CDP RETI financial highlights
✓ Assets: more than 5.2 billion euro;
✓ Shareholders’ equity: approximately 3.5 billion euro;
✓ Net income: 410 million euro.

✓ Consolidated financial highlights
✓ Assets: more than 57 billion euro;
✓ Shareholders’ equity: more than 15.4 billion euro;
✓ Net income: 1.91 billion euro.

Approved a refinancing transaction up to 940 million euro

Rome, 1 April 2020 h. 15:02 – The Board of Directors of CDP RETI S.p.A. (CDP Group), approved, today, the draft separate financial statements, that will be submitted for approval to the Shareholders' Meeting, and the consolidated financial statements at 31 December 2019.

The Board of Directors of CDP RETI S.p.A. also approved, a refinancing transaction of the debts for a total amount up to 940 million euro.

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, financial debt equals approximately 1.7 billion euro (in line with the previous year) and shareholders’ equity equal to about 3.5 billion euro.

Dividends amounted to 436 million euro, up compared to 2018 (+6.2%), due to the positive effects deriving from the changed dividend policy (in terms of dividend per share) of the subsidiaries.

Net income stood at 410 million euro, up (+5.8%) compared to 2018, chiefly due to the higher dividends.

Consolidated performance and financial position

Total consolidated assets, equal to more than 57 billion euro (up compared to 2018) are mainly attributable to property, plant and equipment for 35.5 billion euro.

With reference to consolidated liabilities, financial debt for more than 28.1 billion euro (up compared to 2018) and shareholders’ equity for 15.4 billion euro (of which more than 4 billion euro pertaining to CDP RETI).

Consolidated net income equals approximately 1.9 billion euro, up 10.3% compared to 2018.

The net income attributable to CDP Reti S.p.A. equals 568 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 Board of Directors has decided to propose to the Shareholders’ meeting – to be called by the end of June – the distribution of a total ordinary dividend for 2019, gross of any legal withholding taxes, equal to 410,030,746.38 euro (2,538.67 euro per share), of which 267,003,638.82 euro (1,653.13 euro per share) already distributed as an interim dividend in December 2019.

The Shareholders’ Meeting will be called to deliberate, in addition to the financial statements and the allocation of net income, on the renewal of the Board of Directors and the Board of Statutory Auditors, whose term of office will end on the occasion of the approval of 2019 Annual Report.

Refinancing transaction

The Board of Directors of CDP RETI also approved the refinancing of outstanding debts of CDP RETI, deriving from the facility agreements currently in place, by means of a new loan for a total amount up to 940 million euro. The new loan, with a duration of 5 years, will be granted by a pool of bank lenders and Cassa Depositi e Prestiti S.p.A.

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 (31.04%), TERNA (29.85%) and ITALGAS (26.04%).