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5. CEO’s closing address Willy Duron Group Chief Executive and head of insurance business. Group focus and profit growth. "Realising full potential of the platform". Leading bancassurer in Belgium and CEE, delivering superior return levels. “Consolidating business platform". - PowerPoint PPT Presentation
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CEO’s closing address
Willy DuronGroup Chief Executive and head of insurance business
5
2
Group focus and profit growth
Traditionalstrenghts:
- Belgium - retail /SME
Merger:• Cross selling
banking/insurance• Cost synergies
(1st phase)
Expansion to CEE:• New home
markets/ acquisitions
• Mitigated ‘wholesale’ profile
Consolidation (6 C dimensions):
• Cross selling• Customer
satisfaction• Canvassing
affluent customers• Control of risks• Cost efficiency
enhancement• Cross border
synergies
• Stronger organic growth (and add-on acquisitions)
• Refinement of C- programs
• Profit growth
Leading bancassurer in Belgium and CEE, delivering superior
return levels
“Consolidatingbusiness platform"
"Broadeningbusiness platform"
"Realising full potential
of the platform"
1998-2001
2001-2004
2004-…
Reconfirmed confidence in our strategy fundamentals
3
Valuation still not too demanding
* Sources EPS forecasts for KBC: KBC (2004) and I.B.E.S. (2005)
Situation as of 31 May, 2004
P/E 04-05
CEE banks (1) 13.8
Eurozone banks (2) 12.3
CEE exposed banks (3) 11.5
KBC 10.3
Bel banks (4) 9.8
Unweighted IBES data :(1) OTP, Komercni, Pekao, BPH PBK, BRE(2) Top 25 of DJ Euro Stoxx banks (3) BACA, Erste, KBC, Unicredito, Soc Gen(4) KBC, Fortis, Dexia
Key figures : Price : 46.8 EUR Net Asset Value : 35.4 EUR EPS 2003: 3.68 EUR
Analysts estimates : EPS 2004 consensus : 4.35 EPS 2005 consensus : 4.75 P/E forward 2 years : 10.3
Recommendations : Positive : 10 Neutral : 7 Negative : 5
Valuation relative to peer group :
4
Emile CelisChristian DefrancqJan Vanhevel Guido Segers
Herman AgneessensAndré BergenWilly Duron Frans Florquin
Looking forward to meeting you
5
•Group CEO•Head of insurance business
•Deputy Group CEO•Head of banking business
•Co-ordination CEE
•Retail bancassurance
•HRM and Communication
•Group CFRO•Transaction processing
•Non-life & reinsurance
•Claims management
•Corporate banking•West-European,US & SE Asian bank network
•Retail credit
• Information technology
• Insurance subsidiaries
•Treasury & markets•Asset Management• International credit
Emile CelisChristian DefrancqJan Vanhevel Guido Segers
Herman AgneessensAndré BergenWilly Duron Frans Florquin
6
Contact information
Investor Relations Office :
Luc CoolNele Kindt
Tel. : +32 2 429 49 16 E-mail : [email protected]
Visit www.kbc.com for the latest update.
