Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Q1 2003 Earnings Presentation
16 slides from Dexia Holding SA's earnings presentation, 2003
Slide 1: The Dexia Offer (2)
The Dexia Offer (2) For clients “in hardship”, and for whom the Dexia Offer is not a sufficient solution, Dexia Bank Nederland accepts to mitigate further their shortfall, and submit the case to the “Hardship Procedure” The “ Hardship Commission ” : is composed of 3 independent senior personal
Slide 2: Portfolio Scan (at May 9th, 2003) (1)
Portfolio Scan (at May 9th, 2003) (1) Total number of contracts: 427,000 Total number of clients: 270,000 Total amount due: 3,962 M€ Average amount per contract: 9,279 € Average amount per client: 14,634 € Total lack of collateral: 1,892 M€ Average lack of collateral per contract* : 4,
Slide 3: Customer Response to the Dexia Offer (1)
Customer Response to the Dexia Offer (1) (at May 9th, 2003) Number of Number of of which expired clients contracts Total mail sent 196,500 368,000 112,000* Waiting for responses 100,000 187,000 59,000 % of total mail sent 51% 51% Total responses 96,500 181,000 53,000 % of total mail sent 49% 49% YES
Slide 4: Customer response to the Dexia Offer (3)
Customer response to the Dexia Offer (3) Timing of responses indicate that customers take more than 6 weeks to reply (16% of replies received after the deadline) Offer will be extended for 3 more weeks (ending June 13th, 2003) 4
Slide 5: Summary
Summary Total undercollateralised*: 1,892 M€ Contracts “Bullet contracts” “Bullet contracts” “No” to the with periodic agreed to date waiting for Dexia Offer repayment of answers principal 500 M€ 521 M€ 1,021 M€ 713 M€ 158 M€ * Negative contracts only, at May 9th, 2003 5
Slide 6: Provisions (1)
Provisions (1) Until now, provisionning has been on the basis of cautious but rough assumptions, in the absence of significant default history At 31st March 2003, provisions on account of the credit risks stood at: Generic provision 448 M€ (allowed in 2002) Specific provisions 48 M€ (5 M€ in 2001;
Slide 7: Summary of Q1 2003 P&L
Summary of Q1 2003 P&L % % Q1 2002 underlying (M€) Q1 2003 % Underlying* at constant pro forma rate of exchange Revenues +1,329 +1,248 -6.1% -1.5% +1.1% Costs -789 -760 -3.6% -3.9% -2.9% Gross Operating +540 +487 -9.8% +2.5% +7.6% I ncome Cost of Risk -32 -65 x2 +50.3% Net gains + impairments on
Slide 8: Key Performance indicators
Key Performance indicators Q1 2002 Q1 2003 RWA* (Bn€) 106.2 111.0 RORWA 1.62% 1.22% Tier one Ratio* 9.3% 9.3% ROE* * 20.1% 14.6% Profit Margin 31.9% 26.9% C/ I Ratio 59.4% 61.0% NAV per share* * * (€) 8.60 9.06 * End of period ** Annualized *** Including GBRR Group share 8
Slide 9: Activity Highlights: Public / Project Finance & Credit Enhancement
Activity Highlights Public / Project Finance & Credit Enhancement Production of L.T. facilities (in & off B/S)* + 28.8 % + 39.0 % at constant exchange (Bn€) rate 6.8 5.3 1.4 Other 0.8 Public Sector 5.4 4.5 Q1 2002 Q1 2003 * Fully consolidated Co’s ; Germany excluded ; current exchange rate 9
Slide 10: Public/Project Finance & Credit Enhancement: Analysis of underlying P&L
Public/Project Finance & Credit Enhancement Analysis of underlying P&L % % Q1 2002 at constant (M€) Q1 2003 Q1 03 / pro forma rate of Q1 02 exchange Revenues 438 455 +3.9% +11.6% Costs -163 -154 -5.6% -1.1% Gross Operating I ncome 275 301 +9.5% +19.1% Cost of Risk -13 -24 +82.9% Corporate income t
Slide 11: Retail Financial Services: Customers' Assets
Activity Highlights Retail Financial Services Customers’ Assets - 1.4 % (Bn€) + 0.3 % 80.1 78.7 79.0 - Market effect : - 25.3 23.3 0.6 22.7 - Outflows : 0.0 off B/S products in B/S products 54.8 55.4 56.3 March 2002 Dec. 2002 March 2003 11
Slide 12: Retail Financial Services: Credit Outstandings
Activity Highlights Retail Financial Services Credit Outstandings + 4.0 % 22. (Bn€) 21.5 22.3 4 6.7 6.6 6.5 SME 15.0 15.6 15.8 Personal Sector March 2002 Dec. 2002 March 2003 12
Slide 13: Retail Financial Services: Insurance Premiums
Activity Highlights Retail Financial Services Insurance Premiums 502 (M€) 443 440 76 407 Non Life 72 68 46 70 345 46 61 Traditional Life 55 71 Assurance 80 214 59 34 124 Life Guaranteed 73 yield (Branch 21) Life Unit-linked 224 (Branch 23) 167 187 166 245 Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 13
Slide 14: Retail Financial Services: Analysis of underlying P&L
Retail Financial Services Analysis of underlying P&L Q1 2002 Q1 03 / (M€) Q1 2003 pro forma Q1 02 Revenues 413 430 +4.1% Costs -351 -347 -1.0% Gross Operating I ncome 62 83 +33.2% Cost of Risk -11 -13 +21.8% Corporate I ncome tax -12 -26 x2 Other I tems 7 7 n.s. Net I ncome 46 50 +8.1% ROEE* 10.4%
Slide 15: Investment Management Services: Analysis of underlying P&L
Investment Management Services Analysis of underlying P&L % Q1 2002 Q1 03 / at constant (M€) Q1 2003 pro forma Q1 02 rate of exchange Revenues 273 224 -18.0% -15.9% Costs -178 -162 -8.6% -8.6% Gross Operating I ncome 95 61 -35.6% -29.4% Cost of Risk 0 -2 n.s. Corporate I ncome Tax -27 -16 -42.4%
Slide 16: Capital Markets & Treasury Activities: Analysis of underlying P&L
Capital Markets & Treasury Activities Analysis of underlying P&L % Q1 2002 Q1 03 / at constant (M€) Q1 2003 pro forma Q1 02 rate of exchange Revenues 177 148 -16.3% -13.6% Costs -46 -42 -9.1% -8.1% Gross Operating I ncome 131 107 -18.8% -15.5% Cost of Risk 3 -2 n.s. Corporate I ncome Tax -23 -27