Here are the 2022 accounts of the Cassa Depositi e Prestiti group
All the details on the 2022 financial statements of Cassa depositi e prestiti (cdp)
CDP closed last year with a net profit of 2.5 billion, up on the 2.4 billion of the previous year. Credits are up to 120 billion (+5%) and postal savings are stable at 281 billion. The group led by Dario Scannapieco has activated investments of 80 billion from 35 billion in 2021.
These are the main results of CDP's consolidated financial statements at 31 December 2022 approved by the board chaired by Giovanni Gorno Tempini, who approved the draft financial statements and the group's 2022 consolidated non-financial statement included in the third Integrated Sustainability Report .
The board of directors also approved new transactions in favor of companies, territories, infrastructures and international cooperation for a total value of approximately 2.5 billion euros.
The draft financial statements, presented by the managing director Dario Scannapieco, will be submitted to the approval of the shareholders' meeting which will be convened by the board of directors.
All the details that emerge from the press release of the Cassa depositi e prestiti group.
THE ECONOMIC RESULTS
In 2022 Cdp Spa recorded a net profit growing to 2.5 billion euros compared to 2.4 billion in 2021, the year in which higher capital gains were recorded linked to the sale of securities in the portfolio for around 430 million.
With regard to the group's economic results, consolidated net profit amounted to 6.8 billion (5.3 billion in 2021), also thanks to the results of some investees.
CEO SCANNAPIECO'S COMMENT
“The 2022 financial results demonstrate the commitment with which the CDP Group works to support the economy, in a context characterized by profound changes at international and national level. With a net profit of 2.5 billion and investments activated for approximately 80 billion, we have laid the foundations for exceeding the objectives of the 2022-2024 Strategic Plan. These numbers are the result of the actions taken, the progressive emergence of our corporate culture and the work of our employees, carried forward without ever losing sight of the long-term objectives, in particular the green and digital transition. In order to respond more effectively to the needs of the territory and the communities, in the last year Cassa has also initiated a transformation in its operations and has once again been able to play its part, renewing itself while remaining faithful to its role as an institution at the service of the country" commented the Chief Executive Officer and General Manager of Cassa Depositi e Prestiti Dario Scannapieco.
THE ACTIVITY OF THE CDP GROUP
With regard to the "Financial instruments to support the country's strategic sectors" pillar, CDP SpA and the subsidiaries subject to management and coordination (the "CDP Group") committed resources of 30.6 billion euros, an increase compared to the 23, 8 billion in 2021 (+28%).
In the same period, the CDP group activated investments totaling approximately 80 billion euros, thanks to the attraction of resources from third party investors and co-financiers, with a leverage effect of 2.6 times the resources committed during the year.
The Cdp Group's activity in this area was carried out through the following six lines of action: Loans to companies and support for internationalisation, Public Administration, Infrastructures, International cooperation and finance for development, Equity and Real Estate.
BUSINESS FINANCING
With regard to business financing and support for internationalisation, resources amounting to 15.3 billion euro have been committed. The main activities include:
the initiative in favor of access to credit for small and medium-sized enterprises through the signing of a new agreement with MCC and the EIF to increase CDP's commitment in favor of the Guarantee Fund for SMEs by 6.4 billion; the promotion of alternative finance channels in support of Italian SMEs and Mid-Caps, with 70 transactions carried out through Basket Bond programs in partnership with other financial institutions which led to issues with a total value of approximately 400 million euro.
THE RIROSES COMMITTED TO THE PA
With reference to the Public Administration, resources amounting to 5.5 billion euros were committed. Among the main activities: the granting of 2.1 billion to the regions for debt refinancing at more favorable conditions; support to academic realities for the redevelopment of research and teaching spaces through funding of over 200 million euros.
INFRASTRUCTURE
With regards to Infrastructures, resources amounting to 3.7 billion euros were committed. Among the main activities:
support for the modernization of the terminal of the port of La Spezia through the granting of a loan which will allow for the improvement of port accessibility and will have a positive impact on employment and the environment;
the contribution to the construction and management of two wind farms in Puglia through participation in a project finance operation with a loan of 66 million euro.
In relation to international cooperation and finance for development, resources amounting to approximately 600 million euros have been committed. The main activities include: support for the implementation of sustainable investments in Africa through loans for 250 million euro to Multilateral Financial Institutions and Public Development Banks; support for the growth of companies operating in Africa and in the Western Balkans through investment in two new funds for a total amount of the CDP intervention of approximately 50 million euro.
5.3 BILLION FOR EQUITY
As far as Equity is concerned, resources totaling 5.3 billion euros have been committed. The main activities include: new investments to oversee key assets for the country and to encourage the stabilization and growth of businesses in strategic sectors, including in the context of energy transition (including investment in GreenIT) and digital (including investments in GPI, Maticmind and Polo Strategico Nazionale); support for the development of Private Equity, Venture Capital and sustainable infrastructures, intervening with specialized investment funds, also through crowding-in. as a result of the disposals of equity investments completed during the year, resources of over 590 million were freed up, in application of the principle of capital rotation.
THE REAL ESTATE SECTOR
Resources totaling 132 million were committed in the Real Estate sector. Among the main activities: the release of over 200 million of resources, as a result of real estate sales already completed or being finalized, in application of the principle of capital rotation; the construction of around 900 new social housing for over 2,400 beneficiaries, through projects promoted by the Fondo Investimenti Abitare (FIA).
ADVISORY AND MANAGEMENT OF THIRD PARTY FUNDS
With reference to the “Advisory and management of third-party funds” pillar, during the year, the CDP Group further increased its support to the Public Administration, enhancing its advisory and management activities for public funds. In this context, among the main activities: support to the administrations responsible for the interventions of the PNRR and the signing of the agreement with the European Commission to become a partner of the Advisory Hub of the InvestEU programme; the management of over 1.5 billion in resources on behalf of the PA mainly attributable to interventions included in the PNRR and in support of initiatives for international development cooperation.
SECTORAL STRATEGIES AND INVESTMENT FINANCING POLICIES
With reference to the “Sectoral strategies and financing and investment policies” pillar, during 2022, the CDP Group continued to steer its activities towards a greater impact on the economic and social fabric, through new policy tools and through the strengthening of the evaluation processes of the operations.
In this context, the main activities include: the publication of the ten strategic sectoral guidelines for each of the fields of intervention envisaged by the Plan; the launch of monitoring activities, assessment of strategic consistency and impact in line with the approach defined by the Plan; the publication of the general responsible financing and investment policies, of the sectoral policies for the Energy and Defense and Security sectors and of the Diversity, Equity and Inclusion policy; the activation of three Competence Centers specialized by thematic area[13] also to support the technical-economic assessments of CDP operations.
ECONOMIC RESULTS OF CDP SPA
As regards the economic results of CDP SpA, net income amounted to 2.5 billion euro, an increase of 0.1 billion compared to the previous year. The interest margin amounted to €1.7 billion, down slightly compared to 2021 mainly due to the flattening of the interest rate curve, with impacts on the maturity transformation margin given the characteristics of CDP's assets and liabilities.
Dividends of €1.6 billion, up on 2021 mainly due to higher dividends from ENI and CDP Equity. Net revenues amounted to 0.2 billion euro, down compared to 2021 due to the lower income from interest rate risk management strategies activated on the securities portfolio. The cost of risk is equal to -0.1 billion euros, an improvement compared to 2021, thanks to lower value adjustments on the equity portfolio while the cost/income ratio remained at significantly low levels, equal to 7%.
EQUITY RESULTS
With regard to balance sheet items, total assets amounted to 401 billion euro (-3% compared to 2021) and mainly consisted of: cash and cash equivalents and other treasury investments, equal to 167 billion euro, down compared to the figure recorded in end of 2021 mainly due to the reduction in stocks of short-term loans and deposits, implemented in particular in the second half of the year with a view to asset-liability management given the new interest rate scenario; loans, equal to 120 billion, up compared to 114 billion at the end of 2021 (+5%), mainly due to the volumes of loans to businesses, also through the indirect channel; debt securities, amounting to €67 billion, substantially stable compared to the figure at the end of 2021 with the maturities recorded in the year offset by purchases and government bonds received from the MEF in exchange for the transfer of the equity investment in SACE;
equity investments and funds, equal to 38 billion, stable compared to the figure at the end of 2021 for investments made in support of investee companies and investment funds, offset by sales, in application of the capital rotation principle.
COLLECTION
Inflows amounted to 371 billion euros, down by 3% compared to the figure at the end of 2021. Specifically:
postal deposits of €281 billion, substantially stable compared to the end of 2021 due to the combined effect of the negative CDP net inflows recorded during the year, equal to -3.9 billion euro, and the interest accrued in favor of savers;
deposits from banks and customers amounting to €73 billion, down compared to the end of 2021 mainly due to the aforementioned contraction in the stock of deposits and short-term loans in the second half of the year;
bond funding of 17 billion, down on the previous year mainly due to bond maturities recorded during the year, only partially offset by new issues, and the reduction in commercial paper.
Shareholders' equity, equal to 25.7 billion, is up compared to the end of 2021 (+2%) thanks to the profit accrued during the year, which more than offset the impact of dividends distributed and the reduction in valuation reserves relating to financial assets measured at fair value.
THE CONSOLIDATED FINANCIAL STATEMENTS OF THE CDP GROUP
The consolidated financial statements of the CDP Group 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).
Including the overall perimeter of the subsidiaries subject to consolidation, the consolidated net profit is equal to 6.8 billion euros, compared to 5.3 billion euros in 2021, mainly thanks to the results of ENI.
The profit pertaining to the Parent Company, therefore excluding the results of minority interests, is 5.4 billion euro, compared to that of 3 billion of the previous year.
Total consolidated assets amounted to 478 billion euro and decreased by 7.5% compared to 2021.
Consolidated shareholders' equity amounted to 39.7 billion euro, an increase of 4.3 billion euro compared to the previous year (35.4 billion).
THIRD INTEGRATED REPORT OF THE GROUP WITH FOCUS ON SUSTAINABILITY APPROVED
The Board of Directors also approved the CDP Group's third Integrated Report which illustrates the non-financial results and impacts generated in 2022, confirming the growing commitment to creating economic, social and environmental value for the country.
For the first time, the resources committed are classified on the four challenges and ten fields of intervention envisaged by the 2022-2024 Strategic Plan (68% of the total) in favor of over 47,000 companies (18,000 in 2021, +161%) and 1,300 public bodies .
The resources involved testify to the growing positive impacts generated on the economic fabric:
1.7% incidence on GDP;
approximately 62 billion euro of activated production value;
around 470,000 jobs created or maintained.
In particular, following the four challenges of the Plan, the Integrated Report focuses on the action of the Group to:
to promote inclusive and sustainable growth with resources amounting to 1.8 billion, through social housing interventions involving 897 dwellings and 2,415 beneficiaries; interventions on school building in favor of 405 schools and healthcare out of 315 structures. Added to these are initiatives for the relaunch of the Italian cultural heritage, also thanks to the role of CDP as manager of PNRR resources, with four cultural funds for the benefit of 320 public entities;
promote digitization and innovation with 2.2 billion of resources: with the launch of three new funds with a high technological content and with the financing of 965 million for the benefit of 37 companies; for the working environment of the Group with 43.5% of ICT investments dedicated to innovation and digital transformation activities;
fight climate change with 4.3 billion resources and protect the ecosystem, including with projects for the energy transition to which 2.8 billion are allocated in favor of 117 companies and 55 public bodies, for the protection of the territory with 17, 6 million in favor of 44 Municipalities aimed at making the water network more efficient and for the circular economy;
contribute 12.6 billion to rethinking value chains, through initiatives in favor of: strategic supply chains at national level (over 935 million for the growth plans of 34 companies) and internationally (more than 550 million for the internationalization of 17 companies and over 4,000 companies involved in the Business Matching platform), also with the introduction of the first direct and indirect loans linked to sustainability objectives through the launch, for example, of the first ESG Basket Bond; of transport and key logistic nodes for the country, with over 403 kilometers of redeveloped and upgraded sections and roads of local public transport and urban roads, 7 modernized and secured ports and 14 million for cycling; of the supply chain, increasingly sustainable with 94% of local suppliers and 100% of new suppliers assessed using social criteria.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-i-conti-2022-del-gruppo-cassa-depositi-e-prestiti/ on Thu, 30 Mar 2023 14:44:45 +0000.