Ongoing Business Plan in line with expectations Positive trend of economic results rising over year
Resources mobilised and progress of the 2016-2020 Business Plan
Economic and financial results
The Board of Directors of Cassa depositi e prestiti S.p.A. (CDP), chaired by Claudio Costamagna, approved yesterday consolidated Half-Year Report of the CDP Group at 30 June 2017 presented by the Chief Executive Officer Fabio Gallia.
Resources mobilised and main initiatives
CDP Group
The results for the first half of 2017 confirmed the key development and promotional role of CDP Group in support of the Italian economy: resources mobilised and managed by the Group amounted to approximately € 13.1 billion. The volume of resources mobilised grew (+5%) compared with the first half of 2016 and was in line with the target progress set in the 2016-2020 Business Plan. Resources were allocated as follows: € 6.4 billion (49%) to International expansion, € 4.8 billion (37%) to Enterprises, € 1.8 billion (14%) to the Government, Public Administration and Infrastructure sector and the remaining € 0.1 billion to Real Estate.
Overall, in the first 18 months since the Plan was launched, the CDP Group mobilised resources for € 43 billion in support of domestic economy, accounting for more than 25% of the total planned for the entire 2016-2020 period.
Parent Company
The contribution of the parent company CDP to resources mobilised and managed was approximately € 9.3 billion, up 34% on the first half of 2016. In detail, mobilised resources amounted to € 4.2 billion for Enterprises (45%), € 3.2 billion for International expansion (35%) and € 1.9 billion for the Government, Public Administration and Infrastructure sector (20%).
Main initiatives
During the first half of the year, CDP finalized a number of initiatives with concrete implications in key sectors of the Italian economy.
In support of territory, new tools were created to grant liquidity to local authorities, households and enterprises: the Fund for Natural Disasters and Central Italy Earthquake in favour of people affected by the earthquake; the European Funds Investment Loan and the Suburban Areas Redevelopment Loans to encourage the immediate allocation of investment by local authorities.
Further support for the whole life cycle of businesses was promoted:
The development of the Real Estate sector was enhanced by increasing the resources allocated to Fondo Investimenti per il Turismo, which have been used to invest in five resorts in major tourist locations and the construction of the most important innovation hub in Europe with the resources of the FIA2 Fund "Smart Housing, Smart Working, Education & Innovation”.
In the infrastructure sector, CDP contributed to fund the implementation of Interconnector, a new electrical interconnection line between Italy and France.
The Group closed the first half of 2017 with total assets of € 415 billion, up € 4.3 billion (+1% compared to 31 December 2016).
Total equity amounted to € 34.6 billion, slightly down from € 35.7 billion in 2016, of which € 21.9 billion pertaining to the Parent Company (€ 22.5 billion at 31 December 2016).
Gross income grew by € 1.5 billion compared to the first half of 2016, thanks to the significant increase in gains on equity investments: + € 1.3 billion compared to the first half of 2016.
Group net income was positive for approximately € 2.5 billion (€ 0.6 billion in the first half of 2016), thanks to the significant increase in the Parent Company's result and the positive contribution of the consolidated companies.
The Net Income for the half-year pertaining to the Parent Company was € 1.6 billion (€ 0.01 billion in the first half of 2016).
Total assets amounted to approximately € 365.6 billion, up approximately € 8 billion (+ 2.2% on the previous year):
Liabilities:
Gross income (€ 1.5 billion) increased of about 8% compared to the first half of 2016 (€ 1.4 billion), thanks to the increase in net interest income (€ 1.6 billion in the first half of 2017).
Net income was approximately € 1.2 billion, up from the first half of 2016 (€ 1.1 billion).
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Please note that the Independent Auditors are completing a limited auditing of the condensed consolidated half-yearly financial report as at 30 June 2017. 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 responsible for preparing the company’s financial reports, Fabrizio Palermo, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.
The 2017 Half-yearly Financial Report, together with the certification pursuant to Article 154-bis of the Consolidated Law on Finance and the Independent Auditors’ Report 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.