Board Meeting of 25 January 2012: preliminary results for 2011

Press release

Board Meeting of 25 January 2012: preliminary results for 2011

Cassa depositi e prestiti SpA (CDP) announces that the Board of Directors met today under the chairmanship of Franco Bassanini. The Board approved the budget for 2012 and examined the preliminary results for 2011.

Cassa depositi e prestiti SpA (CDP) announces that the Board of Directors met today under the chairmanship of Franco Bassanini.

The Board approved the budget for 2012 and examined the preliminary results for 2011.

In 2011, CDP registered new lending of about €16.5 billion (+41% over 2010), the highest level achieved since its transformation into a company limited by shares. The sectors benefiting from the resources included transport networks and local public services, followed by SMEs and export finance, public building and social housing, energy and telecommunications.

SME loan mechanism. Some 40 thousand SMEs received support under the €8 billion loan mechanism launched at the end of 2009. In the final part of 2011, CDP renewed its commitment to providing financial support for small and medium-sized enterprises in Italy, adding a further €10 billion to the programme – of which €2 billion to help tackle the problem of delays faced by these companies in receiving payment of receivables due from government departments – to bring the total resources to €18 billion.

FSI Fund. As regards larger companies, in the summer of 2011 the Fondo Strategico Italiano (FSI) was established with initial capital of €1 billion. The FSI, which is controlled by CDP, acquires equity holdings in companies of strategic importance to the country, with a view to supporting their growth, operational efficiency and international competitiveness. In November 2011, CDP authorised a commitment to subscribe capital increases of up to €4 billion.

Launch of on-line loan application service. New lending to public entities rose to more than €9 billion in 2011 (+59%), thanks in part to non-recurring transactions. Last year was a year of technological achievement for CDP and its traditional customer base, with the roll-out of the "On-Line Loan Application" service, which enables local authorities to submit a loan application via the Internet. The new system received an enthusiastic welcome: since it went live, more than 50% of loan applications have been channelled through the service, with major benefits in terms of efficiency, effectiveness and speed.

Funding and net income. Net postal funding pertaining to CDP amounted to about €7 billion, although this was down on the comparable performance in 2010 (when it amounted to €14 billion). During 2011, CDP also made recourse to unguaranteed funding instruments amounting to more than €2 billion.

Performance figures for 2011 are expected to show an increase in net income compared with the €1.7 billion registered in 2010, taking account of the new arrangements governing the postal funding service and the effects of the capital gain of about €1 billion posted in 2010 on the share exchange with the Ministry for the Economy and Finance.

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