BOARD OF DIRECTORS, RECORD MOBILIZED AND MANAGED ECONOMIC RESOURCES - MORE THAN 19 BILLION (+18%). SEPARATE FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2014 APPROVED

Press release

BOARD OF DIRECTORS, RECORD MOBILIZED AND MANAGED ECONOMIC RESOURCES - MORE THAN 19 BILLION (+18%). SEPARATE FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2014 APPROVED

Main CDP Data [2]

Total Assets: 350 billion euros (+11%); Stock of loans: stable at 103 billion euros; Shareholders’ equity: 20 billion euros (+8%); Net income: 2.2 billion euros (-8%)

Main CDP Group Data 2

Total Assets: 402 billion euros (+9%); Shareholders’ equity: 35 billion euros (+16%); Net income: 2.7 billion euros (-22%)

 

Rome, 15 April 2015

Cassa Depositi e Prestiti Spa (CDP ) announces that the Board of Directors, chaired by Franco Bassanini, today approved the separate financial statements and consolidated financial statements at 31 December 2014.

The financial statements will be submitted for approval to the Shareholders' Meeting called for 28 May 2015.

Resources mobilized and managed

The results for 2014 confirm the important countercyclical role of CDP in supporting the Italian economy: new resources mobilized and managed by the CDP Group in 2014 amounted to about €29 billion (mainly in the form of loans, investments, guarantees), up 4% from 2013 and in line with the growth forecasts set out in the 2013-2015 Business Plan. Of the total, 53% went to enterprises, 39% to public entities and 8% to infrastructure projects. The contribution of the parent company, CDP, to funds mobilized and managed came to more than €19 billion, up 16% on 2013.

In accordance with the strategic guidelines of the 2013-2015 Business Plan, the resources were channelled to the drivers of the economic development of the country:

Public entities and local development: CDP was once again a key partner for local authorities, with resources mobilised and managed totalling €9.4 billion, up 59% on 2013. Traditional lending activities were supplemented by operations to develop property assets and providing advances on a portion of the late payments of general government debts on behalf of the Ministry for the Economy and Finance.

Infrastructure: despite a decline in the number of projects eligible for financing, CDP directed about €2.3 billion to infrastructure in 2014, confirming its commitment in line with volume of business registered in 2013. 

Enterprises: CDP also made a substantial contribution to economic recovery through its support for the Italian productive system, mobilising about €8 billion for enterprises, broadly in line with performance in 2013. The main drivers of this activity were debt instruments, such as the SME support funds and the new economic support products (the Capital Goods fund and the Residential Market fund), which expanded by about €2 billion compared with 2013.

 

The performance and financial position of CDP

Total assets amounted to about €350 billion, +11% on the previous year. The stock of liquidity reached €181 billion, up 23% on 2013. The stock of loans to customers and banks was stable at €103 billionEquity investments and shares totalled €30 billion, a decline of 7% on the previous year attributable to the transfer of the stake in Terna previously held by CDP to CDP RETI and the disposal of a minority interest in the vehicle to outside investors.

Total funding rose by 11% to €325 billion, of which €252 billion represented by postal funding.

CDP strengthened its financial position with growth of 8% in shareholders’ equity to about €20 billion.

Net interest income amounted to €1.2 billion, down on the previous year owing to the decline in market rates, in particular the decrease in rates on the Treasury current account to a historic low. Thanks to the positive contribution of equity investments, net income amounted to €2.2 billion, down 8% compared with 2013.

 

Consolidated performance and financial position

The CDP Group closed 2014 with total assets of €402 billion, up more than 9% on 2013.

Liquidity rose to €184 billion, up 21% compared with 2013. Group shareholders’ equity came to €35 billion, a rise of 16% on 2013, of which €21 billion attributable to the parent company.

Net interest income contracted by 62% to €925 millionGroup net income totalled €2.7 billion, down 22% from 2013; of the total €1.2 billion are attributable to the parent company. 
 

The 2014 Annual Report, together with the certifications provided for under paragraph 5 of Article 154-bis of the Consolidated Law on Financial Intermediation and the reports of the audit firm and the Board of Auditors, will be made available to the public at the CDP registered office, on the CDP website and in any other manner required by law by the applicable statutory deadlines.

 

Call of the Ordinary Shareholders’ Meeting

The Board of Directors has called the Shareholders’ Meeting in ordinary session for 28 May 2015. In addition to approval of the financial statements and the allocation of net income for the year, the items on the agenda also include the adjustment of the fees due to the audit firm.

 

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.

 


[1] I risultati esposti si basano su schemi riclassificati secondo criteri gestionali; in allegato al comunicato si fornisce un prospetto di raccordo tra gli schemi di bilancio e gli aggregati riclassificati secondo criteri gestionali.

 

[2] Presented figures are based on reclassified results according to management criteria; attached to the press release is a reconciliation statement between financial statements and reclassified aggregates according to management criteria.

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