Cassa Depositi e Prestiti - Institutional Presentation

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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