29 April 2011 (17.40 hrs CEST)
KBC Ancora will close the current financial year with a positive recurring result. As the outstanding loss carried forward as at the end of the previous financial year is greater than the projected result for the current financial year, KBC Ancora will not distribute a dividend for the current financial year.
The assets of KBC Ancora consist almost entirely of a participating interest of 22.97% in KBC Group. KBC Group closed its financial year 2010 with a positive result. On 10 February 2011, KBC Group announced a net profit of EUR 1.86 billion. The underlying result was EUR 1.71 billion.
At the General Meeting of Shareholders held on 28 April 2011, the shareholders of KBC Group approved a dividend for the financial year 2010 of EUR 0.75 per KBC Group share.
KBC Ancora is expected to close the current financial year with a positive recurring result of approximately EUR 30 million. However, this result is insufficient to cancel out completely the outstanding loss carried forward as at the end of the previous financial year (EUR -59.8 million). KBC Ancora will not distribute a dividend for the current financial year.
KBC Ancora’s net debt increased from EUR 8.22 per share as at 31 December 2010 to EUR 8.32 per share as at 31 March 2011. This increase was attributable mainly to the pro rata interest charges on outstanding loans. The KBC Group dividend to be received on 6 May 2011 means that the last quarter of the current financial year (1 April 2011 – 30 June 2011) will be closed with a positive result. This will lead to a reduction in the net debt per KBC Ancora share in the fourth quarter of the current financial year, since KBC Ancora cannot distribute a dividend.
