Press Releases - BFF Banking Group
News & Media
The Board of Directors of BFF Banking Group (BFF) approved today both the draft financial statements of the parent company and the draft consolidated financial statements for the year ended 31 December 2017, confirming the results already disclosed to the market with a press release published on 9 February 2018 following the approval by the Board of the consolidated accounts.
In 2017 the parent company reported a net income of €79.5m, up by 13% compared to 2016. In the same period the Group reported a consolidated net income of €95.5m, compared to €72.1m in 2016 which included Magellan in the consolidation perimeter for 7 months. 2017 consolidated Adjusted Net Income excluding extraordinary items reached €83.7m.
During the same meeting held today, the Board of Directors approved the proposal for the allocation of the 2017 net income and the assignment of reserves. This reflects the resolution passed by the Board at the time of the approval of the accounts as at 31 December 2017 and disclosed to the market on 9 February 2017.
The Board of Directors also adopted a resolution to call an ordinary annual general meeting of shareholders to take place in a single session on 5 April 2018.
Therefore, the financial statements as at 31 December 2017 and the cash distribution of 0.492 euro per ordinary share, before tax, will be submitted for the approval of shareholders at the ordinary meeting scheduled for 5 April 2018. The cash distribution, if approved at the shareholders’ meeting, will take place from 11 April 2018 (with ex-dividend date on 09 April, coupon n. 1, and record date on 10 April).
The notice to convene of the ordinary shareholders’ meeting and the documentation on the various items on the agenda will be published under the law.
Statement of the Manager responsible for preparing the company’s financial reports
The manager responsible for preparing the company’s financial reports, Carlo Zanni, declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records of the Company.