Shareholders’ meeting approves 2011 Financial Statements
Press release

Shareholders’ meeting approves 2011 Financial Statements

Cassa depositi e prestiti (CDP) announces that the Shareholders’ Meeting met today to approve the separate financial statements for 2011.

Cassa depositi e prestiti (CDP) announces that the Shareholders’ Meeting met today to approve the separate financial statements for 2011. The consolidated financial statements, which also reflect the results of TERNA Spa and the other subsidiaries, were presented during the meeting too.


Financial statement approval and dividend payment

In 2011, net income amounted to €1,612 million. The result is attributable in particular to the increase in net interest income, which rose to €2,329 million (+40%) thanks to the stabilisation of lending and funding rates.
Net income for 2011 rises by 18% compared with 2010 if we exclude non-recurring factors from both years (which would otherwise not be comparable), namely the capital gain of about €1 billion recognised by CDP in 2010 following the share exchange with the Ministry for the Economy and Finance, and the change in the accounting treatment of the commissions paid to Poste Italiane for its postal savings placement and management services following the change in fee arrangements. This performance enables us to distribute a dividend of € 371 million.


Developments in the main aggregates of CDP's separate financial statements were as follows.


SUMMARY FIGURES (millions of euros)          
  2011       2010
Total assets 273,586       249,183
Cash and cash equivalents and interbank deposits 128,615       127,891
Loans to customers and banks 98,591       91,954
Equity investments and shares 19,826       18,652
Postal funding 218,408       207,324
Other direct funding 17,126       16,386
Shareholders' equity 14,469       13,726

Net interest income 2,329       1,659
Gross income 2,030       2,297
Operating income 1,939       2,219
Net income 1,612       2,743
Average number of employees 486       424



The consolidated financial statements at 31 December 2011 show net income pertaining to the shareholders of the parent company in the amount of €2,167 million, down 7.5% compared with 2010.
Total assets reached €287,143 million, an increase of 10% compared with 2010, while equity pertaining to shareholders of the parent company amounted to €15,525 million, a rise of 12%.



Following the resignation of Vittorio Grilli from the Board of Directors of CDP, the Shareholders' Meeting has appointed Vincenzo La Via as his replacement.

The Shareholders' Meeting also appointed new members of the Board of Auditors, approving Gerhard Brandstatter as a standing auditor and Piergiuseppe Dolcini and Francesco Bilotti as alternate auditors.



Rome, 30 May 2012


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.

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