2012 Preliminary Results and Facts
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1 2012 Preliminary Results and Facts January 2013
2 Mission CDP: joint stock company under public control, minority stake owned by broad group of private banking foundations MISSION: SUPPORTING ITALY S GROWTH 64 PRIVATE FOUNDATIONS 70% 30% MAIN ACTIVITIES Leader in financing local authorities and PA Catalyst in developing national infrastructure Key player in supporting economic development 2
3 Main equity investments and funds LISTED COMPANIES (CDP SHARE; BOOK VALUE) ENI Spa (26.4%; 17.2 bln) PRIVATE EQUITY (CDP COMMITMENT) FSI Fondo Strategico Italiano ( 4 bln) Terna Spa (29.9%; 1.3 bln) Snam Spa (30% - 1 share) FII - Fondo Italiano d Investimento ( 250 mln) F2i Fondo Italiano per le Infrastrutture ( 151 mln) Marguerite Fund ( 100 mln) UNLISTED COMPANIES (CDP SHARE) TAG - via CDP GAS (89%) FINTECNA (100%) SACE (100%) SIMEST (76%) InfraMed Fund ( 150 mln) Fondo Investimenti per l Abitare ( 1 bln) Fondo Investimenti per la Valorizzazione ( 250 mln) European Energy Efficiency Fund ( 60 mln) Corporate Infrastructure Other 3
4 Lines of business/instruments DEBT EQUITY PUBLIC AUTHORITIES Lending FIA Fondo investimenti per l abitare FIV Fondo investimenti per la valorizzazione INFRASTRUCTURE ECONOMIC DEVELOPMENT Corporate financing Project financing SMEs Plafond Export Banca Earthquake plafond F2i Fondo italiano per le infrastrutture Marguerite Fund Inframed Fund FSI - Fondo Strategico Italiano FII Fondo Italiano di Investimento EEEF European Energy Efficiency Fund 4
5 Business Plan FORECASTS : 40 BLN OF NEW RESOURCES 2011 RESULTS : 16.5 BLN 2012 PRELIMINARY RESULTS : OVER 20.0 BLN At 2/3 of the path CDP has already reached over 90% of its 3Y target NEW ESTIMATES: OVER 50 MLD OVER 3% OF GDP 5
6 2012 CDP Preliminary Figures and Main Facts ASSETS TOTAL ASSETS: OVER 300 BLN. CUSTOMER AND BANK LOANS: + 2%, AMID A LARGER MARKET STAGNATION LIABILITIES ALMOST 24 MILLION CLIENTS,, ABOUT 10% OF NATIONAL HOUSEHOLD SAVINGS.. STOCK OVER 230 BLN, NET FUNDING AROUND 10 BLN SMEs LOANS 18 BLN IN 2 YEARS, SMEs SUPPORTED EXPORT FINANCE TOTAL RESOURCES AVAILABLE: 4 BLN AQUISITIONS 30% SNAM, 100% SACE, 100% FINTECNA, 76% SIMEST NET INCOME OVER 2011 NET INCOME ( 1.6 BLN), OVER 2 BLN FORECAST IN THE BUSINESS PLAN FOR
7 Focus on FSI Target: Acquisition of equity holdings (normally minority stakes) in companies of significant national interest, to support growth, improve operational efficiency and international competitiveness 8 SECTORS alternatively SIZE Defense; Security; Infrastructure and Public Services; Communications; Energy; Insurance and Financial Services; Research and High Techology Net annual turnover > 300 mln Average Staffing > 250 employees KEY REQUIREMENTS OF TARGET COMPANIES FINANCIAL AND ECONOMIC STABILITY ADEQUATE EXPECTED PROFITABILITY SIGNIFICANT GROWTH PROSPECTS In 2012 Bank of Italy acquired minority equity stake in FSI 25
8 FSI: 2012 Investments TLC: 200 mln (46,2%) with an option for additional 300 mln investment aimed at implementing broadband network in country Healthcare research : 75 mln (18,7%) + convertible line of credit for 75 mln It is becoming fifth-largest operator in the world in the plasma derivates industry Multiutility: up to 100 mln (2-6%) Investment represents the first concrete step for the creation of a multi-utility hub 26
9 FSI: In 2012 Joint-Venture With Qatar Holding Joint-venture agreement with Qatar Holding, oriented at investing in Made in Italy sectors (IQ Made in Italy Venture) Starting with a 300 mln capital, the NewCo total capital will grow up to 2 bln, equally paid by FSI and QH during the first 4 years Investment target: Italian companies acting in sectors representing "Made in Italy excellence Member contribution to partnership FSI Qatar Holding Local market expertise Institutional profile and retail access to market Pipeline Medium Long Term investment horizon Global coverage Knowledge of industrial sectors part of agreement Familiarity with Italy: (i) 6 Italian members of the team; (ii) investment track record in Italy (iii) current Medium Long Term investment horizon 27
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A) Liquidity Ratio : - Ratio Analysis 1) Current ratio = Current asset Current Liability 2) Quick ratio or Acid Test ratio = Quick Asset Quick liability Quick Asset = Current Asset Stock Quick Liability
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