Ordinary Shareholders’ Meeting approves 2012 results and appoints new Board of Directors and Board of Auditors

Press release

Ordinary Shareholders’ Meeting approves 2012 results and appoints new Board of Directors and Board of Auditors

Rome, 17 April 2013 - Cassa depositi e prestiti Spa (CDP) announces that the Ordinary Shareholders’ Meeting today approved the 2012 financial statements. The 2012 consolidated financial statements were also presented during the meeting.

Rome, 17 April 2013 - Cassa depositi e prestiti Spa (CDP) announces that the Ordinary Shareholders’ Meeting today approved the 2012 financial statements. The 2012 consolidated financial statements were also presented during the meeting.

The Ordinary Shareholders’ Meeting appointed the new members of the Board of Directors whose mandate will last for three financial years until the approval of CDP’s 2015 financial statements. CDP’s chairman is Franco Bassanini(nominated by the Banking Foundations). The other directors are: Giovanni Gorno Tempini, Maria Cannata, Olga Cuccurullo, Francesco Parlato, Antimo Prosperi, Alessandro Rivera (nominated by the Ministry of Economy and Finance), Marco Giovannini and Mario Nuzzo (nominated by the Banking Foundations).

The Board of Directors, met after the Ordinary Shareholders’ Meeting, nominated Giovanni Gorno Tempini as chief executive officer.

Also appointed were the members of the Board of Statutory Auditors. The effective statutory auditors are: Angelo Provasoli (chairman), Ines Russo, Giuseppe Vincenzo Suppa (nominated by the Ministry of Economy and Finance); Gerhard Brandstätter, Piergiuseppe Dolcini (nominated by the Banking Foundations). The deputy statutory auditors are: Andrea Landi (nominated by the Banking Foundations) and Angela Salvini (nominated by the Ministry of Economy and Finance).

Financial Results and Dividends Approved

For the parent company, CDP, the year ended with net income up 77%, to €2.853 billion.

Last year CDP posted new lending and investment totalling more than €22 billion, nearly 1.5% of Italian GDP. This is the highest level ever achieved by CDP Spa, an increase of 35% compared with the €16.5 billion mobilised in 2011.

The cost /income ratio fell to 3%, compared with 4.6% the previous year.

CDP thus nearly met the targets for the 2011-2013 Business Plan a full year in advance, as the plan called for new resources for the economy of more than €40 billion. In the light of the results for 2012, that target has been revised upwards to more than €50 billion in three years, more than 3% of GDP, underscoring CDP’s counter-cyclical role.

The results allow for the dividend payout of around €1 billion.

HIGHLIGHTS FOR CDP SPA (millions of euros) 2012       2011

RECLASSIFIED BALANCE SHEET DATA          
Total assets 305,431       273,586

Cash and cash equivalents and other treasury investments

139,062       128,615
Loans to customers and banks 100,508       98,591
Equity investments and shares 30,570       19,826
Postal funding 233,631       218,408
Other direct funding 16,462       17,126
Shareholders' equity 16,835       14,469
           
RECLASSIFIED PERFORMANCE DATA          
Net interest income 3,522       2,329
Gross income 3,653       2,030
Operating income 3,530       1,939
Net income 2,853       1,612
 
OPERATING STRUCTURE          
Average no. of employees 512       486
 

 

CDP Group

The consolidated financial statements at 31 December 2012 show net income pertaining to the shareholders of the parent company in the amount of €2.924 billion up 35% compared with 2011. Total assets reached €328.551 billion, an increase of 14% compared with 2011, while equity pertaining to shareholders of the parent company amounted to €18.183 billion, up from €15.525 billion in 2011.

Shareholder composition

Cassa depositi e prestiti also announces today’s end of a period during which banking-foundation shareholders were granted the right to purchase from the Ministry of Economy and Finance further CDP ordinary shares. The final composition of CDP’s ownership, deriving from the conversion of preferred shares into ordinary shares, is: Ministry of Economy and Finance 80.1%Banking Foundations 18.4%treasury shares 1.5%.

 

The manager responsible for preparing the corporate financial reports, Andrea Novelli, declares pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Financial Intermediation that the accounting information contained in this press release corresponds to that in the accounting documentation, books and records.

Related documents