Interim Financial Report 2024/2025
Regulated information, Leuven, 31 January 2025 (17.40 hrs
CET)
Interim Financial Report 2024/2025
KBC Ancora recorded a profit of EUR 73.9
million in the first half of the financial year 2024/2025. This
compared with a profit of EUR 72.9 million in the same period in
the previous financial year. The result for the first six months of
the financial year was determined chiefly by dividend income
totalling EUR 77.5 million from the participating interest in KBC
Group, operating costs of EUR 1.5 million and interest charges
amounting to EUR 2.3 million.
Abridged financial summaries and
notes1
Results for the first half of
financial year 2024/2025
|
|
1H fin. year
(x EUR 1,000) |
2024/2025
per share
(in EUR) |
1H fin. year
(x EUR 1,000) |
2023/2024
per share
(in EUR) |
| Income |
77,738 |
1.01 |
77,953 |
1.01 |
|
Operating income |
0 |
0.00 |
0 |
0.00 |
|
Recurring financial income |
77,738 |
1.01 |
77,953 |
1.01 |
| Expenses |
-3,805 |
-0.05 |
-5,074 |
-0.07 |
|
Operating costs |
-1,536 |
-0.02 |
-1,567 |
-0.02 |
|
Financial expenses |
-2,269 |
-0.03 |
-3,508 |
-0.05 |
| Result after
taxes |
73,933 |
0.96 |
72,879 |
0.95 |
| Number of shares in
issue* |
|
77,011,844 |
|
77,011,844 |
* No instruments have been issued which
could lead to
dilution.
KBC Ancora recorded a profit of EUR 73.9 million
in the first six months of the current financial year, equivalent
to EUR 0.96 per share, compared with a profit of EUR 72.9 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 on term investments (EUR 0.2 million).
Expenses principally comprised interest charges on debt (EUR 2.3
million) and operating costs (EUR 1.5 million).
Balance sheet as at 31 December
2024
| (x EUR 1,000) |
31.12.2024 |
*30.06.2024 |
| BALANCE SHEET
TOTAL |
3,660,323 |
3,599,986 |
| Assets |
|
|
| Fixed
assets |
3,599,979 |
3,599,979 |
| Current
assets |
60,344 |
8 |
| Investments
(other) |
59,700 |
0 |
| Cash at bank and in
hand |
611 |
1 |
| Accrued income and
deferred expense |
33 |
7 |
|
Liabilities |
|
|
| Equity |
3,557,524 |
3,483,591 |
| Contribution |
3,158,128 |
3,158,128 |
| Legal reserve |
175,258 |
175,258 |
| Available
reserves |
149,427 |
149,427 |
| Profit (loss) carried
forward |
777 |
777 |
| Result for the
period |
73,933 |
n/a |
|
Creditors |
102,798 |
116,396 |
| Amounts
falling due after more than one year |
100,000 |
100,000 |
| Amounts falling due within
one year |
419 |
16,050 |
| Accrued expense and
deferred income |
2,379 |
345 |
* The balance sheet at 30 June 2024 is shown
after appropriation of the result.
The balance sheet total at 31 December 2024
stood at EUR 3.7 billion, an increase of EUR 60.3 million compared
with the end of the financial year 2023/2024.
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 price of the KBC Group share stood at EUR 74.54 on 31
December 2024, while the IFRS equity value amounted to EUR 54.1 per
KBC Group share on 30 September 2024.
Current assets increased by EUR 60.3 million to EUR 60.3 million,
principally the result of interim dividend received in November
2024 on the participating interest in KBC Group (EUR +77.5 million)
and the repayment of short-term financial debt (EUR -15.6
million).
Total equity rose by EUR 73.9 million. This
increase was due to the result in the first half of the current
financial year (EUR 73.9 million).
Debt showed a net reduction of EUR 13.6 million, due on the one
hand to the repayment of short-term financial debt totalling EUR
15.6 million, and on the other an increase of EUR 2.0 million in
the (pro rata) interest charges in respect of the first half of the
financial year.
Interim report on the first six months of the current
financial year 2024/2025
Notes on the first half of the
current financial year 2024/2025
Extension of shareholder agreement
concerning the anchoring of KBC Group
On 29 November 2024 Cera and KBC Ancora,
together with MRBB and the Other Permanent Shareholders, confirmed
that they would be extending unchanged their collaboration as a
syndicate with respect to KBC Group for a further term of ten
years. The extension of the syndicate agreement came into effect on
1 December 2024. Cera, KBC Ancora, MRBB and Other Permanent
Shareholders will henceforth collectively hold 41.7% of the total
number of KBC Group shares. In this way, the shareholders concerned
will continue to ensure the shareholder stability and support the
further development of the KBC group.
Result for the first six months of the
financial year 2024/2025
KBC Ancora recorded a profit of EUR 73.9 million
in the first six months of the current financial year, compared
with a profit of EUR 72.9 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
financial year, this consisted of an interim dividend of EUR 1.00
per KBC Group share.
- Interest income
totalling EUR 0.2 million on term investments, compared with EUR
0.4 million in the same period in the previous financial year.
- Interest charges
amounting to EUR 2.3 million, a reduction of EUR 1.2 million
compared with the same period in the previous financial year, due
to the reduction in outstanding financial debt.
- Operating expenses amounting to EUR
1.5 million, in line with the previous financial year. The
operating expenses consisted primarily of costs incurred under the
cost-sharing agreement with Cera (EUR 1.2 million). There were also
the usual expenses, such as listing costs and costs associated with
the statutory director.
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 net asset 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 2024 stood at EUR 0.55 per share.
Based on the price of the KBC Group share on 31
December 2024 (EUR 74.54), the net asset value of one KBC Ancora
share amounted to EUR 74.48, and the KBC Ancora share (EUR 50.50)
was trading at a discount of 32.2% 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 2024) |
Trend in discount of KBC Ancora share to its net asset
value (January – December 2024) |
|
|
|
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 (2024/2025) 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 2024/2025 at approximately EUR 8 million.
KBC Group reported a net result of EUR 2.3
billion for the first nine months of 2024. KBC Group will announce
its annual result for the financial year 2024 on 13 February
2025.
Partly dependent on the decisions taken by KBC
Group regarding the distribution in the first half of 2025 of a
final dividend in respect of financial year 2024, the Board of
Directors of Almancora Société de gestion, statutory director of
KBC Ancora, will take a decision at the end of May 2025 on whether
to distribute an interim dividend in June 2025 in respect of
financial year 2024/2025, 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).
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 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;
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 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 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:
29 August 2025 (17.40 hrs
CEST) Annual press
release for the financial year 2024/2025
30 September 2025 (17.40
CEST) Annual Report
2024/2025 available
31 October
2025 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
Bergmans
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 EUR 1,000) |
31.12.2024 |
*30.06.2024 |
|
BALANCE SHEET TOTAL |
3,660,323 |
3,599,986 |
|
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 |
60,344 |
8 |
|
Investments |
59,700 |
0 |
| Other
investments |
59,700 |
0 |
| Cash at
bank and in hand |
611 |
1 |
| Accrued
income and deferred expense |
33 |
7 |
|
Liabilities |
|
|
|
Equity |
3,557,524 |
3,483,591 |
|
Contribution |
3,158,128 |
3,158,128 |
|
Issued capital |
3,158,128 |
3,158,128 |
|
Reserves |
324,686 |
324,686 |
|
Unavailable reserves |
175,258 |
175,258 |
| Legal
reserve |
175,258 |
175,258 |
| Available
reserves |
149,427 |
149,427 |
|
Profit/loss carried forward |
777 |
777 |
|
Profit/loss for the period |
73,933 |
n/a |
|
Creditors |
102,798 |
116,396 |
| 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 |
419 |
16,050 |
|
Financial liabilities |
0 |
15,635 |
|
Credit institutions |
0 |
15,635 |
| Trade
creditors |
159 |
173 |
|
Suppliers |
159 |
173 |
| Other
creditors |
260 |
241 |
|
Accrued expense and deferred income |
2,379 |
345 |
* The balance sheet at 30 June 2024 is shown after appropriation
of the result.
|
(x EUR 1,000) |
01.07.2024-31.12.2024 |
01.07.2023-31.12.2023 |
|
|
|
|
|
Operating income |
0 |
0 |
| Other
operating income |
0 |
0 |
|
Operating costs |
1,536 |
1,567 |
| Services
and sundry goods |
1,535 |
1,417 |
| Other
operating costs |
0 |
149 |
|
Operating results |
-1,536 |
-1,567 |
|
|
|
|
|
Financial income |
77,738 |
77,953 |
| Recurring
financial income |
77,738 |
77,953 |
|
Income from financial fixed assets |
77,516 |
77,516 |
|
Income from current assets |
222 |
437 |
|
Financial expenses |
2,269 |
3,508 |
| Recurring
financial charges |
2,269 |
3,508 |
| Cost
of debt |
2,269 |
3,508 |
| Other
financial expenses |
0 |
0 |
|
Financial result |
75,469 |
74,445 |
|
|
|
|
|
Profit (loss) before tax |
73,933 |
72,879 |
|
|
|
|
|
Profit (loss) after tax |
73,933 |
72,879 |
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 2024 and for the 6-month period then
ended
FREE TRANSLATION OF THE ORIGINAL IN DUTCH
Introduction
We have reviewed the accompanying interim
financial report 2024/2025, containing the condensed balance sheet
of KBC Ancora NV as at 31 December 2024, 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 2024 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.
Diegem, 31 January 2025
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 total liabilities less total assets
excluding financial fixed assets.
KBC Ancora (EU:KBCA)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
KBC Ancora (EU:KBCA)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
