KBC Ancora closes financial year 2021/2022 with a profit of EUR
804.8 million
Regulated information, Leuven, 26 August 2022 (17.40 hrs
CEST)
KBC Ancora closes financial year
2021/2022 with a profit of EUR 804.8 million
KBC Ancora recorded a profit of EUR
804.8 million in the financial year 2021/2022, equivalent to EUR
10.28 per share. This compares with a profit of EUR 529.7 million
in the previous financial year. This result was
determined principally by the high dividend income
received from the participating interest in KBC Group (EUR 821.7
million). The result in the previous financial year was due in very
large part to the reversal of the remaining impairments on the
participating interest in KBC Group (EUR 511.7 million). The result
in the second half of the financial year was EUR 580.9 million, or
EUR 7.42 per share. KBC Ancora distributed a gross
interim dividend of EUR 2.30 on 9 December
2021 and EUR 6.49 per
share on 9 June
2022; as
announced, it will not
distribute a final dividend.
The Board of Directors of Almancora Société de
gestion, statutory director of KBC Ancora NV, hereby announces the
annual figures for the financial year ended 30 June 2022, subject
to the approval of the General Meeting of KBC Ancora Shareholders
to be held on 28 October 2022.
Abridged financial summaries and
notes1
Results for the financial
year
|
Financial
year total(x EUR 1,000) |
2021/2022per share(in EUR) |
Financial
year
total(x EUR 1,000) |
2020/2021per share(in EUR) |
Income |
821,713 |
10.49 |
545,887 |
6.97 |
Operating income |
39 |
0.00 |
53 |
0.00 |
Recurring financial incomeDividends from financial fixed
assets |
821,674 |
10.49 |
34,107 |
0.44 |
Non-recurring financial incomeReversal of impairments |
0 |
0.00 |
511,726 |
6.54 |
Expenses |
16,884 |
0.22 |
16,204 |
0.21 |
Operating costs |
3,265 |
0.04 |
2,386 |
0.03 |
Financial expenses |
13,619 |
0.17 |
13,818 |
0.18 |
Result after
taxes |
804,828 |
10.28 |
529,682 |
6.76 |
Number of shares in
issue* |
|
78,301,314** |
|
78,301,314 |
* No instruments have been issued which could
lead to dilution. **
On 30 June 2022 the number of shares with dividend entitlement
stood at 78,184,128, being the number of shares in issue
(78,301,314) less the number of repurchased shares (117,186).
KBC Ancora recorded a profit of EUR 804.8
million in the financial year 2021/2022, compared with a profit of
EUR 529.7 million in the previous financial year. However, the
recurring result in the previous financial year was only EUR 18.0
million, in view of the substantial non-recurring result in the
financial year 2020/2021 due to the full reversal of the remaining
impairments on the participating interest in KBC Group, amounting
to EUR 511.7 million.Income (EUR 821.7 million) consisted almost
entirely of dividend received on the participating interest in KBC
Group (EUR 821.7 million). Expenses (EUR 16.9 million) consisted
mainly of the usual operating costs (EUR 3.3 million) and financial
charges (EUR 13.6 million).
Developments in the last six months of
the financial year 2021/2022
Participating interest in KBC Group, net debt
position and net asset value
KBC Ancora did not buy or sell any KBC Group
shares in the second half of the financial year, and holds
77,516,380 KBC Group shares.
Under the share repurchase programme launched on
10 June 2022, in the second half of the financial year KBC Ancora
purchased 117,186 KBC Ancora shares on the stock exchange for a
total amount of EUR 4.3 million. The reserves needed to fund the
repurchase programme were accrued as part of the dividend policy in
force since August 2019.
The net asset value of the KBC Ancora share
corresponds to 0.991 times2 the price of the KBC Group share, less
the net debt3 per share. KBC Ancora’s net debt position as at 30
June 2022 stood at EUR 2.15 per share.
Based on the price of the KBC Group share on 30
June 2022 (EUR 53.54), the net asset value of one KBC Ancora share
amounted to EUR 50.93, and the KBC Ancora share (EUR 35.02) was
trading at a discount of 31.2% to its 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
(July 2021 – June 2022) |
Trend in discount of KBC Ancora share to its net asset
value (July 2021 – June 2022) |
|
|
Result for the second half of the
financial year 2021/2022
|
2H FYtotal(x EUR 1,000) |
2021/2022per share(in EUR) |
2H
FY total(x
EUR 1,000) |
2020/2021per share(in EUR) |
Income |
589,136 |
7.52 |
545,853 |
6.97 |
Operating income |
12 |
0.00 |
20 |
0.00 |
Recurring financial incomeDividends from financial fixed
assets |
589,124 |
7.52 |
34,107 |
0.44 |
Non-recurring financial incomeReversal of impairments |
0 |
0.00 |
511,726 |
6.54 |
Expenses |
8,217 |
0.10 |
8,090 |
0.10 |
Operating costs |
1,532 |
0.02 |
1,156 |
0.01 |
Financial expenses |
6,685 |
0.09 |
6,934 |
0.09 |
Result after
taxes |
580,919 |
7.42 |
537,764 |
6.87 |
Number of shares in issue |
|
78,301,314 |
|
78,301,314 |
KBC Ancora recorded a profit after tax of EUR
580.9 million in the second half of the year under review, or EUR
7.42 per share. In the same period in the previous financial year,
KBC Ancora recorded a profit of EUR 537.8 million.
Income amounted to EUR 589.1 million.
KBC Ancora received dividend income totalling
EUR 589.1 million on its participating interest in KBC Group. In
the same period in the previous financial year, KBC Ancora received
dividends totalling EUR 34.1 million from its participating
interest in KBC Group, in addition to non-recurring income of EUR
511.7 million due to the full reversal of the remaining impairments
on the KBC Group shares held in portfolio.
Expenses in the second half-year (EUR 8.2
million) were EUR 0.1 million higher than a year earlier, and were
principally determined by the following factors:
- The usual
operating costs amounted to EUR 1.5 million, EUR 0.3 million higher
than in the same period in the previous financial year. Of this
total, EUR 0.9 million relates to costs incurred within the
cost-sharing agreement with Cera. Other expenses consisted among
other things of costs associated with the dividend distribution
(which were substantially higher in view of the significantly
increased dividend), management costs (statutory director) and
listing fees.
- Cost of debt amounted to EUR 6.7
million, EUR 0.3 million less than in the same period in the
previous financial year. Interest charges were EUR 0.7 million
lower, while KBC Ancora paid negative interest charges amounting to
EUR 0.5 million.
Balance sheet as at 30 June
2022
(x EUR 1,000) |
30.06.2022 |
30.06.2021 |
30.06.2020 |
BALANCE SHEET
TOTAL |
3,680,265 |
3,664,327 |
3,150,309 |
Assets |
|
|
|
Fixed
assets |
3,599,979 |
3,599,979 |
3,088,253 |
Financial fixed assets |
3,599,979 |
3,599,979 |
3,088,253 |
Current
assets |
80,287 |
64,348 |
62,057 |
Liabilities |
|
|
|
Equity |
3,436,319 |
3,319,759 |
2,805,737 |
Contribution |
2,021,871 |
2,021,871 |
2,021,871 |
Legal reserve |
141,900 |
101,659 |
75,175 |
Unavailable reserve for
repurchase of shares |
4,336 |
0 |
0 |
Other unavailable
reserves |
1,136,257 |
1,136,257 |
650,117 |
Available reserves |
131,711 |
59,588 |
57,806 |
Profit (loss) carried
forward |
243 |
383 |
767 |
Creditors |
243,947 |
344,568 |
344,573 |
Amounts falling due after more
than one year |
243,000 |
243,000 |
343,000 |
Amounts falling due within one
year |
190 |
100,244 |
198 |
Accrued expenses and deferred
income |
756 |
1,324 |
1,374 |
Total assets stood at EUR 3.68 billion on 30
June 2022, up EUR 15.9 million on the previous financial year.The
number of KBC Group shares in portfolio remained unchanged in the
year under review. At the balance sheet date, KBC Ancora held a
total of 77,516,380 KBC Group shares, with a book value of EUR
46.44 per share (the historical book value). The stock market price
of the KBC Group share on the balance sheet date was EUR 57.64; the
IFRS equity value stood at EUR 45.0 per share on 30 June 2022.
Current assets rose by EUR 15.9 million compared
with a year earlier, to EUR 80.3 million. Cash at bank and in hand
increased by EUR 11.6 million, while current investments increased
by EUR 4.3 million due to the repurchase of shares during the year
under review. As a result of the share repurchase programme, an
amount of EUR 4.3 million was also transferred from the available
reserves to an unavailable reserve for treasury shares.
Debt (totalling EUR 243.9 million, including
financial debt of EUR 243 million) reduced by EUR 100.6 million
compared with the position as at the balance sheet date in the
previous financial year, largely due to the repayment in full of
loans totalling EUR 100 million which matured in May 2022.
After addition of the result carried forward
from the previous financial year (EUR 0.4 million), the result
available for appropriation amounted to EUR 805.2 million. The
following appropriation of profit will be proposed to the General
Meeting of Shareholders to be held on 28 October 2022:
- addition of EUR 40.2 million (5% of
the profit for the financial year) to the legal reserve;
- addition of EUR
76.5 million to the available reserves; This amount represents 10%
of the recurring result (after formation of the legal
reserve);
- dividend amounting
to a total of EUR 688.3 million. This amount represents both the
interim dividend of EUR 2.30 per share which was distributed on 9
December 2021, and the interim dividend of EUR 6.49 per share which
was distributed to shareholders on 9 June 2022. It represents 90%
of the recurring result available for distribution, after formation
of the legal reserve;
- carry-forward of
the balance of EUR 0.2 million, or EUR 0.003 per share, to the next
financial year.
Notes on anticipated developments in the
financial year 2022/2023
Barring unforeseen circumstances, KBC Ancora
will complete the ongoing share repurchase programme during the
course of the financial year 2022/2023. This implies a further
investment of EUR 45.7 million.
Costs within the cost-sharing agreement with
Cera are expected to amount to approximately EUR 2.0 million. Total
interest charges for the financial year 2022/2023 are estimated at
approximately EUR 9.2 million. Other operating costs are likely to
be around EUR 1.3 million.
In its press release of 11 August 2022, KBC
Group reaffirmed its intention, in line with its dividend policy,
to distribute an interim dividend of EUR 1.00 per share in November
2022, as an advance payment on the total dividend in respect of the
financial year 2022. Barring exceptional or unforeseen
circumstances, KBC Group's dividend policy is to aim for a dividend
payout ratio (including the coupon on the outstanding Additional
Tier-1 instruments) of at least 50% of the consolidated profit.
Based on the projected income and expenditure as
highlighted above, it is likely that KBC Ancora will close the
financial year 2022/2023 with a positive recurring result available
for appropriation and will be able to distribute an interim
dividend in June 2023, in line with its dividend policy.
Information on the external audit of the
annual accounting data
The audit procedures by KPMG Réviseurs
d’entreprises, represented by Kenneth Vermeire, had not yet been
fully completed at the time of writing. More specifically, the
ESEF-related XHTML annual report document had yet to be generated
and audited by the auditor. As at the date of this press release,
no findings had emerged which would lead to any qualification of
the audit opinion. This draft press release was also reviewed by
the auditor and contains no obvious inconsistencies compared with
the financial statements.
---------------------------------
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:27 September
2022 Annual Report
2021/2022 available and notice of Annual General Meeting of
Shareholders28 October
2022 Annual General
Meeting of Shareholders27 January
2023 Interim
financial report (1H)25 August
2023 Annual press
release for the financial year 2022/2023
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 27 96
72E-mail: jan.bergmans@kbcancora.be or mailbox@kbcancora.be
1 KBC Ancora's
reporting is based on Belgian GAAP.2
Number of KBC Group
shares in portfolio / (number of shares in issue – number of
repurchased shares) = 77,516,380 / (78,301,314 – 117,186) = 0.991.3
Net debt is defined
here as total liabilities less total assets excluding financial
fixed assets and excluding repurchased shares.
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