2004 - 2006 IFRS

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Dexia in the world


				2004 - 2006 IFRS

				2000 - 2004 GAAP

2004 - 2005 IFRS

Consolidated Statement of Income (millions of Eur)

2004 (1)

2005 (2)

2006 (2)

Income

5,623

5,976

7,012

Costs

-3,057

-3,229

-3,481

Gross Operating Income

2,566

2,747

3,531

Cost of Risk

-226

-52

-124

Net income Group share

1,822

2,038

2,750

Consolidated Balance Sheet (millions of Eur)

Jan. 1, 2005 (2)

Dec. 31, 2005 (2)

31 dec. 2006 (2)

Total Assets

404,637

508,761

566,743

Total Equity

12,751

15,700

18,435

Customers borrowing and deposits

87,066

97,379

109,484

Debt Securities

144,164

175,685

184,726

Loans and advances to customers

169,547

192,402

226,502

Loans and securities available for sale

126,776

166,204

188,378

Net Assets per share related to core shareholders' equity (Eur)(3)

8.87

9.86

11.60

Net Assets per share related to total shareholders' equity (Eur)(4)

10.32

12.25

13.21

Capital Adequacy (millions of Eur)

Jan. 1, 2005 (2)

Dec. 31, 2005 (2)

31 dec. 2006 (2)

Tier 1 Capital

10,336

11,894

13,028

Total Regulatory Capital

11,460

12,510

13,754

Risk-weighted assets

103,355

115,002

133,369

Ratio Tier 1

10.0%

10.3%

9.8%

Ratio Capital Adequacy

11.1%

10.9%

10.3%

(1) without IAS 32&39 and IFRS 4 as endorsed by the European commission
(2) with IAS 32&39 and IFRS 4 as endorsed by the European commission
(3) without AFS, CFH reserve and cumulative translation adjustments
(4) avec réserves AFS, CFH et écarts de conversion

Key Ratios

2004 (1)

2005 (2)

2006(2)

Earnings per share (Eur)

- basic (3)

1.63

1.87

2.49

- diluted (4)

1.62

1.85

2.45

Profit Margin (5)

33.6%

35.0%

40.5%

Cost-Income ratio (6)

54.4%

54.0%

49.6%

Cost of risk banking activities (annualized) (7)

0.02%

Return on equity (annualized) (8)

17.2%

20.0%

23.1%

(1) without IAS 32&39 and IFRS 4 as endorsed by the European commission
(2) with IAS 32&39 and IFRS 4 as endorsed by the European commission
(3) the ratio between net income - Group share & weighted average number of shares
(4) the ratio between net income - Group share & weighted average diluted number of shares
(5) the ratio between net income and income
(6) the ratio between costs and income
(7) the ratio between the annualized cost of risk (i.e. excluding credit enhancement) & the gross outstanding loans
and advances to customers and off-balance sheet financing commitments
(8) the ratio between the annualized net income Group share, and the weighted average core shareholders' equity
(estimated dividend for the period deducted)