CDP: draft separate financial statements and consolidated financial statements as at 31 December 2021 approved
Press release

CDP: draft separate financial statements and consolidated financial statements as at 31 December 2021 approved

The resources deployed by the Group increased to 23.8 billion euro (21.9 billion in 2020) benefiting businesses, public administration, infrastructure, and international cooperation 

Total investment by the Group by attracting additional capital amounted to 35 billion euro (2% of GDP)

Support to employment in Italy with an estimated1 400,000 jobs created or maintained, 40% of which for women and 20% for young people 

Postal savings grew to 281.5 billion euro (274.6 billion in 2020), while total funding reached 381.9 billion euro, up 3.6 billion on 2020

Consolidated net income was 5.3 billion euro (+4.1 billion compared to 2020), due largely to the results reported by ENI

CDP S.p.A.'s net income remains high at 2.4 billion euro (2.8 billion in 2020), despite the effects of historically low interest rates, the reduction in income from the management of the securities portfolio and the adjustment of the book values of equity investments

The second Integrated Sustainability Report was approved, confirming the growing importance of sustainability in the Group's governance and operations

 

Rome, 31 March 2022 - The Board of Directors of Cassa Depositi e Prestiti S.p.A. (CDP), chaired by Giovanni Gorno Tempini, approved the draft separate financial statements and the consolidated financial statements at 31 December 20212 , the 2021 consolidated non-financial statement of the CDP Group including the second Integrated sustainability report. The draft Financial Statements, presented by the Chief Executive Officer Dario Scannapieco, will be submitted for approval to the Shareholders’ Meeting, which will be called by the Board of Directors.
 

2021 highlights

In 2021, resources totalling 23.6 billion euro at the CDP S.p.A. level and 23.8 billion euro at the Group level3 were deployed to support businesses, infrastructure, public administration and international cooperation, an increase compared to both the Parent Company's 21.7 billion (+8%) and the Group's 21.9 billion reported in the previous year (+9%).

The resources deployed by CDP Group led to investments with a combined value of 35 billion euro (2% of GDP) by drawing in resources from third-party investors and co-financiers.

In terms of funding, postal savings grew by 2.5% from 274.6 billion euro in the previous year, to reach 281.5 billion euro, thanks in part to CDP’s positive net funding of over 3 billion. Always regarding funding, the process of diversifying sources continued: at the end of June, a new 500-million-euro Social Bond was issued. Total funding amounted to 381.9 billion euro, up by 3.6 billion euro compared to 2020.

Regarding economic results, consolidated net income was 5.3 billion euro (+4.1 billion compared to 2020), due largely to the results reported by the investee ENI. 

With regard to CDP S.p.A., net income remained high at 2.4 billion euro (2.8 billion in 2020), despite the effects of historically low interest rates, the reduction in income from the management of the securities portfolio and the adjustment of the book values of equity investments.

The Board of Directors also approved CDP Group’s second Integrated Report, which confirms its commitment to progressively integrating sustainability principles into its governance, operations, and business decisions. 

 

CDP S.p.A.

Resources deployed: 23.6 billion euro (21.7 billion in 2020)
Net income: 2.4 billion euro (2.8 billion in 2020)
Total assets: 413 billion euro (410 billion in 2020)
Total funding: 381.9 billion euro (378.3 billion in 2020)
Postal savings: 281.5 billion euro (274.6 billion in 2020)
Equity: 25.3 billion euro (25.5 billion in 2020)
 

CDP Group

Resources deployed: 23.8 billion euro (21.9 billion in 2020)
CDP Group4  earnings before tax: 3.1 billion euro (+2.5 billion in 2020)
Consolidated net income: 5.3 billion euro (1.2 billion in 2020)
Consolidated net income pertaining to the Parent Company CDP S.p.A.: 3 billion euro (-0.4 billion in 2020)
Consolidated total assets: 517 billion euro (512 billion in 2020)
Consolidated equity: 35.4 billion euro (33.7 billion in 2020), of which 21.2 billion euro pertaining to the Group (20.4 billion in 2020)
 

For further details on the highlights for 2021, see the “Business performance” section.

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The Chairman of Cassa Depositi e Prestiti, Giovanni Gorno Tempini, commented: "Faced with an extremely uncertain international scenario, we are all called upon to play our part in laying the foundations for development that is sustainable and inclusive, especially with regard to women and young people. CDP continues to lend its expertise with a great sense of responsibility, confirming its commitment to Italy. Evidence of this are the investments made by the Group, which are equivalent to 2% of GDP, as well as the effect on employment, with about 400,000 jobs supported. The productive collaboration with our shareholders, the Ministry of Economy and Finance and the Banking Foundations, which support us in pursuing our mission to promote the growth of local areas and communities and with whom we work intensively, is always fundamental". 

The Chief Executive Officer and General Manager of Cassa Depositi e Prestiti, Dario Scannapieco, stated: "With more than 23 billion euro in resources committed and a total of 35 billion euro in investments in businesses, infrastructure, Public Administration and international cooperation, CDP has consolidated its role as an institution committed to supporting the country's growth. Thanks to these results, we confirm our determination to continue down the road mapped out in the 2022-2024 Strategic Plan, which places at the centre of CDP's activities the impact generated in terms of economic, social and environmental benefits, in part through the adoption of specific sustainability policies and principles. Moreover, we have made an unprecedented commitment to support the implementation of the PNRR and, more generally, to strengthen our advisory activities for the benefit of central and local governments".


Business performance

CDP S.p.A. 
Resources deployed by CDP S.p.A. for businesses, infrastructure, the Public Administration, and international cooperation totalled 23.6 billion euro in 2021, an increase of 8% over 2020. 

Regarding businesses, 12.4 billion euro was deployed to support the domestic and international growth of Italian companies. The main activities during the year included:

  • the granting of a guarantee with a maximum value of 3.6 billion euro to cover a portfolio of new operations under the SME Guarantee Fund, also through the use of European resources;
  • the launch of the first “Supply Chain Basket Bond” programme to support the development of the country's strategic supply chains;
  • the support provided to domestic business growth by granting 2.2 billion euro in direct financing;
  • support to Italian companies for export and international expansion with 1.8 billion euro in resources committed.

Regarding infrastructures, Public Sector & Infrastructure and territorial development, 11 billion euro was deployed to finance public entities and infrastructure and to promote territorial development initiatives. The main activities during the year included:

  • 5.2 billion euro to refinance the debt of Regions resulting in an overall savings of approximately 1.4 billion for the Entities concerned;
  • the granting of 0.2 billion euro in liquidity advances from state resources to speed up the payment of debts to suppliers of more than 140 entities;
  • support for the railway and motorway sector with 1.8 billion euro in resources committed.
  • the strengthening of infrastructure advisory activities, significantly expanding the scope of technical and financial support to the Public Administration.

Regarding International Cooperation, among the main activities undertaken during the year to support Developing Countries, the following are worthy of note: 

  • the investment of 50 million euro in the 'REGIO' fund to support projects to contrast climate change and, for the first time, support for the development of renewable energy installations in Sub-Saharan Africa by joining “AREF II” fund;
  • the entrusting of the management, starting from 2022, of the new Italian Climate Fund with a total provision of 4.2 billion euro over the five-year period 2022-2026; 


In terms of economic results, CDP SpA reported net income of 2.4 billion euro, down 0.4 billion euro from the previous financial year. Specifically:

  • net interest income amounted to 1.8 billion euro, marking a decrease on 2020, mainly as a result of the all-time low interest rates.
  • dividends of 1.2 billion euro, up with respect to 2020 mainly due to higher dividends from ENI and Fintecna;
  • other net revenues of 0.6 billion euro, down on 2020 mainly due to lower income from interest rate risk management strategies implemented on the securities portfolio;
  • cost of risk of -0.2 billion euro, an improvement compared to 2020, despite the impairment adjustments made to the equity portfolio;
  • cost/income ratio well below 10%.

As regards the balance sheet, total assets amounted to 413 billion euro (+1% on 2020) and mainly included:

  • cash and cash equivalents and other treasury investments amounted to 185 billion, up from the year-end figure for 2020;
  • loans, which amounted to 114 billion, an increase with respect to the balance at the end of 2020, mainly as a result of loan volumes granted to Public Entities and businesses, also in connection with the abovementioned refinancing of regional mortgage loans;
  • debt securities came to 68 billion euro, down from the year-end 2020 figure, due to the large number of maturities recorded during the year, only partially renewed given the significant growth in loans;
  • equity investments and funds amounted to 37 billion, up on the year-end figure for 2020 as a result of investments in support of investee companies and investment funds. 

Funding stood at 381.9 billion euro, up 1% from the figure recorded at the end of 2020. Specifically:

  • postal funding amounted to 281.5 billion, up on the year-end figure for 2020 thanks to CDP’s positive net funding during the year (+3.3 billion) and interest accrued by postal savers.
  • funding from banks and customers amounted to 79 billion euro, down on the year-end figure for 2020, mainly as a result of the decrease in funding arising from treasury operations;
  • bond funding of 21 billion, up slightly on the previous year largely due to the new 500-million-euro Social Bond and the increase in Commercial Papers, which more than offset the number of maturities recorded during the year.

Equity amounted to 25.3 billion euro, down slightly (-1%) on the year-end figure for 2020 due to changes in earned income and dividends distributed during the year.


CDP Group    
Resources deployed by the Parent Company CDP S.p.A. and the companies subject to its management and coordination (the “CDP Group”)5  totalled 23.8 billion euro, an increase on 2020 (+9%). These resources were deployed for businesses, infrastructure, the Public Administration, and international cooperation. 

During the same period, the CDP Group mobilised investments totalling 35 billion euro, thanks to the resources raised from third-party investors and co-lenders.

The CDP Group's 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, WeBuild and Nexi).

Including the entire scope of consolidated subsidiaries, consolidated net income came to 5.3 billion euro, compared to 1.2 billion euro in 2020, mainly thanks to the performance of ENI. 

In terms of net income pertaining to the Parent Company, and therefore excluding the results of minority interests, net income amounted to 3 billion euro, compared to a loss of 0.4 billion in the previous year.

Total consolidated assets totalled 517 billion euro, up 0.9% compared to 2020.

Total funding stood at 419 billion euro, up by 0.6% on the previous year. 

Consolidated equity totalled 35.4 billion euro, an increase of over 1.7 billion euro compared to the previous year (33.7 billion euro).

Sustainability: CDP Group’s second Integrated Report approved

The CDP Group’s second Integrated Report was approved, which confirms its commitment to progressively integrating sustainability principles into its governance, operations, and business decisions. The Report illustrates the CDP Group's ability to take advantage of the interconnections between the various types of capital (financial, human, social-relational, intellectual, physical and natural) that it uses to generate long-term value for the community.

The main initiatives undertaken include:

  • Reinforcing the integration of sustainable development principles in the Group's governance, organisation and risk management

In particular, (i) CDP's Articles of Association were amended to introduce the principle of sustainable development; (ii) the responsibilities of CDP's BoD Risk Committee, renamed the "Risk and Sustainability Committee", were expanded to include specific expertise in the area of ESG (Environmental, Social and Governance); (iii) CDP's organisational structure was revised, with the creation of three separate departments to ensure that environmental, social and governance considerations are adequately integrated and managed in corporate processes (Sector strategies and impact; Policy, assessment and advisory; Communications, external relations and sustainability); (iv) the commitment to managing emerging risks arising from climate change was strengthened as demonstrated through the voluntary reporting based on the criteria of the Task Force on Climate-related Financial Disclosures (TCFD).

  • The creation of long-term value for the community

In particular: (i) benefiting more than 17,000 companies and resulting in approximately 54 billion euro in additional turnover; (ii) supporting employment in Italy, with approximately 400 thousand jobs created and maintained6 , of which 40% in favour of women and 20% for young people and (iii) delivering high-impact social infrastructure through 27 social housing projects resulting in more than 1,800 new energy-efficient housing units for nearly 4,000 beneficiaries.
 

  • CDP Group's growing commitment to supporting the 2030 Agenda Goals 

Regarding the 2030 Agenda, approved by the UN in 2015, the CDP Group continues its commitment to achieving the 17 Sustainable Development Goals. In particular through: (i) promoting an inclusive work environment, by investing in the skills of each individual (with more than 55,000 hours of training) and leveraging diversity and gender equality in the value creation process (+3% women in management positions and +54% paternity leave taken); (ii) promoting ongoing, transparent and constructive dialogue with all the Group's stakeholders (more than 45,000 interactions with stakeholders and more than 500 webinars and online events); (iii) providing support to local areas by building infrastructures with a high social impact from the perspective of regeneration and redevelopment (3 new hospitals with 1,542 beds and 150 buildings undergoing energy efficiency upgrades) and social and financial inclusion (compared to 2020, stock of postal savings up +2.5% and subscriptions of postal savings bonds up +7.8%); (iv) deployment of resources to support the country's digital and technological transition (more than 900 million euro committed through loans to over 580 supported businesses); 2 new funds for innovative start-ups and SMEs and 4 digital platforms for business); (v) deployment of resources to support the energy transition and fight climate change (3.3 billion euro) and to promote a low-impact work environment by reducing, compared to 2020, greenhouse gas (GHG) emissions (-39%), waste produced (-66%) and energy consumption (-7.5%); (vi) promoting sustainable development beyond national borders, through support for the international expansion of the country (400 million euro and 17 companies supported), supporting international cooperation initiatives with a high socio-economic impact for emerging economies and developing countries (subscriptions to 2 funds supporting green initiatives; 8 million euro for rural electrification in Peru; management of the Italian Climate Fund) and co-organising the second edition of the Finance in Common Summit (over 500 Public Development Banks gathered in Rome).

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Please note that the Independent Auditors are completing the audit of the separate financial statements and the consolidated financial statements as at 31 December 2021. The reclassified consolidated financial statements set out in the Annex are not subject to auditing by the Independent Auditors.

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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 Annual Financial Report, together with the certification pursuant to Article 154-bis, paragraph 5, of the Consolidated Law on Finance and the Independent Auditors and Board of Statutory Auditors’ Reports shall be 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.

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1 Estimation made in collaboration with Prometeia.

2 The Annual Financial Statement comprising (i) the Directors' Report on Operations, (ii) the draft financial statements of CDP S.p.A. and (iii) the consolidated financial statements of the CDP Group together with their respective annexes, have been prepared in accordance with Delegated Regulation (EU) 2019/815 and thus in XHTML format and, for the consolidated financial statements, in accordance with the new European regulations to standardise communication languages (ESEF regulation - European Single Electronic Format), which call for the adoption of the "inline XBRL" standard and the labelling of the consolidated financial statements using the IFRS taxonomy adopted by ESMA.

3 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.

4 The result for 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.


5 An overview of the results of CDP S.p.A. and only of those companies subject to management and coordination is provided in the consolidated operating segments report, prepared in compliance with IFRS8 - Operating segments.

6  ref. footnote 1: estimation made in collaboration with Prometeia. 



 

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