Rome, 27 July 2011
CDP announces that the Board of Directors met today under the chairmanship of Franco Bassanini. The Board approved the separate half-year financial statements of CDP SpA and the consolidated half-year financial report.
In the first half of 2011 Cassa depositi e prestiti mobilised nearly €7 billion in new resources in support of the economy, up more than 50% over the same period of 2010.
The main financial and performance figures for the period are discussed below:
Financial position
Compared with the end of 2010, assets at the end of the first half of 2011 increased by 2.1% to €254.5 billion. The stock of loans to customers and banks rose sharply to nearly €96 billion (+4%).
Postal funding expanded by 2% to €212 billion, while other funding increased to €25.5 billion, up from €23.5 billion.
Equity investments and shares amounted to about €18.7 billion, essentially in line with the end of 2010 (+0.2%), as wasshareholders equity, which totalled €13.7 billion.
Performance
CDP performed well in the first half of 2011, as underscored by the increase in net interest income to €1,064 million(+38%). Net income came to €715 million. Excluding accounting factors (a change, as from this year, in the allocation of charges in respect of the new agreement with Poste Italiane), the figure would be essentially in line with performance in the first half of 2010 (when net income totalled €991 million).
Summary of consolidated half-year financial statements
The consolidated half-year financial statements show net income pertaining to the shareholders of the parent company in the amount of €1,323 million (+52.3%). Total assets amounted to €266,495 million (+2.1%), while Group shareholders' equity came to €13,872 million (-0.3%).
The separate and consolidated half-year financial report at 30 June 2011, comprising the condensed half-year financial statements, the interim reports on operations and the certifications provided for by Article 154 bis, paragraph 5, of Legislative Decree 58/98 (the Consolidated Law on Financial Intermediation) and the reports of the independent auditors, will be available to the public at the Company’s registered office and on its website (www.cassaddpp.it) by the deadline provided for by law.
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 record