Unipol Grupo Spa

Good afternoon, ladies and gentlemen. This is the Coral School operator, and welcome to the Q&A conference on the consolidated results end of June 2020, Gruppo Unipol. The group CEO, Mr. Carlo Cimberi, will go through a short introduction. He will then be available, and of course, he will take questions and answer them. Dr. Cimberi, please, the floor is yours.

Good afternoon, ladies and gentlemen.

So, as usual, I'm sure you must have read and, you know, gone through the presentation press release. And, you know, it is August 7th. So let me now go straight to your questions without further ado. So if you want to ask a question, please dial star followed by one on the keyboard of your telephone. If you want to get out of the booking list, please dial star followed by two. Please ask your questions by using the receiver of your telephone. Once again, if you want to ask a question, please dial star followed by one now. Question number one is from Gianluca Ferrari from Mediobanca, please. Good afternoon, everyone. I have three questions, if at all possible. The first one was on the tax rate of Unipol Grupo, which was very low. I mean, 18 percent. So much lower than Unipol said. And can I have some more color? I mean, the reasons why this is happening. Question number two. This question is on the holding costs. So from Unipol, I can see here that management costs were 74 million versus 95 million last year. So what's happening? I mean, maybe last year you had a one-off costs or maybe something or other one-offs concerning some specific operations or maybe costs have become a little bit more. effective. So, once again, please, some color on this question as well. The third and last question is on the investment yield in the six months on Unipol-Sci or Unipol-Gruppo. So, both live and non-live. Once again, some more color on the six-month yield, please. Thank you. Well, Gianluca, first of all, thank you for your questions. Now, as for question number one, tax rate, Unipol-Gruppo. Well, I have to say that there's an effect or a consequence, I mean, a specific consequence on this first half of the year, so H1. And the reason is the following. So what we have is tax back. So this kind of, you know, tax back payment is 85 million euros. So this concerns, I mean, the transfer operation, which is what took place last year. Of course, I'm talking about Unipol Banka. So maybe you remember we had capital loss.