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Figures

Preliminary

This section of the website provides a brief description of the statistical material presented in the most recent Annual Report (2019-2020).

Key figures (up to June 2020)

Balance sheet after profit distribution on 30 June 2020 (in EUR million) 

Capital and shares

On 30 June 2020 KBC Ancora’s capital and reserves amounted to EUR 2,806 million. The company’s capital amounted to EUR 2,022 million and was represented by 78,301,314 shares.

Participation in KBC Group

On the balance sheet date, KBC Ancora held 77,516,380 KBC Group shares, representing a participating interest of almost 18,6% in KBC Group.

Net debt

As at the balance sheet date, KBC Ancora’s net debt (debt less current assets) amounted to EUR 283 million. Debts were largely due to EUR 343 million financial debts.

Income, expenses

KBC Ancora's income consists almost entirely of dividends from its participating interest in KBC Group. KBC Ancora’s operating expenses break down into costs relating exclusively to KBC Ancora, such as costs incurred in connection with financial services, costs in relation to stock market listing, costs in connection with management activities and costs of creditors and operating costs incurred through the cost-sharing agreement. The latter was created by KBC Ancora and Cera to enhance the cost-effectiveness of both parties’ operations.

The following tables summarise the trend in the income and expenses of KBC Ancora in recent fiancial years.

 

Cash flows

The table below represents the cash flows for the last financial years.



Dividend

End of August 2019, the Board of Directors of Almancora Société de gestion, statutory manager of KBC Ancora, has decided to make a limited adjustment to the dividend policy. This adjustment means that, with effect from the current financial year, 90% of the distributable recurring result for the financial year (i.e. after adjustment for any exceptional results and after the compulsory formation of the legal reserve) will be paid out as (interim) dividend.

Compared to the previous dividend policy, this means a reduction of 10%. As KBC Ancora is holding more cash within the business as a result, this will enable the outstanding financial liabilities to be reduced more quickly. That makes KBC Ancora’s balance sheet more resilient against shocks and, from May 2022, on the next loan maturity date (EUR 100 million out of a total of EUR 343 million), will in principle lead to an accelerated reduction in the interest charges payable.

In the event that KBC Ancora does not receive a dividend from its participating interest in KBC Group in any given year, KBC Ancora will itself not pay a dividend in that year. If KBC Ancora receives KBC Group dividend again in a subsequent financial year, its result carried forward from previous years will be taken into account when determining the profit available for distribution.

The adjusted dividend policy would in principle have applied for the first time to the interim dividend which (barring exceptional circumstances) would have been made payable at the beginning of June 2020. However, in the light of the Covid-19 pandemic which has been impacting the world since the spring of 2020, the Board of Directors of Almancora Société de gestion, statutory director of KBC Ancora, decided in early April 2020 to deviate from this adjusted dividend policy. It decided not to distribute an interim dividend, nor to propose a final dividend in respect of the financial year 2019/2020. This decision followed the announcement by KBC Group that it was withdrawing its proposal to declare a final dividend for the financial year 2019 and suspending the proposed repurchase of its own shares.
This reflects the decision by the statutory director to follow KBC Group in adopting a cautious stance in the present exceptional circumstances.

After addition of the result carried forward from the previous financial year (EUR 0.8 million), the result available for appropriation amounted to EUR 61.6 million. The following appropriation of profit has been proposed to the General Meeting of Shareholders to be held on 30 October 2020:

  • addition of EUR 3.0 million (5% of the profit for the financial year)) to the legal reserve;
  • addition of EUR 57.8 million to the available reserves;
  • carry-forward of the balance of EUR 0.8 million, or EUR 0.01 per share, to the next financial year.