Cdp, here are the numbers for the first six months of 2022
What emerges from the half-yearly financial report of the Cassa Depositi e Prestiti group
The net income and available capital of Cassa Depositi e Prestiti rose after the reorganization desired by the new top management.
The group led by the managing director Dario Scannapieco with the president Giovanni Gorno Tempini yesterday approved the half-yearly financial report.
Here are all the details on the half-yearly report of the CDP group controlled by the Ministry of Economy and participated by the banking foundations
HOW IS THE PROFIT OF CDP
Consolidated profit more than doubled to 3.7 billion, driven by Eni, with a 26.21% stake, which contributed with an increase of 1.7 billion. The net profit of the holding company Cdp spa also increased, reaching 1.487 billion (+ 8.9%): a profit from ordinary operations, obtained without extraordinary income deriving from the disposal of the securities portfolio.
THE AVAILABLE CAPITAL OF CASH DEPOSITS AND LOANS
The available capital of Cdp spa increased to 1.4 billion from the 300 million in the first half of 2021, thanks to the effect of the sale of shares in the principle of portfolio rotation (Bonifiche Ferraresi, Kedrion, Fii). Behind the result, there is also a prudent management of dividends, which after three years around 80% -100% have fallen to 55% (on the profit of 2.4 billion in 2021).
NEW OPERATIONS APPROVED BY CDP
Yesterday, new operations for over 4 billion euros were approved: liquidity for "loans, renegotiations and additional resources for the plafond to support territories and businesses", says a note. In the first half of the year, the group controlled by the Treasury has committed resources for 11.5 billion and activated investments for 28.5 billion, "with a leverage effect of 2.5 times thanks to the attraction of additional capital," says a note. In line with the 2022-2024 strategic plan, the "Diversity, equity and inclusion" policy was launched, aimed at promoting these values inside and outside the group.
THE NUMBERS OF CDP AT A GLANCE
For Cdp spa, loans rose from 114 to 116 billion, deposits increased by 0.2% to 383 billion. For the entire group, consolidated shareholders' equity rose from 35.4 to 38 billion, deposits by 1% to 420 billion. Consolidated assets decreased to 485.4 billion (from 517.1 billion in 2021) "mainly due to the deconsolidation of Sace".
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HERE IS THE INTEGRAL COMMUNICATION OF CDP:
The Board of Directors of Cassa Depositi e Prestiti SpA (CDP), chaired by Giovanni Gorno Tempini, today approved the consolidated half-yearly financial report as at 30 June 2022, presented by the Chief Executive Officer and General Manager Dario Scannapieco.
The Board has also approved new operations for over four billion, which include loans, renegotiations and additional resources for the ceiling to support territories and businesses. Of these, one billion dedicated to the establishment of a ceiling for medium and long-term loans for companies affected by the geopolitical and energy crisis connected to the conflict in Ukraine. Furthermore, in line with the 2022-2024 Strategic Plan, the 'Diversity, Equity and Inclusion' Policy was launched, aimed at promoting these values inside and outside the Group. On the other hand, the first general policy of responsible financing was approved at the Council of last June.
MAIN RESULTS AND ACTIVITIES OF THE HALF YEAR
In the first half of the year, the CDP Group initiated interventions on all three transformative pillars indicated in the Plan: i) Promotional development institute, ii) advisory and management of third-party funds and iii) sector strategies and financing policies and investment.
With reference to the financial instruments activated as a promotional development institute, in the half year the CDP Group committed resources for approximately 11.5 billion3, in line with the 11.6 billion of the first half of 20214 and with a growing focus on high impact loans for the country.
The Group's activities enabled the activation of investments for a total of € 28.5 billion, with a leverage effect of 2.5 times the resources committed in the period.
With regard to the further two pillars of the Plan, among the initiatives of the semester we highlight: the start of CDP support for the administrations in charge of the PNRR interventions, with advisory activities and management of public funds, the approval of the first three strategic guidelines sectors, the ESG Plan and the General Responsible Lending Policy.
With regard to the balance sheet items, the total assets of CDP SpA amounted to 411 billion, a slight decrease compared to the figure at the end of 2021 (413 billion), with a stock of loans growing to 116 billion (114 billion at the end of 2021).
With regard to the economic results, the net profit of CDP SpA is approximately 1.5 billion, up by over 120 million (+ 9%) compared to the first half of last year. A result achieved despite the reduction in income deriving from the management of the securities portfolio. Consolidated net profit amounted to 3.7 billion (1.4 billion in the first half of 2021), an increase largely attributable to the contribution of ENI (+1.7 billion compared to the first half of 2021).
CDP SPA
Resources committed: € 11.3 billion (€ 11.5 billion in the first half of 2021)
Net profit: € 1.5 billion (€ 1.4 billion in the first half of 2021)
Total assets: € 411 billion (€ 413 billion at the end of 2021)
Loans: 116 billion euros (114 billion at the end of 2021)
Total funding: € 383 billion (€ 382 billion at the end of 2021)
Net worth: € 25 billion (€ 25.3 billion at the end of 2021)
CDP GROUP
Resources committed: € 11.5 billion (€ 11.6 billion in the first half of 2021)
Pre-tax profit of the CDP Group: € 1.1 billion (€ 1.2 billion in the first half of 2021)
Consolidated net profit: € 3.7 billion (€ 1.4 billion in the first half of 2021)
Consolidated net profit attributable to the Parent Company CDP SpA: € 2.8 billion (€ 0.3 billion in the first half of 2021)
Total consolidated assets: € 485.4 billion (€ 517.1 billion at the end of 2021)
Consolidated shareholders' equity: € 38 billion (€ 35.4 billion at the end of 2021)
For further details on the main results, please refer to the following paragraphs.
“In an international context that is generating uncertainty about the growth prospects at national and European level, also thanks to the positive results of this first half year, CDP continues to guarantee its support for the Italian productive fabric. As confirmed by the 4 billion package of measures approved in favor of the real economy ”. The Chairman of Cassa Depositi e Prestiti Giovanni Gorno Tempini declares, who also underlines the strong attention that Cassa dedicates to people and their uniqueness: "Another concrete signal in this direction comes from the continuation of the path of the new policies as envisaged by the Strategic Plan 2022- 2024, with the approval by the Board of Directors of the new Policy on Diversity, Equity and Inclusion, which defines the inspiring principles and operating methods for promoting these values in the Cassa ecosystem ".
"The positive results of this first half, in a complex period from a geopolitical and climatic point of view, show how Cassa is continuing with determination towards the objectives of the 2022-2024 Strategic Plan, beginning to reap the benefits of its commitment both in terms of business initiatives and with respect to the impact generated on the community ”, highlights the Chief Executive Officer and General Manager of Cassa Depositi e Prestiti Dario Scannapieco. “With 11.5 billion euros of resources committed and a total of 28.5 billion investments made in favor of companies, infrastructures, PA and international cooperation, CDP strengthens its role as an institution at the service of the country's growth. Furthermore, also thanks to the advisory activity and the launch of the 'Capacity Italy' platform, the path started by Cassa continues to offer the central and local administrations concrete support for the implementation of the PNRR ”.
ONE BILLION TO FINANCE COMPANIES AFFECTED BY THE GEOPOLYTIC AND ENERGY CRISIS
Today's Board of Directors then approved new operations for over four billion, which include loans, renegotiations and additional resources for the ceiling to support territories and businesses. Of these, one billion for medium and long-term loans for companies affected by the geopolitical and energy context connected to the conflict in Ukraine.
The recipients of the initiative are medium and large companies that undertake new investment programs, despite the fact that in the last six months they have recorded a reduction in turnover, or in margins, as a result of the indirect effects of the crisis and the increase in the cost of raw material.
There are three aims of the new operating line: 1) Supporting the growth of companies, also in light of the problematic context of supply chains and the increase in production factors (eg energy and gas); 2) Return to Italy the activities previously delocalized abroad (reshoring); 3) To intervene in favor of projects that contribute to accelerate the energy transition.
THE "DIVERSITY, EQUITY AND INCLUSION" POLICY
In line with the 2022-2024 Strategic Plan, the BoD approved the Policy on 'Diversity, Equity and Inclusion' which defines the inspiring principles and operating methods to promote these values internally and externally.
The policy has established four macro areas of intervention:
People: enhance the uniqueness of the individual in the field of selection and hiring, remuneration, training and development, work-life balance, awareness and awareness.
Business: consider diversity as one of the evaluation criteria for financing and investment choices, favoring programs with a positive social impact and with particular attention to projects aimed at guaranteeing job inclusion.
Suppliers: as part of the selection process, take into consideration criteria that favor equal opportunities, generational and gender, and promote diversity, equity and inclusion.
Culture and communication: promote and verify the adequate and constant representation of diversity, in particular that of gender, in conferences, institutional appointments and communications.
To ensure full transparency and an approach that complies with ESG criteria, the Policy was the subject of a consultation with associations, sustainability experts and representatives of civil society. The Policy will be subject to periodic monitoring of the impact generated.
Also during the first half of the year and in line with the 2022-2024 Strategic Plan, on 22 June the first general policy of responsible financing was approved, i.e. the tool for guiding business activities aimed at generating positive and measurable impacts in terms of social, economic and environmental.
THE ECONOMIC-FINANCIAL RESULTS AND THE ACTIVITIES OF THE HALF-YEAR
The activities of the CDP Group
In the first half of the year, with reference to the "Promotional development institute" pillar, the CDP5 Group committed resources for approximately 11.5 billion euros, in line with the first half of 2021 (11.6 billion) 6 through 5 lines of action: Infrastructures and Public Administration, Financing and internationalization of companies, International cooperation and finance for development, Equity, Real Estate.
With regard to activities relating to Infrastructures and the Public Administration, approximately € 4.1 billion was committed. Among the operations in favor of the PA, we note the refinancing of the regional debt for 2.1 billion at more favorable conditions and the support with 37 million for the modernization and efficiency of the water network in Veneto.
With reference to the financing and internationalization of companies, approximately 2.5 billion euros have been committed. Among the most important transactions is the agreement with Medio Credito Centrale (MCC) and the European Investment Fund (EIF) to increase CDP's commitment in favor of the Guarantee Fund for SMEs by 6.4 billion accelerate access to credit for small and medium-sized enterprises7. We also highlight the granting of a loan of 250 million to the BCC Iccrea Group for the realization of projects of companies for the ecological transition.
With respect to international cooperation and finance for development, 175 million euros have been committed. In this context, we highlight the support with 100 million euros for green investments in Africa through the agreement with Africa Finance Corporation and the commitment of 35 million dollars in the AfricInvest IV fund in favor of the growth of African companies.
With regard to Equity, approximately € 4.6 billion was committed. Among the various activities: the contribution to the implementation of a vast investment plan on the Italian motorway network, through the acquisition of a controlling stake in Autostrade per l'Italia (ASPI) and the release of resources as a result of the disposals approved in the half year , as in the case of BF SpA, in application of the capital rotation principle. Support for wind energy initiatives is also worthy of note, with the aim of encouraging the energy transition.
37 million euros were committed in the Real Estate sector. The main activities include the creation of over 500 social housing, through projects promoted by the FIA, and the sale of the Segrate area, at the end of an international competitive procedure.
With reference to the “Advisory and management of third-party funds” pillar, during the half-year the CDP Group further increased its support for the PA, strengthening its advisory activities for the realization of investments and management of mandates on public funds. In this context, we recall the signing of the Activity Plans for the benefit of six administrations in charge of the PNRR interventions and the launch of the 'Capacity Italy' platform. It should also be noted the management of over 800 million in support of the PA also in the PNRR area and interventions in favor of developing countries, through the Revolving Fund for Development Cooperation.
Finally, with regard to the "Sector strategies and financing and investment policies" pillar, the Group has started work on defining sectoral strategies and financing and investment policies that allow it to direct its interventions in sectors capable of generating a greater impact positive for the country. In this regard, the publication of the first three sector strategic guidelines dedicated to energy transition, social infrastructures and digitalization, the approval of the sustainable financing policy and the ESG Plan to define CDP's sustainability objectives in line with the best international practices.
ECONOMIC-EQUITY RESULTS
CDP SpA
With regard to the economic results of CDP SpA, the net profit was approximately 1.5 billion, up by 122 million (+ 9%) compared to the same period of the previous year, a result achieved despite the reduction in income deriving from the management of the securities portfolio. In particular: i) net interest income of 902 million, a slight increase compared to the first half of 2021 (856 million); ii) dividends of € 870 million, an increase compared to the figure for the first half of 2021 (€ 547 million) mainly due to the greater contribution of ENI and CDP Equity; iii) other net revenues of € 198 million, down compared to the figure for the first half of 2021 (€ 478 million) due to the lower income deriving from the management of the securities portfolio; iv) substantially nil cost of risk, in line with the figure for the first half of 2021, deriving from the combined effect of net writebacks on the loan portfolio and net value adjustments on the equity portfolio. The cost / income ratio, equal to 6%, is in line with the first half of 2021.
With regard to the balance sheet items, total assets amounted to 411 billion (-0.4% compared to the end of 2021) and mainly consisted of: i) cash and other treasury investments, equal to 178 billion, down compared to the figure registered at the end of 2021 above all for the extinction of the SACE deposit following the transfer to the MEF of the investment held in the company; ii) receivables, equal to 116 billion, an increase compared to the balance at the end of 2021 mainly due to the volumes of loans to Public Bodies; iii) debt securities, equal to 71 billion, an increase compared to the figure at the end of 2021 due to the purchases made in the half year and the government securities received from the MEF as a counter-entry for the transfer of the investment in SACE; iv) equity investments and funds, equal to 37 billion euro, in line with the figure at the end of 2021 as the impact deriving from the transfer of SACE to the MEF was substantially offset by CDP's acquisition of the stake in Autostrade per l'Italia Equity (through Holding Reti Autostradali).
The deposits amounted to approximately 383 billion, up 0.2% compared to the figure at the end of 2021. Specifically: i) postal deposits of 280 billion, down compared to the end of 2021 due to the dynamics of CDP net deposits and interest accrued in favor of savers; ii) deposits from banks and customers of € 84 billion, an increase compared to the end of 2021, in particular due to the increase in short-term deposits on the money market; iii) bond funding of € 18 billion, down compared to the end of 2021 due to the bond maturities recorded in the half year and the decrease in Commercial Papers.
Finally, shareholders' equity amounted to € 25 billion, a slight decrease compared to the end of 2021 (-1%) due to the dividends distributed and the reduction in valuation reserves relating to financial assets measured at fair value, mainly attributable to the new scenario. interest rates, partially offset by the profits accrued in the half year.
CDP Group
The pre-tax result for the year of the CDP8 Group amounted to € 1.1 billion, slightly down compared to the first half of 2021 (- € 136 million).
The condensed consolidated interim financial statements also include companies over which the Parent Company does not exercise management and coordination (including significant listed subsidiaries such as SNAM, Terna, Italgas, Fincantieri and listed associates such as ENI, Poste, Saipem, WeBuild and Nexi).
Consolidated net profit is over 3.7 billion, a significant increase compared to the comparative period (+2.4 billion), an increase largely attributable to the contribution of ENI (+1.7 billion compared to the first half of 2021 ). The profit attributable to the Parent Company amounted to 2.8 billion (+2.6 billion compared to the first half of 2021).
Total consolidated assets exceeded 485 billion, down by approximately 6% (approximately 32 billion) compared to the end of the previous year, mainly due to the deconsolidation of the SACE group.
Total deposits are close to 420 billion, an increase of 1% compared to the end of 2021. The item mainly includes the Parent Company's postal deposits, deposits from banks and bond issues by CDP and the Terna, Snam, Italgas and Ansaldo groups Power.
Consolidated shareholders' equity, equal to 38 billion euro, increased by 2.6 billion euro compared to the end of the previous year (35.4 billion euro) due to the incremental dynamics associated with the result for the half year, the other income components, the placement by Terna of hybrid instruments for approximately one billion euro, partially offset by the negative change due to the distribution of dividends.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/cdp-ecco-i-numeri-sui-primi-sei-mesi-del-2022/ on Tue, 02 Aug 2022 14:57:27 +0000.