CDP approves 2015 half-yearly financial report and a number of appointments at subsidiary companies
Press release

CDP approves 2015 half-yearly financial report and a number of appointments at subsidiary companies

CDP highlights
Assets: €372 billion (+6%); stock of loans: stable at €103 billion; Shareholders’ equity: €19.4 billion (-0.7%); net income: €916 million (-24%)CDP GROUP highlights

CDP GROUP highlights
Assets: €424 billion (+6%); shareholders’ equity: €35.5 billion (+0.8%); net income: €1.1 billion (-26%)

Rome, 3 August 2015

Cassa depositi e prestiti Spa (CDP) announces that the Board of Directors, meeting under the chairmanship of Claudio Costamagna, has approved the consolidated half-year financial report of the CDP Group at 30 June 2015 – presented by the Chief Executive Officer Fabio Gallia – and voted in favour of a number of appointments at the Parent Company and within the Group.

Half-year results - CDP

Resources mobilised and managed – During the period, CDP mobilised and managed resources in support of the country totalling more than €5 billion (+19% on 2014), one of the most significant achievements in recent years. More specifically, lending to the infrastructure sector exceeded €1 billion (+87%) and loans to public entities rose to more than €1.3 billion (+53%), while resources channelled to enterprises amounted to about €3.0 billion, broadly unchanged on 2014. 

Financial position – The period closed with assets of about €372 billion (+6% compared with the end of 2014), while liquidity amounted to €194 billion (+7%). Loans to customers and banks were broadly unchanged at about €103 billion. 

Total funding amounted to €350 billion (+8% on the end of 2014), of which €253.5 billion in postal funding, slightly up on the end of 2014 (+0.6%). Shareholders’ equity was essentially unchanged at about €19.4 billion.

Performance – In a market environment characterised by a substantial decline in interest rates, net interest income amounted to about €380 million, a decrease of 47% on the same period of 2014. Net income came to €916 million (-24%). 

Half-year results –CDP Group

Resources mobilised and managed – Resources mobilised and managed by the CDP Group totalled about €12 billion, up 34% on the same period of 2014. The performance underscores the Group’s major commitment to supporting the productive sector of the country.

Financial position – Total assets increased to about €424 billion (+6% on 31 December 2014), while shareholders’ equity amounted to about €35.5 billion (+0.8%), of which €21.6 billion attributable to the Parent Company. 

Performance – Group net income amounted to about €1,128 million (of which €434 million attributable to the Parent Company), down 26% on the same period of 2014. The change is mainly attributable to developments in the Parent Company’s gross income and the performance of insurance operations.

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


The Board approved a number of appointments at subsidiaries designed to more effectively exploit the Group’s potential.

In particular:

  • the CEO Fabio Gallia was designated General Manager of CDP.
  • Andrea Novelli, formerly CDP General Manager, will take on the role of SIMEST (76% CDP) Chief Executive Officer.
  • Luigi Chessa, CDP Chief Legal Officer and Simonetta Iarlori CDP Chief Operative Officer will join the board of SACE (100% CDP), replacing Leone Pattofatto, and Maria Elena Cappello, who both resigned.
  • Leone Pattofatto, appointed Head of CDP Equity Investments (a position previously held ad interim by the CEO of CDP) was designated Chief Executive Officer of CDP RETI which is 59.1% held by CDP, and owns a controlling interest in SNAM and TERNA.

Finally, the Board of Directors confirmed Fabrizio Palermo (Chief Financial Officer of CDP) as the manager responsible for preparing the corporate financial reports

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