Financial results


This section of the website provides a brief description of the statistical material presented in the most recent Annual Report (2020/2021). 
Key figures (up to 30 June 2021)

Balance sheet after profit distribution (in EUR million) 

Financial fixed assets 3,600 Contribution 2,022
Current assets 64 Reserves 1,298
    Creditors 345

Capital and shares

On 30 June 2021 KBC Ancora’s capital and reserves amounted to EUR 3,320 million. The company’s capital amounted to EUR 2,022 million and was represented by 78,301,314 shares. 

Participation in KBC Group

On the balance sheet date, KBC Ancora held 77,516,380 KBC Group shares, representing a participating interest of 18.6% in KBC Group.

Net debt

As at the balance sheet date, KBC Ancora’s net debt (debt less current assets) amounted to EUR 280 million. Debts were largely due to EUR 343 million financial debts.

Income, expenses

KBC Ancora’s income consists almost entirely of dividends from its participating interest in KBC Group. 

KBC Ancora’s operating expenses break down into costs relating exclusively to KBC Ancora, such as costs incurred in connection with financial services, costs in relation to stock market listing, costs in connection with management activities and costs of creditors, and operating costs incurred through the cost-sharing agreement. The latter was created by KBC Ancora and Cera to enhance the cost-effectiveness of both parties’ operations.

The following tables summarise the trend in the income and expenses of KBC Ancora in recent financial years.
Result of KBC Ancora
(x EUR million)
Financial year
Financial year
Financial year
Income 545.9 77.6 271.4
Operating income 0.1  0.0  0.0 
Recurring financial income (dividends from financial fixed assets) 34.1 77.5 271.3
Non-recurring financial income (reversal of impairments) 
511.7 0.0 0.0
Expenses 16.2 16.7 17.6
Operating costs 2.4 2.2 2.5
Financial expenses 13.8 14.5 15.1

Cash flows

The table below represents the cash flows for the last financial years. 
Cash flow table
(x EUR million)
Financial year
Financial year
Financial year
Net cash flow 2.3 60.9 -19.5
Indirect method
Operating activities 18.0 60.9 253.7
Net result 529.7 60.8 253.7
Movement in net working capital 0.0 0.0 0.0
  Non-cash result (reversal of impairments)
-511.7  0.0 0.0 
Investing activities 0.0 0.0 0.0
Financial fixed assets -511.7 0.0 0.0
Reversal of impairment of financial fixed assets 
511.7  0.0  0.0 
Financing activities -15.7 0.0 -273.2
Financial liabilities 0.0 0.0 -32.0
Distribution of interim dividend -15.7 0.0 -241.2


In August 2019, the Board of Directors of Almancora Société de gestion, statutory manager of KBC Ancora, has decided to make a limited adjustment to the dividend policy. This adjustment means that, with effect from the current financial year, 90% of the distributable recurring result for the financial year (i.e. after adjustment for any exceptional results and after the compulsory formation of the legal reserve) will be paid out as (interim) dividend.
Compared to the previous dividend policy, this means a reduction of 10%. As KBC Ancora is holding more cash within the business as a result, the outstanding financial liabilities will be reduced more quickly. That makes KBC Ancora’s balance sheet more resilient against shocks and, from May 2022, on the next loan maturity date (EUR 100 million out of a total of EUR 343 million), will in principle lead to an accelerated reduction in the interest charges payable.

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 dividend policy announced in 2019 is thus being applied for the first time in relation to the financial year 2020/2021. The Board of Directors decided to distribute an interim dividend in June 2021 amounting to EUR 0.20 per KBC Ancora share. No final dividend will be distributed in respect of the financial year 2020/2021.