials
Retail and Commercial Banking: Key Financials Good operating performance Full Year 09 (EUR m) 4Q08 3Q09 4Q09 FY 2008 FY 2009 Revenues boosted by EUR 153 m gain on the Income 686 733 862 2,722 3,035 sale of 20% Crédit du Nord (CdN) in 4Q09 Expenses -488 -469 -476 -1,978 -1,875 In Belgium, excluding C
Slide 45: Retail and Commercial Banking: Activity Figures
Retail and Commercial Banking: Activity Figures change EUR 8.2 bn increase in RCB deposits vs. 4Q 2008 Customer deposits Loans yoy EUR bn yoy EUR bn 81 49 50 51 Total +3% 80 Total +11% 73 4 4 12 12 5 12 Bonds +4% Other -7% 26 18 19 19 26 Business 28 +5% Term deposits & -7% 3 3 2 savings bonds Consum
Slide 46: Retail and Commercial Banking: Activity Figures
Retail and Commercial Banking: Activity Figures Good commercial performances of all RCB networks Customer deposits yoy Customer loans yoy EUR bn EUR bn 80 81 Total +11% +3% 49 50 51 Total 73 2 2 2 2 7 7 Slovakia 2 9 6 2 +9% 8 8 Slovakia +2% 13 13 13 9 9 9 Turkey +24% Turkey +7% 59 60 Luxembourg -5%
Slide 47: Public and Wholesale Banking: Key Financials
Public and Wholesale Banking: Key Financials Revenue decrease mitigated by cost control and still low provisions (EUR m) 4Q08 3Q09 4Q09 FY2008 FY2009 Full Year 09 New production in core markets Income 380 341 310 1,483 1,482 o/w State guarantee fees -6 -40 -32 -6 -140 profitable, as margins on new l
Slide 48: Public and Wholesale Banking: Activity Figures
Public and Wholesale Banking: Activity Figures Refocus on core markets & sectors Long-term commitments by geography Refocus on core PWB markets led to a 7% EUR bn -7.1% decrease in commitments in 2009 280 265 261 yoy Public Finance -10.6% A lower demand and Dexia’s focus on margin 147 135 131 protec
Slide 49: Public and Wholesale Banking: Activity Figures
Public and Wholesale Banking: Activity Figures Rebound of production in 4Q09 Loan production Deposits & off-balance-sheet products EUR bn EUR bn 7.5 40.3 38,2 36 yoy 2.5 14,1 13,4 11 -17.5% 4.0 3.0 2.8 1.0 5.0 0.9 0.9 26,2 1.9 24,8 25 0.4 +3.3% 3.0 2.1 2.0 1.4 4Q08 1Q09 2Q09 3Q09 4Q09 31/12/08 30/09
Slide 50: Asset Management & Services: Key Financials
Asset Management & Services: Key Financials Confirmed rebound in results (EUR m) 4Q08 3Q09 4Q09 FY 2008 FY 2009 Asset Management Net profit strongly up in 2009 (x3) thanks Income -334 238 290 345 748 to rising performance fees (+40%), lower Expenses -176 -168 -173 -694 -672 crisis impacts and cost c
Slide 51: Asset Management & Services: Key Contributors Excluding Crisis Impacts
Asset Management & Services: Key Contributors Excluding Crisis Impacts Lower crisis impacts and rebound of activity Asset Management Insurance Investor Services EUR m EUR m EUR m 26 16 15 71 71 10 46 2 51 13 7 4 4Q08 1Q09 2Q09 3Q09 4Q09 3 2 3 -1 -48 4Q08 1Q09 2Q09 3Q09 4Q09 8 -201 6 5 4 4Q08 1Q09 2Q
Slide 52: Asset Management & Services: Activity Figures
Asset Management & Services: Activity Figures Asset Management AuM reached EUR 82 bn at the end of Assets under management 2009, up by 4% vs. 4Q 2008 as positive EUR bn market effect more than offset annual outflows 82.6 82.4 79.3 77.1 73.1 -1.7 +1.5 +5.5 -4.8 -1.4 +0.1 +4.0 0.0 Annual outflows main
Slide 53: Asset Management & Services: Activity Figures
Asset Management & Services: Activity Figures Insurance In 2009 lower production in life-insurance Insurance premiums products: increased interest of customers EUR m for low-risk balance-sheet products 4,316 Increase in 4Q09 life premiums, supported by commercial campaigns on branch 21 in DVV networ
Slide 54: Asset Management & Services: Activity Figures
Asset Management & Services: Activity Figures Investor Services 8% increase vs. 3Q 2009 in AuA due to Assets under administration increased market value of client assets USD bn Average 2009 AuA down by 8% vs. average 2008 AuA 2,456 2,280 Number of transfer agent accounts flat vs. 1,896 2,004 3Q 2009
Slide 55: Group Center: Key Financials
Group Center: Key Financials Negative contribution of EUR -220m in 4Q09 (EUR m) 4Q08 3Q09 4Q09 FY 2008 FY 2009 Income -982 57 -12 -994 898 o/w State guarantee fees -22 -116 -94 -22 -352 Expenses -355 -132 -118 -809 -471 Gross operating income -1,337 -75 -130 -1,804 428 Cost of risk & impairments -1,
Slide 56: Group Center: Key Contributors
Group Center: Key Contributors Treasury Central Assets EUR m EUR m 173 244 56 -134 2 -19 -17 -13 178 4Q08 1Q09 2Q09 3Q09 4Q09 -4 -117 130 66 72 31 3 -12 -12 4Q08 1Q09 2Q09 3Q09 4Q09 -1,295 crisis impact net income excl. crisis crisis impact net income excl. crisis Contribution from Cash EUR 28 m res
Slide 57: Group Center: Run-off portfolios
Group Center: Run-off portfolios Decreasing influence of crisis impacts Run-off portfolios Bond portfolio in run-off EUR m Financial Products portfolio: (excl. FP): 78 37 FP guarantee fee: EUR 28 m -1 -52 -117 Negative impact of funding 4Q08 1Q09 2Q09 3Q09 4Q09 in 4Q09 -42 costs stabilizes thanks to
Slide 58: Bond Portfolios in Run-Off, Excluding FP
Bond Portfolios in Run-Off, Excluding FP Reduced by EUR 24 bn in 2009 and still 97% investment grade Bond Portfolio in Run-Off Bond portfolio in run-off (EUR bn) AAA AA A BBB NIG Total Public sector 3.0 14.3 9.5 3.5 0.7 31.0 Sovereigns 1.1 7.9 4.6 5.5 0.1 19.2 Banks 4.0 5.6 16.0 3.2 1.1 29.9 Covered
Slide 59: Financial Products Portfolio, in Run-Off
Financial Products Portfolio, in Run-Off Stabilization of ratings since 1Q09 Financial Products Portfolio Financial Products portfolio (USD 15.4bn / EUR 10.7bn) AAA AA A BBB NIG Total US RMBS 0.5 0.8 0.6 0.3 8.3 10.5 o/w Subprime RMBS 0.5 0.6 0.5 0.2 5.3 7.0 o/w Alt-A first lien 0.1 0.2 0.1 0.1 2.5
Slide 60: AFS Reserve
AFS Reserve Stable AFS reserve over the quarter; strong reduction in 2009 Negative AFS reserve decreased by EUR 4.8 bn in 2009 due to Evolution of AFS reserve spread tightening and improved liquidity on secondary bond markets EUR bn 31/12/08 30/09/09 31/12/09 AFS reserve was almost stable in ~0 0.4
Slide 61: May 27th, 2010: Dexia's Investor Day
May 27th, 2010: Dexia’s Investor Day to present detailed review of each Core businesses
Slide 62: Appendices
Appendices 1 Specific disclosures, based on recommendations from the Financial Stability Board (data as of Dec. 31, 2009) 2 Quarterly series 3 Segment Reporting 4 Crisis Impacts and Cost of Guarantees in 3Q09 5 Activity Figures 6 Credit Risk Exposure 7 VaR and ALM Equity Portfolio 8 Capital Adequacy
Slide 63: 1- Specific Disclosures, Based on FSB Recommendations
1- Specific Disclosures, Based on FSB Recommendations Hedged and unhedged CDOs of US residential mortgage assets EUR 6.1 m of gross notional amount of hedged CDOs of US RMBS protected via CDS bought from banks (100% at least A rated). No protection bought from monoliners. EUR 24 m of gross notional
Slide 64: 1- Specific Disclosures: Counterparty risk on monoliners: exposure
1- Specific Disclosures, Based on FSB Recommendations Counterparty risk on monoliners: exposure Protection via other types of (EUR bn) Protection via CDS contracts Remaining Fair Value of the exposure to Gross notional protection before Credit Value counterparty risks Gross notional Total gross Unde
Slide 65: 1- Specific Disclosures: Counterparty risk on monoliners: quality
1- Specific Disclosures, Based on FSB Recommendations Counterparty risk on monoliners: quality of exposure (EUR bn) Underlying assets Monoline counterparty Public Finance Project/Corporate finance ABS by rating* IG NIG Total IG NIG Total IG NIG Total TOTAL AAA/AA 13.5 0.5 14.0 6.0 0.7 6.7 7.3 0.9 8.
Slide 66: 1- Specific Disclosures: Direct loan exposure to real estate markets
1- Specific Disclosures, Based on FSB Recommendations Direct loan exposure to US, Spanish and UK real estate markets Direct loan exposure on US Real Estate market Commercial Real Estate: Dexia is exposed to commercial Real-Estate loans only through its US securitization subsidiary, which held assets
Slide 67: 1- Specific Disclosures: Exposure to CMBS
1- Specific Disclosures, Based on FSB Recommendations Exposure to CMBS Gross exposure Protection (nominal) Net exposure Commercial mortgage-backed securities (CMBS) * 1.3 0.02 1.3 * Excluding collective impairments; no specific impairments. Breakdown of CMBS by ratings, geography and sectors AAA Asi
Slide 68: 1- Specific Disclosures: Exposure to US RMBS
1- Specific Disclosures, Based on FSB Recommendations Exposure to US RMBS* Protection Specific Net exposure Gross exposure (nominal) impairments **** (EUR bn) A B C A-B-C-D Prime 0.1 0.1 0.0 0.0 Alt-A ** 1.6 0.0 0.5 1.1 Subprime *** 4.8 0.1 0.4 4.4 Option ARM 0.4 0.0 0.1 0.3 Others 0.1 0.0 0.0 0.0 T
Slide 69: 1- Specific Disclosures: Exposure to UK and Spanish RMBS
1- Specific Disclosures, Based on FSB Recommendations Exposure to UK and Spanish RMBS* Protection Gross exposure (nominal) Net exposure (EUR bn) A B A-B-C-D UK 1.5 0.1 1.4 o/w Conforming 1.3 0.1 1.2 o/w Non conforming 0.1 0.0 0.1 o/w Buy to let 0.1 0.0 0.1 Spain 3.4 0.0 3.4 * Excluding collective im
Slide 70: 1- Specific Disclosures: Exposure to Conduits and SIV
1- Specific Disclosures, Based on FSB Recommendations Exposure to Conduits and SIV As originator, Sponsor or Co-Sponsor, Dexia has no exposure on conduits or SIV 70
Slide 71: 1- Specific Disclosures: Exposure to LBO Financing
1- Specific Disclosures, Based on FSB Recommendations Exposure to LBO Financing Final take Number of accounts 59 Commitments (EUR bn) 2.2 Breakdown of final participations in LBOs Energy Other incl. Food Other Belgium Industry 2% 3% 15% 12% 7% Deutschland 2% Services UK Italy 3% 2% 15% Transports Te
Slide 72: 3 – Segment Reporting
3 – Segment Reporting REPORTED STATEMENT OF INCOME 4Q 2009 Retail and Public and Asset Commercial Wholesale Management (m EUR) Banking Banking & Services Group Center Dexia Income 862 310 290 (12) 1,451 Expenses (476) (152) (173) (118) (920) Gross operating income 386 158 118 (130) 531 Cost of risk
Slide 73: 4 - Financial Crisis Impacts in 4Q 2009
4 - Financial Crisis Impacts in 4Q 2009 Revenues Cost of risk Net income RCB PWB AMS GC (EUR m) (before tax) (before tax) Financial Products & other FSA 15 -140 -127 -127 Collective impairments 0 23 15 10 5 Capital gains on equities 3 0 3 3 Reversal impairments on Lehman exposure 0 5 3 3 Impairments
Slide 74: 5 – Activity Figures: Retail & Commercial Banking
5 – Activity Figures Retail & Commercial Banking 2008 (1) 2009 Variation Variation Dec. 31, 2009/ Dec. 31, 2009/ (m EUR) Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Dec. 31, 2008 Sept. 30, 2009 Total customer assets & liabilities 170,694 170,970 174,902 177,927 179,533 5.2% 0.9% Total customer assets
Slide 75: 5 – Activity Figures: Public & Wholesale Banking
5 – Activity Figures Public & Wholesale Banking LONG-TERM COMMITMENTS LONG-TERM ORIGINATIONS Variation Variation Dec 31, 2009 2009 / (m EUR) Dec 31, 2008 Dec 31, 2009 Dec 31, 2008 2008 2009 2008 Dexia 280,481 260,612 -7.1% 52,084 11,778 -77.4% Historic markets 133,805 129,472 -3.2% 17,588 8,498 -51.
Slide 76: 5 – Activity Figures: Asset Management & Services
5 – Activity Figures Asset Management & Services Assets under Management (1) 2008 2009 Variation Variation Dec. 31, 2009/ Dec. 31, 2009/ (bn EUR) Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Dec. 31, 2008 Sept. 30, 2009 Total assets under management 79.3 73.1 77.1 82.6 82.4 4.0% -0.2% By type of manage
Slide 77: 6 – Maximum Credit Risk Exposure
6 – Maximum Credit Risk Exposure DEXIA GROUP EXPOSURE BY DEXIA GROUP EXPOSURE BY GEOGRAPHICAL REGION CATEGORY OF COUNTERPART (m EUR) (m EUR) Belgium 110,645 Central governments 74,518 France 103,520 Public sector entities 265,223 Germany 40,085 Corporate 49,949 Italy 58,263 Monolines 11,056 Luxembou
Slide 78: 7 – VaR and Equity Portfolio
7 – VaR and Equity Portfolio Value at risk (1) 2008 (2) (3) (4) (5) (6) IR & FX (Trading and banking) EQT Trading Spread trading Other risk VaR (10 days, 99%), in m EUR 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Average 30.0 43.6 38.4 62.7 6.5 7.7 7.5 7.7 60.0 79.4 78.0 75.9 1.8 1.3 2.4 3.7 By
Slide 79: 7 – VaR and Equity Portfolio
7 – VaR and Equity Portfolio Banking companies ALM and Insurance Sensitivity 2008 (3) (4) Interest rate Credit spread 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Banking companies (1) Sensitivity, in m EUR -468 -155 -136 -131 -16 -16 -15 -15 ALM Insurance (2) Sensitivity, in m EUR 10 8 9 6 2009 (3) (4) Interest rate Cr
Slide 80: 7 – VaR and Equity Portfolio
7 – VaR and Equity Portfolio Listed shares sensitivity – Banking companies portfolio (1) (m EUR) Market Value VaR % VaR/MV (2) EaR December 31, 2008 396 66 16.7% (69) March 31, 2009 318 53 16.7% (64) June 30, 2009 281 45 16.0% (29) September 30, 2009 516 37 7.2% (13) December 31, 2009 503 16 9.0% 0
Slide 81: 8 – Capital Adequacy
8 – Capital Adequacy n Comparison total equity (financial statements) and total equity as calculated for regulatory purposes Dec. 31, 2008 Dec. 31, 2009 Financial Regulatory Financial Regulatory (m EUR) Statements purposes Statements purposes Total shareholders' equity 3,916 3,916 10,182 10,182 Mino
Slide 82: 9 – Asset Quality and Ratings
9 – Asset Quality and Ratings Quality of risk (m EUR, except where indicated) Dec. 31, 2008 March 31, 2009 June 30, 2009 Sept. 30, 2009 Dec. 31, 2009 Impaired loans 3,535 3,652 3,624 3,720 4,808 (1) Portfolio impairments 2,083 2,318 2,324 2,366 2,657 (2) Assets quality ratio 0.99% 1.03% 1.04% 1.09%
Slide 83: 10 – Data per Share
10 – Data per Share Number of shares Dec. 31, 2005 Dec. 31, 2006 Dec. 31, 2007 Dec. 31, 2008 Dec. 31, 2009 Number of shares 1,107,469,030 1,163,184,325 1,178,576,763 1,762,478,783 1,762,478,783 of which Treasury Shares 20,550,020 490,607 8,932,736 293,570 293,570 Number of options 55,903,030 58,697,
Slide 84: 11 – Balance Sheet: Assets
11 – Balance Sheet Assets ASSETS (m EUR) Dec. 31, 2008 Dec. 31, 2009 I. Cash and balances with central banks 2,448 2,673 II. Loans and advances due from banks 61,864 47,427 III. Loans and advances to customers 368,845 353,987 IV. Financial assets measured at fair value through profit or loss 16,044
Slide 85: 11 – Balance Sheet: Liabilities
11 – Balance Sheet Liabilities LIABILITIES (m EUR) Dec. 31, 2008 Dec. 31, 2009 I. Due to banks 213,192 123,724 II. Customer borrowings and deposits 114,728 120,950 III. Financial liabilities measured at fair value through profit or loss 18,952 19,345 IV. Derivatives 75,834 58,364 V. Fair value reval
Slide 86: 12 - DenizBank's Consolidated Accounts
12 - DenizBank’s Consolidated Accounts A new record quarter in terms of net profit Var. 4Q09/ Var. 4Q09/ Var. 2009/ In millions of EUR 4Q08 3Q09 4Q09 4Q08 3Q09 FY 2008 FY 2009 2008 Income 200 253 243 21.3% 3.9% 745 1 002 34.5% Expenses - 97 -97 -101 4.6% 4.7% - 396 - 388 -2.1% Gross operating income
Slide 87: 13 – Shareholding Structure
13 – Shareholding Structure As of December 31, 2009 Belgian Federal State French State Caisse des Dépôts 5.7% 5.7% et Consignations 17.6% Three Belgian Regions 5.7% CNP Assurances 3.0% Holding Communal 14.5% Other Institutional and Individual Shareholders Arco Group 26.9% 14.3% Ethias Group Employee