cassa depositi e prestiti - institutional presentation
TRANSCRIPT
Cassa depositi e prestiti
2015
Overview> Ownership and Mission
Cassa Depositi e Prestiti is a joint-‐stock company underpublic control, with the Italian government holding 80.1%and a broad group of bank foundations holding 18.4%.The remaining 1.5% is in treasury shares
80.10%
18.40%1.50%
MEF
BANKING FOUNDATIONSTREASURY SHARES
Shareholders
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Key player in supporting economic development
Catalyst in developing country's infrastructure
CDP: Supporting Italy’s Growth Since 1850
Leader in financing Local Authorities and PA
Overview> History
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Key player in supporting economic development
Leader in financing Local Authorities and PA
1850Inception in Turin to receive deposits
from public and private entities as a place of “public trust””
1875Postal Savings
passbooks’ creation. The funds raised are used by CDP to finance
public works and repay the existing debt of local authorities
1924Interest-‐bearing Postal Savings bonds’
creation. In 1925, bonds in USD and GBP are
issued, while in 1928 the first 1yr
notes debut
2003CDP is
transformed into a joint
stock company,
“CDP S.p.A.”, and the
scope of its activities is expanded
2009CDP scope of operations is
further expanded toinclude the
direct financing projects, export finance, social
housing and support for
SMEs
2011CDP activities
are expanded further with
theestablishment of the Fondo
Strategico Italiano toacquire
equity stakes in companies of major national interest
2012CDP acquires from the Ministry of Economy and Finance SACE Simest andFintecnawhich controls
Fincantieri and Fintecna Immobiliare
2014Successfully completed in July 2014 the Fincantieri
IPO.
Signed agreement for the
disposal of 40.9% of CDP Reti, the investment vehicle that holds the stakes of Snam and Terna
Overview> Relations with the Government
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OWNERSHIPThe Ministry of Economy and Finance exercises control by appointing themajority of CDP Board of Directors. The Chief Accountant of the State,the Director General of the Ministry of Economy and Finance – TreasuryDepartment, and three experts on financial matters appointed by theMEF areex-‐officio boardmembers
CONTROL
GUARANTEE The Republic of Italy provides a full and unconditional guarantee onPostalSavings, CDP’s main sourceof funding
Overview> CDP Group
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EXPORT & INTERNATIONALIZATION
STRATEGIC COMPANIES
REAL ESTATE
25.76% 29.85%230.10%1
100% 76% 100%
72.5%3
LISTED COMPANIES
FIV4Fondo
Investimenti Valorizzazioni
EQUITY FUNDS100%70%
Industry Infrastructure Real Estate Energy Eff.
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FIA4Fondo Investimenti
Abitare
59.10%
UNLISTED COMPANIES
Overview> Equity Investments and Funds
1Of which 28.98% through CDP RETI (59.10%) and 1.12% through CDP GAS (100%); 2Through CDP RETI (59.10%); 3Through Fintecna (100%); 4Managed by CDPInvestimenti SGR (70%)
100%
FIT4Fondo
Investimenti Turismo
€100mln €150mln€251mln€4bln €550mln €1bln€1.2bln €60mlnn.a.€50mln
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Overview> Investments in Listed CompaniesCDP SHAREMKT CAP.
COMPANY DESCRIPTION
25.76%
€ 58.7 bln¹
29.85%
€ 7.9 bln¹
30.10%
€ 15.6 bln¹
1As of 10th March 20152Based upon book value
• Integrated energy company. Italy’s largest industrial company
• Dividend yield: 6.7%2. The company has always paid dividends since its listing in Milan in 1995
• First grid operator for electricity transmission in Europe, managing over 63,500 km of national HV lines
• Dividend yield: 9.1%2. The company has always paid dividends since its listing in Milan in 2004
• Integrated group operating in transportation, regasification and distribution of natural gas in Italy
• Dividend yield: 7.2%2. The company has always paid dividends since its listing in Milan in 2001
Overview> Assets & Liabilities
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CASH (€180.9 BLN)
OTHER(€57.6 BLN)
EMTN ISSUES (€8.9 BLN)
FINANCIAL INSTITUTIONS (€12.1 BLN)CENTRAL AND LOCAL GOVERMENTS
(€84.2 BLN)
POSTAL SAVINGS(€252.0 BLN)
BANKS AND OTHER FMIs (€11.9 BLN)
TREASURY BONDS AND OTHER(€36.5 BLN)
EQUITY STAKES (€30.3 BLN)
CORP. AND PROJECT FIN. (€6.3 BLN)
EQUITY(€19.6 BLN)
TOTAL ASSETS(€350.2 BLN)
TOTAL LIABILITIES(€350.2 BLN)
CDP S.p.A. unconsolidated figures as of 31/12/2014
Main source of funding (72%), guaranteed by the Italian State, provides a stable and resilient primary pillar
Diversification of CDP funding sources
§ EMTN Programme (€13 bln) § Multi Currency Commercial Paper Programme
(€3 bln)
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> Capital Markets
q €252 bln
Overview> Funding
Postal Savings Stock
q Over 20 mln customersHolding Postal Bonds and Postal Passbooks
> Postal Savings
> ECB Refinancing Facility: € 5.5 bln
> EIB Credit Facility: € 4 bln
> KfW Global Loan: € 500 mln
§ Retail Bond (€1.5 bln)
> Retail Markets
Overview> Impact on the Italian Economy
q €90bln≈ 5.6% of GDP in 2013
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Business Plan 2013-‐2015
Up to € 9 bln
Infrastructure
Up to € 23 bln
Public Entities
Over € 55 bln
Support to the Economy
Overview> Attraction of Foreign Investments
€3 bln
€2.1 bln
€500 mln
€2 bln
€1 bln
€400 mln
€500 mln
Co-‐investment agreementwith the SWF Russian Direct Investment Fund (RDIF) up to €500 mln
Co-‐investment in “FSI Investimenti” with the SWF Kuwait Investment Authority (KIA)
JV to invest in “Made in Italy” with the SWF Qatar Holding (QI) up to €1 bln
Co-‐investment agreementwith the SWF China InvestmentCorporation (CIC) up to €500 mln
€1 bln
COUNTERPARTS OPERATIONSale of 35% stake in to State Grid of China
Sale of 40% stake in to Shanghai Electric
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€1 mld Co-‐investment agreementwith the SWF Korea InvestmentCorporation (KIC) up to €500 mln
Agreement with KfW to promote Italian SMEs and energy-‐efficient infrastructure
Cooperation agreement with China Development Bank
Overview> Activities and Instruments
• Specific purpose loans• Arrears payments• Debt renegotiations
• FIV – Fondo Investimenti per le Valorizzazioni
• FIA – Fondo Investimenti per l’Abitare
• EEE Fund – EuropeanEnergy Efficiency Fund
LENDING
EQUITY
• Corporate Finance• Project Financing
• F2i – Fondo Italiano per le Infrastrutture
• Marguerite Fund• Inframed Fund
• SMEs, Mid-‐Caps and Capital Equipment Plafonds
• Mortgage Plafond• Export Finance• Kyoto Fund• Funds for Earthquake
Reconstruction
• FSI – Fondo Strategico Italiano
• FIT – Fondo Investimenti per il Turismo
• FII – Fondo Italiano di Investimento
• EIF – EuropeanInvestment Fund
PUBLIC ENTITIES INFRASTRUCTURE ECONOMIC DEVELOPMENT
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