CDP RETI: Board of Directors approves the consolidated financial statements and the draft separate financial statements for 2018

CDP RETI financial highlights
✓ Assets: more than 5.2 billion euro;
✓ Shareholders’ equity: approximately 3.5 billion euro;
✓ Net income: 388 million euro.

✓ Consolidated financial highlights
✓ Assets: more than 54 billion euro;
✓ Shareholders’ equity: more than 14.8 billion euro;
✓ Net income: 1.7 billion euro.

Rome, 27 March 2019 h. 11:23 – The Board of Directors of CDP RETI S.p.A. (CDP Group), chaired by Massimo Tononi, today approved the draft separate financial statements and the consolidated financial statements at 31 December 2018.

The draft financial statements will be submitted for approval to the Shareholders' Meeting which will be called for 10 May 2019.

CDP RETI performance and financial position

Total assets, equal to 5.2 billion euro (in line with the previous year), are mainly represented by the equity investments in Terna, Snam and Italgas (measured at purchase cost) and are equal to 5 billion euro.

With reference to liabilities, please note long-term loans equal to about 1.7 billion euro (in line with the previous year) and shareholders’ equity equal to about 3.5 billion euro.

Dividends amounted to 410 million euro, down compared to 2017 (-14.4%), due to SNAM’s changed dividend policy, which has led to a greater accounting of the dividends pertaining to CDP Reti S.p.A. in 2017 (232 million euro in 2018 vs 312 million euro in 2017). In particular, in 2017 CDP Reti S.p.A. recorded both the entire dividend on the 2016 income and the 2017 interim dividend.

Net income stood at 388 million euro, down (-20.6%) compared to 2017, chiefly because of the effects described above in relation to recording the Snam dividends.

Consolidated performance and financial position

Total consolidated assets, equal to more than 54 billion euro (slightly up compared to 2017) are mainly attributable to property, plant and equipment for 34.7 billion euro.

With reference to consolidated liabilities, please note long-term loans for more than 26.4 billion euro (in line with 2017) and shareholders’ equity for 14.8 billion euro (of which more than 4 billion euro pertaining to CDP RETI).

Consolidated net income equals approximately 1.7 billion euro, up 4.3% compared to 2017.

The net income attributable to CDP Reti S.p.A. equals 517 million euro due to the profit of the parent CDP Reti S.p.A. and the relevant share of the earnings of Snam, Terna and Italgas, less the dividends for the period (attributable to CDP Reti S.p.A.) and net of other consolidation effects

Shareholders’ Meeting and Dividend

The Shareholders' Meeting will be called for 10 May 2019, putting the approval, among the others, of the financial statements and the allocation of net income on the agenda.

The Board of Directors will propose to the Shareholders’ meeting to approve a total ordinary dividend for 2018, gross of any legal withholding taxes, equal to 387,559,303.56 euro (2,399.54 euro per share), of which 255,938,314.68 euro (1,584.62 euro per share) already distributed as an interim dividend in November 2018.

Based on the proposal of the Board of Directors, the 2018 dividend balance, equal to 814.92 euro per share, will be paid on 30 May 2019.

The Financial Reporting Manager, Alessandro Uggias, declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to documentary evidence and the accounting books and records.

CDP RETI S.p.A. is an investment vehicle owned by Cassa depositi e prestiti S.p.A. (59.1%), State Grid Europe Limited, State Grid Corporation of China group (35%), and a group of Italian institutional investors (5.9%). CDP RETI’s mission is to manage the investments in SNAM (30.37%), TERNA (29.85%) and ITALGAS (26.04%).