|Financial fixed assets||3,600||Contribution||2,022|
As at the balance sheet date, KBC Ancora’s net debt (debt less total assets excluding financial fixed assets and repurchased own shares) amounted to EUR 168 million. Debts were largely due to EUR 243 million financial debts.
|Result of KBC Ancora
(x EUR million)
|Recurring financial income (dividends from financial fixed assets)||821.7||34.1||77.5|
|Non-recurring financial income (reversal of impairments)
|Cash flow table
(x EUR million)
|Net cash flow||11.6||2.3||60.9|
|Cash position at start of year||64.3||62.0||1.2|
|Net result (excl. dividend income)||-16.8||495.6||-16.6|
|Movement in net working capital||-4.4||0.0||0.0|
|Non-cash result (reversal of impairments)
|Reallocation of cash flows||16.9||13.8||14.4|
|Financial fixed assets||0.0||-511.7||0.0|
|Reversal of impairment of financial fixed assets
|Distribution of interim dividend||-688.3||-15.7||0.0|
|Repurchase of own shares||-4.3||0.0||0.0|
|Cash position at end year||75.9||64.3||62.0|
In the event that KBC Ancora does not receive a dividend from its participating interest in KBC Group in any given year, KBC Ancora will itself not pay a dividend in that year. If KBC Ancora receives KBC Group dividend again in a subsequent financial year, its result carried forward from previous years will be taken into account when determining the profit available for distribution.
This adjusted dividend policy would in principle have applied for the first time to the interim dividend which (barring exceptional circumstances) would have been made payable at the beginning of June 2020. However, in the light of the Covid-19 pandemic the Board of Directors of Almancora Société de gestion, statutory director of KBC Ancora, decided not to distribute an interim dividend, nor to propose a final dividend in respect of the financial year 2019/2020. KBC Ancora will apply the funds which were retained within the company as a result of this decision to the loans totalling EUR 100 million which mature in May 2022.
The amended dividend policy was applied for the first time in the financial year 2020/2021, resulting in the distribution of an interim dividend of EUR 0.44 per share in June 2021.
In the financial year 2021/2022 KBC Group decided, in addition to paying the usual interim dividend of EUR 1.00 per KBC Group share in respect of the current financial year, to distribute a further dividend of EUR 2.30 per share in November 2021 in respect of the financial year 2020. Following this decision, KBC Ancora decided to implement a one-off deviation from its dividend calendar by distributing a first interim dividend of EUR 2.30 per share in December 2021. Following the payment by KBC Group of a final dividend of EUR 7.60 per share in May 2022, KBC Ancora distributed a second interim dividend in June 2022 amounting to EUR 6.49 per share.
No final dividend will be distributed in respect of the financial year 2021/2022.