Press release

CDP: Separate and Consolidated Financial Statements at 31 December 2020 and Results of the 2019-2021 Business Plan




The Chairman of Cassa Depositi e Prestiti, Giovanni Gorno Tempini, commented: "In a year marked by significant difficulties, we have achieved important results that have seen the Cassa Depositi e Prestiti Group strengthen its commitment to innovation and the competitiveness of businesses, infrastructure and the local area and promote the emergence of European champions in strategic sectors of the national economy, achieving the objectives set out in the Business Plan.   The strength of our balance sheet, together with the confidence of postal savers, has allowed us to increase our role as the driving force behind the country's sustainable development, with a significant impact at an economic, social and environmental level. The support provided by the Ministry of the Economy and Finance and the bank Foundations has been fundamental in allowing us to quickly respond to the emergency caused by the pandemic and to lay the foundations for relaunching Italy".

The Chief Executive Officer of Cassa Depositi e Prestiti, Fabrizio Palermo, stated: "The year just ended saw CDP's great commitment materialise through numerous initiatives to support the Italian economy. The Group provided 39 billion euro during the critical stage of the pandemic emergency, providing support to over 100,000 businesses and 50 infrastructure projects through a technical and financial advisory service for local authorities. These results were made possible by the growth in postal savings, which reached 275 billion euro, and by new issues in the financial markets, where Italy's leadership in sustainable finance was consolidated with issues of 2.5 billion euro inspired by ESG criteria. Management indicators are increasing, with profits reaching 2.8 billion euro, testifying to the effectiveness of the new business model and management efficiency. On the strength of these results, which have been achieved thanks to the hard work and skills of the people of the CDP Group, we are renewing our commitment to the country's economic recovery".


Rome, 31 March 2021 - The Board of Directors of Cassa Depositi e Prestiti Spa (CDP), chaired by Giovanni Gorno Tempini, approved the draft separate financial statements and the consolidated financial statements at 31 December 2020, the 2020 consolidated non-financial statement of the CDP Group including the first integrated sustainability report. The draft Financial Statements, presented by the Chief Executive Officer Fabrizio Palermo, will be submitted for approval to the Shareholders’ Meeting, which will be called by the Board of Directors.

Key financial statement results

The 2020 financial results mark the end of a year of growth in terms of its income statement, balance sheet and cash flow figures, as well as its commitment to support Italian economy.

In terms of results, it is worth noting the growth in postal savings, which reached a record 275 billion euro in net funding not seen since 2013, and the net income reported by CDP S.p.A., which improved further to 2.8 billion euro.

At Group level, considering the perimeter of companies subject to Management and Coordination, earnings before tax stood at 2.5 billion euro, up significantly compared to 2019 (+25%). At a consolidated level, including the other investee companies (including Eni, which had an impact of -2.5 billion euro), net income stood at 1.2 billion euro.

In 2020, around 22 billion euro in new lending were granted by CDP S.p.A. and around 39 billion euro at the Group level to businesses, infrastructure, public administration and international cooperation, which grew significantly, partly in response to the COVID-19 emergency.

CDP S.p.A.

  • New lending: 21.7 billion euro (+2% vs 2019)
  • Net income: 2.8 billion euro (+1% vs 2019)
  • Total assets: 410 billion euro (+6% vs 2019)
  • Total funding: 378 billion euro (+6% vs 2019)
  • Postal savings: 275 billion euro (+4% vs 2019)
  • Equity: 25.5 billion euro (+2% vs 2019)
  • Cost/income ratio: 5% (in line with 2019)

CDP Group

  • New lending2: 38.6 billion euro (+11% vs 2019)
  • CDP Group3 earnings before tax: 2.5 billion euro (+25% vs 2019)
  • Consolidated net income: 1.2 billion euro (-66% vs 2019)
  • Total consolidated assets: 512 billion euro (+14% vs 2019)
  • Consolidated equity: 33.7 billion euro (-8% vs 2019), of which 20.4 billion euro pertaining to the Group (-13% vs 2019)

For further details on the operating results, financial position, and cash flows, please refer to the section "Financial statement results".

2019-21 Business Plan Results

Two years after the launch of the Plan, CDP ends 2020 with a completely new business and operating model, enhanced economic and financial solidity and with sustainability fully integrated into its operations.

Over the past two years, CDP has revolutionised its role, transforming itself (a) from a lender to a business partner, (b) from a lender to a promoter of local/infrastructure development and an all-round partner of the public administration, (c) from a shareholder to a manager of strategic equity investments for development and (d) from a manager of public resources to an Italian institution for development cooperation.

This transformation was accompanied by a profound revision of its operating model in terms of local presence, human capital, work models and European/international positioning.

At the same time, CDP strengthened its financial soundness, closing 2020 with a growing bottom line and a stronger balance sheet and financial position, and has fully integrated sustainability into its operations.

The Business Model

The business model has evolved along the four macro-directives of the Business Plan: (i) Enterprise, (ii) Infrastructures, Public Sector & Territorial Development, (iii) Strategic Equity Investments and (iv) International Cooperation.


CDP transformed itself from a lender to a business partner, reaching out to over 100,000 businesses (compared with 20,000 in the previous three-year period and the target of 60,000 in the Plan), 40% of which in the south of Italy. This was accomplished through:

  • A complete revision and expansion of the direct and indirect lending offer, maximising the use of European resources.
    The main actions include: (i) Expanded and simplified the product portfolio to meet the needs of SMEs and industrial supply chains; (ii) Launched innovative lending solutions that include the use of European and regional resources, in partnership with the banking system (such as through basket bonds); (iii) Strengthened support for exports and international expansion by expanding the range of sectors served, launching financing in foreign currencies.
  • The launch of new advisory services to help businesses in their growth, the first national network for the development/financing of start-ups and initiatives to counter the effects of COVID-19.
    The main actions include: (i) Supported the growth of SMEs and start-ups through physical and digital programmes, such as the "Acceleratore Imprese" programme and the "Xcelerator" digital platform for start-ups, (ii) Created Italy's largest venture capital operator with over 1 billion euro in assets, funds that are available over the entire life cycle and ties with large companies, (iii) Launched new private equity funds for small and medium-sized enterprises, also thanks to the acquisition of control of Fondo Italiano d'Investimento, (iv) Completed the preparatory work for the launch of Patrimonio Rilancio, defining the products, digital infrastructure and operating model, and (v) Allocated 7 billion euro in new resources to provide liquidity to businesses, including through the banking system, to deal with the impacts of the Covid-19 emergency.


Infrastructures, Public Sector & Territorial Development

CDP has gone from being a lender to a promoter of territorial/infrastructure development and an all-round partner of the public administration through:

  • A profound revision and expansion of the products, sectors and services offered.
    The main actions include: (i) Developed innovative solutions for entities such as loans for large infrastructure projects, energy bonuses and advances for settling payables to suppliers; (ii) Renegotiated 22 billion euro in mortgages held by territorial entities, with 0.8 billion euro in savings used to aid the fight against the pandemic emergency; (iii) Expanded direct and indirect financial support to all infrastructure sectors; (iv) Strengthened support for local areas through urban regeneration projects, support for social, student, and senior housing (with new resources and approaches), and 2 billion euro for upgrading hotels.
  • The launch of new technical support activities for the public administration and initiatives to support the energy transition.
    The main actions include: (i) Created a team of CDP engineers/project managers to assist public entities in planning, designing and building infrastructure in the local area with more than 50 active technical advisory projects and over 4 billion euro in investments authorised; (ii) Established, or is in the process of establishing, 6 companies in partnership with Italy's energy/industrial champions for generating renewable energy, improving energy efficiency, reforestation, the circular economy and electric recharging infrastructure (e.g. GreenIT with Eni and RenovIT with Snam).

Strategic Equity Investments

CDP has transformed itself from a passive shareholder into a manager of strategic equity investments for development, through:

  • Revising/expanding its role as an investor.
    The main actions include: (i) Defined the first equity strategy to identify key sectors and technologies and to rationalise the means of intervention; (ii) Reorganised the portfolio of asset management companies/funds and launched new private equity and venture capital funds; (iii) Reinforced its support to investee companies (defining strategies, developing commercial partnerships, selecting top management, optimising funding/financial management).
  • New initiatives to encourage collaboration between investee companies and the creation of European champions.
    The main actions include: (i) Promoted collaboration between investee companies on development plans, business projects, human capital initiatives; (ii) Created new European champions through market transactions with institutional investors, including Borsa Italiana's entry into Euronext, the Sia-Nexi-Nets merger, the establishment of WeBuild.

International Cooperation

CDP has transformed itself into Italy’s Financial Institution for Development Cooperation, through:

  • The strategic repositioning of activities and the strengthening of relations with key stakeholders.
    The main actions include: (i) Approved the first international cooperation strategy with the priority countries and means of intervention being established; (ii) Strengthened the dedicated internal structure; and (iii) Bolstered relations and coordination with the main institutional players to establish shared intervention strategies and priorities.
  • Broadening the scope of beneficiaries and access to European resources
    The main actions include: (i) Extended the scope of eligible beneficiaries, starting from the sovereign states which have traditionally been served, to include Multilaterals and enterprises in Italy and in the Target Countries, thanks to the use, for the first time, of its own resources in addition to those of the Revolving Fund for International Cooperation & Development Finance, and (ii) Obtained European resources to finance projects and advisory services in Developing Countries.


Operating model

CDP has transformed its operating model to bring it into line with market best practices and those of other national promotional institutions, focusing on five areas:

  • New multi-channel model, inspired by the principles of support to local areas, speed of response and transparency of the process.
    The main actions include: (i) Created a countrywide network, with 154  offices and corporate managers located throughout Italy; (ii) Digitised products and access channels for businesses.
  • Strengthening and developing human capital, expanding skills both by tapping into the market and by investing in training.
    The main actions include: (i) Hired young graduates and managers with technical skills, including engineers/project managers to work on infrastructure and specialised professionals working in equity; (ii) Launched new training programmes, including the Group's Executive MBA programme and the Young Leaders Programme with BPI France.
  • Transformation of working models by simplifying/digitalising processes and creating new smart environments.
    The main actions include: (i) Simplified/automated credit applications which made it possible to be fully operational and effective during the pandemic; (ii) Modernised working environments and equipment.
  • Promotion of culture and the non-profit sector as drivers of development, also in partnership with the Foundations.
    The main actions include: (i) Established Fondazione CDP and a corporate structure dedicated to art and culture; (ii) Rescued the CDP Group's artistic and photographic heritage; (iii) Launched, together with the Ministry of Culture, ITsART, the first digital platform for Italian culture.
  • Revival of its European and international outreach, to ensure access to European resources and strengthen relations with EU and international institutions and stakeholders.
    The main actions include: (i) Enhanced participation in European funding programmes by being a partner in the key initiatives (InvestEU, CEF Blending Transport Facility, External Investment Plan, COSME programme); (ii) Completed the repositioning with European institutions and other NPIs, such as through the vice-presidency in ELTI; (iii) Strengthened relations and collaborations with the Italian Ministry for Foreign Affairs and International Cooperation (MAECI), the Italian Trade Agency (ICE) and key international organisations.

Operating, financial and balance sheet performance

In addition to the results achieved in its promotional role, in recent years CDP has strengthened its operating performance, capital soundness and financial structure:

  • In terms of operations, it is worth noting (i) an improvement in financial results and (ii) the alignment of its financial management with best practices.
    The main actions include: (i) Net income of 2.8 billion euro in 2020, continued growth from 2019; (ii) Strengthened actions taken in terms of asset-liability management for managing interest rate risk.
  • In terms of capital and risk, it is worth noting (i) an increase in capital soundness and (ii) the strengthening of risk management.
    The main actions include: (i) Increasing equity, thanks to solid earnings; (ii) Strengthened risk assessment models to align them with the new business operations.
  • Financially it is worth noting (i) the repositioning and relaunch of postal funding, which is growing strongly after years of negative net funding, and (ii) the redesign/diversification of funding sources, which has positioned CDP as an innovative financial institution.
    The main actions include: (i) Renewed the product range, distribution channels and communication of postal savings, making it possible to transform postal savings into an innovative and fast-growing form of investment (CDP net funding of +6 billion euro in 2020 versus a low of -5 billion euro in 2016); (ii) Finalised a domestic and international issuance plan and strengthened relations with institutional investors, with over 3 billion euro in social funding and 1 billion Renminbi in Panda Bonds on the Chinese domestic market (first issuer in Italy).


The first Integrated Report of the CDP Group has been approved, highlighting the new role that sustainability will play in the institution's business and operating model to help achieve the UN's 2030 goals:

  • Sustainability has been fully integrated into the Group's governance and organisation.
    The main actions include: (i) Established a dedicated structure, (ii) Integrated Sustainability principles into the strategic guidelines ("Sustainability Framework”) and the operating procedures, (iii) Created a network model involving all the Group's operating structures, (iv) Created a proprietary model for assessing the economic, social and environmental impact of individual initiatives, (v) Took part in European programmes (EU Platform on Sustainable Finance, Joint Initiative on Circular Economy), (vi) Launched external sustainability disclosure to raise stakeholder awareness with the publication of the Group's first sustainability report, the first integrated report and the organisation of themed events.
  • Introduced sustainability principles in business and operating decisions to help achieve the goals of the UN 2030 Agenda.
    The main actions include: (i) launched social, student and senior housing projects benefiting the community, (ii) deployed resources to support energy transition and combat climate change, saved land and reduced greenhouse gas (GHG) emissions and the Group's per capita energy intensity, (iii) launched new funds for innovative start-ups and mobilised resources to support the technological transformation of businesses; and (iv) promoted initiatives to make people central to sustainable development, both externally, by financing educational facilities and combating educational poverty through the CDP Foundation, and internally, by providing training to the people of our Group.
  • Carried out internal projects aimed at encouraging virtuous and responsible behaviour by Group employees.
    The main actions include: (i) "zero plastic" which involved replacing single-use plastic products with environmentally friendly ones, (ii) "paperless" to reduce the use of paper in the company, (iii) "marketplace" involving the creation of a digital platform for the exchange of goods between employees and (iv) "sustainable mobility" to encourage the adoption of electric mobility tools.


Financial statement results


Regarding the income statement, the Parent Company reported net income of 2.8 billion euro, an increase on the previous year.

The increase is attributable to the improvement in the spread between interest-bearing assets and liabilities and the interest rate risk management strategies implemented which more than offset the reduction in dividends from investee companies, the write-down of a large credit exposure (prior to the COVID-19 crisis) and the absence of non-recurring positive items in 2019. Specifically:

  • net interest income amounted to 2.1 billion euro, an increase over 2019 as a result of the improvement in the spread between interest-bearing assets and liabilities following actions to contain the cost of funding and increase the return on loans. This was also achieved by aligning the liquidity yield with the cost and duration characteristics of the underlying liabilities;
  • dividends totalled 1.1 billion euro, down on 2019 mainly due to lower dividends from ENI following changes to its dividend policy;
  • other net revenues of 1 billion euro, up on 2019 mainly reflecting the interest rate risk management strategies implemented on the securities portfolio. These actions made it possible to stabilise the margin and rebalance the capital structure also in consideration of the extraordinary events such as the mortgage loan renegotiations with regional and local governments in response to the COVID-19 emergency;
  • the cost of risk was -0.3 billion euro, a deterioration compared to 2019 when it had benefited from write-backs on some credit and equity exposures. The 2020 result is mainly attributable to the value adjustment of a large credit exposure prior to the COVID-19 crisis and to the general worsening of the economic environment due to the health crisis;
  • staff costs and administrative expenses amounted to 0.2 billion euro, up from the 2019 figure as a result of the roll-out of the planned increase of the company's workforce. Overall, strong cost control has kept the cost/income ratio extremely low (5%, in line with 2019).

As regards the balance sheet, total assets amounted to 410 billion euro (+6% on 2019), mainly consisting of cash and cash equivalents and other treasury investments for 183 billion euro, loans for 107 billion euro, debt securities for 74 billion euro and equity investments and funds for 35.6 billion euro. Specifically:

  • cash and cash equivalents and other treasury investments amounted to 183 billion euro, up 7% from the year-end figure for 2019;
  • loans, which amounted to 107 billion euro, increased by 6% with respect to the balance at the end of 2019, mainly as a result of higher volumes of financial loans. This increase is partly attributable to the extraordinary measures implemented by CDP to deal with the COVID-19 emergency, which had a positive impact on new lending during the year;
  • debt securities amounted to 74 billion euro, up 4% compared to the figure recorded at the end of 2019. The portfolio mainly consists of Italian government securities and is held for investment purposes, and to stabilise gross income.
  • equity investments and funds amounted to 35.6 billion euro, up 4% compared to the figure recorded at the end of 2019. This increase is attributable to investments made in 2020 to support (i) businesses, through the launch of private equity and venture capital funds, support for the development plans of investee companies, and the promotion of champions in strategic sectors, and (ii) the development of infrastructure and the local area.

Funding was 378 billion euro, up 6% from the figure recorded at the end of 2019. Specifically:

  • postal funding amounted to 275 billion euro (+4% compared to 2019) and was the best net funding performance by CDP in the last eight years (+6 billion euro). This was partly due to the initiatives launched during the year in terms of new digital products and services, which led to strong sales growth in the online channel (+75% over 2019);
  • funding from banks and customers, amounting to 83 billion euro (+16% compared to 2019), was strengthened to continue the process of diversifying funding sources and supporting business lending, also in response to the COVID-19 emergency.
  • bond funding increased to 21 billion euro (+8% compared to 2019), with CDP confirming its role as the leader in Italy in sustainable finance through three new social issues totalling 2.5 billion euro: (i) the 1 billion COVID-19 Social Response Bond to support businesses and public administrations affected by the health emergency; (ii) the 0.75 billion euro Social Housing Bond to support social housing projects; and (iii) the 0.75 billion euro Social Bond to support Italian businesses investing in research, development and innovation and those affected by the COVID-19 emergency. In November, CDP also became the first Italian financial institution to join the Nasdaq Sustainable Bond Network.

Equity amounted to 25.5 billion euro, up +2% on 2019 thanks to solid financial results which more than offset the dividends distributed during the year.

Regarding promotional activities, the resources deployed by CDP to businesses, Infrastructures, Public Sector & Territorial Development, and international cooperation came to 21.7 billion euro, an increase of 2% over 2019.

With respect to Enterprises, 13.5 billion euro was lent to support the growth and development plans of Italian enterprises, including through the launch of extraordinary initiatives in response to the COVID-19 emergency. These include:

  • the creation of an operating nationwide network that, despite the difficulties associated with the COVID-19 emergency, went ahead with the opening of five officesand seven new "Spazio CDP" corners in partnership with banking foundations, reinforcing the Group's proximity to the needs of local stakeholders;
  • a four-fold increase in direct financing transactions to businesses, from 64 in 2019 to 240 transaction in 2020, supporting a growing portfolio of businesses through innovative solutions and a complementary approach compared to the market;
  • the timely activation of measures to support businesses to meet liquidity needs related to the COVID-19 emergency, with 4.5 billion euro in new lending and over 20,000 businesses supported, both through the direct channel (so-called 'Covid-19 liquidity') and through the banking channel;
  • the development of the first national support network for start-ups through Italy's largest system of venture capital funds, with over 1 billion euro in assets and 8 funds dedicated to promoting Italian research and the growth of innovative start-ups.

Regarding Infrastructures, Public Sector & Territorial Development, 7.9 billion euro was lent and support activities for institutions and infrastructures were expanded (through advisory and promotion) and initiatives were set in motion in response to the COVID-19 emergency. These include:

  • the largest renegotiation of mortgage loans held by local entities in recent years, with approximately 22 billion euro of debt renegotiated, generating 0.8 billion euro in savings in 2020 for over 3,000 local entities;
  • cash advances to settle the payables of public administrations to businesses with the granting of 2.5 billion euro (of which over 2 billion euro from MEF resources);
  • technical and financial advisory services to the Public Administration to support the local entities in the planning, design, and construction of infrastructure, with the launch of numerous new projects, mainly involving school and health facilities and local public transport;
  • promotion of innovative projects to support the energy transition together with the Group's industrial companies (Eni and Snam) for (i) the production of energy from renewable sources (GreenIT6), (ii) energy efficiency with a focus on public assets (RenovIT7) and (iii) the decarbonisation and reforestation of public areas (Arbolia);
  • a constant local presence, in synergy with the banking foundations, through (i) “City Plans” for large-scale redevelopment projects in urban areas, (ii) social housing, with 2,200 new social housing units and student beds to be built in 2020, and (iii) a plan for temporary financial support to tour operators through the National Tourism Fund.

Regarding International Cooperation, 0.4 billion euro was lent by leveraging both own and third-party resources and also refocusing efforts in response to the COVID-19 emergency. These include:

  • new credit facilities to multilateral financial institutions to support investment projects in Africa and Latin America, including to counter Covid-19;
  • the debt moratorium for the most fragile countries financed by the Revolving Fund for International Cooperation & Development Finance (FRCS), launched as part of the G20 initiative to respond to the COVID-19 emergency;
  • entry into the "EGO" Fund (Amundi Planet - Emerging Green One), the world's largest green bond fund focused on emerging markets;
  • the first loans to Italian enterprises to support sustainable projects in developing countries, strengthening CDP's role as the partner of choice for Italian businesses in developing countries;
  • the expansion of the use of third-party resources for development cooperation through agreements under the European Union's External Investment Plan.

CDP Group

The CDP Group's consolidated financial statements include companies over which the Parent Company CDP does not exercise management and coordination (including major listed investee companies such as Eni, Poste Italiane, Snam, Terna, Italgas, Fincantieri, Saipem and WeBuild). To provide an overview of the results of CDP S.p.A. and only those of companies subject to management and coordination (the "CDP Group"), a separate consolidated operating segments report has been prepared.

The CDP Group's8 pre-tax net income for the year amounted to 2.5 billion euro, up significantly from 2019 (2.0 billion euro, +25%), largely as a result of the positive results of the Parent Company.

Including those companies in the scope of consolidation which are not subject to management and coordination, consolidated net income amounted to 1.2 billion euro, compared to 3.4 billion euro in 2019. The decrease is mainly attributable to the equity valuation of Eni (-2.5 billion euro in 2020).

Total consolidated assets amounted to 512 billion euro, up by 14% (63 billion euro) compared to the figure recorded at the end of the previous financial year. The main changes relate to the cash and cash equivalents, loans and receivables and securities.

Total funding stood at 417 billion euro, up by 8.1% on the end of 2019. More specifically, funding from banks grew by 25 billion euro, particularly institutional funding, while bond funding increased by 3.6%, primarily driven by new issues from CDP, Terna, and Italgas.

Consolidated equity amounted to 33.7 billion euro, of which 20.4 billion euro refers to the Group’s equity.

During the year the CDP Group granted loans9 for 38.6 billion euro, an increase of 4.0 billion euro over 2019.


Please note that the Independent Auditors are completing the audit of the separate financial statements and the consolidated financial statements as at 31 December 2020. 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 2020 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 In line with the 2019-21 Business Plan, new lending does not include volumes related to the Garanzia Italia and Green New Deal transactions managed by SACE and SACE BT.
2 In line with the 2019-2021 Business Plan, new lending does not include SACE volumes related to the Garanzia Italia and Green New Deal transactions nor SACE BT volumes.
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. The result for 2019 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.
4This includes the Ancona and Bari offices, which will open in February and March 2021 respectively.
5This includes the Ancona and Bari offices, which will open in February and March 2021 respectively,
6 Agreements signed in February 2021 with the establishment of the JV.
7 Agreements signed in 2020 and the transaction finalised in January 2021 with the acquisition of an equity investment in RenovIT (previously named Snam4Efficiency).
8 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 2019 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.
9 In line with the 2019-2021 Business Plan, new lending does not include SACE volumes related to the Garanzia Italia and Green New Deal transactions nor SACE BT volumes.



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