net income up 77%, to more than €2.8 billion new lending and investment equal to 1.5% of Italian GDP assets of more than €300 billion shareholders’ equity reaches €16.
Rome, 20 March 2013 - Cassa Depositi e Prestiti Spa (CDP SpA) announces that the Board of Directors, meeting today under the chairmanship of Franco Bassanini, approved the 2012 annual report, which contains the financial statements that will be submitted for approval to the Shareholders' Meeting called for 17 April 2013.
For the parent company, CDP, the year ended with net income up 77%, to €2.853 billion. The following provides additional key information on performance during the year.
In 2012 new lending and investment equal to 1.5% of Italian GDP
Last year CDP posted new lending and investment totalling more than €22 billion, nearly 1.5% of Italian GDP. This is the highest level ever achieved by CDP SpA, an increase of 35% compared with the €16.5 billion mobilised in 2011.
CDP thus nearly met the targets for the 2011-2013 Business Plan a full year in advance, as the plan called for new resources for the economy of more than €40 billion. In the light of the results for 2012, that target has been revised upwards to more than €50 billion in three years, more than 3% of GDP, underscoring CDP’s counter-cyclical role.
In 2012 Cassa Depositi e Prestiti reacted to the challenging economic and financial environment by adjusting the mix of lending and investment among public entities, infrastructure and enterprises, increasing the proportion ofinvestments in equity, alongside its traditional lending operations:
The expansion of CDP’s lending and equity investment in support of the economy was mirrored by an increase in assetsto over €300 billion (+12% compared with the end of 2011).
Liquidity increased to €139 billion (+8%), while loans to customers and banks expanded by 2% to €100 billion, compared with a contraction in lending by banks overall.
Postal funding amounted to more than €233 billion (+7%). Postal savings remains a major component of household savings, amounting to about 14% of that aggregate at 31 December 2012.
Equity investments and shares expanded sharply (+54%) to €30 billion, as a result of the major investments made during the year.
Shareholders’ equity amounted to €16.8 billion, up 16%, the result of the strong performance of CDP.
Performance and performance ratios
The large increase in net income, which rose to €2.853 billion from €1.612 billion in 2011, was mainly driven by the substantial rise (+51%) in net interest income (about €3.522 billion) as the rates on loans outpaced the cost of funding. The positive trend was also confirmed by developments in gross income. Excluding the non-recurring gain of about €485 million on the partial disposal of Eni shares during the year, CDP’s net income would still have risen by about 50%.
The positive performance kept efficiency high (the cost/income ratio declined to 3%, compared with 4.6% in 2011) and boosted the return on capital employed (ROE at 19.7%, compared with 11.7% in 2011).
The consolidated financial statements at 31 December 2012 show net income pertaining to the shareholders of the parent company in the amount of €2.924 billion up 35% compared with 2011. Total assets reached €328.551 billion, an increase of 14% compared with 2011, while equity pertaining to shareholders of the parent company amounted to €18.183 billion, up from €15.525 billion in 2011.
The 2012 Annual Report accompanied by the statements pursuant to Article 154 bis, paragraph 5, of the Consolidated Law on Financial Intermediation, as well as the reports of the external audit firm and the Board of Auditors will be made available to the public at the registered office and published in the CDP website in accordance the statutory deadline.
Convocation of ordinary shareholders’ meeting
CDP has called an ordinary shareholder’s meeting for 17 April 2013. On the agenda is, in addition to approval of the annual financial results, the renewal of the Board of Directors and the Board or Auditors, as well as the integration of the auditing firm’s remuneration.
The manager responsible for preparing the corporate financial reports, Andrea Novelli, declares 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.