KBC Ancora closes financial year 2023/2024 with a profit of EUR
368.3 million
Regulated information, Leuven, 30 August 2024 (17.40 hrs
CEST)
KBC Ancora closes financial year
2023/2024 with a profit of EUR 368.3 million
KBC Ancora recorded a profit for the
financial year 2023/2024 of EUR 368.3 million, equivalent to EUR
4.78 per share. In the previous financial year, KBC Ancora recorded
a profit of EUR 298.9 million.
The result in the second half of the financial year was EUR
295.4 million, or EUR 3.84 per share.
KBC Ancora distributed a gross interim dividend of EUR 4.09
per share on 6 June 2024 and, as previously announced, will not pay
a final dividend.
The Board of Directors of Almancora Société
de gestion, statutory director of KBC Ancora NV, hereby presents
the annual figures for the financial year ended 30 June 2024,
subject to the approval of the General Meeting of KBC Ancora
Shareholders to be held on 25 October 2024.
Abridged financial summaries and
notes1
Results for the financial
year
|
|
Financial year
total
(x EUR 1,000) |
2023/2024
per share
(in EUR) |
Financial year
total
(x EUR 1,000) |
2022/2023
per share
(in EUR) |
| Income |
378,276 |
4.91 |
310,951 |
3.97 |
|
Operating income |
7 |
0.00 |
18 |
0.00 |
|
Recurring financial income |
378,269 |
4.91 |
310,932 |
3.97 |
| Expenses |
9,985 |
0.13 |
12,081 |
0.15 |
|
Operating costs |
3,197 |
0.04 |
3,043 |
0.04 |
|
Financial expenses |
6,788 |
0.09 |
9,038 |
0.12 |
| Result after
taxes |
368,290 |
4.78 |
298,869 |
3.82 |
| Number of shares in
issue* |
|
77,011,844 |
|
78,301,314 |
| Number of
dividend-entitled shares in issue at balance sheet date |
|
77,011,844 |
|
77,011,844 |
* No instruments have been issued which
could lead to
dilution.
KBC Ancora recorded a profit of EUR 368.3
million in the financial year 2023/2024, compared with a profit of
EUR 298.9 million in the previous financial year.
Income (EUR 378.3 million) consisted of dividend received on the
participating interest in KBC Group (EUR 376.0 million) and
interest income (EUR 2.3 million). Expenses (EUR 10.0 million)
consisted of operating costs (EUR 3.2 million) and interest charges
on debt (EUR 6.8 million).
Developments in the last six months
of the financial year 2023/2024
Participating interest in KBC Group, net
debt position and net asset value
The number of KBC Group shares in portfolio
remained unchanged during the second half of the financial year, at
77,516,380.
The net asset value of the KBC Ancora share
corresponds to 1.0066 times2 the price of the KBC Group
share, less the net debt3 per share. KBC Ancora’s net
debt position as at 30 June 2024 stood at EUR 1.51 per share.
Based on the stock market price of the KBC Group
share on 30 June 2024 (EUR 65.90), the net asset value of one KBC
Ancora share amounted to EUR 64.82, and the KBC Ancora share (EUR
43.50) was trading at a discount of 32.9% 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
(July 2023 – June 2024) |
Trend in discount of KBC Ancora share to its net asset
value (July 2023 – June 2024) |
|
|
|
Appointments at the statutory director,
Almancora Société de gestion
As announced in December 2023, on 1 February
2024 Frederik Vandepitte commenced his term of office as a
full-time managing director (‘A’ director) of Almancora Société de
gestion, statutory director of KBC Ancora, and CEO of KBC
Ancora.
Result for the second half of the
financial year 2023/2024
|
|
2H FY
total
(x EUR 1,000) |
2023/2024
per share
(in EUR) |
2H FY
total
(x EUR 1,000) |
2022/2023
per share
(in EUR) |
| Income |
300,322 |
3.90 |
233,427 |
2.98 |
|
Operating income |
7 |
0.00 |
12 |
0.00 |
|
Recurring financial income |
300,316 |
3.90 |
233,416 |
2.98 |
| Expenses |
4,911 |
0.06 |
5,867 |
0.07 |
|
Operating costs |
1,631 |
0.02 |
1,465 |
0.02 |
|
Financial expenses |
3,280 |
0.04 |
4,402 |
0.06 |
| Result after
taxes |
295,412 |
3.84 |
227,560 |
2.91 |
| Number of shares in issue |
|
77,011,844 |
|
78,301,314 |
| Number of
dividend-entitled shares at balance sheet date |
|
77,011,844 |
|
77,011,844 |
KBC Ancora recorded a profit of EUR 295.4
million in the second half of the year under review, or EUR 3.84
per share. In the same period in the previous financial year, KBC
Ancora recorded a profit of EUR 227.6 million.
Income amounted to EUR 300.3 million.
KBC Ancora received dividend income totalling EUR 298.4 million on
its participating interest in KBC Group (EUR 3.15 per share on 15
May 2024 and EUR 0.70 per share on 29 May 2024), as well as
interest income of EUR 1.9 million on term deposits.
Over the same period in the previous financial year, KBC Ancora
received dividends amounting to EUR 232.5 million on its
participating interest in KBC Group.
Expenses in the second half-year (EUR 4.9
million) were EUR 1.0 million lower than a year earlier, and were
determined by the following factors:
- Operating costs
amounted to EUR 1.6 million, EUR 0.1 million more than in the same
period in the previous financial year. Of this total, EUR 1.2
million relates to costs incurred within the cost-sharing agreement
with Cera. Other costs relate among other things to dividend
distribution costs, costs incurred for the statutory director,
listing fees and taxes on securities accounts.
- Cost of debt amounted to EUR 3.3
million, EUR 1.1 million less than in the previous financial year,
largely thanks to debt repayments of EUR 70 million (May 2023) and
EUR 73 million (May 2024).
Balance sheet as at 30 June
2024
| (x EUR 1,000) |
30.06.2024 |
30.06.2023 |
30.06.2022 |
| BALANCE SHEET
TOTAL |
3,599,986 |
3,654,085 |
3,680,265 |
| Assets |
|
|
|
| Fixed
assets |
3,599,979 |
3,599,979 |
3,599,979 |
| Financial fixed
assets |
3,599,979 |
3,599,979 |
3,599,979 |
| Current
assets |
8 |
54,106 |
80,287 |
|
Liabilities |
|
|
|
| Equity |
3,483,591 |
3,480,279 |
3,436,319 |
| Contribution |
3,158,128 |
2,021,871 |
2,021,871 |
| Legal reserve |
175,258 |
156,844 |
141,900 |
| Unavailable reserve for
treasury shares |
0 |
50,000 |
4,336 |
| Other unavailable
reserves |
0 |
1,136,257 |
1,136,257 |
| Available
reserves |
149,427 |
114,440 |
131,711 |
| Profit (loss) carried
forward |
777 |
867 |
243 |
|
Creditors |
116,396 |
173,806 |
243,947 |
| Amounts falling due after
more than one year |
100,000 |
100,000 |
243,000 |
| Amounts falling due within
one year |
16,050 |
73,223 |
190 |
| Accrued income and
deferred expense |
345 |
583 |
756 |
Total assets stood at EUR 3.60 billion on 30
June 2024, a reduction of EUR 54.1 million compared with the
previous year.
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 (the historical acquisition cost).
The stock market price of the KBC Group share on the balance sheet
date was EUR 65.90. The IFRS equity value stood at EUR 53.2 per
share on 30 June 2024.
Current assets fell by EUR 54.1 million compared
with a year earlier. This reduction was due primarily to the
cancellation by KBC Ancora of 1,289,470 repurchased shares
(included under ‘Current Investments’ for an amount of EUR 50.0
million), pursuant to a resolution passed by the Extraordinary
Meeting of Shareholders held on 27 October 2023, and the
utilization of EUR 3.9 million previously held in term deposit
accounts.
The cancellation of treasury shares was
accompanied by a write-down amounting to EUR 50.0 million,
disclosed in liabilities under ‘Unavailable reserves for purchase
of own shares’.
In addition, the issued capital increased by EUR 1,136.3 million
through incorporation of the entire ‘Other unavailable reserves’,
as approved by the Extraordinary Meeting of Shareholders held on 27
October 2023.
Debt (EUR 116.4 million, including financial
debt of EUR 115.7 million) reduced by EUR 57.4 million compared
with the previous financial year, largely due to the repayment of a
loan of EUR 73 million in May 2024 and a credit facility drawdown
of EUR 15.6 million.
After addition of the result carried forward
from the previous financial year (EUR 0.9 million), the result
available for appropriation amounted to EUR 369.2 million. The
following appropriation of profit will be proposed to the General
Meeting of Shareholders to be held on 25 October 2024:
- addition of EUR 18.4 million (5% of
the profit for the financial year) to the legal reserve;
- addition of EUR
35.0 million to the available reserves; This amount represents 10%
of the recurring result, after formation of the legal reserve;
- dividend amounting
to EUR 315.0 million. This amount represents the interim dividend
of EUR 4.09 per share that was distributed to shareholders on 6
June 2024, and is equal to 90% of the recurring result available
for distribution, after formation of the legal reserve;
- carry-forward of
the balance of EUR 0.8 million, or EUR 0.01 per share, to the next
financial year.
Notes on anticipated developments in the
financial year 2024/2025
Costs within the cost-sharing agreement with
Cera are expected to amount to approximately EUR 2.5 million. Total
interest charges for the financial year 2024/2025 are estimated at
approximately EUR 4.5 million. Other operating costs are likely to
be around EUR 1.0 million.
In its press release of 8 August 2024, KBC Group
reaffirmed its intention, in line with its dividend policy, to
distribute an interim dividend of EUR 1.00 per share in November
2024, as an advance payment on the total dividend in respect of the
financial year 2024. 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.
The anticipated income and expenses detailed
above could enable KBC Ancora to close the financial year 2024/2025
with a positive result for appropriation and, barring unforeseen
circumstances, to distribute an interim dividend in June 2025, in
line with its dividend policy.
Information on the external audit of the annual accounting
data
The statutory auditor, PwC Bedrijfsrevisoren BV,
represented by Damien Walgrave (acting on behalf of Damien Walgrave
BV), has confirmed that the audit of the financial statements is
substantially complete and that to date no material misstatements
have been noted. More specifically, the ESEF-related XHTML version
of the annual report has yet to be prepared and verified by the
statutory auditor. The statutory auditor has also confirmed that
the accounting information contained in this press release is
consistent, in all material respects, with the financial statements
on the basis of which it was prepared.
---------------------------------
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:
24 September
2024 Annual Report
2023/2024 available and notice of Annual General Meeting
of
Shareholders
25 October
2024 Annual General
Meeting of Shareholders
31 January
2025 Interim
financial report 2024/2025
29 August
2025 Annual press
release for the financial year 2024/2025
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 27 96 72
E-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 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.
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