Press release

The Board approves 2011 results

The Board approves 2011 results Cassa Depositi e Prestiti Spa (CDP) announces that the Board of Directors, chaired by Franco Bassanini, today approved the draft separate financial statements for the 2011 financial year, which will be submitted for approval to the Shareholders' Meeting called for 30 May 2012.

The Board approves 2011 results

Cassa Depositi e Prestiti Spa (CDP) announces that the Board of Directors, chaired by Franco Bassanini, today approved the draft separate financial statements for the 2011 financial year, which will be submitted for approval to the Shareholders' Meeting called for 30 May 2012.

The Board also approved the consolidated financial statements, which reflect the results of the TERNA Group and the other subsidiaries.

The 2011 Annual Financial Report and the reports of the audit firm and the Board of Auditors will be available to the public at the registered office of the company and published on the CDP website by 29 April 2011.


SEPARATE FINANCIAL STATEMENTS OF CDP SPA
Last year 2011 closed with new lending of about €16.5 billion, the highest level since it was transformed into a joint-stock company, and net income of €1,612 million, an increase of 18% compared with the previous year excluding a number of non-recurring factors.
The main indicators of the performance and financial position of the company are discussed below.
 
New lending in 2011
The credit quality of CDP lending remains high, with virtually no writedowns or losses.
In 2011, new lending by CDP amounted to about €16.5 billion (+41%), including  €4.2 billion in respect of non-recurring operations and investments in funds and equity investments. Net of these, 38% of the total (€6.2 billion) went towards direct lending to public entities, 24% to initiatives for enterprises to support the economy (about €4 billion, mainly in respect of resources for SMEs) and 13% to enterprises and public-private partnerships to finance infrastructure development (€2.1 billion). The main sectors included transport networks and local public services, SMEs and export finance, as well as public building and social housing.

SME resources: 52 thousand enterprises receive support
The rise in lending by CDP was also fuelled by its programme to facilitate access to credit and expand the working capital of SMEs, which CDP implements with the collaboration of the banking system.
At the beginning of April 2012, the first resource pool, equal to about €8 billion, was lent out in full and has been nearly entirely disbursed (€7.8 billion, of which about €4 billion in 2011 alone). 
In all, some 52 thousand SMEs have received financing, with an average amount of €150 thousand. More than 40% of CDP resources was used to finance medium/long-term projects undertaken by small and medium-sized firms (with maturities of over 5 years).
The depletion of the first resource pool and the persistent difficulties faced in access credit have prompted CDP to make a further €10 billion available to SMEs, of which €2 billion dedicated to addressing the problem of payment delays from government departments.

Financial position
Assets grew by almost 10% compared with the previous year, reaching €274 billion at the end of 2011. Cash and cash equivalents totalled €129 billion, an increase of about €1 billion on the end of 2010.
The stock of postal funding exceeded €218 billion, a rise of 5% compared with a year earlier, despite the adverse economic environment and the consequent decline in households’ propensity to save.
The stock of loans to customers and banks expanded by 7%, to €98.6 billion, above all owing to the substantial volume of new CDP lending under programmes to support the economy. Equity investments and shares reached €19.8 billion, mainly as a result of the establishment of the Fondo Strategico Italiano and the acquisition of 89% of the share capital of TAG, the company that owns the transport rights for the Austrian segment of the gas pipeline connecting Russia to Italy.
Shareholders' equity came to €14.5 billion, an increase of 5% compared with 2010.

Performance
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.

 

                                                                                                                           2011       2010

RECLASSIFIED BALANCE SHEET          
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
           
RECLASSIFIED INCOME STATEMENT          
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
 
OPERATING STRUCTURE          
Average number of employees 486       424

 

SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS
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%.

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.

 

 


Rome, 18 April 2012

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