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Cassa depositi e prestiti Spa announces that the Board of Directors, chaired by Franco Bassanini, approved the draft separate financial statements for the 2010 financial year, which will be submitted for approval to the Shareholders' Meeting called for 25 May 2011.
The Board also approved the consolidated financial statements, which reflect the results of the TERNA Group and Cdp Investimenti SGR Spa. The 2010 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 The year 2010 closed with net income of €2,743 million, up 59% compared with 2009 (€1,725 million). Net income reflects a capital gain of about €1 billion on the share exchange with the MEF: excluding this factor and the effect of others that had positively impacted performance in 2009, net income still rose by 8%.
The main indicators of the performance and financial position of the company and the new resources mobilised in 2010 by Cdp are discussed below.
New lending in 2010 In 2010, new lending by Cdp amounted to nearly €11.7 billion, a slight increase compared with 2009 (+2%). Of the total, 50% (€5.8 billion) went towards direct lending to public entities, 37% to initiatives for enterprises to support the economy (€4.3 billion) and 13% to finance infrastructure development (€1.6 billion). The main sectors comprised transport networks and local public services, SMEs, public building and social housing, energy and telecommunications, research and innovation, the environment and renewable resources.
Financial position Assets grew by almost 10% compared with the previous year, reaching €249 billion at the end of 2010. Cash and cash equivalents totalled €128 billion, an increase of 8%, thanks to positive net funding (+€13.9 billion for Cdp) through postal funding, which amounted to more than €207 billion. The stock of loans to customers and banks expanded by 8%, to €92 billion, partly owing to the substantial volume of new Cdp lending under programmes to support the economy.Equity investments and shares remained broadly unchanged (+2%), although the composition of the aggregate changed considerably following the share exchange with the MEF. Shareholders' equity came to €13.7 billion an increase of 13% as a result of the higher net income achieved in 2010.
Performance Cdp's results in 2010 were positive on the whole, despite the challenging macroeconomic environment and the adverse impact, for the entire system, of the narrowing of margins due to the low level of interest rates. The decline in net interest income, which fell to €1,659 million (-17%), was more than offset by the positive developments in dividends, commission expense on postal savings and net revenues: gross income amounted to €2,297 million (+6%). The cost/income ratio remained stable and very low at below 4%. Cdp loans continued to display high credit quality, with virtually no write downs or losses for impairment.
SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements at 31 December 2010 show net income pertaining to the shareholders of the parent company in the amount of €2,344 million, up 16% compared with 2009. Total assets reached €260,937 million (+10%) while shareholders' equity amounted to €13,913 million, a rise of 8%.
The manager responsible for preparing the corporate financial reports, Andrea Novelli, certifies 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, 20 April 2011