Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — 9M 2002 Earnings Presentation
24 slides from Dexia Holding SA's earnings presentation, Oct 30, 2002
Slide 1: Summary of YTD 2002 P&L
Summary of YTD 2002 P&L Year-to-date Underlying Year-to-date % (M€) Sept 01 % Sept 02 pro-forma Revenues +3,904 +4,246 -8.0% -7.5% Costs -2,382 -2,416 -1.4% -3.2% Gross Operating Income +1,522 +1,830 -16.8% -13.9% Cost of Risk -582 -173 x3.4 -16.0% Net gains + impairments on -20 +60 n.s. n.s. LT i
Slide 2: Synthesis: Underlying Income of the Business Lines
Synthesis: Underlying Income of the Business Lines Year-to-date Year-to-date Sept 02 / (M€) Sept 02 Sept 01 Sept 01 Public Finance 536 446 +91 Retail Banking 137 174 -37 Investment Management Services 184 210 -26 Capital Markets and Treasury Activities 212 262 -50 TOTAL BUSINESS LINES / Underlying
Slide 3: Variation of Net Income (9 months)
Variation of Net Income (9 months) (M€) -147 Business Lines Unallocated Exceptional -23 -78 -45
Slide 4: Dexia Bank Nederland: Commercial offer
Dexia Bank Nederland Commercial offer Clients who end up with a deficit at term will be offered three choices: • Zero Interest Loan to reimburse shortfall at termination • Monthly instalments continue until full redemption • Extention of contract for 3 years • Monthly instalment continue until f
Slide 5: Dexia Bank Nederland Financial impacts (1)
Dexia Bank Nederland Financial impacts (1) Stock of provisions at 30.09.2002 Restructuring Costs 30 M€ Specific Provisions for Credit Risk 32 M€ Generic 435 M€ Total 497 M€ Impact on P&L in 2002 Restructuring Costs - 30 M€ Specific Provisions for Credit Risk - 27 M€ Generic - 410 M€ Tota
Slide 6: Dexia Bank Nederland Financial impacts (2)
Dexia Bank Nederland Financial impacts (2) Impairment of participation in DBNL Acquisition cost DBNL (Labouchere & Kempen) 1,984 M€ Revaluation 949 M€ Impairment (in Q3 2002) - 1,035 M€ Tax Credit (in Q3 2002) +215 M€
Slide 7: Dexia Bank Nederland Financial impacts (3)
Dexia Bank Nederland Financial impacts (3) Synthesis (2002) Provisions - 467 M€ Tax effect of Provisions + 163 M€ Impairment* - Tax deduction on impairments + 215 M€ Total P&L impact - 89 M€ * Neutral on consolidated accounts
Slide 8: Artesia integration: Impact on personnel
Artesia integration Impact on personnel EFT reduction objective Realised 30/09/02 vs EFT headcount at 30/06/01 Head Offices -1,400 -405 Employee network -870 -193 -2,270 -598 26% realised Evolution of FTE’s at Dexia Bank and former Artesia after 15 months 12,660 12,580 12,340 12,150 12,050 9,150 9,0
Slide 9: Artesia integration: Cost synergy achievements
Artesia integration Cost synergy achievements 33 30 25 22 M€ linked to staff costs (M€) 11 M€ linked to other operating expenses Best Worst case case Objective full Achieved year 2002 9M 2002
Slide 10: Public / Project Finance & Credit Enhancement
Activity Highlights Public / Project Finance & Credit Enhancement Production of L.T. facilities (in & off B/S)* + 33.5 % 17,4 2,6 Other (Bn €) 13,0 1,8 Public Sector 14,8 11,2 9 months 01 9 months 02 * Fully consolidated Co’s ; Germany excluded ;
Slide 11: Public / Project Finance & Credit Enhancement
Activity Highlights Public / Project Finance & Credit Enhancement L.T. Outstandings (in & off B/S)* +10.0 % 125,5 114,1 13,4 (Bn €) 13,4 Other Public Sector 112,1 100,6 Sept 2001 Sept 2002 * Fully consolidated Co’s ; Germany excluded
Slide 12: Public / Project Finance & Credit Enhancement
Activity Highlights Public / Project Finance & Credit Enhancement FSA Gross Present Value of Premiums + 45.3 % 635 (M €) 437 276 ABS 268 359 Muni 169 09 2001 09 2002
Slide 13: Public/Project Finance & Credit Enhancement: Analysis of underlying P&L
Public/Project Finance & Credit Enhancement Analysis of underlying P&L Year-to-date Year-to-date Sept 02 / (M€) Sept. 02 Sept. 01 Sept. 01 % Pro-forma Revenues 1,337 1,282 +4.3% Costs -481 -477 +1.0% Gross Operating Income 856 805 +6.3% Cost of Risk -92 -141 -34.8% Corporate income tax -221 -185 +
Slide 14: Retail Financial Services
Activity Highlights Retail Financial Services Customers’ Assets + 0.6 % (Bn €) - 2.3 % 77,3 79,6 77,8 OPC + unit linked : 23,0 24,0 - Market effect : -1.1 23,2 off B/S products - inflows : +0.3 in B/S products 54,3 55,6 54,6 Sept. 2001 June 2002 Sept. 2002
Slide 15: Dexia Bank in its competitive environment
Activity Highlights Retail Financial Services Dexia Bank in its competitive environment Customers’ Assets: volumes growth in first 8 months 2002 Market Dexia Bank G4* without Actors Dexia outside G4* Sight & Term -10.3% +0.2% -16.3% -0.5% Deposits Saving +3.4% +2.0% +1.8% +6.8% Deposits Saving Bon
Slide 16: Retail Financial Services
Activity Highlights Retail Financial Services Credit Outstandings + 5.1 % 21,7 (Bn €) 20,7 6,6 6,1 SME 14,6 15,1 Personal Sector Sept. 2001 Sept. 2002
Slide 17: Retail Financial Services
Activity Highlights Retail Financial Services Insurance Premiums 438 420 407 (M€) 372 72 67 70 345 65 46 54 55 71 Non Life 39 79 89 59 34 54 Traditional Life 73 Assurance Life Guaranted yield 240 (Branch 21) 209 224 167 214 Life Unit-linked (Branch 23) Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002
Slide 18: Retail Financial Services: Analysis of underlying P&L
Retail Financial Services Analysis of underlying P&L Year-to-date Year-to-date Sept 02 / (M€) Sept. 02 Sept. 01 Sept. 01 % Pro-forma Revenues 1,254 1,335 -6.0% Costs -1,037 -1,081 -4.0% Gross Operating Income 217 254 -14.5% Cost of Risk -29 -20 +46.9% Corporate Income tax -69 -67 +3.5% Other Items
Slide 19: Investment Management Services
Activity Highlights Investment Management Services Private Banking / Affluent Customer Assets* Conso & (Bn €) technic.effect** New Money Market effect 34,3 +0,4 - 0,1 -1,3 33,3 June 2002 September 2002 *Excluding share leasing products **Identification of Artesia Vernes’ and former Yves Mahé Gesti
Slide 20: Investment Management Services
Activity Highlights Investment Management Services Assets under management Conso & technic.effect* New money Market effect (Bn €) 80,5 +0,4 -1,8 -4,5 74,5 June 2002 September 2002 * Identification of Artesia Vernes’ and former Yves Mahé Gestion’s customers’ assets, impact of Fortior’s deconsolidat
Slide 21: Fund Administration
Activity Highlights Fund Administration # of transactions # of portfolios # of transactions (mios) processed (000’s) managed 393,0 1575 3,80 3,86 320,9 1274 3,50 267,2 996 Sept. Sept. 02 02 9 Sept. Sept. Sept 02 mths Sept 02 9 9 01 scope 02 01 scope mths mths 01* scope 01* 01 02 01* Custody Central
Slide 22: Investment Management Services: Analysis of underlying P&L
Investment Management Services Analysis of underlying P&L Year-to-date Year-to-date Sept 02 / (M€) Sept 02 Sept 01 Sept 01 % Pro-forma Revenues 788 883 -10.8% Costs -520 -551 -5.6% Gross Operating Income 268 332 -19.4% Cost of Risk -3 -5 -28.3% Corporate Income Tax -78 -115 -32.2% Other Items -3 -
Slide 23: Capital Markets & Treasury Activities: Analysis of underlying P&L
Capital Markets & Treasury Activities Analysis of underlying P&L Year-to-date Year-to-date Sept 02 / (M€) Sept 02 Sept 01 Sept 01 % Pro-forma Revenues 411 528 -22.3% Costs -125 -134 -6.7% Gross Operating Income 286 394 -27.5% Cost of Risk -5 2 n.s Corporate Income Tax -67 -120 -44.2% Other Items -
Slide 24: Outlook 2002
Outlook 2002 October 30th, 2002 Guidance is confirmed: Full Year 2002 Net Income is expected to be about 10% lower than 2001