FINANCIÈRE DE TUBIZE S.A. Financière de Tubize
Half-year financial report
30 June 2021
STATEMENT OF THE DIRECTORS
INTERIM REPORT OF THE BOARD OF DIRECTORS
CONDENSED INTERIM FINANCIAL STATEMENTS
- Belgian standards (with auditor's report)
- EU-IFRSstandards (with auditor's report)
Financière de Tubize SA/NV
Allée de la Recherche 60, 1070 Bruxelles (Belgium)
Company number : BE 0403 216 429
WWW.FINANCIERE-TUBIZE.BE
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Table of content
Impact of the Covid-19 crisis...................................................................................................................................................................... | |||
3.3 | Profit and other changes in equity reconciliation according to Belgian GAAP - EU-IFRS standards.................... | 6 | |
4. | Main risks and uncertainties....................................................................................................................................................................... | 6 | |
5. | Main related party transactions ................................................................................................................................................................ | 7 | |
5.1 | Shareholders structure...................................................................................................................................................................... | 7 | |
5.2 | Directors ................................................................................................................................................................................................. | 7 | |
5.3 | UCB............................................................................................................................................................................................................ | 7 | |
III. CONDENSED INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2021.............................................................................................. | 8 | ||
Belgian standards ................................................................................................................................................................................................ | 8 | ||
1. | Financial fixed assets - Information related to the participation in UCB SA/NV ................................................................... | 10 | |
2. | Capital - capital status - forms of shares.............................................................................................................................................. | 10 | |
3. | Bank borrowings / Debt charges ............................................................................................................................................................ | 11 | |
4. | Other debts...................................................................................................................................................................................................... | 11 | |
5. | Covenants associated with credit lines................................................................................................................................................. | 12 | |
Auditor's report.................................................................................................................................................................................................. | 13 | ||
EU-IFRS standards............................................................................................................................................................................................. | 14 | ||
1. | Participating interest in UCB .................................................................................................................................................................... | 20 | |
1.1 | Carrying value..................................................................................................................................................................................... | 20 | |
1.2 | Share of other comprehensive income of UCB........................................................................................................................ | 20 | |
1.3 | Fair value.............................................................................................................................................................................................. | 21 | |
1.4 | Summarised financial information of UCB............................................................................................................................... | 21 | |
2. | Financial instruments.................................................................................................................................................................................. | 22 | |
2.1 | Financial instruments by category.............................................................................................................................................. | 22 | |
2.2 | Fair value of financial instruments.............................................................................................................................................. | 22 | |
2.3 | Bank borrowings................................................................................................................................................................................ | 22 | |
2.4 | Financial derivative instruments................................................................................................................................................. | 24 | |
3. | Income taxes................................................................................................................................................................................................... | 25 | |
3.1 | Deferred tax assets and liabilities................................................................................................................................................ | 25 | |
3.2 | Relation between tax expense and profit before tax ............................................................................................................ | 25 | |
Auditor's report.................................................................................................................................................................................................. | 26 |
- STATEMENT OF THE DIRECTORS
We confirm that, to the best of our knowledge:
- The condensed interim financial statements at 30 June 2021 has been prepared in accordance with the applicable financial reporting standards and gives a true and fair view of the net assets, the financial position and the results of Financière de Tubize.
- The interim board report includes a fair review of the important events and the main related party transactions that occurred during the first half-year, and of their impact on the condensed interim financial statements at 30 June 2021, as well as a description of the main risks and uncertainties for the remainder of the year.
Brussels, 30th July 2021
The board of directors
Evelyn du Monceau | Gaëtan Hannecart |
Board member | Chairman of the board |
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- INTERIM REPORT OF THE BOARD OF DIRECTORS
Ladies and Gentlemen,
In accordance with the legal and regulatory requirements, we are honoured to report to you on the first semester of FY 2021 of Financière de Tubize (the « Company »).
1. Significant events
The following significant events took place during the first half of FY 2021:
- Profit for the period in accordance with Belgian accounting standards: € 85.0 million,
- Profit for the period in accordance with International Financial Reporting Standards (IFRS): € 204.8 million,
- Dividend received from UCB: € 86.5 million (€ 1.27 per share, an increase of 2.4% compared to 2020),
- Dividend paid to shareholders of Financière de Tubize of € 30.3 million (€ 0.68 per share, an increase of 9.6% compared to 2020),
- Decrease of outstanding bank borrowings from € 33.5 million at 31 December 2020 to € 0 at 30 June 2021,
- Acquisition of 257,000 UCB shares, increasing the holding of the Company in UCB from 35.00% on 31 December 2020 to 35.13% on 30 June 2021.
2. Impact of the Covid-19 crisis
The COVID-19 pandemic and economic consequences had no significant impact on the Company's operations and its financial statements during the first six months of fiscal year 2021. The Company is, in fact, a mono holding company whose sole investment is a stake in UCB and therefore has no commercial or industrial activity. The crisis resulting from COVID-19 had no impact on the Company's liquidity or solvency and did not cause any impairment. Although the magnitude of the crisis and the impact on the global economy remain uncertain, the Company is closely monitoring these developments to assess the potential financial impact of the pandemic on UCB's results. In this regard, reference should be made to the content of UCB's semi-annual financial report on the impact of the pandemic resulting from COVID-19.
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3. Evolution of the results and the financial position
3.1 Results (Belgian standards1)
The profit moves from € 83,435k in the first half of 2020 to € 85,000k in the first half of 2021, an increase of € 1,565k or 1.88%. The condensed profit or loss accounts for the six months ended 30 June 2021 and 2020 look as follows:
€ 000 | 30/06/2021 | 30/06/2020 | ||||||
Dividend from UCB | 86,458 | 84,415 | ||||||
Cost of borrowing | (642) | (389) | ||||||
Other financial expenses | (24) | 1 | ||||||
General expenses | (792) | (592) | ||||||
Profit before tax | 85,000 | 83,435 | ||||||
Income taxes | - | - | ||||||
Profit | 85,000 | 83,435 |
The dividend received from UCB in 2021 in relation to FY 2020, amounts to € 86,458k (gross dividend of € 1.27 per share) against € 84,415k (€ 1.24 per share) for the prior year.
The cost of borrowing increases from € 389k for the first semester 2020 to € 642k for the same period in 2021. This increase is mainly due to the commitment fees (€ 517k) on the two new credit lines confirmed in September 2020 and which were not used during the first half of 2021. This increase is partially offset by a decrease in debt charges caused by a significant reduction in indebtedness following the repayment of all bank loans that had been taken out to finance the acquisition of interests in UCB.
Overhead costs go from € 592k in the first half of 2020 to € 792k for the same period in 2021. This variation is mainly due to non-recurring external fees.
After application of the system of tax credits for dividends received which prevents income already taxed at UCB from being taxed a second time at Financière de Tubize, the Company has no taxable basis.
3.2 Financial situation (Belgian standards)
The condensed balance sheet as per 30 June 2021 and as per 31 December 2020 looks as follows:
€ 000 | 30/06/2021 | 31/12/2020 | |||||||
Participating interest in UCB | 1,737,970 | 1,717,992 | |||||||
Current investments and cash at bank and in hand | 2,264 | 983 | |||||||
Other assets | 45 | 50 | |||||||
Total assets | 1,740,279 | 1,719,025 | |||||||
Equity | 1,739,513 | 1,654,513 | |||||||
Bank borrowings | - | 33,500 | |||||||
Other liabilities | 766 | 31,012 | |||||||
Total equity and liabilities | 1,740,279 | 1,719,025 |
The participating interest in the capital of UCB is recorded at its acquisition value for an amount of € 1,737,970k, an increase of € 19.978k, compared to 31 December 2020, following the acquisition on the stock market of 257,000 shares at an average acquisition value of € 77.73 per share. The share price at 30 June 2021 was at to € 88.16 (€ 84.48 at 31 December 2020).
1 The accounting standards applicable in Belgium and the periodic reporting obligations incumbent upon Belgian issuers whose securities are admitted to trading on a regulated market.
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Financière de Tubize SA published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 06:11:07 UTC.
