Board of Directors approves the CDP Spa draft separate financial statements and the Group consolidated financial statements for 31 12 2015. New increase in resources channelled to the Italian economy: €30 billion (+6%) mobilised and managed

Press release

Board of Directors approves the CDP Spa draft separate financial statements and the Group consolidated financial statements for 31 12 2015. New increase in resources channelled to the Italian economy: €30 billion (+6%) mobilised and managed

Rome, 13 April 2016 CDP financial highlights Assets: €345 billion, essentially unchanged (-1.5%) Stock of loans: a slight increase to €103.7 billion (+0.6%) Shareholders’ equity: €19.

Rome, 13 April 2016

CDP financial highlights

  • Assets: €345 billion, essentially unchanged (-1.5%)
  • Stock of loans: a slight increase to €103.7 billion (+0.6%)
  • Shareholders’ equity: €19.5 billion (-0.5%)
  • Net income adjusted for non-recurring components: €1.1 billion, down modestly from the €1.4 billion posted in 2014. Net income around €900 million (€2.2 billion in 2014).

CDP Group financial highlights

  • Assets: €398 billion (-1%)
  • Shareholders’ equity: €33.6 billion (-4%)
  • Net loss: around €900 million, resulting from 2015 ENI results.

The Board of Directors of Cassa depositi e prestiti Spa (CDP) 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 25 May and 7 June 2016, at first and second call respectively.

Resources mobilised by the CDP Group in 2015

Performance in 2015 confirms the counter-cyclical and promotional role performed by the CDP Group in supporting the Italian economy: new resources mobilised and managed by the Group amounted to about €30 billion (mainly in the form of loans, investments and guarantees), an increase of 6% on the previous year, in line with the growth targets set out in the 2013-2015 Business Plan. Of the resources, 74% were channelled to enterprises (€22 billion), 20% to public entities and local development (€6 billion) and 6% (€2 billion) to infrastructure.

The contribution of the Parent Company, CDP, to resources mobilised and managed amounted to about €17 billion, up 24% on 2014, as adjusted for a number of non-recurring transactions. In accordance with the strategic guidelines of the 2013-2015 Business Plan, resources were directed towards the engines of the country’s economic growth:

Public entities and local development: CDP was once again a key partner in supporting local authorities, with resources mobilised and managed totalling €4.5 billion, a substantial increase (+74%) on 2014, excluding a number of non-recurring transactions (financing granted to the Special Commissioner of the City of Rome in the amount of €4.8 billion in 2014 and advances for the payment of general government debts in the amount of €2.8 billion in 2014 and around €800 million billion in 2015). In additional to traditional lending operations, the results reflect operations to develop property holdings.

Infrastructure: in 2015 CDP mobilised about €2 billion for infrastructure projects, continuing its commitments in line with the performance registered in 2014.

Enterprises: CDP also made a substantial contribution to economy recovery through its support for the Italian productive system, mobilising about €10.5 billion for enterprises, a significant increase (+38%) compared with 2014. The main drivers of this activity included debt instruments for enterprises (the SME support funds, and the Capital Goods fund) and support for the residential market, as well as the Export Bank product (€1.4 billion), mainly reflecting volumes devoted to the ship building sector. Last year also saw the launch of operations in support of investment in research, development and innovation by enterprises, mobilising more than €500 million.

CDP: performance and financial position for 2015

Assets totalled about €345 billion, down 1.5% on the previous year. The stock of liquidity amounted to €168.6 billion, a decrease of about 7% compared with 2014. The stock of loans to customers and banks rose slightly, reaching €103.7 billion (+0.6%). Equity investments and shares totalled €29.6 billion, a modest contraction of 2.6% on the previous year.

Total funding was in line with 2014 at €323 billion (-0.7%), of which €252 billion represented by postal funding.

Net interest income amounted to around €900 million, down 22% on the previous year, reflecting the decrease in market interest rates and, in particular, the decline in rates on the treasury current account to an all-time low. Net income adjusted for non-recurring items amounted to €1.1 billion, a modest reduction from the €1.4 billion posted for 2014. Net income came to around €900 million (€2.2 billion in 2014).

CDP maintains a sound financial position with shareholders’ equity of about €19.5 billion, broadly unchanged on the previous year.

CDP Group: performance and financial position for 2015

The CDP Group closed 2015 with total assets of €397.9 billion (-1% in 2014).

Liquidity amounted to €173 billion, down 6% on 2014. Net interest income contracted by 40% to around €600 million. Group performance showed a net loss of around €900 million (+€2.7 billion in 2014) resulting from the loss of almost 8.8 billion euros achieved in 2015 by ENI of which CDP owns 25.76%.

Group shareholders’ equity came to €33.6 billion, down from €35.2 billion at the end of 2014, of which €19.2 billion attributable to the parent company.

2013 – 2015 Business Plan

With 2015, the period covered by the three-year Business Plan launched in 2013 came to a close. During those three years, the CDP Group confirmed its role as a counter-cyclical operator supporting the development of the country, supplying credit and risk capital to the country at an especially challenging time for the global economy, mobilizing €87 billion in resources.

Calling of the Shareholders’ Meeting in extraordinary and ordinary session

The Board of Directors has called the Shareholders’ Meeting for 25 May and 7 June 2016 (at first and second call respectively), placing on the agenda, in ordinary session, the approval of the separate financial statements and the presentation of the consolidated financial statements at 31 December 2015, the allocation of net income for the year, the appointment of a director, the appointment of the Board of Auditors and supplementing the fees due to the audit firm and, in extraordinary session, the approval of some amendments to the articles of association, regarding the loans to enterprises also through financial intermediaries authorized and the positions held by directors.

The manager responsible for preparing the corporate financial reports, Fabrizio Palermo, 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.

The 2015 Annual Report, together with the certifications provided for under paragraph 5 of Article 154-bis of the Consolidated Law on Financial Intermediation and with the reports of the audit firm and the Board of Auditors, will be made available to the public, on the CDP website and in the other forms provided for under applicable regulations by the statutory time limits.

[2] The results presented have been reclassified using management criteria. A reconciliation of the financial statements and the reclassified aggregates is attached.

 

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