BPER BANCA S.P.A. FY22 Consolidated Results
Piero Luigi Montani, CEO
8th February 2023
Disclaimer
This document has been prepared by "BPER Banca" solely for information purposes, and only in order to present its strategies and main financial figures.
The information contained in this document has not been audited. No guarantee, express or implied, can be given as to the document's contents, nor should the completeness, correctness or accuracy of the information or opinions herein be relied upon.
BPER Banca, its advisors and its representatives decline all liability (for negligence or any other cause) for any loss occasioned by the use of this document or its contents.
All forecasts contained herein have been prepared on the basis of specific assumptions which could prove wrong, in which case the actual data would differ from the figures given herein.
No part of this document may be regarded as forming the basis for any contract or agreement.
No part of the information contained herein may for any purpose be reproduced or published as a whole or in part, nor may such information be disseminated.
The Manager responsible for preparing the Company's financial reports, Marco Bonfatti, declares, in accordance with art. 154-bis, para. 2, of the "Consolidated Financial Services Act" (Legislative Order No. 58/1998), that the accounting information contained in this document corresponds to documentary records, ledgers and accounting entries.
Marco Bonfatti
Manager responsible for preparing the Company's financial reports
Change in the scope of consolidation and Purchase Price Allocation
Change in the scope of consolidation
In 2Q22 the BPER Group changed the scope of consolidation following the acquisition of the controlling stake in Banca Carige's share capital from the Interbank Deposit Protection Fund and the Voluntary Intervention Scheme, on 3rd June 2022.
As a result the Group's Balance Sheet items include the contribution of Banca Carige ("Carige") on a line-by-line basis starting from 2Q22, while P&L items include Carige contribution on a line-by-line basis starting from 3Q22.
It is noted that the mandatory tender offer and subsequent sell-out process were followed by completion of the merger by absorption of Banca Carige S.p.A. and Banca del Monte di Lucca S.p.A. into BPER Banca S.p.A., effective as of 28 November 2022.
Purchase Price Allocation (PPA)
The FY22 results include the impact of the PPA carried out following the first accounting treatment of the Carige stake acquired on 3rd June 2022, in accordance with IFRS 3 "Business Combinations". The difference between Carige's net equity as at 30th June 2022 and the purchase price ("Initial Badwill") amounted to 1,507.3 €mln. The allocation process through the measurement at fair value of the assets and liabilities acquired as at the initial recognition date, led to book total PPA adjustments for an amount of 674.2 €mln. As a result of the PPA, a Bargain Purchase amount of 833.1 €mln was booked in the FY22 P&L (see slide 26).
Methodological note:figures included in the tables shown in this document may not add exactly due to rounding differences.
Agenda
FY22 results executive summary
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BPER Banca S.p.A. published this content on 08 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2023 17:02:31 UTC.
