The Board of Directors of Cassa Depositi e Prestiti approved the draft separate financial statements and the consolidated financial statements as at 31 December 2022
CDP SpA net income up to 2.5 billion euro (compared to 2.4 billion in 2021, which included higher gains on the sale of portfolio securities of 430 million)
Consolidated net income of 6.8 billion euro (5.3 billion in 2021), up also thanks to the results of some subsidiaries
Loans up to 120 billion euro (114 billion in 2021, +5%), mainly due to corporate financing.
Postal savings of 281 billion euro, stable at 2021 levels
Equity at 25.7 billion euro, up from the end of 2021 (+2%) due to the net income for the year
CDP Group resources deployed of 30.6 billion (23.8 billion in 2021, +28%), with an increased impact on Italy’s social and economic fabric
Investments growing to around 80 billion euro (35 billion in 2021, +126%), with a leverage effect of 2.6 times the resources deployed
Third Integrated Report approved, confirming growing commitment to creating economic, social and environmental value for the country
Rome, 30 March 2023 h.15:04 - 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 20221 as well as the 2022 consolidated non-financial statement of the CDP Group included in the third 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.
The Board also approved new operations benefiting enterprises, regions, infrastructure and international cooperation for a total value of around 2.5 billion euro.
Financial highlights and activities of 2022
In 2022, the CDP Group2 began work on all three of the transformational pillars set out in the Strategic Plan: Financial instruments in support of Italy’s strategic sectors, advisory services and management of third-party funds and sectoral strategies and lending and investment policies.
With regard to the first pillar, in 2022 CDP SpA deployed 30.2 billion euro, while the CDP Group deployed 30.6 billion, an increase in both cases of 28% over 20213 and with an increasing focus on high-impact lending for the country.
The resources deployed by CDP Group led to investments with a combined value of around 80 billion. Investments were up by 126% from 35 billion euro in 2021 thanks to the resources raised from third-party investors and co-lenders, with a leverage effect of 2.6 times the resources deployed in the year.
With regard to the second pillar, during the year the CDP Group increased its advisory and management activities for public, national and European funds, especially for the benefit of the Public Administration, to facilitate the use of resources and with a view to directing investments towards high-quality projects.
With regard to the third pillar, the CDP Group continued to gear its activities towards a greater impact on the economic and social fabric, implementing a policy-driven model in its lending and investment choices, strengthening the process of evaluating transactions and directing lending towards projects with high additionality.
On the asset side, loans stood at 120 billion, up from 114 billion in 2021 (+5%), mainly due to corporate financing.
On the funding side, postal savings stood at 281 billion, essentially stable compared to last year. With regard to other funding, the path towards fully sustainable activities continued through the issuance of the Sustainability Bond in the amount of 750 million euro, intended to promote green and social initiatives, and the finalisation of the first Sustainability-Linked Repo in the amount of 500 million euro for ESG-related investments.
The financial results of CDP SpA show net income rising to 2.5 billion euro, compared to 2.4 billion in 2021, which included higher gains on the sale of portfolio securities of 430 million.
Regarding the Group's financial results, the consolidated net income amounted to 6.8 billion euro (5.3 billion in 2021), also thanks to the results of some subsidiaries.
The Board of Directors also approved the CDP Group's third Integrated Report, which illustrates the non-financial results and impacts generated in 2022, confirming its growing commitment to creating economic, social and environmental value for the country.
Resources deployed: 30.2 billion euro (23.6 billion in 2021)
Net income: 2.5 billion euro (2.4 billion in 2021)
Loans and receivables: 120 billion euro (114 billion in 2021)
Postal savings: 281 billion euro (281.5 billion in 2021)
Equity: 25.7 billion euro (25.3 billion in 2021)
Resources deployed: 30.6 billion euro (23.8 billion in 2021)
Consolidated net income: 6.8 billion euro (5.3 billion in 2021)
Consolidated net income pertaining to the Parent Company CDP S.p.A.: 5.4 billion euro (3 billion in 2021)
Consolidated total assets: 478 billion euro (517 billion in 2021)
Consolidated equity: 39.7 billion euro (35.4 billion in 2021), of which 23.8 billion euro pertaining to the Group (21.2 billion in 2021)
For further details on the main achievements in 2022, see the section “The activities of the first year of the Strategic Plan and the operating and financial results”.
The Chairman of Cassa Depositi e Prestiti, Giovanni Gorno Tempini, commented:
“Once again Cassa Depositi e Prestiti confirmed its key role in the country’s sustainable development, with an unprecedented use of resources and contribution to growth. In a complex scenario, the CDP Group has intervened to meet the needs of the productive fabric and local authorities. Our contribution to Italian growth reached 1.7% of GDP, a value added generated by over 30 billion made available to enterprises, public administrations and infrastructure projects. These results were made possible by the solidity of postal funding and the ability to obtain financing on the market, including with ESG issues. Also fundamental, as always, is the trust of our shareholders, the Ministry of the Economy and Finance and the Banking Foundations, with whom we cooperate intensively in the interest of households and businesses”.
Dario Scannapieco, Cassa Depositi e Prestiti’s Chief Executive Officer and General Manager stated:
"The 2022 results demonstrate the CDP Group’s commitment to support the economy, in a landscape characterised by profound changes at international and national levels. With net income of 2.5 billion euro and investments made of around 80 billion euro, we have laid the foundation to exceed the targets of the 2022-2024 Strategic Plan. These numbers are the result of the actions taken, the gradual emergence of our corporate culture and the work of our employees, carried out without ever losing sight of our long-term goals, especially the green and digital transitions. In order to respond more effectively to the needs of the country and its communities, in the past year CDP also undertook a transformation of its operations and thus once again was able to do its part, renewing itself while remaining faithful to its role as an institution serving the country”.
The activities of the first year of the Strategic Plan and the operating and financial results
CDP Group’s activities
With regard to the “Financial instruments in support of the Italy's strategic sectors” pillar, CDP SpA and its subsidiaries subject to management and coordination (the “CDP Group”) deployed resources totalling 30.6 billion euro, up from 23.8 billion in 2021 (+28%).4
During the same period, the CDP Group mobilised investments totalling around 80 billion euro, thanks to the resources raised from third-party investors and co-lenders, with a leverage effect of 2.6 times the resources deployed in the year.
The CDP Group's activities in this area were carried out through the following six lines of action: Lending to enterprises and support for international expansion, Public Administration, Infrastructure, International cooperation and development finance, Equity and Real Estate.
With regard to the “Advisory services and management of third-party funds” pillar, during the year the CDP Group further increased its support for the Public Administration, strengthening its advisory activities and the management of mandates on public funds. The main activities in this area included:
With regard to the “Sectoral strategies and lending and investment policies" pillar, in 2022 the CDP Group continued to gear its activities towards achieving a greater impact on the economic and social fabric through new policy instruments and by strengthening its processes for evaluating operations. The main activities in this area included:
In terms of income statement results, CDP SpA reported net income of 2.5 billion euro, up 0.1 billion euro from the previous financial year. Specifically:
As regards the balance sheet, total assets amounted to 401 billion euro (-3% on 2021) and mainly included:
Funding stood at 371 billion euro, down 3% from the figure recorded at the end of 2021. Specifically:
equity, amounting to 25.7 billion, up compared to the year-end figure for 2021 (+2%), driven by net income for the year that more than offset the impact of dividends distributed and the drop in valuation reserves for financial assets measured at fair value.
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 investees, consolidated net income came to 6.8 billion euro, compared to 5.3 billion euro in 2021, mainly thanks to the performance of ENI.
The net income pertaining to the Parent Company, and therefore excluding the results of minority interests, was 5.4 billion euro compared to 3 billion in the previous year.
Total consolidated assets totalled 478 billion, down 7.5% compared to 2021.
Consolidated equity totalled 39.7 billion euro, an increase of 4.3 billion euro compared to the previous year (35.4 billion).
Sustainability: CDP Group’s third Integrated Report approved
For the first time, the resources deployed are classified according to the four challenges and ten areas of action of the 2022-2024 Strategic Plan (68% of the total), to the benefit of more than 47,000 enterprises (18,000 in 2021, +161%) and 1,300 public entities.
The resources deployed testify to the growing positive impacts generated on the economic fabric:
Indeed, in keeping with the four challenges of the Plan, the Integrated Report focuses on the Group's efforts to:
Finally, the document includes the progress of the main objectives of the ESG Plan, approved in June 2022 by the Board of Directors of Cassa Depositi e Prestiti.
The achievements presented in the Integrated Report are the result of the day-to-day work of the Group's more than 1,600 people, as well as of responsible management of financial resources and strengthened dialogue with stakeholders, which led to the organisation of the first edition of the Multistakeholder Forum and consultations on the Sectoral Strategic Guidelines and CDP's new Policies, with about 500 civil society representatives involved. Of particular note in 2022 was the commitment to people, both with training (over 62,000 hours of training, +13% v 2021) and in terms of promoting diversity, fairness and inclusion, with the approval of the first dedicated Policy, and 53% women among new executives.
Please note that the Independent Auditors are completing the audit of the separate financial statements and the consolidated financial statements as at 31 December 2022. 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, Fabio Massoli, 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 2022 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.
1 The Annual Financial Report 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, has 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 and – from 2022 – of the relative notes using the IFRS taxonomy adopted by ESMA.
2 The CDP Group consists of CDP and the subsidiaries subject to management and coordination. To calculate the business indicators (i.e. deployed resources and investments made) and remain consistent with the Plan, the contribution of SIMEST was not included as it was subject to management and coordination only from the second half of 2022. At the level of operating and financial results, 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 as at 31.12.2022.
3 In 2021 the resources deployed by CDP SpA amounted to 23.6 billion euro and those deployed by the CDP Group amounted to 23.8 billion euro.
4 In the same period, CDP SpA deployed resources of 30.2 billion euro, up 28% from 23.6 billion in 2021
5 European resources from the European Guarantee Fund programme were used to partially cover CDP's exposure to the guarantee line for the Fund.
6Cumulative savings of ~0.4 billion euro in terms of lower interest paid during the repayment period by the beneficiary entities (i.e. Lazio and Sicily regions).
7 Financing for La Spezia Container (LSCT) in partnership with Intesa Sanpaolo and the EIB.
8 Loan to Alerion Clean Power in partnership with Unicredit (CDP share 32 million euro).
9Credit lines granted to the multilateral financial institutions Africa Finance Corporation (AFC) and Afreximbank, as well as to Development Bank of Southern Africa (DBSA).
10AfricInvest IV and ENEF II.
11 Includes funds already in the portfolio and new funds activated in 2022 (Architecture and Rural Landscapes, Hamlet Attractiveness, Historical Parks and Gardens of the Ministry of Culture, Call for Tenders 1046 of the Ministry of University and Research and the MEF Fund for the government of Ukraine).
12 1) Energy transition, 2) Circular economy, 3) Preservation of local territories, 4) Social infrastructure, 5) Capital market, 6) Digitisation, 7) Technological innovation, 8) Support for strategic supply chains, 9) International cooperation, 10) Transport/Logistics hubs
13Urban Regeneration and Infrastructure; Innovation and Digitisation; Natural Resources, Energy and Environment