BFF Bank SpA (MIL:BFF)
€ 8.98 0.195 (2.22%) Market Cap: 1.69 Bil Enterprise Value: 1.00 Bil PE Ratio: 6.67 PB Ratio: 1.96 GF Score: 78/100
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Half Year 2021 BFF Bank SpA Earnings Call Transcript

Aug 06, 2021 / NTS GMT
Release Date Price: €8.06 (-9.19%)
Operator

Good day, and welcome to BFF Banking Group Conference Call about first half 2021 results. (Operator Instructions) Please note this event is being recorded. I would like to turn the conference over to Max Belingheri, Group CEO; and Giorgio Bicci, CFO. Please go ahead.

Massimiliano Belingheri
BFF Bank S.p.A. - CEO & Director

Thank you. Welcome, everybody, today for our first half results. So in Q1, we presented the effects of the deal. In Q2, we represent good progress on the integration, as we've seen in a moment. We have achieved already locked in the synergies we have promised to the market, and they will start to flow from the 1st of July, and a run rate basis, will be achieved already at the end of this calendar, for 2 years in advance compared to the plan.

We have also been able to extract further value from the DEPO acquisition, roughly EUR 28 million, which have covered the EUR 48 million, the cost of the liability management exercise we conducted in June, and therefore, increased net asset value of the business by incremental EUR 20 million.

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