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Dividend policy

The Board of Directors of Almancora Société de gestion, statutory director of KBC Ancora, established the current dividend policy in August 2019.  It implies that, barring exceptional circumstances, 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.

As KBC Ancora is holding cash within the business as a result, this enables the outstanding financial liabilities to be reduced.

 

It should be noted, however, that:

  • 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.
  • the setting aside of the legal reserve does not constitute an economic cost for KBC Ancora shareholders. The share of profits that cannot be distributed due to the obligatory setting aside of a legal reserve remains part of KBC Ancora’s capital, which will, in time, be reflected in the price of KBC Ancora shares (indirect flow-through). 
  • KBC Ancora’s operating expenses, expressed in terms of the market value of its assets, are extremely low and are significantly lower, for example, than the management fees charged by BEVEK or SICAV investment funds.

The historical evolution of the KBC Ancora dividend.