CDP SpA's net income at approximately 1.9 billion euro: an increase of 28% compared to the first half of 2022 (1.5 billion). Equity also up by 3%, amounting to 26.5 billion
Consolidated net income amounted to 2.8 billion euro in the first six months of the year
The CDP Group has deployed resources amounting to 11.5 billion euro that enabled total investments for 32.4 billion, generating a leverage effect of over 2.8 times the deployed resources, also through the attraction of additional capital
In line with the 2022-2024 Strategic Plan, the Board of Directors approved the Group’s first half-yearly non-financial report
Rome, 1 August 2023 h.15:01 - Today 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 2023, as presented by the Chief Executive Officer and General Manager Dario Scannapieco.
The Board also approved new operations for over 300 million, including loans and investments to support local communities and enterprises and the development of international cooperation.
In line with the 2022-2024 Strategic Plan, the Group’s first half-yearly non-financial report was also approved.
Financial highlights and activities of the half-year
In keeping with its role as a Promotional and Development Institution, in the first half of the year the CDP Group deployed resources totalling about 11.5 billion euro. This figure is in line with that for the first half of 2022, which, however, included one-off transactions for a significant amount.
Excluding these transactions, growth over the first half of last year would be of about 120%.
The Group stepped up its focus on high-impact loans for the Country. Indeed, its activities enabled investments totalling 32.4 billion euro, with a leverage effect of 2.8 times the resources deployed during the period.
In keeping with the Strategic Plan, support to general government entities increased, also within the framework of the National Recovery and Resilience Plan (NRRP), with advisory activities and management of public, national and European, funds to ensure their use in compliance with the established deadlines. As at 30 June 2023, CDP has signed 14 Action Plans, for a value of supported initiatives of about 48 billion, and has allocated about 220 million euro to the implementation of public interest projects related to the funds managed.
CDP’s stock of loans grew to 121 billion euro (120 billion at the end of 2022), with total assets standing at 394 billion, slightly down from the figure at the end of 2022 (401 billion).
As for income statement results, CDP SpA's net income amounted to approximately 1.9 billion euro, up by 416 million (+28%) on the same period of the previous year. This result was achieved thanks to the growth in net interest income and dividends. Consolidated net income was 2.8 billion euro (3.7 billion in the first half of 2022), a decrease attributable to the result of some investees that had benefited from extremely positive results in the first half of 2022.
Other significant initiatives include: the approval of the Group’s first half-yearly non-financial report, the placement of the first Green Bond and the issuance of CDP’s first bond denominated in dollars (“Yankee Bond”). In addition, the new representative office in Brussels was opened, which will make it possible to consolidate bilateral relations with European institutions and companies and facilitate system initiatives targeting key issues for Italy in the area of sustainable development.
Resources deployed: 11.0 billion euro (11.3 billion in the first half of 2022)
Net income: 1.9 billion euro (1.5 billion in the first half of 2022)
Total assets: 394 billion euro (401 billion at the end of 2022)
Loans: 121 billion euro (120 billion at the end of 2022)
Total funding: 363 billion euro (371 billion at the end of 2022)
Equity: 26.5 billion euro (25.7 billion at the end of 2022)
Resources deployed: 11.5 billion euro (11.5 billion in the first half of 2022)
CDP Group earnings before tax: 1.2 billion euro (1.1 billion in the first half of 2022)
Consolidated net income: 2.8 billion euro (3.7 billion in the first half of 2022)
Consolidated net income pertaining to the Parent Company CDP SpA: 1.8 billion euro (2.8 billion in the first half of 2022)
Total consolidated assets: 469 billion euro (478 billion at the end of 2022)
Consolidated equity: 40.2 billion euro (39.4 billion at the end of 2022)
For further details on the financial highlights, please refer to the following paragraphs.
“Despite the extent of the shocks to the global scenario in the last few years, in a context marked by signs of a slowdown in growth, the Italian economy has stayed resilient overall”, commented Giovanni Gorno Tempini, Chairman of Cassa Depositi and Prestiti. “In this framework, our results show that Cassa Depositi e Prestiti has been able to seize the challenges of a world that is changing, confirming our robust commitment to sustainable and inclusive development. These figures lay the foundations for CDP to boost its role as the driving force behind the Country’s economy and as an institution that is increasingly closer to the needs of local communities and people”.
“The data for the first 18 months of our Strategic Plan demonstrate the quality of the choices made and their effectiveness” Dario Scannapieco, Chief Executive Officer and General Manager of Cassa Depositi e Prestiti noted. “The 11.5 billion of resources deployed, up considerably over the first six months of 2022, and the 32.4 billion euro of total investments enabled, have allowed us to reach a turning point in the Plan, as we have exceeded 60% of the targets set for the 2022-2024 period. Our work has also led us to have an increasingly international dimension - as reflected by our debut on the US bond market and the inauguration of new offices in Brussels. Today we can fully embrace our role and shape a journey of growth for our country, which is shared with other players of the global scenario”.
Operating and financial results and activities of the half-year
CDP Group’s activities
In the first half of the year, the CDP Group deployed resources for approximately 11.5 billion euro, up considerably over the first half of 2022, which included one-off transactions for a significant amount. There are six lines of action: Infrastructure, Public Administration, Enterprises and financial institutions, International Cooperation and Development finance, Equity, and Real Estate.
With regard to technical advisory services and management of third-party funds, during the first half of the year the CDP Group continued its support for the Public Administration, as regards its advisory services and management of mandates on public funds. In particular, with reference to advisory services, support continued for general government entities with projects as part of the National Recovery and Resilience Plan (NRRP), and new memorandums of understanding (MoU) were signed for the InvestEU programme, including the MoU with the Municipality of Rome, followed by similar MoUs with Naples, Milan and Lombardia region. With reference to the management of public funds, the Group continued its activities to manage mandates for approximately 290 million of resources supporting the Public Administration, mainly for the NRRP, and also for developing countries through the Revolving Fund for International Cooperation & Development Finance.
In line with the 2022-2024 Strategic Plan, CDP approved the Stakeholder Grievance Mechanism policy, with guidelines on managing grievances from civil society in the context of International Cooperation. In addition, the model to classify operations and transactions in relation to sectoral strategic guidelines for the direct corporate and Public Administration areas was consolidated, and an extension to the equity and indirect lending areas has been planned. Lastly, activities began to gather the main impact indicators for operations supporting the Public Administration.
In terms of income statement results, CDP SpA reported net income of 1.9 billion euro, up by 416 million (+28%) on the first half of the previous financial year. More specifically:
As regards the balance sheet, total assets amounted to 394 billion euro (-2% on 2022) and mainly included:
Funding stood at 363 billion euro, down 2% on the 2022 year-end figure (371 billion). Specifically:
Equity, amounting to 26.5 billion euro, was up by 3% compared to the end of 2022 (25.7 billion), mainly due to the profit accrued in the half-year period, partially offset by distributed dividends.
The CDP Group's earnings before tax came to 1.2 billion euro, up slightly from the first half of 2022 (1.1 billion).
The 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, WeBuild and Nexi).
Consolidated net income amounted to 2.8 billion euro, recording a decrease with respect to the comparative period (3.7 billion), attributable to the lower contribution from ENI (-1.3 billion compared to the first half of 2022). The net income pertaining to the Parent Company was 1.8 billion euro (2.8 billion in the first half of 2022).
Total consolidated assets amounted to 469 billion euro, down by approximately 1.9% (478 billion) compared to the end of the previous year.
Total funding amounted to 401 billion euro, down by 1.3% compared to the end of 2022 (406 billion). The item mainly includes the Parent Company's postal funding, funding from banks, and bond issues mainly attributable to CDP and the Terna, Snam and Italgas groups.
Consolidated equity, amounting to 40.2 billion euro, increased by 0.8 billion compared to the end of the previous year (39.4 billion) due to the increase associated with the net income for the first half of the year, partially offset by the decrease due to the distribution of dividends.
The first 2023 half-yearly non-financial report
The Board of Directors also approved the first half-yearly non-financial report, a voluntary disclosure which presents the Group’s main sustainability performance and initiatives in the first six months of the current year.
Of the 11.5 billion euro deployed from January 2023 onwards, 71% (approximately 8.2 billion) has been allocated to the 4 challenges and 10 areas of action identified by the 2022-2024 Strategic Plan. In particular, the report focuses on initiatives:
Please note that the Independent Auditors are completing the review of the half-yearly condensed consolidated financial statements at 30 June 2023. 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 2023 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.
 In the same period, CDP SpA deployed resources for 11.0 billion euro, down slightly compared to the same period of 2022 (11.3 billion euro).
 Resources deployed in the first half of 2022 totalled 11.5 billion and included, among others, 4.2 billion for the equity investment in Aspi and 2.1 billion for the refinancing of MEF loans to regions. Net of non-recurring transactions, resources deployed in the first six moths of 2022 came to 5.2 billion.
 The Action Plans define the technical-operational support and assistance services that CDP will make available to the central administrations targeted by NRRP interventions and to the local implementing entities.
 Resources deployed in the first half of 2022 included, as mentioned, one-off transactions amounting to 4.2 billion for the equity investment in Aspi and 2.1 billion for the refinancing of MEF loans to regions.
 Postponement in favour of entities affected by (i) the flooding in Emilia-Romagna in 2023 and (ii) the seismic events in Emilia-Romagna, Veneto and Lombardy in 2012 and in central Italy in 2016-17.
 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. To calculate the business indicators (i.e. deployed resources and investments made) consistently with the 2022-2024 Strategic Plan, the contribution of SIMEST was not included.
 Comparative data were restated to take into account the change in the income statement and balance sheet results of the investee Poste Italiane Group, as a result of the introduction of IFRS 17.