The Board of Directors of Cassa Depositi e Prestiti SpA (CDP) he has approved the interim financial report consolidated as at 30 June 2023, presented by the Chief Executive Officer and General Manager, Dario Scannapieco.
In the first half of 2023, Cdp recorded a Net income of about 1,9 billion euros, showing a growth of 28% (416 million) compared to the same period of 2022, in which it had reached 1,5 billion euros. This result was achieved thanks to the growth of the interest margin and dividends. The net assets increased by 3% and stood at 26,5 billion euros. The Group's consolidated net profit for the first six months of the year was 2,8 billion euros (down from 3,7 billion in 2022), attributable to the lower contribution from Eni. Net interest income amounted to €1,1 billion, an increase of €242 million compared to the first half of 2022.
Cdp has invested 11,5 billion euros, which allowed for activate investments for 32,4 billion, obtaining a leverage effect of 2,8 times thanks to the attraction of additional capital.
Furthermore, during the Board meeting, the green light was given to new operations for over 300 million euros, which include loans and investments to support territories and businesses, as well as promote the development of international cooperation.
The initiatives of the semester
Among the relevant initiatives, the Group carried out the placement of the first Green Bond, in addition to the first bond issue in dollars (“Yankee Bond”). Furthermore, the new headquarters of the representative office in Brussels was inaugurated, which will strengthen relations with European institutions and companies, facilitating systemic initiatives for sustainable development in Italy.
In line with the Strategic Plan, support activities for public administrations were consolidated, including the implementation of the PNRR (National Recovery and Resilience Plan), through advisory activities and the management of national and European public funds. As at 30 June 2023, CDP had subscribed to 14 Activity Plans, for a total value of supported initiatives of around €48 billion, and it had assigned around €220 million for public interest projects relating to funds under management.
CDP SpA's loan stock grew, reaching 121 billion euro (compared to 120 billion at the end of 2022), while total assets decreased slightly to 394 billion euro compared to the figure at the end of 2022 (401 billion ).
Group activities in the first half year
In the first half of 2023, Cdp has committed resources for different areas of intervention:
- Infrastructure: Approximately 2,8 billion euros have been committed to significant operations, such as the loan of 375 million euros to the concessionaire Società Autostrade Alto Adriatico to improve the local economy and make the strategic motorway network safer for connections with the 'Europe. The construction of the Palermo-Catania high-speed line was also supported
- Public Administration: Approximately 740 million euro have been committed, including the introduction of the new “Green Investment Loan” product with a dedicated ceiling of 200 million to stimulate sustainable investments by the PA. Loan renegotiation and installment deferral operations were carried out to support over 1.000 entities
- Businesses and financial institutions: Approximately 7,1 billion euros have been committed, with 3,8 billion earmarked for indirect support through the banking channel and the rest for direct operations and alternative finance. There have been significant investments in supporting Italian SMEs and Mid-Caps, both through the banking channel and through direct and alternative finance initiatives
- International cooperation and finance for development: 87 million euros have been committed to promote international cooperation and development initiatives, including advisory programs in Senegal and investments in support of the water and agro-industrial sectors in Ethiopia
- Equity: Approximately 738 million euros have been committed for investments and support for Italian companies in sectors of excellence, with particular attention to the national energy transition and the decarbonisation of the electricity sector
- Real Estate: 87 million euros have been committed to the construction of social housing and beds through interventions to support private social housing, as well as the launch of initiatives such as the conversion of a building in Naples into a university residence with around 500 beds
The Group continued to support the public administration through advisory activities and management of mandates on public funds. With reference to advisory, support and investments were provided under the Pnrr and new memoranda of understanding were signed under the InvestEU programme, including agreements with the Municipality of Rome, Naples and Milan.
As regards the management of public funds, the Group continued its activities relating to the management of mandates for approximately 290 million euros of resources to support the PA, mainly in the area of the PNRR and for developing countries through the Revolving Fund for development cooperation.
The first 2023 half-yearly non-financial report has been presented
In line with the 2022-2024 Strategic Plan the first half-year non-financial report of the Group was approved.
La first half-yearly non-financial report approved by the BoD, it offers a representation of the main sustainability performances and initiatives in the first half of 2023. Of the 11,5 billion euros engaged in the period, the 71% (approximately 8,2 billion) was allocated to the challenges and fields of intervention identified by the 2022-2024 Strategic Plan.
The report highlights the actions taken for:
- Promote inclusive and sustainable growth, with over 405 million euros supporting over 600 social infrastructures. This includes social housing interventions in favor of 228 dwellings and 644 beneficiaries, school construction for 139 schools and health interventions on 235 structures.
- Fighting climate change and protecting the ecosystem, with over 1,6 billion euros dedicated to energy transition projects of companies and local authorities. The "Green Loan" was also launched for environmental interventions in the area. Furthermore, 76% of the electricity in CDP's offices comes from renewable sources.
- Fostering the country's digitization and innovation, with almost 1,2 billion euros committed to support the technological evolution of companies, especially SMEs and startups, and of the Public Administration.
- Contribute to rethinking value chains, with approximately 5 billion euros committed to initiatives in favor of strategic supply chains, transport, logistics nodes and operations dedicated to Cooperation and Finance for Development.
Scannapieco: "exceeded 60% of the expected objectives"
“Despite the extent of the shocks that have characterized the global scenario in recent years, in a context characterized by signs of a slowdown in growth, the Italian economy remains resilient overall. In this framework our results show that Cassa has been able to meet the challenges of a world that has changed, confirming its strong commitment to sustainable and inclusive development. These numbers lay the foundations for an increase in CDP's role as a driving force behind the country's economy and as an institution ever closer to the needs of local areas and people" declared the Chairman of Cassa Depositi e Prestiti, Giovanni Gorno Tempini.
“The data relating to the first 18 months of our Strategic Plan demonstrate theeffectiveness and quality of the choices made. The 11,5 billion of resources committed, up sharply compared to the first six months of 2022, and the 32,4 billion of investments activated, have allowed us to reach the halfway point of the Plan, having already exceeded 60% of the objectives set for the three-year period 2022-2024. Our work has also led us to be increasingly international, as evidenced by the debut on the US bond market and the inauguration of a new office in Brussels. Today we can play our role fully and build a shared growth path for our country with the other protagonists of the global scenario” commented the Chief Executive Officer and General Manager of Cassa Depositi e Prestiti, Dario Scannapieco.
