Regulated information, Leuven,
Interim Financial Report 2019/2020
KBC Ancora recorded a profit of
Abridged financial summaries and notes1
Results for the first half of the financial year 2019/2020
1H fin. year (x | 2019/2020 per share (in EUR) | 1H fin. year (x | 2018/2019 per share (in EUR) | |
Income | 77,543 | 0.99 | 77,545 | 0.99 |
Dividends from financial fixed assets | 77,516 | 0.99 | 77,516 | 0.99 |
Other income | 26 | 0.00 | 29 | 0.00 |
Expenses | -8,450 | -0.11 | -8,853 | -0.11 |
Cost of debt | -7,235 | -0.09 | -7,576 | -0.10 |
Services and sundry goods | -1,214 | -0.02 | -1,276 | -0.02 |
Other costs | -1 | -0.00 | -1 | -0.00 |
Result after taxes | 69,093 | 0.88 | 68,692 | 0.88 |
Number of shares in issue* | 78,301,314 | 78,301,314 |
* No instruments have been issued which could lead to dilution.
KBC Ancora recorded a positive result of
The result consisted primarily of the interim dividend received from KBC Group (
Balance sheet as at
(x | * | |
BALANCE SHEET TOTAL | 3,165,789 | 3,089,448 |
Assets | ||
Fixed assets | 3,088,253 | 3,088,253 |
Financial fixed assets | 3,088,253 | 3,088,253 |
Current assets | 77,536 | 1,195 |
Liabilities | ||
Equity | 2,813,981 | 2,744,889 |
Issued capital | 2,021,871 | 2,021,871 |
Legal reserve | 72,132 | 72,132 |
Unavailable reserves | 650,117 | 650,117 |
Profit (loss) carried forward | 767 | 767 |
Result for the period | 69,093 | 0 |
Creditors | 351,808 | 344,559 |
Amounts falling due after more than one year | 343,000 | 343,000 |
Amounts falling due within one year | 205 | 179 |
Accruals and deferred income | 8,603 | 1,380 |
* The balance sheet as at
The balance sheet total stood at
The number of shares held by KBC Ancora in KBC Group remained unchanged at 77,516,380.
Equity increased by
Interim report on the first six months of the financial year 2019/2020
Notes on the first half of the current financial year 2019/2020
Results for the first six months of the financial year 2019/2020
KBC Ancora recorded a positive result of
This result was influenced principally by the following factors:
- Dividend income amounting to
EUR 77.5 million . KBC Group distributed an interim dividend ofEUR 1 per share inNovember 2019 . - Interest charges amounting to
EUR 7.2 million ,EUR 0.34 million lower than in the same period in the previous financial year. This reduction is principally the result of a reduction in financial debt (EUR 343.0 million in the first half of financial year 2019/2020 versusEUR 375 million in the first half of the previous financial year) - Operating expenses amounting to
EUR 1.2 million ,EUR 0.1 million less than in the same period in the previous financial year. The recurring operating expenses consisted primarily of costs incurred under the cost-sharing agreement with Cera (EUR 0.9 million ). In addition, there were the usual costs such as listing fees and management costs.
Participating interest in KBC Group, net debt position and net asset value
The number of KBC Group shares in portfolio remained unchanged during the past six months, at 77,516,380. KBC Ancora holds 0.99 KBC Group shares per KBC Ancora share in issue. The average book value of the KBC Group shares is
KBC Ancora’s net debt amounted to
The net asset value of one KBC Ancora share as at
Based on the closing price of the KBC Group share on
The following charts illustrate the movements in the price of the KBC Group and KBC Ancora shares and the discount of the KBC Ancora share to its net asset value.
Trend in KBC Group and KBC Ancora share price (January – | Trend in discount of KBC Ancora share to its net asset value (January – |
Changed legal form of KBC Ancora
The Extraordinary General Meeting held on
Appointments at the statutory director Almancora Société de gestion
On
Principal risks and uncertainties in the remaining months of the financial year
Certain risk factors could have an impact on the value of the assets held by KBC Ancora and on its ability to distribute a dividend. Reference is made in this regard to the description of the risks in the most recent annual report (page 17).
KBC Group reported a net result of
KBC Group’s dividend policy provides for a dividend payout ratio (including the coupon on the outstanding Additional Tier-1 instruments) of at least 50% of the consolidated profit. Following its annual general meeting in
In addition to a final dividend from KBC Group, KBC Ancora's result in the second half of the current financial year (2019/2020) will consist principally of interest charges plus the usual limited operating expenses (costs under the cost-sharing agreement with Cera, listing fees and management costs).
Barring unforeseen circumstances, KBC Ancora will close the financial year 2019/2020 with a positive result. As already announced in the press release of
Declaration by the responsible individuals
“We, the members of the Board of Directors of Almancora Société de gestion, statutory director of
- the abridged financial summaries, drawn up in accordance with the applicable standards for financial statements, present a true and fair picture of the capital position, financial position and results of KBC Ancora,
- the interim financial report presents a true and fair view of the key events and principal transactions with affiliated parties during the first six months of the current financial year and of their impact on the abridged financial summaries, as well as a description of the principal risks and uncertainties during the remaining months of the financial year.”
Information on the external audit
The statutory auditor has reviewed the abridged interim financial information and accompanying notes. The statutory auditor's report is appended to this interim report.
---------------------------------
KBC Ancora is a listed company which holds 18.6% of the shares in KBC Group and which together with Cera, MRBB and the Other Permanent Shareholders is responsible for the shareholder stability and further development of the KBC group. As core shareholders of KBC Group, these parties have signed a shareholder agreement to this effect.
Financial calendar:
11 June 2020 Payment date of interim dividend
28 August 2020 Annual press release for the financial year 2019/2020
30 October 2020 General Meeting of Shareholders
This press release is available in Dutch, French and English on the website www.kbcancora.be.
KBC Ancora Investor Relations & Press contact:
Tel.: +32 (0)16 279672
E-mail: jan.bergmans@kbcancora.be or mailbox@kbcancora.be
Appendix: Balance sheet and profit and loss account with comparative figures
(x | ||
BALANCE SHEET TOTAL | 3,165,789 | 3,089,448 |
Assets | ||
Fixed assets | 3,088,253 | 3,088,253 |
Financial fixed assets | 3,088,253 | 3,088,253 |
Companies with which there is a participatory relationship | 3,088,253 | 3,088,253 |
Participating interests | 3,088,253 | 3,088,253 |
Current assets | 77,536 | 1,195 |
Receivables due within one year | 4 | 6 |
Trade receivables | 4 | 6 |
Cash at bank and in hand | 77,532 | 1,184 |
Prepayments and accrued income | 0 | 5 |
Liabilities | ||
Equity | 2,813,981 | 2,744,889 |
Capital | 2,021,871 | 2,021,871 |
Issued capital | 2,021,871 | 2,021,871 |
Reserves | 722,250 | 722,250 |
Legal reserve | 72,132 | 72,132 |
Unavailable reserves | 650,117 | 650,117 |
Profit (loss) carried forward | 767 | 767 |
Profit (loss) for the period | 69,093 | n/a |
Creditors | 351,808 | 344,559 |
Amounts falling due after more than one year | 343,000 | 343,000 |
Financial liabilities | 343,000 | 343,000 |
Credit institutions | 343,000 | 343,000 |
Amounts falling due within one year | 205 | 179 |
Trade creditors | 147 | 132 |
Suppliers | 147 | 132 |
Other creditors | 58 | 47 |
Accruals and deferred income | 8,603 | 1,380 |
(x | 01.07.2019/ - | 01.07.2018/ - |
RESULTS | 69,093 | 68,692 |
Expenses | 8,450 | 8,853 |
Cost of debt | 7,235 | 7,576 |
Other financial expenses | 0 | 0 |
Services and sundry goods | 1,214 | 1,276 |
Miscellaneous current expenses | 0 | 0 |
Income | 77,542 | 77,545 |
Income from financial fixed assets | 77,516 | 77,516 |
Dividend | 77,516 | 77,516 |
Other financial income | 0 | 0 |
Other current income | 26 | 29 |
Statutory auditor's report to the board of directors of
FREE TRANSLATION OF A REPORT ORIGINALLY PREPARED IN DUTCH
Introduction
We have reviewed the accompanying interim financial report 2019/2020, containing the condensed balance sheet of
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as at
KPMG Réviseurs d'Entreprises
Statutory Auditor
represented by
Bedrijfsrevisor
1 KBC Ancora's reporting is based on Belgian GAAP.
See Appendix for a balance sheet and profit and loss account.
Attachment
- KBCA PB 20200131 E
© OMX, source