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Rome, 29 January 2013 - Cassa depositi e prestiti Spa (Cdp) announces that the Board of Directors, meeting today under the chairmanship of Franco Bassanini, has approved the forecasted budget for 2013 and examined the preliminary results for 2012, which are expected to be stronger than expected.
Mobilized resources in 2012 and the 3-year period
In 2012 Cdp registered new lending and investments of more than 20 billion euros, up from the 16.5 billion euros posted in 2011. With this performance, Cdp has almost achieved the objective set out in its three-year Business Plan a year in advance of projections. In view of these results, the plan, which had set a goal for new lending of more than 40 billion euros between 2011 and 2013, has been revised to raise the target to over 50 billion euros, more than 3% of GDP in three years, confirming the counter-cyclical role of Cdp’s operations.
In an environment that has been characterised by the market crisis and public finance constraints, Cdp supported the growth of the country by focusing its lending on measures to support the economy (the SME loan mechanism, export finance, etc.) and increasing its investments in equity, alongside its traditional credit business, with a view to expanding and reinforcing its activity in support of public entities and the development of infrastructure and businesses.
Preliminary figures for performance and financial position in 2012
The expansion of Cdp’s activity to support the economy, comprising both lending and equity investments, is reflected in the preliminary financial statements for 2012. Compared with 2011, customer and bank loans grew by almost 2%, amid a larger market in stagnation. Investments in equity (shares and equity investments) will reach about 30 billion euros. Total assets exceed 300 billion euros. On the liability side, the stock of postal funding rose to more than 230 billion euros, thanks to positive net funding for Cdp of a little less than 10 billion euros. The cost/income ratio continues to be contained at below 4%.
Performance figures for 2012 will vastly exceed the 1.6 billion euros in net income posted in 2011, and the 2 billion euros forecast in the business plan, without taking into consideration the capital gains from the sale of 3.3% of Eni, equal to around 500 million euros.
The volume of Cdp financing is forecast to increase over that of 2012. Overall new lending during the 2011-2013 industrial plan will thus exceed of 50 billion euros: contributing to the GDP by more than 1% per year.
Attention will continue to be focused on three targeted activities: public entities, infrastructure, and businesses. The major part of the financing will continue to be dedicated in the support of the economy and businesses. In particular, the total 4 billion euros for the “Export Bank” is expected to be utilized.
As a consequence, the stock of loans for customers and banks should continue to increase at a level higher than the market. Regarding the funding targets set by the agreement with the Poste Italiane, there is expected to be a net funding increase for Cdp and a positive trend for the postal savings stock.
Comments by Bassanini and Gorno Tempini
Cdp Chairman Franco Bassanini says: “The data shows how, in a very difficult year for the Italian economy and for public finances, thus for public administration investments, the Cassa has increased its efforts and bolstered its work in support of the economy and infrastructure of the country. Furthermore, the Cassa is the most important financer for public investments and the biggest long-term investor in the country. Thanks to prudent management, it will continue to guarantee 25 million Italians a safe investment, and all the while using it to support the recovery of the economy and future growth. Only 3 or 4 years ago we considered Germany’s KfW and France’s Caisse des Depots as unattainable models. Today our results are comparable with theirs.
Cdp CEO Giovanni Gorno Tempini says: “During 2012, the transformation of Cassa Depositi e Prestiti into a large financial institution was completed for the purpose of the country’s growth. Along with the traditional activities for public entities, Cdp created new vehicles such as the Fondo di Investimento per la Valorizzazione. CPD has rapidly and significantly increased its work in favor of infrastructure and businesses, guaranteeing strong credit support and stressing efforts to boost exports. The financial results are evidence of this balanced mix of activities and show the Cassa’s ability to respond to change brought on by a difficult economic environment.’’