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Annual Report 2011 1 Table of Contents

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Annual Report 2011 1 Table of Contents 2011 KBC Group 2 011 KBC Annual Report Annual KBC rapport report Results Area of operation (in millions of EUR) KBC is an integrated bancassurance group, catering mainly for retail, SME and 1 724 1 710 1 098 mid-cap customers. It concentrates on its home markets of Belgium and certain Underlying result countries in Central and Eastern Europe. Elsewhere around the globe, the group has established a presence in selected countries. 150 + Exceptional items -1 085 Shareholders KBC Ancora 23% Cera 7% -4 190 1 860 = Net result MRBB 13% under IFRS Other core shareholders 11% 13 KBC group companies 5% KBC group passport group KBC Free float 41% Total 100% -2 466 2009 2010 2011 Customers (estimates for Belgium and the four Central and Eastern European home markets) 9 million 1 Number of staff Breakdown of underlying net result Total (in FTEs) 47 530 by business unit (2011, in millions of EUR) Bank branches 802 Belgium 844 Central and Eastern Europe (four home markets) 806 Insurance network 327 Belgium 492 tied agencies Central and Eastern Europe (four home markets) various distribution channels 79 -110 2 Long-term credit ratings (29-02-2012) Belgium Central & Merchant Group Centre Business Eastern Banking (incl. planned Fitch Moody’s Standard & Poor’s divestments) Unit Europe Business KBC Bank NV A- A1 A- Business Unit Unit KBC Insurance NV A- – A- KBC Group NV A- A2 BBB+ Information Website www.kbc.com Group tier-1 ratio (Basel II) KBC-Telecenter [email protected] Data relates to year-end 2011, unless otherwise indicated. For definitions and comments, please see the detailed tables and 13.8% analyses in this report. 12.6% 12.3% 1 Not including companies that fell within the scope of IFRS 5 at balance sheet date (Fidea, KBL EPB, WARTA). 10.8% 2 Outlook/watch/review data for these ratings is given elsewhere in this report. End of End of End of End of 2011 2009 2010 2011 pro forma (including impact of agreements to sell KBL EPB, Fidea and WARTA) Key financial figures 2007 2008 2009 2010 2011 Consolidated balance sheet and assets under management, end of period (in millions of EUR) Total assets 355 597 355 317 324 231 320 823 285 382 Loans and advances to customers 147 051 157 296 153 230 150 666 138 284 Securities 105 023 94 897 98 252 89 395 65 036 Deposits from customers and debt securities 192 135 196 733 193 464 197 870 165 226 Technical provisions and liabilities under investment contracts, insurance 26 833 26 724 29 951 29 948 26 928 Total equity (including non-voting core-capital securities) 18 487 15 376 17 177 18 674 16 772 Risk-weighted assets at group level (Basel II) 146 998 155 291 143 359 132 034 126 333 Assets under management 230 890 206 842 205 234 208 813 192 795 Consolidated income statement according to IFRS (in millions of EUR) Total income 9 802 4 827 4 625 8 378 7 310 Operating expenses -5 219 -5 600 -4 779 -4 436 -4 344 Impairment -267 -2 234 -2 725 -1 656 -2 123 Net result, group share 3 281 -2 484 -2 466 1 860 13 Basic earnings per share (in EUR) 9.46 -7.31 -7.26 3.72 -1.93 Diluted earnings per share (in EUR) 9.42 -7.28 -7.26 3.72 -1.93 Consolidated underlying1 results (in millions of EUR) Total income 9 481 9 172 9 111 8 744 8 182 Operating expenses -5 164 -5 591 -4 888 -4 832 -4 686 Impairment -191 -743 -1 913 -1 525 -1 909 Net result, group share 3 143 2 270 1 724 1 710 1 098 Basic earnings per share (in EUR) 9.06 6.68 5.08 3.28 1.26 Diluted earnings per share (in EUR) 9.02 6.66 5.08 3.28 1.26 Net result per business unit Belgium – – – 1 051 802 Central & Eastern Europe (four home markets) – – – 570 327 Merchant Banking – – – 133 -110 Group Centre (including planned divestments) – – – -44 79 KBC share Number of shares outstanding, end of period (’000) 355 115 357 753 357 918 357 938 357 980 Parent shareholders’ equity per share, end of period (in EUR) 50.7 31.5 28.4 32.8 28.7 Highest share price for the financial year (in EUR) 106.2 95.0 39.4 38.0 32.6 Lowest share price for the financial year (in EUR) 85.9 18.2 5.5 25.5 7.7 Average share price for the financial year (in EUR) 95.8 65.2 20.9 32.6 22.3 Share price at year-end (in EUR) 96.2 21.5 30.4 25.5 9.7 Gross dividend per share (in EUR)2 3.78 0.0 0.0 0.75 0.01 Equity market capitalisation, end of period (in billions of EUR) 34.2 7.7 10.9 9.1 3.5 Ratios Return on equity 21% -18% -23% 12% -6% Return on equity (based on underlying profit) 20% 16% 16% 11% 5% Cost/income ratio, banking (based on underlying profit) 57% 64% 55% 56% 60% Combined ratio, non-life insurance 96% 95% 101% 100% 92% Credit cost ratio, banking 0.13% 0.70% 1.11% 0.91% 0.82% Tier-1 ratio, group (Basel II) 8.8% 8.9% 10.8% 12.6% 12.3% For definitions and comments, please see the detailed tables, analyses and glossary of ratios in this report. 1 The underlying results are explained in the ‘Results in 2011’ section. Given that the breakdown by business unit was changed in 2011, the reference figures for 2010 have been restated retroactively. 2 Dividend for 2011 subject to the approval of the General Meeting of Shareholders. KBC annual report 2011 1 Table of contents 1 Report of the Board of Directors p. 135 Note 15: Share in results of associated companies p. 5 Main events in 2011 p. 135 Note 16: Income tax expense p. 6 Statement by the Chairman of the Board of Directors p. 136 Note 17: Earnings per share and the President of the Executive Committee p. 137 Notes on the financial assets and liabilities on the p. 8 Strategy and company profile balance sheet p. 11 Structure and management p. 138 Note 18: Financial assets and liabilities, breakdown by portfolio and product p. 14 Information for shareholders and bondholders p. 140 Note 19: Financial assets and liabilities, breakdown by p. 16 Results in 2011 portfolio and geographic location p. 24 Belgium Business Unit p. 140 Note 20: Financial assets and liabilities, breakdown by p. 30 Central & Eastern Europe Business Unit portfolio and remaining term to maturity p. 36 Merchant Banking Business Unit p. 141 Note 21: Financial assets, breakdown by portfolio and p. 41 Shared Services & Operations Business Unit quality p. 44 Group Centre p. 143 Note 22: Maximum credit exposure p. 49 Corporate social responsibility p. 144 Note 23: Fair value of financial assets and liabilities – p. 52 Value and risk management general p. 82 Corporate governance statement p. 145 Note 24: Financial assets and liabilities measured at fair 3 value – fair value hierarchy 2 Consolidated financial statements p. 147 Note 25: Financial assets and liabilities measured at fair value – transfers between levels 1 and 2 p. 108 Statutory auditor’s report p. 148 Note 26: Financial assets and liabilities measured at fair p. 110 Consolidated income statement 1 value – focus on level 3 p. 111 Consolidated statement of comprehensive income p. 151 Note 27: Changes in own credit risk p. 112 Consolidated balance sheet p. 151 Note 28: Reclassification of financial assets and liabilities p. 113 Consolidated statement of changes in equity p. 152 Note 29: Derivatives p. 114 Consolidated cashflow statement p. 155 Notes on other balance sheet items p. 116 Notes on the accounting policies p. 155 Note 30: Other assets p. 116 Note 1 a: Statement of compliance p. 155 Note 31: Tax assets and tax liabilities p. 117 Note 1 b: Summary of significant accounting policies p. 156 Note 32: Investments in associated companies p. 123 Notes on segment reporting p. 157 Note 33: Property and equipment and investment property p. 123 Note 2 a: Segment reporting based on the management p. 158 Note 34: Goodwill and other intangible assets structure p. 160 Note 35: Technical provisions, insurance p. 126 Note 2 b: Segment reporting based on geographic area p. 162 Note 36: Provisions for risks and charges p. 127 Notes to the income statement p. 163 Note 37: Other liabilities p. 127 Note 3: Net interest income p. 164 Note 38: Retirement benefit obligations p. 127 Note 4: Dividend income p. 166 Note 39: Parent shareholders’ equity and non-voting core- p. 127 Note 5: Net result from financial instruments at fair value capital securities through profit or loss p. 167 Other notes p. 129 Note 6: Net realised result from available-for-sale assets p. 167 Note 40: Commitments and guarantees granted and p. 129 Note 7: Net fee and commission income received p. 129 Note 8: Other net income p. 168 Note 41: Leasing p. 130 Note 9: Insurance results p. 169 Note 42: Related-party transactions p. 131 Note 10: Earned premiums, life insurance p. 170 Note 43: Statutory auditor’s remuneration p. 132 Note 11: Non-life insurance per class of business p. 171 Note 44: Principal subsidiaries and associated companies p. 133 Note 12: Operating expenses p. 172 Note 45: Main changes in the scope of consolidation p.
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