KBC Groupe NV

Annual Report • Apr 2, 2013

40					1	EUR
Nr.	Date of the deposition	No. 0403.227.515		PP.	E.	D.			C 1.1
			ANNUAL ACCOUNTS IN EURO (2 decimals)
NAME:	KBC GROEP
	Legal form: PLC
Address:	Havenlaan							Nr.: 2
Postal Code:	1080	City: Brussel 8
	Country: Belgium
	Register of Legal Persons (RLP) - Office of the commercial court at:			Bruxelles
	Internet address *:
							Company number:	0403.227.515
DATE	31/01/2013 publication of the partnership deed and the act changing the articles of association.							of the deposition of the partnership deed OR of the most recent document mentioning the date of
	ANNUAL ACCOUNTS approved by the General Meeting of				2/05/2013
	concerning the financial year covering the period from		1/01/2012			till		31/12/2012
		Previous period from	1/01/2011			till		31/12/2011
	The amounts of the previous financial year are	are not /					** identical to those which have been previously published.
	COMPLETE LIST WITH name, first name, profession, residence-address (address, number, postal code, municipality) and position with the enterprise, OF DIRECTORS, MANAGERS AND AUDITORS
	LEYSEN Thomas
	Dennenlaan 9 A, 2020 Antwerpen 2, Belgium
	Title : President of the board of directors
	VLERICK Philippe Ronsevaalstraat 2, 8510 Bellegem, Belgium
	Title : Vice president of the board of directors
	BORGHGRAEF Paul
	Rozenlaan 24, 2970 Schilde, Belgium
Title : Director
	Mandate : - 3/05/2012
	BOSTOEN Alain
	Coupure 126, 9000 Gent, Belgium
Title : Director
	Enclosed to these annual accounts:
of service:	Total number of pages deposited: 5.1, 5.2.1, 5.2.2, 5.2.3, 5.2.4, 5.3.1, 5.3.2, 5.3.3, 5.3.4, 5.3.5, 5.3.6, 5.4.3, 5.5.2, 5.8, 5.17.2, 8, 9	35						Number of the pages of the standard form not deposited for not being

Signature (name and position)

THIJS Johan

Delegated director

Signature (name and position)

LEYSEN Thomas President of the board of directors

* Optional statement.

** Delete where appropriate.

LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)

CORNU Jozef

Grouwesteenstraat 13, 9170 Sint-Gillis-Waas, Belgium Title : Director

Valkenlaan 34, 2950 Kapellen (Antw.), Belgium Title : Director DE CEUSTER Marc

Danhieuxstraat 1, box 37, 3090 Overijse, Belgium Title : Director DECHAENE Tom

Izegemstraat 203, 8770 Ingelmunster, Belgium Title : Director DEPICKERE Franky

Bosduifdreef 4, 2970 Schilde, Belgium Title : Director DISCRY Luc

Floridalaan 62, 1180 Ukkel, Belgium Title : Director DONCK Frank

Gouvernementsweg 140, 1950 Kraainem, Belgium Title : Director HANSEN Jean-Pierre Mandate : - 19/12/2012

Tervuursesteenweg 93, 1820 Perk, Belgium Title : Director HEREMANS Dirk

Vlaamse Gaaienlaan 11, 3080 Tervuren, Belgium Title : Delegated director HOLLOWS John

LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)

MORLION Lode

Weststraat 18, 8647 Lo-Reninge, Belgium Title : Director

NAERT Philippe

Struikenlaan 13, 2930 Brasschaat, Belgium Title : Director Mandate : - 3/05/2012

W. 8th Place 401 Hinsdale Illlinois 60521, United States of America Title : Director PAPIRNIK Vladimira Mandate : 3/05/2012

POPELIER Luc

Voosdonk 21, 2801 Heffen, Belgium Title : Delegated director

ROUSSIS Theodoros

Poederstraat 51, 2370 Arendonk, Belgium Title : Director

SOETE Hendrik

Heiken 10, 2290 Vorselaar, Belgium Title : Director Mandate : - 3/05/2012

STROOBANTS Eric

Zoutwerf 20, box 301, 2800 Mechelen, Belgium Title : Director Mandate : - 20/12/2012

THIJS Johan

Moorsemsestraat 260, 3130 Betekom, Belgium Title : Delegated director Mandate : 3/05/2012

TYTGADT Alain

Prinses Josephinelaan 7, 8300 Knokke-Heist, Belgium

Title : Director

LIST OF DIRECTORS, MANAGERS AND AUDITORS (continuation of the previous page)

VAN KERCKHOVE Ghislaine

Wegvoeringstraat 62, 9230 Wetteren, Belgium Title : Director

VAN WYMEERSCH Charles

Rue Sainte-Rita 98, 5004 Bouge, Belgium Title : Director Mandate : - 3/05/2012

Max Hermanlei 8, 2930 Brasschaat, Belgium Title : Delegated director VANHEVEL Jan Mandate : - 3/05/2012

VANTHEMSCHE Piet

Tombergstraat 57, 1750 Sint-Martens-Lennik, Belgium Title : Director

WITTEMANS Marc

Beatrijslaan 91, 3110 Rotselaar, Belgium Title : Director

ERNST & YOUNG Bedrijfsrevisoren BCVBA 0446.334.711

De Kleetlaan 2, 1831 Diegem, Belgium Title : Auditor, Number of membership : B00160

Represented by:

VANDERBEEK Pierre De Kleetlaan 2 , 1831 Diegem, Belgium 1.

TELDERS Peter 2.

De Kleetlaan 2 , 1831 Diegem, Belgium

DECLARATION ABOUT SUPPLEMENTARY AUDITING OR ADJUSTMENT MISSION

The managing board declares that the assignment neither regarding auditing nor adjusting has been given to a person who was not authorised by law pursuant to art. 34 and 37 of the Law of 22nd April 1999 concerning the auditing and tax professions.

The annual accounts have have not * / been audited or adjusted by an external accountant or auditor who is not a statutory auditor.

If YES, mention here after: name, first names, profession, residence-address of each external accountant or auditor, the number of membership with the professional Institute ad hoc and the nature of this engagement:

• A. Bookkeeping of the undertaking**,
• B. Preparing the annual accounts**,
• C. Auditing the annual accounts and/or
• D. Adjusting the annual accounts.

If the assignment mentioned either under A or B is performed by authorised accountants or authorised accountants-tax consultants, information will be given on: name, first names, profession and residence-address of each authorised accountant or accountanttax consultant, his number of membership with the Professional Institute of Accountants and Tax consultants and the nature of this engagement.

Name, first name, profession, residence-address	Number of membership	Nature of the engagement (A, B, C and/or D)

^* Delete where appropriate.

^** Optional disclosure.

BALANCE SHEET

	Notes	Codes	Period	Previous period
ASSETS
FIXED ASSETS		20/28	15.068.398.237,32	16.492.634.809,54
Formation expenses	5.1	20
Intangible fixed assets	5.2	21
Tangible fixed assets	5.3	22/27
Land and buildings		22
Plant, machinery and equipment		23
Furniture and vehicles		24
Leasing and other similar rights		25
Other tangible fixed assets		26
Assets under construction and advance payments		27
	5.4/
Financial fixed assets	5.5.1	28	15.068.398.237,32	16.492.634.809,54
Affiliated enterprises	5.14	280/1	15.067.582.579,78	16.481.819.152,00
Participating interests		280	14.817.582.558,58	16.231.819.130,80
Amounts receivable		281	250.000.021,20	250.000.021,20
Other enterprises linked by participating interests	5.14	282/3	815.657,54	10.815.657,54
Participating interests		282	815.657,54	815.657,54
Amounts receivable		283		10.000.000,00
Other financial assets		284/8
Shares		284
Amounts receivable and cash guarantees		285/8
CURRENT ASSETS		29/58	816.518.078,93	1.907.085.482,81
Amounts receivable after more than one year		29
Trade debtors		290
Other amounts receivable		291
Stocks and contracts in progress		3
Stocks		30/36
Raw materials and consumables		30/31
Work in progress		32
Finished goods		33
Goods purchased for resale		34
Immovable property intended for sale		35
Advance payments		36
Contracts in progress	5.5.1/	37
Amounts receivable within one year	5.6	40/41	20.379.111,73	20.862.131,27
Trade debtors		40	118.348,04	454.455,07
Other amounts receivable		41	20.260.763,69	20.407.676,20
Current investments		50/53	375.001.406,27	1.849.480.791,03
Own shares		50		154.479.384,76
Other investments and deposits		51/53	375.001.406,27	1.695.001.406,27
Cash at bank and in hand		54/58	414.705.416,90	27.613.979,70
Deferred charges and accrued income	5.6	490/1	6.432.144,03	9.128.580,81
TOTAL ASSETS		20/58	15.884.916.316,25	18.399.720.292,35

Nr. 0403.227.515				C 2.2
EQUITY AND LIABILITIES	Notes	Codes	Period	Previous period
EQUITY		10/15	10.856.964.821,15	10.015.588.584,92
Capital	5.7	10	1.450.401.447,91	1.245.126.541,75
Issued capital		100	1.450.401.447,91	1.245.126.541,75
Uncalled capital		101
Share premium account Revaluation surpluses		11 12	5.384.641.464,66	4.336.827.168,24
Reserves		13	1.447.301.925,70	1.445.019.965,37
Legal reserve		130	126.794.614,51	124.512.654,18
Reserves not available		131	1.338.625,03	155.818.009,79
In respect of own shares held		1310		154.479.384,76
Other		1311	1.338.625,03	1.338.625,03
Untaxed reserves		132	189.869.166,01	189.869.166,01
Available reserves Accumulated profits (losses) (+)/(-)		133 14	1.129.299.520,15 2.574.619.982,88	974.820.135,39 2.988.614.909,56
Investment grants		15
Advance to associates on the sharing out of the assets		19
PROVISIONS AND DEFERRED TAXES		16
Provisions for liabilities and charges		160/5
Pensions and similar obligations		160
Taxation		161
Major repairs and maintenance		162
Other liabilities and charges	5.8	163/5
Deferred taxes		168
AMOUNTS PAYABLE		17/49	5.027.951.495,10	8.384.131.707,43
Amounts payable after more than one year	5.9	17	3.600.354.823,62	6.901.344.245,84
Financial debts		170/4	3.600.354.823,62	6.901.344.245,84
Subordinated loans		170	3.499.999.977,00	6.499.999.970,00
Unsubordinated debentures		171	100.354.846,62	401.344.275,84
Leasing and other similar obligations		172
Credit institutions		173
Other loans		174
Trade debts		175
Suppliers		1750
Bills of exchange payable		1751
Advances received on contracts in progress		176
Other amounts payable		178/9
Amounts payable within one year		42/48	1.415.765.122,13	1.456.564.659,71
Current portion of amounts payable after more than one year falling due within one year	5.9	42		730.116.353,01
Financial debts		43	400.000.020,42	112.563.257,38
Credit institutions		430/8	20,42
Other loans		439	400.000.000,00	112.563.257,38
Trade debts		44	4.698.829,31	5.967.538,40
Suppliers		440/4	4.698.829,31	5.967.538,40
Bills of exchange payable		441
Advances received on contracts in progress		46
Taxes, remuneration and social security	5.9	45	1.350.220,93	1.199.489,37
Taxes		450/3	349.641,93
Remuneration and social security		454/9	1.000.579,00	1.199.489,37
Other amounts payable		47/48	1.009.716.051,47	606.718.021,55
Accrued charges and deferred income	5.9	492/3	11.831.549,35	26.222.801,88
TOTAL LIABILITIES		10/49	15.884.916.316,25	18.399.720.292,35

INCOME STATEMENT

	Notes	Codes	Period	Previous period
Operating income	5.10	70/74	6.874.553,11	1.537.654,01
Turnover		70
Increase (decrease) in stocks of finished goods, work and contracts in progress (+)/(-)		71
Own construction capitalised		72
Other operating income		74	6.874.553,11	1.537.654,01
Operating charges		60/64	99.902.583,49	57.341.618,51
Raw materials, consumables		60
Purchases		600/8
Decrease (increase) in stocks (+)/(-)		609
Services and other goods		61	94.071.408,70	52.080.607,51
Remuneration, social security costs and pensions (+)/(-)	5.10	62	5.641.542,05	5.090.607,38
Depreciation of and amounts written off formation expenses, intangible and tangible fixed assets		630
Amounts written down stocks, contracts in progress and trade debtors - Appropriations (write-backs) (+)/(-)	5.10	631/4
Provisions for risks and charges - Appropriations (uses and write-backs) (+)/(-)	5.10	635/7		-5.795,94
Other operating charges	5.10	640/8	189.632,74	176.199,56
Operation charges carried to assets as restructuring costs (-)		649
Operating profit (loss) (+)/(-)		9901	-93.028.030,38	-55.803.964,50
Financial income		75	1.171.269.846,07	3.225.835.133,40
Income from financial fixed assets		750	912.667.671,87	3.215.592.950,55
Income from current assets		751	9.629.598,22	7.510.817,28
Other financial income	5.11	752/9	248.972.575,98	2.731.365,57
Financial charges	5.11	65	1.120.295.042,82	921.378.511,93
Debt charges		650	1.003.726.316,83	705.654.873,31
Amounts written down on current assets except stocks, contracts in progress and trade debtors (+)/(-)		651	-119.827.474,99	214.973.599,16
Other financial charges		652/9	236.396.200,98	750.039,46
Gain (loss) on ordinary activities before taxes (+)/(-)		9902	-42.053.227,13	2.248.652.656,97

	Codes	Period	Previous period
Extraordinary income	76	91.661.389,60	6.188.017,17
Write-back of depreciation and of amounts written down intangible and tangible fixed assets	760
Write-back of amounts written down financial fixed assets	761	91.661.389,50
Write-back of provisions for extraordinary liabilities and charges	762
Gains on disposal of fixed assets	763		6.188.017,17
Other extraordinary income	764/9	0,10
Extraordinary charges	66	5.500.000,00	434.006.140,88
Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed assets	660
Amounts written down financial fixed assets	661		434.000.000,00
Provisions for extraordinary liabilities and charges - Appropriations (uses) (+)/(-)	662
Loss on disposal of fixed assets	663	5.500.000,00	6.100,00
Other extraordinary charges 5.11	664/8		40,88
Extraordinary charges carried to assets as restructuring costs (-)	669
Profit (loss) for the period before taxes (+)/(-)	9903	44.108.162,47	1.820.834.533,26
Transfer from postponed taxes	780
Transfer to postponed taxes	680
Income taxes 5.12	67/77	-1.531.044,22	-32.479,90
Income taxes	670/3	14.425.557,34
Adjustment of income taxes and write-back of tax provisions	77	15.956.601,56	32.479,90
Profit (loss) for the period (+)/(-)	9904	45.639.206,69	1.820.867.013,16
Transfer from untaxed reserves	789
Transfer to untaxed reserves	689
Profit (loss) for the period available for appropriation (+)/(-)	9905	45.639.206,69	1.820.867.013,16

APPROPRIATION ACCOUNT

9906
(9905)
14P
791/2
791
792
691/2
691
6920
6921
(14)
794
694/6
694
695
696

Codes	Period	Previous period
9906	3.034.254.116,25	2.992.082.748,35
(9905)	45.639.206,69	1.820.867.013,16
14P	2.988.614.909,5 6	1.171.215.735,19
791/2
791
792
691/2	2.281.960,33	21.641,43
691
6920	2.281.960,33	21.641,43
6921
(14)	2.574.619.982,88	2.988.614.909,5
794		6
694/6	457.352.173,04	3.446.197,36
694	416.967.355,00	3.446.197,36
695
696	40.384.818,04

STATEMENT OF FINANCIAL FIXED ASSETS

	Codes	Period	Previous period
AFFILIATED ENTERPRISES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8391P	xxxxxxxxxxxxxxx	17.098.492.769,56
Movements during the period
Acquisitions, including produced fixed assets	8361	4.428,00
Sales and disposals	8371	2.287.442.191,05
Transfers from one heading to another (+)/(-)	8381
Acquisition value at the end of the period	8391	14.811.055.006,51
Revaluation surpluses at the end of the period	8451P	xxxxxxxxxxxxxxx	10.326.361,24
Movements during the period
Recorded	8411
Acquisitions from third parties	8421
Cancelled	8431	3.798.809,17
Transfers from one heading to another (+)/(-)	8441
Revaluation surpluses at the end of the period	8451	6.527.552,07
Amounts written down at the end of the period	8521P	xxxxxxxxxxxxxxx	877.000.000,00
Movements during the period
Recorded	8471
Written back	8481	91.661.389,50
Acquisitions from third parties	8491
Cancelled owing to sales and disposals	8501	785.338.610,50
Transfers from one heading to another (+)/(-)	8511
Amounts written down at the end of the period	8521
Uncalled amounts at the end of the period	8551P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8541
Uncalled amounts at the end of the period	8551
NET BOOK VALUE AT THE END OF THE PERIOD	(280)	14.817.582.558,58
AFFILIATED ENTERPRISES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	281P	xxxxxxxxxxxxxxx	250.000.021,20
Movements during the period
Additions	8581
Repayments	8591
Amounts written down	8601
Amounts written back	8611
Exchange differences (+)/(-)	8621
Other (+)/(-)	8631
NET BOOK VALUE AT THE END OF THE PERIOD	(281)	250.000.021,20
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8651

	Codes	Period	Previous period
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period	8392P	xxxxxxxxxxxxxxx	815.657,54
Movements during the period
Acquisitions, including produced fixed assets	8362
Sales and disposals	8372
Transfers from one heading to another (+)/(-)	8382
Acquisition value at the end of the period	8392	815.657,54
Revaluation surpluses at the end of the period	8452P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8412
Acquisitions from third parties	8422
Cancelled	8432
Transfers from one heading to another (+)/(-)	8442
Revaluation surpluses at the end of the period	8452
Amounts written down et the end of the period	8522P	xxxxxxxxxxxxxxx
Movements during the period
Recorded	8472
Written back	8482
Acquisitions from third parties	8492
Cancelled owing to sales and disposals	8502
Transfers from one heading to another (+)/(-)	8512
Amounts written down at the end of the period	8522
Uncalled amounts at the end of the period	8552P	xxxxxxxxxxxxxxx
Movements during the period (+)/(-)	8542
Uncalled amounts at the end of the period	8552
NET BOOK VALUE AT THE END OF THE PERIOD	(282)	815.657,54
OTHER ENTERPRISES LINKED BY PARTICIPATING INTERESTS - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD	283P	xxxxxxxxxxxxxxx	10.000.000,00
Movements during the period
Additions	8582
Repayments	8592
Amounts written down	8602
Amounts written back	8612
Exchange differences (+)/(-)	8622
Other (+)/(-)	8632	-10.000.000,00
NET BOOK VALUE AT THE END OF THE PERIOD	(283)
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS RECEIVABLE AT THE END OF THE PERIOD	8652

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

List of both enterprises in wich the enterprise holds a participating interest (recorded in the heading 28 of assets) and other enterprises in which the enterprise holds rights (recorded in the headings 28 and 50/53 of assets) in the amount of at least 10% of the capital issued.

	Shares held by			Information from the most recent period for which annual accounts are available
NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER	directly		subsi diaries	Primary	Mone	Capital and reserves Net result
	Number	%	%	financial statement	tary unit	(+) or (-) (in monetary units)
KBC BANK PLC Havenlaan 2 1080 Brussel 8 Belgium 0462.920.226				31/12/2011	EUR	10.304.305.000	1.707.688.000
Ordinary shares KBC GLOBAL SERVICES PLC Havenlaan 2 1080 Brussel 8 Belgium 0465.746.488	915228481	99,99	0,01	31/12/2011	EUR	231.835.415	19.134.510
Ordinary shares KBC VERZEKERINGEN PLC Professor Roger Van Overstraetenplein 2 3000 Leuven Belgium 0403.552.563	2266009	99,99	0,01	31/12/2011	EUR	2.368.796.349	95.735.184
Ordinary shares OMNIA CALL Parijsstraat 50 3000 Leuven Belgium 0413.646.305	1050905	99,99	0,01	31/12/2011	EUR	1.488.813	259.370
Ordinary shares KBC ASSET MANAGEMENT PLC Havenlaan 2 1080 Brussel 8 Belgium 0469.444.267	1	0,01	99,99	31/12/2011	EUR	124.575.000	208.732.000
Ordinary shares KREDIETCORP SA FC Rue Notre Dame 37 L-2955 Luxembourg Luxembourg	2776160	48,14	51,86	31/12/2011	EUR	57.011.284	-919.533
Ordinary shares GEBEMA PLC Septestraat 27 2640 Mortsel Belgium 0461.454.338 Ordinary shares	12667 100,00 992999	99,99	0,00 0,01	31/12/2011	EUR	13.178.256	105.307

INFORMATION RELATING TO THE SHARE IN THE CAPITAL

SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES

		Shares held by		Information from the most recent period for which annual accounts are available
NAME, full address of the REGISTERED OFFICE and for the enterprise governed by Belgian law, the COMPANY NUMBER	directly		subsi diaries	Primary	Mone	Capital and reserves	Net result
	Number	%	%	financial statement	tary unit		(+) or (-) (in monetary units)
KB CONSULT PLC Havenlaan 2 1080 Brussel 8 Belgium 0437.623.220				31/12/2011	EUR	890.839	-6.657
Ordinary shares ARDA-IMMO PLC Interleuvenlaan 16 3001 Heverlee Belgium 0474.415.914	174	0,05	99,95	31/12/2011	EUR	3.069.814	344.548
Ordinary shares 24+ PLC Pastoor Coplaan 100 2070 Zwijndrecht Belgium 0895.810.836	61713	19,06	0,00	31/12/2011	EUR	395.488	203.947
Ordinary shares	3075	50,00	50,00

OTHER INVESTMENTS AND DEPOSIT, DEFFERED CHARGES AND ACCRUED INCOME (ASSETS)

	Codes	Period	Previous period
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
Shares	51	1.406,27	1.406,27
Book value increased with the uncalled amount	8681	1.406,27	1.406,27
Uncalled amount	8682
Fixed income securities	52
Fixed income securities issued by credit institutions	8684
Fixed term deposit with credit institutions	53	375.000.000,00	1.695.000.000,00
Falling due
less or up to one month	8686
between one month and one year	8687	375.000.000,00	220.000.000,00
over one year	8688		1.475.000.000,00
Other investments not yet shown seperately	8689

DEFFERED CHARGES AND ACCRUED INCOME

Allocation of heading 490/1 of assets if the amount is significant.

Period Deferred charges 749.710,42 Accrued income 5.650.416,78

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

STATEMENT OF CAPITAL

Social capital

Issued capital at the end of the period
Issued capital at the end of the period

Codes	Period	Previous period
100P	XXXXXXXXXXXXXX	1.245.126.541,75
(100)	1.450.401.447,91

	Codes	Amounts	Number of shares
Changes during the period:
Increase of capital		205.274.906,16	58.987.042
Structure of the capital Different categories of shares
No-par share		1.450.401.447,91	416.967.355
Registered shares	8702	XXXXXXXXXXXXXX	124.468.607
Bearer shares and/or dematerialized shares	8703	XXXXXXXXXXXXXX	292.498.748

	Codes	Uncalled capital	Capital called, but not paid
Capital not paid
Uncalled capital	(101)		XXXXXXXXXXXXXX
Capital called, but not paid	8712	XXXXXXXXXXXXXX
Shareholders having yet to pay up in full

	Codes	Period
OWN SHARES
Held by the company itself
Amount of capital held	8721
Number of shares held	8722
Held by the subsidiaries
Amount of capital held	8731
Number of shares held	8732
Commitments to issue shares
Following the exercising of CONVERSION RIGHTS
Amount of outstanding convertible loans	8740
Amount of capital to be subscribed	8741
Corresponding maximum number of shares to be issued	8742
Following the exercising of SUBSCRIPTION RIGHTS
Number of outstanding subscription rights	8745
Amount of capital to be subscribed	8746
Corresponding maximum number of shares to be issued	8747
Authorized capital, not issued	8751	693.933.425,16

STATEMENT OF CAPITAL AND STRUCTURE OF SHAREHOLDINGS

	Codes	Period
Shared issued, not representing capital
Distribution
Number of shares held	8761
Number of voting rights attached thereto	8762
Allocation by shareholder
Number of shares held by the company itself	8771
Number of shares held by its subsidairies	8781

STRUCTURE OF SHAREHOLDINGS OF THE ENTERPRISE AS AT THE ANNUAL BALANCING OF THE BOOKS, AS IT APPEARS FROM THE STATEMENT RECEIVED BY THE ENTERPRISE

See annual report

STATEMENT OF AMOUNTS PAYABLE, ACCRUED CHARGES AND DEFERRED INCOME	Codes	Period
ANALYSIS BY CURRENT PORTIONS OF AMOUNTS INITIALLY PAYABLE AFTER MORE
THAN ONE YEAR
Amounts payable after more than one year, not more than one year
Financial debts	8801
Subordinated loans	8811
Unsubordinated debentures	8821
Leasing and other similar obligations	8831
Credit institutions	8841
Other loans	8851
Trade debts	8861
Suppliers	8871
Bills of exchange payable	8881
Advance payments received on contracts in progress	8891
Other amounts payable	8901
Total amounts payable after more than one year, not more than one year	(42)
Amounts payable after more than one year, between one and five years
Financial debts	8802	100.354.846,62
Subordinated loans	8812
Unsubordinated debentures	8822	100.354.846,62
Leasing and other similar obligations	8832
Credit institutions	8842
Other loans	8852
Trade debts	8862
Suppliers	8872
Bills of exchange payable	8882
Advance payments received on contracts in progress	8892
Other amounts payable	8902
Total amounts payable after more than one year, between one and five years	8912	100.354.846,62
Amounts payable after more than one year, over five years
Financial debts Subordinated loans	8803 8813	3.499.999.977,00 3.499.999.977,0
Unsubordinated debentures	8823	0
Leasing and other similar obligations	8833
Credit institutions	8843
Other loans	8853
Trade debts	8863
Suppliers	8873
Bills of exchange payable	8883
Advance payments received on contracts in progress	8893
Other amounts payable	8903
Total amounts payable after more than one year, over five years	8913	3.499.999.977,00

	Codes	Period
AMOUNTS PAYABLE GUARANTEED (headings 17 and 42/48 of liabilities)
Amounts payable guaranteed by Belgian public authorities
Financial debts	8921
Subordinated loans	8931
Unsubordinated debentures	8941
Leasing and other similar obligations	8951
Credit institutions	8961
Other loans	8971
Trade debts	8981
Suppliers	8991
Bills of exchange payable	9001
Advance payments received on contracts in progress	9011
Remuneration and social security	9021
Other amounts payable	9051
Total amounts payable guaranteed by Belgian public authorities	9061
Amounts payable guaranteed by real guarantees given or irrevocably promised by the enterprise on its own assets
Financial debts	8922
Subordinated loans	8932
Unsubordinated debentures	8942
Leasing and other similar obligations	8952
Credit institutions	8962
Other loans	8972
Trade debts	8982
Suppliers	8992
Bills of exchange payable	9002
Advance payments received on contracts in progress	9012
Taxes, remuneration and social security	9022
Taxes	9032
Remuneration and social security	9042
Other amounts payable	9052
Total amounts payable guaranteed by real guarantees given or irrevocably promised by the enterprise on its own assets	9062
AMOUNTS PAYABLE FOR TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (heading 450/3 of the liabilities)
Expired taxes payable	9072
Non expired taxes payable	9073
Estimated taxes payable	450	349.641,93
Remuneration and social security (heading 454/9 of the liabilities)
Amount due to the National Office of Social Security	9076
Other amounts payable relating to remuneration and social security	9077	1.000.579,00

OPERATING RESULTS

	Codes	Period	Previous period
OPERATING INCOME
Net turnover
Broken down by categories of activity
Allocation into geographical markets
Other operating income
Total amount of subsidies and compensatory amounts obtained from public authorities	740
OPERATING COSTS
Employees for whom the company has submitted a DIMONA declaration or are recorded in the general personnel register
Total number at the closing date	9086	41	41
Average number of employees calculated in full-time equivalents	9087	40,4	37,4
Number of actual worked hours	9088	61.787	55.731
Personnel costs
Remuneration and direct social benefits	620	3.864.264,02	3.267.321,01
Employers' social security contributions	621	1.193.776,37	974.707,68
Employers' premiums for extra statutory insurances	622	383.784,69	710.608,68
Other personnel costs	623	199.716,97	131.528,70
Old-age and widows' pensions	624		6.441,31
Provisions for pensions
Additions (uses and write-back) (+)/(-)	635		-5.795,94
Amounts written off
Stocks and contracts in progress
Recorded	9110
Written back	9111
Trade debtors
Recorded	9112
Written back	9113
Provisions for risks and charges
Additions	9115		454,27
Uses and write-back	9116		6.250,21
Other operating charges
Taxes related to operation	640	188.095,24	176.199,56
Other charges	641/8	1.537,50
Hired temporary staff and persons placed at the enterprise's disposal
Total number at the closing date	9096
Average number calculated as full-time equivalents	9097
Number of actual worked hours	9098
Charges to the enterprise	617

FINANCIAL AND EXTRAORDINARY RESULTS

	Codes	Period	Previous period
FINANCIAL RESULTS
Other financial income
Amount of subsidies granted by public authorities, credited to income for the period
Capital subsidies	9125
Interest subsidies	9126
Allocation of other financial income
Income premiums stock option		11.395.329,30	540.601,00
Income Credit Default Swap		361.233,13	1.893.437,50
Allowance unexercised options		1.716.013,55	189.682,46
Exchange differences			107.644,61
Proceeds on refund bond after credit event		235.500.000,00
Amounts written down off loan issue expenses and repayment premiums	6501
Intercalary interests recorded as assets	6503
Value adjustments to current assets
Appropriations	6510		336.367.801,80
Write-backs	6511	119.827.474,99	121.394.202,64
Other financial charges
Amount of the discount borne by the enterprise, as a result of negotiating amounts receivable	653
Provisions of a financial nature
Appropriations	6560
Uses and write-backs	6561
Allocation of other financial charges
issue costs		825.000,00	600.000,00
Exchange differences		1.149,93	108.798,40
Compensation settlement on refund bond after credit event		235.500.000,00
Other financial charges		70.051,05

EXTRAORDINARY RESULTS

Allocation other extraordinary income

Allocation other extraordinary charges

INCOME TAXES AND OTHER TAXES

	Codes	Period
INCOME TAXE
Income taxes on the result of the current period	9134	14.425.557,34
Income taxes paid and withholding taxes due or paid	9135	14.075.915,41
Excess of income tax prepayments and withholding taxes recorded under assets	9136
Estimated additional taxes	9137	349.641,93
Income taxes on previous periods	9138
Taxes and withholding taxes due or paid	9139
Estimated additional taxes estimated or provided for	9140
In so far as income taxes of the current period are materially affected by differences between the profit before taxes, as stated in the annual accounts, and the estimated taxable profit
Dividends that benefit the participation exemption		-787.576.537,85
Interest and penalties on Yield Enhanced Securities		993.124.290,12
Reversals on write-downs on shares		-211.488.864,49

An indication of the effect of extraordinary results on the amount of income taxes relating to the current period

Extraordinary income:

• Change in taxable reserves - Write-back of amounts written pff financial fixed assets 91.661.389,50 EUR

Codes Period Status of deferred taxes Deferred taxes representing assets ........................................................................................................... Accumulated tax losses deductible from future taxable profits ............................................................ 97.425.266,35 9142 22.272.221,94 9141 Other deferred taxes representing assets Recovery of dividends that benefit the participation exemption 75.154.044,41 Deferred taxes representing liabilities 9144 Allocation of deferred taxes representing liabilities

	Codes	Period	Previous Period
THE TOTAL AMOUNT OF VALUE ADDED TAX AND TAXES BORNE BY THIRD PARTIES
The total amount of value added tax charged
To the enterprise (deductible)	9145	14.816,81	42.304,30
By the enterprise	9146	1.885.199,56	653.942,61
Amounts retained on behalf of third parties for
Payroll withholding taxes	9147	4.492.430,84	1.567.730,07
Withholding taxes on investment income	9148	1.310.922,50	25.964.253,00

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

	Code	Period
PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE ENTERPRISE AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES	9149
Of which
Bills of exchange in circulation endorsed by the enterprise	9150
Bills of exchange in circulation drawn or guaranteed by the enterprise	9151
Maximum amount for which other debts or commitments of third parties are guaranteed by the enterprise	9153
REAL GUARANTEES
Real guarantees given or irrevocably promised by the enterprise on its own assets as a security of debts and commitments from the enterprise
Mortgages
Book value of the immovable proporties mortgaged	9161
Amount of registration	9171
Pledging on goodwill - amount of registration	9181
Pledging of other assets - Book value of other assets pledged	9191
Guarantees provided on future assets - Amount of assets involved	9201
Real guarantees given or irrevocably promised by the enterprise on its own assets as a security of debts and commitments from third parties
Mortgages
Book value of the immovable proporties mortgaged	9162
Amount of registration	9172
Pledging on goodwill - amount of registration	9182
Pledging of other assets - Book value of other assets pledged	9192
Guarantees provided on future assets - Amount of assets involved	9202
GOODS AND VALUES, NOT DISCLOSED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK TO AND FOR THE BENEFIT OF THE ENTERPRISE
SUBSTANCIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
SUBSTANCIAL COMMITMENTS TO DISPOSE FIXED ASSETS
FORWARD TRANSACTIONS
Goods purchased (to be received)	9213
Goods sold (to be delivered)	9214
Currencies purchased (to be received)	9215
Currencies sold (to be delivered)	9216

INFORMATION RELATING TO TECHNICAL GUARANTEES, IN RESPECT OF SALES OR SERVICES

INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER COMMITMENTS NOT MENTIONED ABOVE

IF THEREIS A SUPPLEMENTARY RETIREMENTS OR SURVIVOR'S PENSION PLAN IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE, A BRIEF DESCRIPTION OF SUCH PLAN OF THE MEASURES TAKEN BY THE ENTERPRISE TO COVER THE RESULTING CHARGES

All members of staff are covered by a supplementary pension scheme that includes an additional death benefit, orphan's annuity and invalidity benefits. The amount covered under these schemes (which are defined benefit schemes) depends on the average final salary, number of years of service and age at the time of retirement.

These pension schemes are financed entirely by the employer through annual contributions that are recognised in the income statement.

IF THEREIS A SUPPLEMENTARY RETIREMENTS OR SURVIVOR'S PENSION PLAN IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE, A BRIEF DESCRIPTION OF SUCH PLAN OF THE MEASURES TAKEN BY THE ENTERPRISE TO COVER THE RESULTING CHARGES

These contributions, calculated on an actuarial basis using the aggregate cost method, are transferred to the Pensioenfonds KBC OFP (KBC pension fund for employees) and the Pensioenfonds Senior Management KBC OFP (KBC pension fund for senior management), whose specific task is to manage the accrued reserves, to pay out the supplementary pension benefit and to carry out the necessary administration.

Members of the Executive Committee also benefit from a supplementary pension scheme that is based on similar principles.

In addition, staff may contribute to a supplementary pension scheme (capitalisation system). It is based solely on members' personal contributions which are deducted directly from their salaries. The bank guarantees capitalisation of the amounts contributed at an interest rate of 4.75% per year for the period up to and including 30 June 1999, and a rate of 3.75% for the period from 1 July 1999, up to the time the benefit is paid out. Management of the reserves accrued in this way, their payment and associated administration is the responsibility of the Pensioenfonds KBC OFP and Pensioenfonds Senior Management KBC OFP.

During 2012, a collective labour agreement was concluded for the introduction of a defined contribution plan on 1 January 2014 (mandatory for new employees and voluntary for existing members). For the target group in question, this plan will replace the defined benefit plan funded by the employer. No changes at all have been made to the plan funded solely by members' personal contributions.

	Code	Period
PENSIONS FUNDED BY THE ENTERPRISE
Estimated amount of the commitments resulting for the enterprise from past services	9220

Methods of estimation

......................... .. NATURE AND BUSINESS PURPOSE OF OFF-BALANCE SHEET ARRANGEMENTS

Provided the risks or benefits arising from such arrangements are material and where the disclosure of such risks or benefits is necessary for assessing the financial position of the company; if required, the financial impact of these arrangements have to be mentioned too:

KBC Group is a Member of the KBC VAT-grouping

KBC Group NV irrevocably and unconditionally guarantees all of the liabilities - referred to in Section 5 (c) of the Irish Companies (Amendment) Act 1986 - of the following Irish companies in respect of the financial year ending on 31 December 2012 allowing these companies to be eligible for exemption from certain disclosure requirements, pursant to Section 17 of the Irish Companies (Amendment) Act 1986 :

• KBC Financial Services (Ireland) Limited.

• KBC Fund Managemend Limited.

	Codes	Period	Previous period
AFFILIATED ENTERPRISES
Financial fixed assets	(280/1)	15.067.582.579,78	16.481.819.152,00
Investments	(280)	14.817.582.558,58	16.231.819.130,80
Amounts receivable subordinated	9271	250.000.021,20	250.000.021,20
Other amounts receivable	9281
Amounts receivable	9291	116.748,99	117.108,07
After one year	9301
Within one year	9311	116.748,99	117.108,07
Current investments	9321
Shares	9331
Amounts receivable	9341
Amounts payable	9351	6.943.838,10	20.096.438,94
After one year	9361	2.434.063,68	2.035.714,00
Within one year	9371	4.509.774,42	18.060.724,94
Personal and real guarantees
Provided or irrevocably promised by the enterprise, as security for debts or
commitments of affiliated enterprises	9381	2.507.846.730,00	2.463.099.313,70
Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise	9391
Other substancial financial commitments	9401
Financial results
Income from financial fixed assets	9421	912.519.418,12	3.215.307.660,53
Income from current assets	9431	9.629.598,22	6.550.473,19
Other financial income	9441	13.113.546,79	730.283,46
Debts charges	9461	1.770.572,76	5.233.930,59
Other financial charges	9471	235.514.815,47	600.000,00
Gains and losses on disposal of fixed assets
Obtained capital gains	9481		6.188.017,17
Obtained capital losses	9491	5.500.000,00
ENTERPRISES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets	(282/3)	815.657,54	10.815.657,54
Investments	(282)	815.657,54	815.657,54
Amounts receivable subordinated	9272		10.000.000,00
Other amounts receivable	9282
Amounts receivable	9292
After one year	9302
Within one year	9312
Amounts payable	9352
After one year	9362
Within one year	9372

TRANSACTIONS WITH RELATED PARTIES OUTSIDE NORMAL MARKET CONDITIONS

Mention of such operations if they are material, stating the amount of these transactions, the nature of the relationship with the related party and other information about the transactions necessary for the understanding of the financial position of the company:

Nil

	Codes	Period
DIRECTORS AND MANAGERS, INDIVIDUALS OR BODIES CORPORATE WHO CONTROL THE ENTERPRISE WITHOUT BEING ASSOCIATED THEREWITH OR OTHER ENTERPRISES CONTROLLED BY THESE PERSONS, OTHER ENTERPRISES CONTROLLED BY THE SUB B. MENTIONED PERSONS WITHOUT BEING ASSOCIATED THEREWITH
Amounts receivable from these persons	9500
Conditions on amounts receivable
Guarantees provided in their favour	9501
Guarantees provided in their favour - Main condition
Other significant commitments undertaken in their favour	9502
Other significant commitments undertaken in their favour - Main condition
Amount of direct and indirect remunerations and pensions, included in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person
To directors and managers	9503	6.696.902,40
To former directors and former managers	9504

	Codes	Period
AUDITORS OR PEOPLE THEY ARE LINKED TO
Auditor's fees	9505	83.822,80
Fees for exceptional services or special missions executed in the company by the auditor
Other attestation missions	95061	115.392,50
Tax consultancy	95062
Other missions external to the audit	95063
Fees for exceptional services or special missions executed in the company by people they are linked to
Other attestation missions	95081
Tax consultancy	95082
Other missions external to the audit	95083

Mention related to article 133 paragraph 6 from the Companies Code

FAIR VALUE OF FINANCIAL DERIVATIVES NOT MEASURED AT FAIR VALUE WITH INDICATION ABOUT THE NATURE AND THE VOLUME OF THE INSTRUMENTS

Period Interest Rate Swap 10.405.735,75

INFORMATION RELATING TO CONSOLIDATED ACCOUNTS

INFORMATION THAT MUST BE PROVIDED BY EACH COMPANY, THAT IS SUBJECT OF COMPANY LAW ON THE CONSOLIDATED ANNUAL ACCOUNTS OF ENTERPRISES

The enterprise has drawn up publiced a consolidated annual statement of accounts and a management report*

The enterprise has not published a consolidated annual statement of accounts and a management report, since it is exempt for this obligation for the following reason*

The enterprise and its subsidiaries on consolidated basis exceed not more than one of the limits mentioned in art. 16 of Company Law*

The enterprise itself is a subsidiary of an enterprise which does prepare and publish consolidated accounts, in which her yearly statement of accounts is included*

If yes, justification of the compliance with all conditions for exemption set out in art. 113 par. 2 and 3 of Company Law:

Name, full address of the registered office and, for an enterprise governed by Belgian Law, the company number of the parent company preparing and publishing the consolidated accounts required:

INFORMATION TO DISCLOSE BY THE REPORTING ENTERPRISE BEING A SUBSIDIARY OR A JOINT SUBSIDIARY

Name, full address of the registered office and, for an enterprise governed by Belgian Law, the company number of the parent company(ies) and the specification whether the parent company(ies) prepare(s) and publish(es) consolidated annual accounts in which the annual accounts of the enterprise are included**

If the parent company(ies) is (are) (an) enterprise(s) governed by foreign law disclose where the consolidated accounts can be obtained**

^* Delete where no appropriate.

^** Where the accounts of the enterprise are consolidated at different levels, the information should be given for the consolidated aggregate at the highest level on the one hand and the lowest level on the other hand of which the enterprise is a subsidiary and for which consolidated accounts are prepared and published.

SOCIAL REPORT

Numbers of joint industrial committees which are competent for the enterprise:

STATEMENT OF THE PERSONS EMPLOYED EMPLOYEES FOR WHOM THE COMPANY HAS SUBMITTED A DIMONA DECLARATION OR ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

	Codes	1. Full-time	2. Part-time	3. Total (T) or total of full-time equivalents (FTE)	3P.Total (T) or total of full-time equivalents (FTE)
During the period and the previous period		(period)	(period)	(period)	(previous period)
Average number of employees	100	37,0	5,0	40,4 (FTE)	37,4 (FTE)
Number of hours actually worked	101	56.336	5.451	61.787 (T)	55.731 (T)
Personnel costs	102	5.184.603,00	334.910,00	5.519.513,00 (T)	5.084.166,07 (T)
Advantages in addition to wages	103	xxxxxxxxxxxxxxx xxxxxxx	xxxxxxxxxxxxxxx xxxxxxx	122.029,00 (T)	60.868,28 (T)

At the closing date of the period	Codes	1. Full-time	2. Part-time	3. Total in full-time equivalents
Number of employees	105	36	5	39,3
By nature of the employment contract
Contract for an indefinite period	110	36	5	39,3
Contract for a definite period	111
Contract for the execution of a specifically assigned work	112
Replacement contract	113
According to the gender and by level of education Male	120	26	1	26,3
primary education 1200
secondary education	1201
higher education (non-university)	1202	1		1,0
university education	1203	25	1	25,3
Female	121	10	4	13,0
primary education	1210
secondary education	1211	1	1	1,5
higher education (non-university)	1212	4	2	5,7
university education	1213	5	1	5,8
By professional category
Management staff	130	4		4,0
Employees	134	32	5	35,3
Workers	132
Other	133

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISE'S DISPOSAL

During the period	Codes	1. Temporary personnel	2. Persons placed at the disposal of the enterprise
Average number of employees	150
Number of hours actually worked	151
Charges of the enterprise	152

TABLE OF PERSONNEL CHANGES DURING THE PERIOD

ENTRIES	Codes	1. Full-time	2. Part-time	3. Total in full-time equivalents
The number of employees for whom the company has submitted a DIMONA declaration or are recorded in the personnel register during the financial year in the general personnel register	205	10	1	10,8
By nature of the employment contract
Contract for an indefinite period	210	10	1	10,8
Contract for a definite period	211
Contract for the execution of a specifically assigned work	212
Replacement contract	213

DEPARTURES	Codes	1. Full-time	2. Part-time	3. Total in full-time equivalents
The number of employees with a in the DIMONA declaration indicated or in the general personnel register listed date of termination of the contract during the financial year	305	9	2	10,0
By nature of the employment contract
Contract for an indefinite period	310	9	2	10,0
Contract for a definite period	311
Contract for the execution of a specifically assigned work	312
Replacement contract	313
According to the reason for termination of the employment contract
Retirement	340
Early retirement	341
Dismissal	342
Other reason	343	9	2	10,0
Of which the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis	350

INFORMATION WITH REGARD TO TRAINING RECEIVED BY EMPLOYEES DURING THE PERIOD

Total number of official advanced professional training projects at company expense	Codes	Male	Codes	Female
Number of participating employees	5801	21	5811	11
Number of training hours	5802	689	5812	291
Costs for the company	5803	83.825,00	5813	43.908,00
of which gross costs directly linked to the training	58031	83.825,00	58131	43.908,00
of which paid contributions and deposits in collective funds	58032		58132
of which received subsidies (to be deducted)	58033		58133
Total number of less official and unofficial advance professional training projects at company expense
Number of participating employees	5821	21	5831	12
Number of training hours	5822	27	5832	54
Costs for the company	5823	4.209,00	5833	2.405,00
Total number of initial professional training projects at company expense
Number of participating employees	5841		5851
Number of training hours	5842		5852
Costs for the company	5843		5853

VALUATION RULES

Bel GAAP valuation rules - KBC Group NV - Non-consolidated

1. Formation expenses

The capital increase expenses are directly recognised in full in the result for the financial year in which the capital increase takes place.

• 1. Financial fixed assets and cash movements
• a. Participating interests and other securities in portfolio

Participating interests and shares are valued at acquisition cost, per set identified. The securities sold are valued using method of separating out the price of each component. Additional costs incurred on acquisition of securities are charged immediately to the results for the financial year.

If when the securities are valued at the end of the financial year it is established that they have fallen in value and that this decline is considered real and lasting in nature, a write-down equal to the decline in value identified will be recorded for the securities in question.

To establish the real and lasting nature of the decline in value, the Board of Directors may base itself on:

• " for listed securities:
• " the trend in the share price;
• " changes in the net worth according to the annual accounts;
• " the performance of and outlook with regard to profitability;
• " for unlisted securities:
• " the changes in the net worth according to the annual accounts;
• " the performance of and outlook with regard to profitability;

If a security on which such a write-down had already been posted exhibits a lasting increase in value, the amount written down will be reversed in whole or in part.

Participating interests, shares and share certificates classified as financial fixed assets may be revalued if, in light of their usefulness to the company, they exhibit an incontestable and lasting increase in value.

Listed shares and other variable-yield securities are valued at the lower of their acquisition cost and market value at balance sheet date. Other securities are valued at least once a year, based on the annual accounts for the past year. File administrators are responsible for ensuring that any significant negative changes during the course of the year are also dealt with.

b. Amounts receivable

These are recognised at nominal value. However, amounts receivable represented by fixed-income securities are valued at acquisition cost, plus or minus the accrued portion of the premium or discount. The premium or discount is recognised pro rata temporis, on a discounted basis, in the profit & loss account over the remaining term to maturity.

Amounts receivable in foreign currency are recognised at their equivalent euro value using the fixed exchange rate applying at the end of the preceding month. For the purposes of valuation at the end of the financial year, the carrying value is adjusted according to the fixed exchange rate on 31 December.

The positive and negative translation differences are recognised in profit or loss. If, at the close of the financial year, the realisation value of a receivable is lower than its carrying value, and if this decline in value can be considered real and lasting in nature, a write-down is applied in the amount of the decline identified.

3. Amounts receivable at more than one year and amounts receivable within one year

These are recognised at nominal value. However, amounts receivable represented by fixed-income securities are valued at acquisition cost. The rules set out in paragraph 2.c. apply to amounts receivable in foreign currency and to write-downs on receivables.

4. Contracts in progress

Specific software developed by KBC Group NV for third parties is recognised under 'Contracts in progress'. This concerns the marketing by KBC group of tailor-made software (i.e. software developed on a contractual basis and built entirely to the client's specifications). This software may have been developed from scratch by KBC or using purchased basic software. Contracts in progress are valued at manufacturing price, without taking profit in proportion to the progress of the work.

The manufacturing price includes all costs that can be allocated directly to the project (e.g., third-party development costs, infrastructure, implementation of software). Maintenance and after-sales service is considered as a period expense.

5. Accrued charges and deferred income and deferred charges and accrued income

These items allow income and expenditure to be allocated to the proper accounting period.

The option premiums received with regard to the issued stock option plans are recognised in the profit and loss account depending on if and to the extent that the stock options expire or are exercised.

The option premiums set aside by the employer are recognised pro rata in the profit and loss account as personnel expenses during the

VALUATION RULES

performance period (period between subscription and opportunity to exercise).

If employees who hold options transfer between KBC-group entities, the option premium paid (the part that has not yet been taken to the profit and loss account) is charged to the company the employee is transferring to.

6. Amounts payable

These are recognised at nominal value. With regard to commercial paper, the difference between the amount made available and the nominal value is entered pro rata temporis in the profit and loss account as an interest charge.

Amounts payable in foreign currency are recognised at their equivalent euro value using the fixed exchange rate applying at the end of the preceding month. For the purposes of valuation at the end of the financial year, the carrying value is adjusted according to the fixed exchange rate on 31 December.

The positive and negative translation differences are recognised in profit or loss.

7. Provisions

The provisions are IFRS-compliant. They are recognised in the balance sheet:

• " if an obligation exists on the balance sheet date that stems from a past event, and
• " if it is probable that an outflow of resources is required, and
• " if the amount of the obligation can be estimated reliably.

8. Deferred taxes

Deferred taxes are recognised for all temporary taxable differences between the carrying value of an asset or liability and its tax base, except for deferred tax assets on tax losses or notional interest deductions carried forward, which are not recognised due to the principle of prudence.

Deferred taxes to be recognised are measured using the tax rates in effect on realisation of the assets and settlement of the liabilities to which they relate.