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WORKING #together TOWARDS A SUSTAINABLE FUTURE Annual Report of KBC Group 2016 KBC Group of Report Annual Annual Report of KBC Group 2016 KBC group passport Net result (in millions of EUR) Our area of operation 2 639 We are an integrated bank-insurance group, catering mainly for retail, private banking, SME and mid-cap clients. Our core markets are Belgium, 765 2 427 the Czech Republic, Slovakia, Hungary, Bulgaria and Ireland. We are also present to a limited extent in several other countries to support corporate 1 762 clients from our core markets. Our clients, staff and network 2 218 Clients (estimate) over 10 million Staff 38 356 Bank branches 1 456 -344 Insurance network 427 agencies in Belgium, various distribution 2014 2015 2016 channels in Central and Eastern Europe impact of liquidation of KBC Financial Holding Inc. Our long-term credit ratings (20-03-2017) impact of goodwill impairment for a number of participating interests Fitch Moody’s Standard & Poor’s KBC Bank NV A A1 A KBC Insurance NV – – A- KBC Group NV A Baa1 BBB+ Breakdown of net result by business unit (2016, in millions of EUR) Our core shareholders 1 432 KBC Ancora 18.5% Cera 2.7% MRBB 11.4% Other core shareholders 7.6% 596 Data relates to year-end 2016, unless otherwise indicated. For definitions, please see the detailed tables 428 and analyses in this report. Outlook/watch/review data for our ratings is given elsewhere in this report. -29 Belgium Czech International Group Business Republic Markets Centre Unit Business Business Unit Unit 3.5 million clients 96 billion EUR in loans 0.5 million 4 million 125 billion EUR clients clients in deposits 7 billion EUR 22 billion EUR in loans in loans Common equity ratio at group level 6 billion EUR 26 billion EUR Ireland in deposits (Basel III, Danish compromise, fully loaded) in deposits 15.8% 0.6 million Belgium 14.9% clients 14.3% Czech Republic 0.9 billion EUR Slovakia in loans 0.8 billion EUR Hungary in deposits 0.2 million clients (excluding the impact of 13 billion EUR the acquisition of 1.7 million Bulgaria in loans United Bulgarian Bank clients 5 billion EUR announced on 5 billion EUR in deposits 30 December 2016) in loans 7 billion EUR in deposits Clients: estimates; loans: see the ‘How do we manage our risks?’ section; deposits: deposits from customers and debt securities (excluding repos). Data for Belgium includes the limited network of KBC Bank branches abroad. 2014 2015 2016 2016 2015 2014 2013 2012 Consolidated balance sheet, end of period (in millions of EUR) Total assets 275 200 252 356 245 174 238 686 256 928 Loans and advances to customers 133 231 128 223 124 551 120 371 128 492 Securities 73 262 72 623 70 359 64 904 67 295 Deposits from customers and debt securities 177 730 170 109 161 783 161 135 159 632 Technical provisions and liabilities under investment contracts, insurance 32 310 31 919 31 487 30 488 30 058 Total equity 17 357 15 811 16 521 14 514 15 879 Risk-weighted assets (Basel II to 2012, Basel III from 2013, fully loaded) 87 782 89 067 91 236 91 216 102 148 Consolidated income statement (in millions of EUR) Total income 7 211 7 148 6 720 7 448 7 733 Operating expenses -3 948 -3 890 -3 818 -3 843 -4 248 Impairment -201 -747 -506 -1 927 -2 511 Net result, group share 2 427 2 639 1 762 1 015 612 Belgium 1 432 1 564 1 516 – – Czech Republic 596 542 528 – – International Markets (Slovakia, Hungary, Bulgaria, Ireland) 428 245 -182 – – Group Centre -29 287 -100 – – Gender diversity Gender diversity in the workforce (percentage of women) 56% 56% 57% 57% 58% Gender diversity in the Board of Directors (percentage of women) 31% 25% 22% 15% 10% Environmental efficiency (per FTE) Electricity consumption (in GJ) 17.6 18.5 – – – of which low-carbon electricity (as % of electricity consumption) 66% 48% – – – Gas and heating oil consumption (in GJ) 9.8 9.9 – – – Other energy consumption (in GJ) 2.6 2.8 – – – Commuter and business travel (in km) 8 839 8 909 – – – Paper consumption (in tonnes) 0.11 0.12 – – – Water consumption (in m³ of drinking water) 10.5 12.4 – – – Greenhouse gas emissions (in tonnes of CO2e) 2.6 2.9 – – – KBC share Number of shares outstanding, end of period (in millions) 418.4 418.1 417.8 417.4 417.0 Parent shareholders’ equity per share, end of period (in EUR) 38.1 34.5 31.4 28.3 29.0 Average share price for the financial year (in EUR) 51.0 56.8 43.1 32.8 17.3 Share price at year-end (in EUR) 58.8 57.7 46.5 41.3 26.2 Gross dividend per share (in EUR) 2.80 0.00 2.00 0.00 1.00 Basic earnings per share (in EUR) 5.68 3.80 3.32 1.03 -1.09 Equity market capitalisation, end of period (in billions of EUR) 24.6 24.1 19.4 17.2 10.9 Financial ratios Return on equity 18% 22% 14% 9% 1% Cost/income ratio, banking 55% 55% 58% 52% 64% Combined ratio, non-life insurance 93% 91% 94% 94% 95% Credit cost ratio, banking 0.09% 0.23% 0.42% 1.21% 0.71% Common equity ratio (Basel III, Danish compromise method, fully loaded) 15.8% 14.9% 14.3% 12.8% – Total capital ratio (Basel III, Danish compromise method, fully loaded) 20.0% 19.0% 18.3% 17.8% – Net stable funding ratio (NSFR) 125% 121% 123% 111% 105% Liquidity coverage ratio (LCR) 139% 127% 120% 131% 107% For definitions and comments, please see the analyses and ‘Glossary of ratios and terms’ in this report. The proposed dividend for 2016 is subject to the approval of the General Meeting of Shareholders. Our key performance indicators (KPIs) at group level* Growth of total income Growth of gross Cost/income ratio Combined ratio Dividend Target: CAGR for 2013–17 bank-insurance income Target: in 2017 ≤ 53% Target: in 2017 ≤ 94% Target: dividend payout ≥ 2.25% Target: CAGR for 2013–17 ratio ≥ 50% ≥ 5% Common equity ratio Total capital ratio Net stable funding ratio Liquidity coverage Reputation Target: fully loaded Target: fully loaded (NSFR) ratio (LCR) Target: higher score and/or ≥ 10.4% in 2019 ≥ 17% in 2017 Target: ≥ 105% Target: ≥ 105% more progress than sector average Client experience Innovation Governance Stakeholder Position in SRI funds Target: higher score and/ Target: higher score and/or Target: higher score and/ interaction Target: market leadership in or more progress than more progress than sector or more progress than Target: have a formal Belgium sector average average sector average stakeholder interaction process in place KPI definitions and individual KPI scores achieved to date are provided in the ‘Our strategy’ section. * Most of which were defined in 2014. Table of Report of the Board Consolidated contents of Directors financial statements 6 KBC at a glance 148 Consolidated income statement 8 Statement by the Chairman of the Board of Directors 149 Consolidated statement of comprehensive income and the Chief Executive Officer 150 Consolidated balance sheet 10 Our business model 151 Consolidated statement of changes in equity 30 Our strategy 152 Consolidated cashflow statement 52 Our financial report 60 Our business units 154 1.0 Notes on the accounting policies 76 How do we manage our risks? 154 Note 1.1: Statement of compliance 112 How do we manage our capital? 155 Note 1.2: Summary of significant accounting policies 120 Corporate governance statement 162 Note 1.3: Critical estimates and significant judgements 163 2.0 Notes on segment reporting 163 Note 2.1: Segment reporting based on the management structure 164 Note 2.2: Results by segment 166 Note 2.3: Balance sheet information by segment 166 3.0 Notes to the income statement 166 Note 3.1: Net interest income 167 Note 3.2: Dividend income 167 Note 3.3 Net result from financial instruments at fair value through profit or loss 168 Note 3.4: Net realised result from available-for-sale assets 168 Note 3.5: Net fee and commission income 168 Note 3.6: Other net income 168 Note 3.7: Insurance results 172 Note 3.8: Operating expenses 172 Note 3.9: Personnel 173 Note 3.10: Impairment (income statement) 174 Note 3.11: Share in results of associated companies and joint ventures 174 Note 3.12: Income tax expense 175 Note 3.13: Earnings per share 176 4.0 Notes on the financial assets and liabilities on the balance sheet 176 Note 4.1: Financial assets and liabilities, breakdown by portfolio and product 178 Note 4.2: Financial assets and liabilities, breakdown by portfolio and quality 180 Note 4.3: Maximum credit exposure and offsetting 182 Note 4.4: Fair value of financial assets and liabilities – general 184 Note 4.5: Financial assets and liabilities measured at fair value – fair value hierarchy 2 Annual Report KBC 2016 Company annual accounts and additional information 186 Note 4.6: Financial assets and liabilities measured at fair 214 Company balance sheet, income statement and profit value – transfers between levels 1 and 2 appropriation 187 Note 4.7: Financial assets and liabilities measured at fair 216 Notes to the company annual accounts value – focus on level 3 218 Glossary of ratios and terms 187 Note 4.8: Changes in own credit risk 223 Management certification 188 Note 4.9: Reclassification of financial assets and liabilities 223 Contact details 189 Note 4.10: Derivatives 223 Financial calendar for 2017 191 5.0 Notes on other balance sheet items 191 Note 5.1: Other assets 191 Note 5.2: Tax assets and tax liabilities 192 Note 5.3: Investments in associated companies and joint ventures 193 Note 5.4: Property and equipment and investment property 193 Note 5.5: Goodwill and other intangible assets 195 Note 5.6: Technical provisions, insurance 196 Note 5.7: Provisions for risks and charges 198 Note 5.8: Other liabilities 198 Note 5.9: Retirement benefit obligations Welcome 202 Note 5.10: Parent shareholders’ equity, non-voting core-capital securities and additional tier-1 instruments Statutory annual report: we have incorporated the content of the annual report required by law into the 202 Note 5.11: Non-current assets held for sale and ‘Report of the Board of Directors’, which also contains additional, non-compulsory information.
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