CEO’s closing address Willy Duron Group Chief Executive and head of insurance business 5.
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Transcript of CEO’s closing address Willy Duron Group Chief Executive and head of insurance business 5.
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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
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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 :
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Emile CelisChristian DefrancqJan Vanhevel Guido Segers
Herman AgneessensAndré BergenWilly Duron Frans Florquin
Looking forward to meeting you
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•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
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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.