CDP approves 2013 half-year report: €11 billion in new resources mobilized and managed by Group. Partial split of Fintecna approved

Press release

CDP approves 2013 half-year report: €11 billion in new resources mobilized and managed by Group. Partial split of Fintecna approved

2013 half-year report Rome, 1 August 2013 - Cassa depositi e prestiti announces that the Board of Directors, meeting under the chairmanship of Franco Bassanini, has approved the consolidated half-year financial report of the CDP Group.

2013 half-year report


Rome, 1 August 2013 - Cassa depositi e prestiti announces that the Board of Directors, meeting under the chairmanship of Franco Bassanini, has approved the consolidated half-year financial report of the CDP Group.

The main financial and performance figures for the period of the parent company, CDP SpA, are discussed below:

During the first half of 2013, Cassa depositi e prestiti mobilised and managed some €9 billion, more than double from 2012 with an increase of 124%. Among the primary factors contributing to the increase are the results of a fund’s operation of advance payments for debts belonging to local government public administrations, the capital increase underwritten by the Fondo Strategico Italiano S.p.A., and the improved progress in the financing of operations in support of exporting and international growth for companies the economy.  

Financial position:

  • Compared with the end of 2012, at 30 June 2013 assets increased by 4%, to €318 billion. The stock of loans to customers and banks rose by 1%, to €102 billion.
  • Postal funding of CDP expanded by 1%, compared with 2012, reaching €236 billion. Total funding amounted to €296 billion, an increase of 5% compared with the end of 2012.
  • Shareholders’ equity rose by a substantial 4%, totalling €17.5 billion.

Performance:

  • Net profit in the period rose 19% compared with the results from 2012, reaching 1,731 million.
  • Net interest income totalled 1,512 million, falling more than 30% from the same period in 2012. The result is the effect of the forecasted contraction of returns on investments, exceeding to the cost of funding.
HIGHLIGHTS FOR CDP SPA (millions of euros) 2013       2012

RECLASSIFIED BALANCE SHEET DATA (balances at 30 June 2013 and 31 December 2012)          
Total assets 318,162       305,431
Cash and cash equivalents and other treasury investments 145,850       139,062
Loans to customers and banks 101,672       100,508
Equity investments and shares 33,029       30,570
Postal funding 236,309       233,631
Shareholders' equity 17,502       16,835
RECLASSIFIED PERFORMANCE DATA (accruing in first half of 2013 and 2012)          
Net interest income 1,512       2,162
Gross income 2,110       2,006
Operating income 2,052       1,963
Net income 1,731       1,454

 Summary of consolidated half-year financial statements

During the first half of 2013 the Group mobilised and managed more than €11 billion in resources, more than 20% from 21012, due to an increase of volume from the parent company and its main subsidiaries under its control.

The consolidated half-year financial statements show net income pertaining to the shareholders of the parent company in the amount of 1,435 million, 26% less than the first half of 2012.

Total assets amounted to €340 billion (+3%), while shareholders’ equity pertaining to the shareholders of the parent company totalled €18.5 billion (+2%).

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.

Partial split of Fintecna Spa in favour of CDP

The board has also approved the partial split of Fintecna Spa, by allocating part of the asset in favour of CDP. In particular, it involves the holding of real estate companies (Fintecna Immobiliare Srl and Quadrante Spa) and other real estate properties directly owned by Fintecna.

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