Rome, 30 July 2021 h 16:48 - The Board of Directors of Cassa Depositi e Prestiti SpA (CDP), chaired by Giovanni Gorno Tempini, approved the Consolidated Half-yearly Financial Report at 30 June 2021, as presented by the Chief Executive Officer Dario Scannapieco.
In the first half of 2021, new lending for Businesses, the Public Sector, Infrastructure and International Cooperation totalled 11.6 billion euro at Group level and 11.5 billion euro at CDP SpA level. The increase on the first half of 2020 was also a result of 5.2 billion euro of refinancing on the mortgage loans granted to the Regions by the Ministry of the Economy and Finance (compared to 0.7 billion euro in 1H2020).
In terms of the income statement and balance sheet results, CDP SpA reported a net income of 1.4 billion euro (1.3 billion euro in the first half of 2020). Postal savings increased to 279 billion euro (275 billion euro at year-end 2020).
At CDP Group level, which includes CDP SpA and the subsidiaries subject to management and coordination, earnings before tax stood at 1.2 billion euro (0.9 billion euro in the first half of 2020). At consolidated level, including all other investee companies, net income amounted to 1.4 billion euro (loss of 0.7 billion euro in the first half of 2020). Net income pertaining to the Parent Company totalled 0.3 billion euro (loss of 1.4 billion euro in the first half of 2020).
For further details on the operating results, financial position, and cash flows, please refer to next section.
New lending by CDP SpA for Businesses, Infrastructure, the Public Administration and International Cooperation totalled 11.5 billion euro in the first half of the year (+3.9 billion euro vs 1H2020, +50%).
With regard to Businesses, 4.6 billion euro of new lending was granted to support the domestic and international growth of Italian companies. Key operations in the half year included:
With regard to Infrastructures, Public Sector & Territorial Development, 6.8 billion euro was invested to finance public entities and infrastructure and to promote territorial development initiatives. Key operations in the half year included:
With regard to International Cooperation, 0.1 billion euro of new lending was granted to support Developing Countries. Key operations in the half year included:
In terms of income statement results, CDP SpA reported net income of 1.4 billion euro, slightly up from the first half of the previous financial year (+2%). Specifically:
As regards the balance sheet, total assets amounted to 416 billion euro (+1% on 2020) and mainly included:
Funding stood at 386 billion euro, up 2% from the figure recorded at the end of 2020. Specifically:
Equity amounted to 24.5 billion euro, down 4% compared to the year-end figure for 2020 due to changes in earned income and dividends distributed in the first half of the year.
New lending by the parent company CDP S.p.A. and the companies subject to management and coordination (the “CDP Group”)2 totalled 11.6 billion euro, an increase on the first half of 2020 (+3.8 billion euro, +50%). These resources were deployed for Businesses, Infrastructure, the Public Administration and International Cooperation.
In addition, the CDP Group's pre-tax net income for the period amounted to 1.2 billion euro, up significantly from 2020 (+33%), largely due to the positive results of the Parent Company.
The CDP Group's half-yearly condensed consolidated financial statements also include companies over which the Parent Company does not exercise management and coordination (including major listed subsidiaries such as SNAM, Terna, Italgas and Fincantieri and associates such as ENI, Poste Italiane, Saipem and WeBuild).
Including the remaining consolidated subsidiaries not subject to management and coordination, the consolidated net income was equal to 1.4 billion euro, compared to a loss of -0.7 billion euro in the first half of 2020. Net income pertaining to the Parent Company amounted to 0.3 billion euro, compared to a loss of 1.4 billion euro in the first half of 2020. This change is mainly due to the higher contribution to the result of companies accounted for using the equity method3.
Total consolidated assets amounted to 514.8 billion euro, up by 0.5% (2.4 billion euro) compared to the figure at 31 December of the previous year.
Total funding stood at 423.9 billion euro, up by 1.6% on the first half of the previous year.
Consolidated equity amounted to 32.3 billion euro, of which 18.7 billion euro refers to the Group’s equity.
Please note that the Independent Auditors are completing the review of the half-yearly condensed consolidated financial statements at 30 June 2021. The reclassified consolidated financial statements set out in the Annex are not subject to auditing by the Independent Auditors.
The Manager in charge with preparing the company's financial reports, Pier Francesco Ragni, declares pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance that the accounting information contained in this press release corresponds to documentary evidence and the accounting books and records.
The 2021 Half-yearly Financial Report, together with the certification pursuant to Article 154-bis, paragraph 5, of the Consolidated Law on Finance and the Independent Auditors’ Report will be made available to the public at the Company's registered office, on the CDP website and in any other manner provided for by the applicable law, within the legal time limits.
1 The CDP Group consists of the Parent Company and the subsidiaries subject to management and coordination as described in the consolidated information on Operating segments. The result for the first half of 2020 has been restated for comparability by excluding the SACE Group, which is no longer subject to management and coordination following the publication of Decree Law 23/2020.
2 An overview of the results of CDP S.p.A. and only of those companies subject to management and coordination (the "CDP Group”) is provided in the consolidated operating segments report, prepared in compliance with IFRS8 - Operating segments.
3 The main companies accounted for with the equity method in the consolidated financial statements of the CDP Group are ENI, Poste, Saipem and Webuild.