CDP RETI: Board of Directors approves the consolidated financial statements and the separate financial statements for 2015

CDP RETI financial highlights

Assets: €5,213 million (+3.5%); Equity investments: €4,835 million;

Shareholders’ equity: €3,701 million (+4.7%); Net income: €358 million (+89.5%)

Consolidated financial highlights

Assets: €49,141 million (+0.2%); Shareholders’ equity: €15,575 million (+5.5%); Net income: €1,827 million (+42.9%)

Rome, 12 April 2016 h. 12:25 - The Board of Directors of CDP RETI SpA (a member of the CDP Group), chaired by Franco Bassanini, today approved the draft separate financial statements and the consolidated financial statements at 31 December 2015.

The draft financial statements will be submitted for approval to the Shareholders' Meeting called for 17 May 2016.

CDP RETI performance and financial position

Total assets stood at around €5,213 million, +3.5% on the previous year. Cash and cash equivalents rose to €372 million, an increase of 92.8% compared with 2014. The equity investments in Terna and Snam were stable at €4,835 million. Liabilities for long-term loans (inclusive of the current portion) were broadly in line with 2014 at €1,507 million. They regard loans granted to the company by a pool of banks and the Parent Company, CDP, as well as a bond issued in May 2015, which is listed on the Irish Stock Exchange.

Dividends amounted to €374 million, an increase of 92.4%, thanks to the larger contribution of Snam (+€102 million) and Terna (+€78 million).

Net income amounted to €358 million, an increase of about 89.5% compared with 2014, thanks to the positive contribution of the investment portfolio.

The shareholders' equity of CDP RETI rose by 4.7% to €3,701 million.

Consolidated performance and financial position

The consolidated financial statements for 2015 closed with total assets amounting to €49,141 million, essentially in line with 2014.

Property, plant and equipment amounted to €33,235 million, an increase of 3.7% compared with 2014. Liabilities for long-term loans (inclusive of the current portion) totalled €22,592 million, essentially in line with 2014. EBIT rose by 53.3% to €2,644 million, reflecting the contribution of the Terna Group (which was not included in the Group's performance the previous year). Consolidated net income amounted to €1,827 million, an increase of 42.9% compared with 2014 mainly as a result of the consolidation as from 2015 of the net income of the Terna Group; of this, €519 million were attributable to CDP RETI.

Consolidated shareholders' equity amounted to €15,575 million, up 5.5% compared with 2014, of which €4,339 million attributable to CDP RETI

Shareholders’ Meeting and dividend

The Board of Directors has called the Shareholders' Meeting, in ordinary session, for 17 May 2016, putting the approval of the financial statements and the allocation of net income on the agenda.

The Board of Directors will ask the shareholders to approve a total ordinary dividend for 2015, gross of any withholding tax, amounting to €358,326,884.70 (€2,218.55 per share), of which €322,984,391.22 (€1,999.73 per share) were already distributed as an interim dividend in January 2016.

Under the Board’s proposal, the balance of the 2015 dividend, amounting to €218.82 per share, will be paid on 30 May 2016.

The manager responsible for preparing the corporate financial reports, Alessandro Uggias, certifies pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Financial Intermediation that the accounting information contained in this press release corresponds to that in the accounting documentation, books and records.

CDP RETI Spa is an investment vehicle owned by Cassa depositi e prestiti Spa (59.1%), State Grid Europe Limited, a member of State Grid Corporation Group of China (35%), and a group of Italian institutional investors (5.9%). CDP RETI’s mission is to manage the investments in SNAM (28.98%) and TERNA (29.85%).