Your SlideShare is downloading. ×
0
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Analysts' meeting Q1 2005 Results
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Analysts' meeting Q1 2005 Results

154

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
154
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Analysts’ meeting Q1 2005 Results Paris, May 26, 2005 Rembert von Lowis Group CFO
  • 2. FTA impacts on equity as of January 1, 2005 IAS 32 & 39 and IFRS 4 Equity at 01/01/05 under EU GAAP (with IAS 32&39 and IFRS 4) Impact AFS reserve Impact of fair value hedges and derivatives Treasury shares Deferred taxes Prov. and impairments on financial assets Impact CFH reserve others Equity at 31/12/04 under EU GAAP (without IAS 32&39 and IFRS 4) (M€) * of which: 2.3 Bn€ on loans 2.9 Bn€ on securities - 1.9 Bn€ on debts - 4.4 Bn€ on derivatives Core equity
  • 3. Changes in accounting referential, scope of consolidation, segmentation and conventions All series have been restated accordingly (no restatement for IAS 32&39 and IFRS 4) * Of which: Income -16 M€ Costs +13 M€   * !
  • 4. Summary of Q1 2005 P&L account * Without IAS 32, IAS 39 and IFRS 4 ** With IAS 32, IAS 39 and IFRS 4 *** Based on pro forma accounts for Q1 2005 and excluding nonrecurring items
  • 5. Quarterly evolution of the underlying Gross operating income (M€) Income Costs Gross operating income * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 at constant US$ 669
  • 6. Cost of risk related to total net O/S commitments** * Excluding impact of charges for Legio Lease at Dexia Bank Nederland ** For Credit Enhancement activities, Cost of Risk relates to net par outstanding insured Credit enhancement Banking activities annualized (in basis points) * * * * *
  • 7. Key performance indicators
  • 8. Business lines Activity and Results
  • 9. Public/Project Finance & Credit Enhancement
    • Long-term banking commitments (fully-consolidated companies)
    180.2 204.7 Activity highlights +13.6% 31/03/2004 31/03/2005 (Bn€) Project/ Corporate Finance Public Finance
  • 10. Public/Project Finance & Credit Enhancement
    • Gross Present Value originations
    Activity highlights (M US$) 193 187 +2.9% 333 302 +10.3% (Bn US$) Net Par Outstanding Credit enhancement (FSA)
  • 11. Public/Project Finance & Credit Enhancement Analysis of Q1 2005 underlying P&L * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 *** Annualized return on economic equity = net income - Group share / allocated equity
  • 12. Public/Project Finance & Credit Enhancement Quarterly evolution of the underlying gross operating income Income Costs Gross operating income * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 (M€) at constant US$ 365
  • 13. Personal Financial Services
    • Total Customer Assets (Retail and Private Banking)
    Activity Highlights 114.6 116.7 119.6 of which Private Banking Retail + 4.4% (Bn€)
  • 14. Personal Financial Services
    • Total Customer Loans (Retail and Private Banking)
    Activity Highlights 25.3 26.4 26.7 +5.5% (Bn€)
  • 15. Personal Financial Services Analysis of Q1 2005 underlying P&L * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 *** Annualized return on economic equity = net income - Group share / allocated equity
  • 16. Personal Financial Services Quarterly evolution of the underlying gross operating income Income Costs Gross operating income * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 (M€)
  • 17. Investment Management and Insurance Services
    • Assets under Management*
    Activity Highlights March 2004 March 2005 +3.6 +2.0 +3.0 65.9 75.7 Dec. 2004 71.5 +1.2 Organic growth Market effect Organic growth Market effect +14.9 % +5.9 % 9 months First quarter 2005 * Dexia Asset Management (Bn€) Organic growth: + 10.0% Market effect: + 4.9% Organic growth: + 4.2% Market effect: + 1.7%
  • 18. Investment Management and Insurance Services
    • Fund Administration
    Activity Highlights Custody Central Administration Transfer Agent Capital managed at end of period (Bn€) # of NAV to calculate in the year (x 1000)** March 2004 Dec. 2004 March 2005 March 2004 Q1 2005 Q4 2004 Dec. 2004 March 2005 Q1 2004 # of transactions (in million) Other* Mandates to DFS 320 348 354 * Dexia-BIL group only; excludes other units of Dexia ** Including FMS Hoche (pro forma figures) Q2 2004 Q3 2004
  • 19. Investment Management and Insurance Services
    • Insurance premiums
    Activity Highlights 658 843 of which 688 686 971 PPF 22 % IMIS 9 % PFS 69 % (M€)
  • 20. Investment Management and Insurance Services Analysis of Q1 2005 underlying P&L * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 *** Annualized return on economic equity = net income - Group share / allocated equity
  • 21. Investment Management and Insurance Services Quarterly evolution of the underlying gross operating income Income Costs Gross operating income * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 (M€)
  • 22. Quarterly evolution of the underlying Gross Operating Income Asset Management Fund Administration Insurance * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 (M€) IMS Income Costs Gross Operating Income • 
  • 23. Insurance Activities* at Group level: Contribution of the Business Lines to the Income Q1 2005 income: 115 M€ +32% over Q1 2004 * Excluding FSA (credit enhancement) and Dexia Sofaxis (specialist brokerage) 58 M€ (51%) 6 M€ (5%) 51 M€ (44%) ( Underlying in M€)
  • 24. Treasury and Financial Markets Analysis of Q1 2005 underlying P&L * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 *** Annualized return on economic equity = net income - Group share / allocated equity
  • 25. Treasury and Financial Markets Quarterly evolution of the underlying gross operating income Income Costs Gross operating income * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4 (M€)
  • 26. Central Assets Analysis of underlying P&L * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4
  • 27. Impact of the nonrecurring items on the P&L * Without IAS 32, IAS 39 and IFRS 4, based on pro forma accounts ** With IAS 32, IAS 39 and IFRS 4
  • 28. Main nonrecurring items * Based on pro forma accounts
  • 29. Appendices
    • Update on DBNL/Legio
    • Update on Artesia integration
    • Evolution of outstanding shares
  • 30. Evolution of the share leasing portfolio outstanding 4,178 3,269 Amount of lease contracts with surplus Collateral of lease contracts with lack Lack of collateral Amount of lease contracts with lack 2,448 Total 2,210 Of which Dexia Offer not accepted 689 13/05/05 Of which Dexia Offer accepted Of which contracts with capital repayments 670 851 DBNL/Legio (M€) 2,291
  • 31. Recent and upcoming developments
    • April 29, 2005: Success of Duisenberg’s mediation
        • Cost of settlement 400 M€
          • Of which
          • Contribution made by Aegon 218 M€
            • (agreement of February 11, 2005)
          • Additional expenses recognised by Dexia 97 M€ (pre tax)
    • June 20, 2005:
        • Settlement with foundations Leaseverlies and Eegalease becomes effective when majority of respondents react positively
    DBNL/Legio
  • 32. Legio lease – Evolution of the stock of provisions DBNL/Legio 577 510 809 Of which: 218 contribution from Aegon Effect of move to EU GAAP Reversal of prior provisions (AEX, …) Utilisations Settlement Duisenberg (400) net of existing provisions under Dexia GAAP under EU GAAP under EU GAAP (M€) Specific (deducted from Assets) Generic (in Liabilities) IAS 39 Provision (in Liabilities) Portfolio provision (deducted from Assets)
  • 33. Downsizing of the branch network in Belgium Target 1,483 1,167 1,099 - 26% - 21% Artesia integration
  • 34. Impact on personnel Artesia integration - 2,159 - 647 - 1,506 Achieved to 31/03/05 - 2,270 - 870 Employee network - 1,400 Head offices EFT reduction objective vs EFT headcount at 30/06/01 95 % realised
  • 35. Evolution of outstanding shares 31/12/2004 12/05/2005 Outstanding shares 1,145,261,366 Outstanding shares 1,093,374,501
    • Shares cancelled at General Meeting of May 11, 2005
    • 51,886,865
    • Of which :
    • 12,980,000 acquired in 2005
    • 38,906,865 acquired in 2004
    Treasury shares 976,920
  • 36. Impact of IAS 32/39 on Q1 2005 Net income – Group share

×