Interim Financial Report 2023/2024
Regulated information, Leuven, 26 January 2024 (17.40 hrs
CET)
Interim Financial Report 2023/2024
KBC Ancora recorded a profit of EUR 72.9
million in the first half of the financial year 2023/2024. This
compared with a profit of EUR 71.3 million in the same period in
the previous financial year. The result for the first six months of
the financial year was determined predominantly by dividend income
totalling EUR 77.5 million from the participating interest in KBC
Group, operating costs of EUR 1.6 million and interest charges
amounting to EUR 3.5 million.
Condensed interim financial information
and notes1
Results for the first half of financial
year 2023/2024
|
|
1H fin. year(x EUR 1,000) |
2023/2024per share(in EUR) |
1H fin. year(x EUR 1,000) |
2022/2023per share(in EUR) |
| Income |
77,953 |
1.01 |
77,523 |
0.99 |
|
Operating income |
0 |
0.00 |
7 |
0.00 |
|
Recurring financial income |
77,953 |
1.01 |
77,516 |
0.99 |
| Expenses |
-5,074 |
-0.07 |
-6,214 |
-0.08 |
|
Operating costs |
-1,567 |
-0.02 |
-1,578 |
-0.02 |
|
Financial expenses |
-3,508 |
-0.05 |
-4,636 |
-0.06 |
| Result after
taxes |
72,879 |
0.95 |
71,309 |
0.91 |
| Number of shares in
issue* |
|
77,011,844 |
|
78,301,314 |
* No instruments have been issued which could
lead to
dilution.
KBC Ancora recorded a profit of EUR 72.9 million
in the first six months of the current financial year, equivalent
to EUR 0.95 per share, compared with a profit of EUR 71.3 million
in the same period in the previous financial year.
Income consisted principally of dividend
received on the participating interest in KBC Group (EUR 77.5
million) and interest income (EUR 0.4 million). Expenses
principally comprised interest charges on debt (EUR 3.5 million)
and operating costs (EUR 1.6 million).
Balance sheet at 31 December
2023
| (x EUR 1,000) |
31.12.2023 |
*30.06.2023 |
| BALANCE SHEET
TOTAL |
3,680,471 |
3,654,085 |
| Assets |
|
|
| Fixed
assets |
3,599,979 |
3,599,979 |
| Current
assets |
80,492 |
54,106 |
| Trade receivables |
0 |
2 |
| Investments (own shares) |
0 |
50,000 |
| Investments (other) |
79,750 |
3,900 |
| Cash at bank and in hand |
358 |
197 |
| Accrued income and deferred
expense |
384 |
7 |
|
Liabilities |
|
|
| Equity |
3,503,158 |
3,480,279 |
| Contribution |
3,158,128 |
2,021,871 |
| Legal reserve |
156,844 |
156,844 |
| Unavailable reserve for own
shares |
0 |
50,000 |
| Other unavailable
reserves |
0 |
1,136,257 |
| Available reserves |
114,440 |
114,440 |
| Profit (loss) carried
forward |
867 |
867 |
| Result for the period |
72,879 |
n/a |
|
Creditors |
177,313 |
173,806 |
| Amounts falling due after more
than one year |
100,000 |
100,000 |
| Amounts falling due within one
year |
73,236 |
73,223 |
| Accrued expense and deferred
income |
4,078 |
583 |
* The balance sheet at 30 June 2023 is shown
after appropriation of the result.
The balance sheet total at 31 December 2023
stood at EUR 3.7 billion, an increase of EUR 26.4 million compared
with the end of financial year 2022/2023.
The number of shares held by KBC Ancora in KBC
Group remained unchanged at 77,516,380. The book value of these
shares was EUR 46.44 per share (i.e. the historical acquisition
cost). The stock price of the KBC Group share stood at EUR 58.72 on
31 December 2023, while the IFRS equity value amounted to EUR 52.2
per KBC Group share on 30 September 2023. Current assets showed a
net increase of EUR 26.4 million to EUR 80.5 million, principally
the result of interim dividend received on the participating
interest in KBC Group (EUR +77.5 million) and the cancellation of
own shares (EUR -50 million) pursuant to a decision by the
Extraordinary Meeting of Shareholders held on 27 October 2023.
Total equity rose by EUR 22.9 million. This was
largely accounted for by the result for the first half of the
current financial year (EUR 72.9 million) and the write-down of the
unavailable reserve for repurchase of own shares (EUR -50 million),
that accompanied the cancellation of the own shares. Debt increased
by EUR 3.5 million, principally due to the pro rata application of
interest charges in respect of the first six months of the
financial year.
Interim report on the first six months
of the current financial year 2023/2024
Notes on the first half of the current
financial year 2023/2024
Results for the first six months of the
financial year 2023/2024
KBC Ancora recorded a profit of EUR 72.9 million
in the first six months of the current financial year, compared
with a profit of EUR 71.3 million in the same period in the
previous financial year.
This result was influenced principally by the
following factors:
- Dividend income
totalling EUR 77.5 million. As in the same period in the previous
year, this consisted of an interim dividend of EUR 1.00 per KBC
Group share.
- Interest income
on term investments amounting to EUR 0.4 million.
- Interest charges
amounting to EUR 3.5 million, EUR 1.1 million less than in the same
period in the previous year owing to the early repayment of loans
totalling EUR 70 million in May 2023.
- Operating expenses amounting to EUR
1.6 million, in line with the same period in the previous financial
year. The operating expenses consisted primarily of costs incurred
under the cost-sharing agreement with Cera (EUR 1.1 million). There
were also the usual expenses, such as listing costs and costs
associated with the statutory director. There was also a tax
liability of EUR 0.1 million on securities accounts in the first
half of the financial year.
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.
The intrinsic value of the KBC Ancora share is
defined as 1.0066 times2 the price of the KBC Group share, less the
net debt3 per share. KBC Ancora’s net debt position at 31 December
2023 stood at EUR 1.26 per share.
Based on the stock price of the KBC Group share
on 31 December 2023 (EUR 58.72), the intrinsic value of one KBC
Ancora share amounted to EUR 57.85, and the KBC Ancora share (EUR
41.52) was trading at a discount of 28.2% to the net asset
value.
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 – December 2023) |
Trend in discount of KBC Ancora share to its net asset
value (January – December 2023) |
|
|
|
Extraordinary Meeting of Shareholders held on 27
October 2023
At the Extraordinary Meeting of Shareholders
held on 27 October 2023, it was decided to cancel 1,289,470
repurchased own shares and to incorporate other unavailable
reserves totalling EUR 1.13 billion into the capital. The Meeting
also renewed the powers of the statutory director in respect of the
authorised capital and in respect of the repurchase and disposal of
the company's own shares.
Appointments at the statutory director,
Almancora Société de gestion
On 15 December 2023, the Boards of Directors of
Cera Société de gestion, statutory director of Cera, and Almancora
Société de gestion, statutory director of KBC Ancora, announced
that they had appointed Frederik Vandepitte as full-time managing
director (‘A’ director) and CEO with effect from 1 February 2024.
He follows in the footsteps of Franky Depickere, who has
successfully led the Cera group since 2006. Until the end of April
2026, Franky Depickere will remain as a part-time managing director
and will continue to fulfil his mandates and assignments in the KBC
group on behalf of Cera, and prepare their transfer.
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
20).
KBC Ancora's expenses in the second half of the
current financial year (2023/2024) will consist principally of
interest charges plus the usual limited operating expenses. KBC
Ancora estimates the total expenses in respect of the full
financial year 2023/2024 at approximately EUR 10 million.
KBC Group reported a net result of EUR 2.73
billion for the first nine months of 2023. KBC Group will announce
its annual result for the financial year 2023 on 8 February
2024.
Partly dependent on the decisions taken by KBC
Group regarding the distribution in the first half of 2024 of a
final dividend in respect of financial year 2023, the Board of
Directors of Almancora Société de gestion, statutory director of
KBC Ancora, will take a decision at the end of May 2024 on whether
to distribute an interim dividend in June 2024 in respect of
financial year 2023/2024, in line with its dividend policy. KBC
Ancora's dividend policy sets out the intention to pay out 90% of
the recurring result available for distribution in the form of an
(interim) dividend (i.e. after adjustment for any exceptional
results and after mandatory formation of the legal reserve).
A loan totalling EUR 73 million matures in May
2024. Based on its cash planning, KBC Ancora has sufficient funds
available to repay this loan.
Declaration by the responsible
individuals
“We, the members of the Board of Directors of
Almancora Société de gestion, statutory director of KBC Ancora SA,
hereby jointly declare that, in so far as we are aware:
a) the condensed financial
information, 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;
b) 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 condensed
financial information, 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 condensed
interim financial information and accompanying notes. The 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:30 August
2024 (17.40 hrs
CEST) Annual press
release for the financial year 2023/202424 September 2024 (17.40
CEST) Annual Report
2023/2024 available25 October
2024 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: Jan
BergmansTel.: +32 (0)16 279672E-mail: jan.bergmans@kbcancora.be or
mailbox@kbcancora.beAppendix: Balance sheet and profit and
loss account with comparative figures
|
(x EUR 1,000) |
31.12.2023 |
*30.06.2023 |
|
BALANCE SHEET TOTAL |
3,680,471 |
3,654,085 |
|
Assets |
|
|
|
Fixed assets |
3,599,979 |
3,599,979 |
| Financial
fixed assets |
3,599,979 |
3,599,979 |
| Companies
with which there is a participatory relationship |
3,599,979 |
3,599,979 |
|
Participating interests |
3,599,979 |
3,599,979 |
|
Current assets |
80,492 |
54,106 |
|
Receivables due within one year |
0 |
2 |
| Trade
receivables |
0 |
2 |
|
Investments |
79,750 |
53,900 |
|
Own shares |
0 |
50,000 |
| Other
investments |
79,750 |
3,900 |
| Cash at
bank and in hand |
358 |
197 |
| Accrued
income and deferred expense |
384 |
7 |
|
Liabilities |
|
|
|
Equity |
3,503,158 |
3,480,279 |
|
Contribution |
3,158,128 |
2,021,871 |
| Issued
capital |
3,158,128 |
2,021,871 |
|
Reserves |
271,284 |
1,457,541 |
|
Unavailable reserves |
156,844 |
1,343,101 |
| Legal
reserve |
156,844 |
156,844 |
|
Unavailable reserve for own shares |
0 |
50,000 |
| Other
unavailable reserves |
0 |
1,136,257 |
| Available
reserves |
114,440 |
114,440 |
|
Profit/loss carried forward |
867 |
867 |
|
Profit/loss for the period |
72,879 |
n/a |
|
Creditors |
177,313 |
173,806 |
| Amounts
falling due after more than one year |
100,000 |
100,000 |
| Financial
liabilities |
100,000 |
100,000 |
| Credit
institutions |
100,000 |
100,000 |
| Amounts
falling due within one year |
73,236 |
73,223 |
| Financial
liabilities |
73,000 |
73,000 |
| Credit
institutions |
73,000 |
73,000 |
| Trade
creditors |
169 |
182 |
|
Suppliers |
169 |
182 |
| Other
creditors |
67 |
41 |
|
Accrued expense and deferred income |
4,078 |
583 |
* The balance sheet at 30 June 2023 is shown after appropriation
of the result.
|
(x EUR 1,000) |
01.07.2023-31.12.2023 |
01.07.2022-31.12.2022 |
|
|
|
|
|
Operating income |
0 |
7 |
| Other
operating income |
0 |
7 |
|
Operating costs |
1,567 |
1,578 |
| Services
and sundry goods |
1,417 |
1,273 |
| Other
operating costs |
149 |
305 |
|
Operating results |
-1,567 |
-1,571 |
|
|
|
|
|
Financial income |
77,953 |
77,516 |
| Recurring
financial income |
77,516 |
77,516 |
| Income
from financial fixed assets |
77,516 |
77,516 |
| Income
from current assets |
437 |
0 |
|
Financial expenses |
3,508 |
4,636 |
| Recurring
financial charges |
3,508 |
4,636 |
| Cost of
debt |
3,508 |
4,582 |
| Other
financial expenses |
0 |
54 |
|
Financial result |
74,445 |
72,880 |
|
|
|
|
|
Profit (loss) before tax |
72,879 |
71,309 |
|
|
|
|
|
Profit (loss) after tax |
72,879 |
71,309 |
Statutory auditor's report to the board
of directors of KBC Ancora NV on the review of the condensed
interim financial information as at 31 December 2023 and for the
6-month period then ended
FREE TRANSLATION OF THE ORIGINAL IN DUTCH
Introduction
We have reviewed the accompanying interim
financial report 2023/2024, containing the condensed balance sheet
of KBC Ancora NV as at 31 December 2023, the condensed profit and
loss account for the 6-month period then ended, as well as the
notes (“the condensed interim financial information”). The board of
directors is responsible for the preparation and presentation of
this condensed interim financial information in accordance with the
financial reporting framework applicable in Belgium for the
preparation of condensed interim financial information. Our
responsibility is to express a conclusion on this condensed interim
financial information based on our review.
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 31 December 2023 and for the
6-month period then ended has not been prepared, in all material
respects, in accordance with the financial reporting framework
applicable in Belgium for the preparation of condensed interim
financial information.
Other matter
The annual accounts of KBC Ancora NV for the
financial year ended 30 June 2023 as well as the interim financial
report 2022/2023, and therefore the corresponding figures included
in the condensed interim financial information that is the object
of the present report, were audited and reviewed by another
statutory auditor. This statutory auditor expressed an unqualified
opinion on those annual accounts on 22 September 2023 and made no
comments in his review report of 27 January 2023 on these condensed
interim financial information.
Diegem, 26 January 2024
The statutory auditor,PwC Reviseurs
d’Entreprises SRL / Bedrijfsrevisoren BV Represented by
Damien Walgrave*Bedrijfsrevisor / Réviseur
d’Entreprises
* Acting in behalf of Damien Walgrave BV/SRL
1 KBC Ancora's
reporting is based on Belgian GAAP. The valuation principles are
set out in the filed annual
financial
statements and in the annual report.
See Appendix for
the balance sheet and profit and loss account.2
Number of KBC Group
shares held / number of KBC Ancora shares in issue: 1.0066
(= 77,516,380 /
77,011,844).3 Net
debt is defined here as the total liabilities less the total assets
excluding financial fixed assets.
KBC Ancora (EU:KBCA)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
KBC Ancora (EU:KBCA)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
