Results Dexia GAAP IFRS as adopted by EU
(in millions of EUR) 2000 2001 2002 2003 2004 2004 (1) 2005 2006 2007 2008
Income 3,740 5,631 5,157 5,160 5,392 5,623 5,976 7,005 6,896 3,556
Costs (2,050) (3,323) (3,037) (3,056) (3,012) (3,057) (3,229) (3,474) (3,834) (4,119)
Gross operating income 1,690 2,308 2,120 2,104 2,380 2,566 2,747 3,531 3,062 (563)
Net income – Groupe share 1,001 1,426 1,299 1,431 1,772 1,822 2,038 2,750 2,533 3,326
(1) The reconciliation between Dexia GAAP and IFRS as adopted by EU, is explained in the Dexia Annual Report 2005 "Accounts & reports".
Balance sheet Dexia GAAP IFRS as adopted by EU
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Jan. 1, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
(in billions of EUR) 2000 2001 2002 2003 2004 2005 (1) 2005 2006 2007 2008
Total assets 257.8 351.4 350.9 349.9 389.2 404.6 508.8 566.7 604.6 651.0
Loans and advances to customers 134.4 156.4 157.8 161.9 166.2 169.5 192.4 226.5 242.6 368.8
Financial assets at fair value through
profit or loss and financial investments 77.7 125.9 134.7 127.9 144.5 147.3 198.9 223.2 257.9 141.1
Customers borrowings and deposits 52.4 84.0 85.3 92.3 97.6 87.1 97.7 116.2 126.7 114.7
Debt securities 134.4 140.9 146.5 134.9 143.9 144.2 175.7 184.7 204.0 188.1
Core shareholders' equity (2) 8.1 10.3 10.9 11.6 12.3 10.5 11.5 14.4 16.1 17.5
(1) The reconciliation between Dexia GAAP and IFRS as adopted by EU, and the impact of the first-time application of IFRS is explained in the Dexia Annual Report 2005 "Accounts & Reports".
(2) For the years 2000-2004: shareholders’ equity + general banking risks reserve.
Ratios Dexia GAAP IFRS as adopted by EU
2000 2001 2002 2003 2004 2004 2005 2006 2007 2008
Cost-income ratio (1) 54.8% 59.0% 58.9% 59.2% 55.9% 54.4% 54.0% 49.6% 55.6% 115.8%
Tier 1 ratio 9.3% 9.3% 9.3% 9.9% 10.7% 10.0% 10.3% 9.8% 9.1% 10.6%
Capital adequacy ratio 9.8% 11.5% 10.7% 11.2% 11.7% 11.1% 10.9% 10.3% 9.6% 11.8%
(1) The ratio between the costs and the income.
Quality of risks Dexia GAAP IFRS as adopted by EU
2000 2001 2002 2003 2004 2004 2005 2006 2007 2008
Impaired loans (in millions of EUR) 905 1,897 1,942 1,708 1,722 1,722 1,473 1,359 1,218 3,535
Assets quality ratio (1) 0.68% 1.20% 1.23% 1.05% 1.04% 1.04% 0.78% 0.61% 0.50% 0.99%
Coverage ratio (2) 65.0% 66.7% 68.0% 72.8% 73.2% 73.2% 69.1% 69.3% 67.2% 58.9%
(1) The ratio between the impaired loans and the gross outstanding loans.
(2) The ratio between the portfolio impairments and the impaired loans.
Data per share Dexia GAAP IFRS as adopted by EU
(in EUR) 2000 2001 2002 2003 2004 2004 2005 2006 2007 2008
Earnings per share (1) 1.15 1.25 1.13 1.24 1.58 1.63 1.87 2.49 2.18 (2.54)
Gross dividend 0.43 0.48 0.48 0.53 0.62 0.62 0.71 0.81 0.91 - (2)
Net assets (3) 8.02 8.39 8.79 9.25 9.95 8.87 9.86 11.60 12.87 9.92
Pay-out ratio (4) 41.9% 39.3% 43.0% 42.1% 38.7% 37.6% 37.9% 34.3% 42.0% -
(1) The ratio between the net income – Group share and the average weighted number of shares (undiluted for the years under IFRS as adopted by EU).
(2) The Board of Directors decided to propose to the next Shareholders’ Meeting on May 13, 2009 that exceptionally no dividend be paid for 2008.
(3) The ratio between the core shareholders' equity and the number of shares (after deduction of treasury shares) at the end of the period. Under Dexia GAAP: including GBRR – Group share.
(4) The ratio between the total dividend and the net income – Group share.
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Ratings Long term Outlook Short term
Fitch
Dexia Bank Belgium AA- Stable outlook F1+
Dexia Crédit Local AA- Stable outlook F1+
Dexia Banque Internationale à Luxembourg AA- Stable outlook F1+
Dexia Municipal Agency AAA -
Moody's
Dexia Bank Belgium A1 Negative outlook P-1
Dexia Crédit Local A1 Negative outlook P-1
Dexia Banque Internationale à Luxembourg A1 Negative outlook P-1
Dexia Municipal Agency Aaa -
Standard & Poor's
Dexia Bank Belgium A Stable outlook A-1
Dexia Crédit Local A Stable outlook A-1
Dexia Banque Internationale à Luxembourg A Stable outlook A-1
Dexia Municipal Agency AAA -
DBRS
Dexia Bank Belgium AA (low) Negative trend R-1 (middle)
Dexia Crédit Local AA (low) Negative trend R-1 (middle)
Dexia Banque Internationale à Luxembourg AA (low) Negative trend R-1 (middle)
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The Group’s principal banking entities – Dexia Bank Belgium, Dexia Crédit Local and Dexia Banque Internationale à Luxembourg – are rated AA- with stable outlook by Fitch (September 30, 2008), A1 with negative outlook by Moody’s (January 19, 2009), A with stable outlook by Standard & Poor’s (December 19, 2008) and AA (low) with negative trend by DBRS (November 17, 2008).
The triple-A rating of Dexia Municipal Agency was affirmed by Fitch (October 1, 2008), Moody’s (January 23, 2009) and Standard & Poor’s (October 7, 2008).