CDP RETI: Board of Directors approves the draft separate financial statements and 2020 consolidated financial statements

CDP RETI financial highlights
✓ Assets: more than 5.2 billion euro (over 5.2 in 2019);
✓ Shareholders’ equity: approximately 3.5 billion euro (approximately 3.5 in 2019);
✓ Net income: about 436 million euro (about 410 million in 2019).

Consolidated financial highlights
✓ Assets: more than 62 billion euro (over 57 billion in 2019);
✓ Shareholders’ equity: more than 15.7 billion euro (over 15.4 billion in 2019);
✓ Net income: 1.97 billion euro (1,91 billion in 2019).

Rome, 26 March 2021 h. 13:07 – The Board of Directors of CDP RETI S.p.A. (CDP Group), today approved the draft separate financial statements, that will be submitted for approval to the Shareholders' Meeting, and the consolidated financial statements at 31 December 2020.

The draft financial statements will be submitted for approval to the Shareholders' Meeting to be held upon first call on May 10^th 2021, and if necessary on May 12^th on second call.

CDP RETI performance and financial position

Total assets, equal to more than 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 463 million euro, up compared to 2019 (+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 436 million euro, up (+6.3%) compared to 2019, chiefly due to the higher dividends.

Consolidated performance and financial position

Total consolidated assets, equal to more than 62 billion euro (up compared to 2019) are mainly attributable to property, plant and equipment for 36.4 billion euro.

With reference to consolidated liabilities, financial debt for approximately 30.8 billion euro (up compared to 2019) and shareholders’ equity for more than 15.7 billion euro (of which more than 4 billion euro pertaining to CDP RETI).

Consolidated net income equals approximately 2.0 billion euro, up 3.3% compared to 2019.

The net income attributable to CDP Reti S.p.A. equals 584 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 the distribution of a total ordinary dividend for 2020, gross of any legal withholding taxes, equal to 436,147,560.18 euro (2,700.37 euro per share), of which 285,695,654.04 euro (1,768.86 euro per share) already distributed as an interim dividend in December 2020, to the approval of the Shareholders’ meeting called for May 10^th 2021, and if necessary on second call on May 12^th .

Based on the proposal of the Board of Directors, the 2020 dividend balance, equal to 931.51 euro per share, will be paid by 31 May 2021.

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 (31.35%), TERNA (29.85%) and ITALGAS (26.04%).