Regulated information, Leuven,
Interim Financial Report 2020/2021
Abridged financial summaries and notes1
Results for the first half of the financial year 2020/2021
1H fin. year (x | 2020/2021 per share (in EUR) | 1H fin. year (x | 2019/2020 per share (in EUR) | |
Income | 34 | 0.00 | 77,543 | 0.99 |
Dividends from financial fixed assets | 0 | 0.00 | 77,516 | 0.99 |
Other income | 34 | 0.00 | 26 | 0.00 |
Expenses | -8,115 | -0.10 | -8,450 | -0.11 |
Cost of debt | -6,884 | -0.09 | -7,235 | -0.09 |
Services and sundry goods | -1,230 | -0.02 | -1,214 | -0.02 |
Other costs | -1 | -0.00 | -1 | -0.00 |
Result after taxes | -8,081 | -0.10 | 69,093 | 0.88 |
Number of shares in issue* | 78,301,314 | 78,301,314 |
* No instruments have been issued which could lead to dilution.
The result principally comprised interest charges on debt (
Balance sheet as at
(x | * | |
BALANCE SHEET TOTAL | 3,149,165 | 3,150,309 |
Assets | ||
Fixed assets | 3,088,253 | 3,088,253 |
Financial fixed assets | 3,088,253 | 3,088,253 |
Current assets | 60,912 | 62,057 |
Liabilities | ||
Equity | 2,797,656 | 2,805,737 |
Issued capital | 2,021,871 | 2,021,871 |
Legal reserve | 75,175 | 75,175 |
Other unavailable reserves | 650,117 | 650,117 |
Available reserves | 57,806 | 57,806 |
Profit (loss) carried forward | 767 | 767 |
Result for the period | -8,081 | 0 |
Creditors | 351,509 | 344,573 |
Amounts falling due after more than one year | 343,000 | 343,000 |
Amounts falling due within one year | 257 | 198 |
Accrued expense and deferred income | 8,252 | 1,374 |
* The balance sheet as at
The balance sheet total at
The number of shares held by
Equity decreased by
Interim report on the first six months of the current financial year 2020/2021
Notes on the first half of the current financial year 2020/2021
Results for the first six months of the financial year 2020/2021
This result was influenced principally by the following factors:
- No (interim) dividend on KBC Ancora’s participating interest in KBC Group. In line with the recommendation issued by the
European Central Bank (ECB) inJuly 2020 , KBC Group announced inAugust 2020 that it would be unable to implement its usual dividend policy. As a result, KBC Group did not distribute an interim dividend inNovember 2020 . The interim dividend distributed inNovember 2019 amounted toEUR 1 per KBC Group share. - Interest charges amounting to
EUR 6.9 million ,EUR 0.35 million less than in the same period in the previous financial year. This reduction was the result of the lowering of the interest rate charged on an existing loan ofEUR 100 million (see below). - Operating expenses amounting to
EUR 1.2 million , in line with 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 expenses.
Annualised reduction in interest charges of
The interest rate applying for an existing bullet loan of
As a result of this change, the interest charges payable by
In the light of this interest rate reduction, an additional 10 million KBC Group shares were pledged.
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’s net debt amounted to
The net asset value of one
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
Trend in KBC Group and (January – | Trend in discount of |
Introduction of loyalty voting rights and scrapping of 1% disclosure threshold
The Extraordinary General Meeting of
It was also decided at the same meeting to renew the powers of the statutory director in relation to the authorised capital and in relation to the repurchase and reissuing of the company’s own shares, and to scrap the disclosure threshold of 1% as set out in the Articles of Association. The lowest disclosure threshold set out in the Articles of Association now stands at 3%.
Following the introduction of the loyalty voting rights, Cera announced that as at
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 Group reported a net result of
In addition to any dividend received from KBC Group,
If
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.
---------------------------------
Financial calendar:
29 October 2021 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 | 3,149,165 | 3,150,309 |
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 | 60,912 | 62,057 |
Receivables due within one year | 4 | 4 |
Trade receivables | 4 | 4 |
Cash at bank and in hand | 60,908 | 62,047 |
Accrued expense and deferred income | 0 | 6 |
Liabilities | ||
Equity | 2,797,656 | 2,805,737 |
Contribution | 2,021,871 | 2,021,871 |
Issued capital | 2,021,871 | 2,021,871 |
Reserves | 783,098 | 783,098 |
Unavailable reserves | 725,292 | 725,292 |
Legal reserve | 75,175 | 75,175 |
Other unavailable reserves | 650,117 | 650,117 |
Available reserves | 57,806 | 57,806 |
Profit (loss) carried forward | 767 | 767 |
Profit (loss) for the period | -8,081 | n/a |
Creditors | 351,509 | 344,573 |
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 | 257 | 198 |
Trade creditors | 191 | 161 |
Suppliers | 191 | 161 |
Other creditors | 66 | 38 |
Accrued expense and deferred income | 8,252 | 1,374 |
(x | - | - |
Operating income | 34 | 26 |
Other operating income | 34 | 26 |
Operating costs | 1,231 | 1,215 |
Services and sundry goods | 1,230 | 1,215 |
Other operating costs | 1 | 0 |
Operating profit (Operating loss) | -1,197 | -1,189 |
Financial income | 0 | 77,516 |
Recurring financial income | 0 | 77,516 |
Income from financial fixed assets | 0 | 77,516 |
Financial expenses | 6,884 | 7,235 |
Cost of debt | 6,884 | 7,235 |
Other financial expenses | 0 | 0 |
Profit (loss) before tax | -8,081 | 69,093 |
Profit (loss) after tax | -8,081 | 69,093 |
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 2020/2021, 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
Zaventem,
KPMG Réviseurs d'Entreprises
Statutory Auditor
represented by
Réviseur d’Entreprises
1
See Appendix for the balance sheet and profit and loss account.
Attachment
- KBCA PB 20210129 E
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