Interim financial report (regulated information)
(Thomson Reuters ONE) - Interim financial reportLeuven, 29 January 2010 (17.40 hrs CET) - KBC Ancora recorded a negative resultof EUR 15.3 million in the first half of the financial year 2009/2010. Thisresult was in line with the result for the same period in the previous financialyear.Abridged financial summary and notes[1]Results for the first half of the financial year 2009/2010+------------------------------------------------------------------------------+| 1H fin.year 2009/2010 1H fin. year 2008/2009 || (A) per share (B) per share Change || (x EUR 1,000) (in EUR) (x EUR 1,000) (in EUR) (B)->(A)|+------------------------------------------------------------------------------+|Recurring financial -14,094 -0.18 -14,126 -0.18 - 0.2% ||result || ||Other recurring -1,227 -0.02 -1,204 -0.02 + 1.9% ||result || ||Result from capital 0 0.00 0 0.00 0.0% ||operations || ||Extraordinary 0 0.00 0 0.00 0.0% ||result || ||Result before taxes -15,320 -0.20 -15,330 -0.20 - 0.1% |+------------------------------------------------------------------------------+|Result after taxes -15,320 -0.20 -15,330 -0.20 - 0.1% |+------------------------------------------------------------------------------+|Number of shares in 78,301,314 78,301,314 ||issue* |+------------------------------------------------------------------------------+* No financial instruments were issued which could lead to dilutions.KBC Ancora recorded a negative result of EUR 15.3 million in the first sixmonths of the current financial year, or EUR 0.20 per share, in line with theresult in the same period in the previous financial year.Both the recurring financial result (EUR -14,1 million), which relates tointerest charges, and the other recurring result (EUR -1.2 million) determinedby the usual operating costs of KBC Ancora, were virtually identical to thoserecorded in the same period in the previous financial year.Balance sheet as at 31 December 2009+---------------------------------------------------------------------------+| (x EUR 1,000) 31.12.2009 *30.06.2009 |+---------------------------------------------------------------------------+| BALANCE SHEET TOTAL 2,589,834 2,589,845 || || Assets || || Fixed assets 2,589,816 2,589,816 || || Financial fixed assets 2,589,816 2,589,816 || || Current assets 18 29 || || Liabilities || || Capital and reserves 1,977,185 1,992,505 || || Issued capital 2,021,871 3,189,854 || || Statutory reserves 0 60,455 || || Result carried forward -29,366 -1,257,804 || || Profit/loss for the period -15,320 0 || || Creditors 612,650 597,340 || || Amounts falling due after more than one year 550,000 550,000 || || Amounts falling due within one year 44,907 43,557 || || Accruals and deferrals 17,743 3,782 |+---------------------------------------------------------------------------+* The balance sheet as at 30.06.2009 is shown after appropriation of profit.The balance sheet total has remained virtually unchanged over the past sixmonths (EUR 2,589.8 million).The asset position also underwent virtually no changes.On the liabilities side of the balance sheet, capital and reserves fell by anamount equal to the negative result over the first six months of the year (EUR15.3 million). At the same time, liabilities increased by a correspondingamount.The Extraordinary General Meeting held on 30 October 2009 approved the makinggood of the non-recurring losses in the previous financial year (EUR 1,228.4million) by drawing on the statutory reserves (EUR 60.5 million) and by means ofa formal capital reduction (EUR 1,168 million). As a result, there was areduction in both the issued capital and the statutory reserves, as well as inthe loss carried forward.The increase in liabilities is due to the apportionment of interest chargespayable and KBC Ancora's operating costs.Interim report on the first six months of the financial year 2009/2010Highlights of the last six monthsThe Extraordinary General Meeting held on 30 October 2009 resolved among otherthings to approve the making good of the non-recurring losses by drawing on thestatutory reserves and by means of a formal capital reduction (see above).On 18 November 2009, KBC Group confirmed that it was continuing with its plan tobuild up its existing bancassurance model, with a clear focus on its coremarkets and on lowering its risk profile. This plan, which among other thingsproposes a reduction in risk-weighted assets and the disposal of non-coreactivities, is intended to make it possible to finance sustainable andprofitable organic growth and to repay the core capital injected by thegovernment within a reasonable period of time. The relevant strategic plan wasapproved by the European Commission.KBC Ancora will not receive any dividends from its participating interest in KBCGroup in the current financial year. As a result, KBC Ancora will record a lossequivalent to the amount of its operating costs and interest charges. Theseinterest charges and operating costs will be financed by drawing down debtwithin the existing credit facilities. As a consequence, KBC Ancora will notdistribute a dividend for the current financial year.KBC Group has stated its intention of resuming the distribution of dividends in2011 (for the financial year 2010).Description of the period under reviewKBC Ancora recorded a negative result (after taxes) of EUR 15.3 million in thefirst half of the current financial year.The principal component in this result was the cost of debt (EUR 14.1 million).Interest charges remained at virtually the same level as in the same period inthe previous financial year, as the impact of the increase in short-term debtwas neutralised by the sharp fall in short-term interest rates.As well as the cost of debt, the result was influenced by KBC Ancora's operatingcosts (EUR 1.2 million). These operating costs consisted primarily of theoperating costs within the cost-sharing association between Cera and KBC Ancora,which amounted to EUR 0.89 million, EUR 0.07 million lower than in the sameperiod in the previous financial year. Other costs related among other things tolisting fees and management costs.Virtually no revenues were realised.KBC Ancora holds 82,216,380 KBC Group shares, with an average book value of EUR31.5 per KBC Group share. These shares are included under financial fixedassets. The closing price of the KBC Group share as at 31 December 2009 was EUR30.375. The Board of Directors of Almancora Soci? de gestion SA, statutorymanager of KBC Ancora, decided not to apply a further write-down to the value ofthe participating interest in KBC Group as at 31 December 2009.KBC Ancora's net debt position rose to EUR 7.82 per share as at 31 December2009.The net asset value of the KBC Ancora share corresponds to 1.05 times the priceof the KBC Group share, less the net debt per share. Based on the closing pricesof the KBC Group share (EUR 30.375) and the KBC Ancora share (EUR 16.34) on 31December 2009, the net asset value of the KBC Ancora share amounted to EUR24.07, a discount to the net asset value of 32.1%. Based on the closing pricesof the KBC Group share (EUR 31.71) and the KBC Ancora share (EUR 17.04) on 28January 2010, the net asset value of the KBC Ancora share amounted to EUR25.47, a discount to the net asset value of 33.1%.Principal risks and uncertainties in the remaining months of the financial yearCertain risk factors could have an impact on the value of the assets held by KBCAncora and on its ability to distribute a dividend.The assets of KBC Ancora consist almost entirely of a participating interest inKBC Group. As a consequence, developments at KBC Ancora are largely dependent onthe performance of the KBC group.KBC Group announced on 18 November 2009 that it was not planning to distribute adividend in respect of the financial year 2009. KBC Ancora will accordingly notreceive any dividends from its participating interest in KBC Group in theremainder of the financial year 2009/2010, and will therefore itself not be ableto distribute any dividend for the current financial year. KBC Ancora announcedin its annual report for the financial year 2008/2009 that in its liquidityplanning it took into account the possibility that KBC Group would notdistribute a dividend for the financial year 2009.Declaration by the responsible individuals"We, the members of the Board of Directors of Almancora Soci? de gestion SA,statutory manager of KBC Ancora SCA, hereby jointly declare that, in so far aswe 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 auditReport by the auditor of KBC Ancora SCA following a limited review of theinterim financial statements relating to the period ending on 31 December 2009.We have performed a limited review of the interim financial statements of KBCAncora SCA as at 31 December 2009, with a balance sheet total of EUR 2,589.83million and a loss of EUR 15.32 million. These interim statements relate to aperiod of six months and were drawn up in accordance with the accountingreference system applicable in Belgium.Our review was conducted in accordance with the recommendations of the BelgianInstitute of Auditors (Instituut der Bedrijfsrevisoren) as these apply for alimited review. Our review consisted primarily in the analysis, comparison anddiscussion of the financial information and was therefore less thorough than afull audit of the financial statements.No elements emerged during this review which could potentially lead to materialchanges in the interim financial statements.Without prejudice to our statement of limited review, we would draw attention tothe fact that the value of the assets of KBC Ancora SCA, as well as its results,are largely influenced by developments in relation to KBC Group, and thereforealso by the specific risks to which KBC Group is exposed.Brussels, 29 January 2010Klynveld Peat Marwick Goerdeler Reviseurs d'entreprisesAuditorsRepresented byErik ClinckAuditor---------------------------------KBC Ancora is a listed company which holds approximately 23% of the shares inKBC Group and which together with Cera, MRBB and the Other PermanentShareholders is responsible for the shareholder stability and furtherdevelopment of the KBC group. As core shareholders of KBC Group, these partieshave signed a shareholder agreement to this effect.Financial calendar30 April 2010 (17.40 hrs CEST): interim statement1 September 2010 (17.40 hrs CEST): annual press release29 October 2010: General Meeting of ShareholdersThis press release is available in Dutch, French and English on the websitewww.kbcancora.be
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Datum: 29.01.2010 - 17:42 Uhr
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