CDP RETI: Board of Directors approves the consolidated financial statements and the separate financial statements for 2017

CDP RETI financial highlights

Assets: more than €5.2 billion (+5.1%); Equity investments: more than €5 billion;

Shareholders’ equity: more than €3.5 billion (+1.9%); Net income: €488 million (+37.9%)

Consolidated financial highlights

Assets: more than €52.4 billion (+5%); Shareholders’ equity: more than €14.9 billion (-1.7%);

Net income: €1.66 billion (+35.2%)

Rome, 27 March 2018 h. 11:48 – The Board of Directors of CDP RETI SpA (CDP Group), chaired by Carlo Baldocci, today approved the draft separate financial statements and the consolidated financial statements at 31 December 2017.

The draft financial statements will be submitted for approval to the Shareholders' Meeting called for 14 May 2018.

CDP RETI performance and financial position

Total assets stood at more than approximately €5.2 billion: +5.1% on the previous year. Cash and cash equivalents equal to €44 million, a reduction of 56.9% compared with 2016. The equity investments value in Terna, Snam and Italgas, raised to about €5 billion. Liabilities for long-term loans (inclusive of the current portion) raised to about €1,7 billion. 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 €479 million, increased compared to 2016 (+27.7%), thanks to SNAM 2017 interim dividend (about €91 million).

Net income, thanks to the positive contribution of the equity investments portfolio amounted to €488 million, increasing (approximately 37.9%) compared with 2016.

The shareholders' equity of CDP RETI equal to €3.5 billion, showed an increase of more than 1.9%.

Consolidated performance and financial position

The consolidated financial statements for 2017 closed with total assets amounting to €52.4 billion, increased compared to 2016.

Property, plant and equipment amounted to €34.3 billion, an increase of 1.9% compared with 2016. Liabilities for long-term loans (inclusive of the current portion) totalled more than €26.4 billion, an increase of 22.7% compared to 2016. EBIT more than €2.58 billion, showed an increase of 5.4%. Consolidated net income amounted to more than €1.66 billion, an increase of 35.2% compared with 2016; of this, €509 million were attributable to CDP RETI.

Consolidated shareholders' equity amounted to €14.9 billion, a reduction of 1.7% compared with 2016, of which more than €4 billion attributable to CDP RETI.

Shareholders’ Meeting and dividend

The Board of Directors has called the Shareholders' Meeting for 14 May 2018, putting the approval, among the others, 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 2017, gross of any withholding tax, amounting to €464,032,952.28 (€2,873.02 per share), of which €324,000,314.28 (€2,006.02 per share) were already distributed as an interim dividend in November 2017.

Under the Board’s proposal, the balance of the 2017 dividend, amounting to €867.00 per share, will be paid on 30 May 2018.

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 (30.10%), TERNA (29.85%) and ITALGAS (26.04%).