Cassa Depositi e Prestiti recorded in 2016 a positive group net result of around 1,1 billion euro compared to the loss of 0,9 billion in 2015, thanks to the strong increase in the result of the parent company. The Group closed the 2016 financial statements with total assets of 410,4 billion (+2,9%). Consolidated shareholders' equity stood at 35,7 billion, an increase compared to 34,6 billion in 2015, of which 22,5 billion pertaining to the parent company.
The interest margin increased by almost four times compared to 2015 amounting to around 2,1 billion. Capital strength is strengthened with CDP shareholders' equity of 23,2 billion (+3,7 billion compared to 2015) and consolidated shareholders' equity of 35,7 billion (+1,1 billion compared to 2015).
The contribution of the parent company CDP alone to the resources mobilized and managed amounted to over 15 billion, with over 31 billion in investments activated, slightly down on the 2015 figure, due to the reduction in volumes of liquidity plafonds intended for the banking sector, also due to the expansionary context of monetary policy.
Net of some large-value transactions recorded in 2015, the volume of resources mobilized and managed in 2016 recorded an increase of 7%. Both the guarantee in favor of the National Resolution Fund for 2015 billion and the advances for the payment of Public Administration debts for 1,7 billion had a significant impact on the 0,8 result.
In line with the strategic guidelines defined in the 2016-2020 Plan, the resources were directed towards the engines of the country's economic development. On the Government, Public Administration and Infrastructure front, the CDP confirms itself as a key operator in support of local authorities, with a total amount of resources mobilized and managed equal to 5,2 billion, destined both to finance investments in the area by public bodies, and the construction of works in the infrastructure, transport and telecommunications sectors. On the business front, CDP made a significant contribution with around 5,2 billion in mobilized resources, confirming its key role in supporting the Italian economy and supporting both the reconstruction of areas affected by natural disasters and investments in research, development and innovation.
The total volumes of resources mobilized and managed in 2016 in favor of the internationalization of Italian companies amount to about 4,9 billion. In Real Estate, CDP has made investments of approximately 100 million, in particular in support of Social Housing.
For the parent company CDP, total assets amounted to approximately 357,7 billion, an increase of 3,7% compared to the previous year. The stock of liquid assets reached 161,8 billion euro, down by approximately 4,1% compared to 2015. The stock of loans to customers and banks was stable and amounted to approximately 103 billion, while equity investments and securities shares amounted to 32,6 billion, up 10,1% on last year, mainly in relation to the contribution of 35% of Poste Italiane.
Total deposits increased compared to 2015 and amounted to 331,8 billion (+2,7%), of which 250,8 billion represented by postal deposits. Shareholders' equity stands at 23,2 billion, up by 3,7 billion compared to 2015, while the interest margin, equal to approximately 2,4 billion, recorded strong growth (+162%) compared to the previous year despite an unfavorable market interest rate context. The increase derives both from the effect of managerial actions - aimed at optimizing funding sources, improving ALM (Asset and Liability Management) and more efficient treasury management - and from the partial adjustment of the methods of remuneration of the account Treasury current to the current trend in interest rates.
In line with what was expected, 2016 therefore marked an important step change in operations for CDP, following the launch of the main business initiatives along the four lines of action defined by the plan (Government, Public Administration and infrastructures; Internationalisation; Companies; Real Estate). This is what the CDP explains in approving the 2016 budget.
Last year, we read again, was the first year of the new 2016-2020 business plan which defined ambitious medium-long term objectives, both in terms of resources mobilized for the economy, and in terms of a new range of operational tools, much wider than the traditionally existing one.
