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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%.
New lending in 2010
In 2010, new lending by CDP amounted to nearly €11.7 billion, a slight increase compared with 2009 (+2%). 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. 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%.
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%.
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