Cassa Depositi e Prestiti Corporate Sustainability Presentation Cassa Depositi e Prestiti Investing in tomorrow
CDP The Italian National Promotional Institution CDP’s Mission is to foster the development of the Country, using national savings responsibly in order to support growth and boost employment, leveraging on innovation, business competitiveness, infrastructures and local development State and private shareholders 4 Total assets 1 Loans 2 Postal funding 2 Net Income 3 425 EUR Bn 101 EUR Bn 258 EUR Bn 2018 83 % 4.3 Ministry of Equity 1 Equity portfolio 2 Non-Postal funding 2 Economy and 37 EUR Bn 33 EUR Bn 85 EUR Bn EUR Bn Finance 16 % Bank foundations 1. FY 2018 Results CDP Group 1 2. FY 2018 Results CDP S.p.A. 3. CDP consolidated P&L. Net Income FY 18 attributable to CDP S.p.A. equal to 2.9 EUR Bn 4. 1% of CDP own stakes
CDP Business Model Funding & Equity 1 Areas of Activity 3 Tools Postal CDP Corporate 83 EUR bn 258 EUR bn LOANS & Savings BONDS CDP Public Sector COMPANIES & 25 EUR bn GUARANTEES and Infrastructures INVESTMENT Market FUNDS 85 EUR bn Fundings 2 CDP International 3 EUR bn Cooperation Equity 25 EUR bn THIRD-PARTY LIQUIDITY Large Strategic ACCOUNTS INSTRUMENTS Equity Investments 2019-2021 Business Plan aims at promoting sustainable economic growth through four main areas of activity 2 1. CDP Parent Company 2. Bond funding (including commercial papers) 19 EUR Bn; Other funding from banks and customers 66 EUR Bn 3. Business Plan 2019-2021: estimates of CDP mobilized resources
CDP Group Equity Portfolio 1 Snapshot Listed companies International Enterprises Real Estate Infrastructure Expansion 97.1% 100% 59.1% 25.8% 12.6% 21.5% 70.0% 35.0% 100% 31.0% 29.9% 26.0% 15.0% 60% 50% 76% Management Co. & Investment Funds 2 9.9% 100% 71.6% SGR SGR SGR SGR 40.0% 39.0% 43.0% 14.0% CDP is the largest institutional investor in the FTSE Italia All Share 3 1. As of YE’18, if not otherwise indicated 2. As of 29th March 2019
CDP Parent Company: Balance Sheet Key Figures EUR Bn Assets Liabitilites 168 258 Cash & Cash Equivalents Postal Funding (-4% YoY) (+2% YoY) 101 19 Bond Funding 1 Loans (-1% YoY) (+9% YoY) 60 66 Other Funding 2 Debt Securities FY2018 (+25% YoY) (-7% YoY) Total Assets 33 2 370 Equity Portfolio Other Liabilities (+3% YoY) (+1% YoY) 8 25 Other Assets Total Equity (+2% YoY) 4 Note: Comparison with 2017 figures does not include the effects of the new IFRS 9 and IFRS 15 adoption; 1. Including commercial papers; 2. Including funding from banks and customers
CDP 2021 From Italy to Italy Main 2021 targets Proactive role as Integrated 203 EUR Bn infrastructure- customized offer CDP development (physical and Activated resources accelerator digital) Public CDP Sector Corporate 83 EUR Bn And Infra. Promoting Corporates sustainable development Large 60,000 Strategic CDP Corporates reached Equity International Equity portfolio Investments International Cooperation organized with Cooperation 25 EUR Bn an industrial protagonist approach PA and Infrastructures Reorganization based on four areas of activity, promoting sustainable growth through the evolution 5 of the operating model
CDP 2021 Plan’s Challenges Global social and Sustainable economical trends Development Goals Italian challenges • Innovation and digitalization ✓ Closing the economic development gap 17 goals of the • Energy transition UN 2030 Agenda ✓ Business innovation, and climate change for Sustainable productivity and Development competitiveness • Developing ✓ Increase investments/ countries and quality of Infrastructure international trade • Social change Introduction of a new proactive approach to deal with the current economic and industrial challenges in Italy and globally with the goal to achieve adequate sustainable growth and development 6
CDP 2021 The Driver to Sustainable Development Main Drivers ▪ Define Plan’s targets in accordance with 2030 UN Agenda ▪ Continue to integrate sustainable development principles in the Group’s operating activities, organizational model and governance ▪ Measure and report environmental and social impact of each initiative «Contribute to the economic, social and environmental development of the Country, facilitating investments with a positive measurable impact on territory and community» The 2019-21 Business Plan for the first time aims at explicitly integrating sustainability into strategic choices 7
CDP 2021 Main Benefits (1/2) Why is it important? For a finance institution with a public mission like Promoting a Raising CDP, there is an implicit trade-off between Standing as paradigm shift awareness of sustainable CDP’s role as for the financial return on investments and their impact. investor capable development long-term of generating of Italy investor positive impacts This trade-off needs to be calibrated in order to guide the Board's decisions Where did we start to integrate sustainability? Adequate supervision of new operations… … and new organizational structure with a clear mission Chief External Relations Strengthening the integration of the dimensions linked to & Sustainability sustainable development (social, environmental and governance aspects) in the organizational model and in the Institutional Marketing & Media Sustainability Affairs Communication Relations corporate internal and business processes The benefits deriving from the adoption of an effective impact assessment model will be the result of a 2-year cycle period 8
CDP 2021 Main Benefits (2/2) Megatrends and SDGs Thematic Innovation and Energetic transition and Developing countries and Social change areas for Digitalization climate change international trade sustainable development 1 2 3 4 5 Measurement Planning Collection Reporting Integration Process to Definition of qualitative Creation of a non- Measurement of the Sustainability Integration of and quantitative targets financial data collection economic, social and reporting , starting from investment evaluation integrate consistent with the flow, starting from the environmental impact a new materiality matrix criteria (based on sustainable objectives of the Agenda identification of KPIs of individual that will identify the economic-financial development 2030 based on a connected to the SDGs interventions in relation priority targets parameters) with social, Materiality analysis path and the Global Reporting to the defined KPIs underlying the environmental and that identifies the Initiative ("GRI") Megatrends and SDGs governance parameters «material» themes standards Enabling factor: promotion of a Sustainability culture within the Organization The benefits deriving from the adoption of an effective impact assessment model will be the result of a 2-year cycle period 9
“Walk the Talk” Initiatives Plan ▪ «Walk the Talk» is the internal initiatives plan aimed at consolidating the sustainable profile of CDP and spreading a culture of Corporate Social Responsibility within the company ▪ The Plan promotes 3 lines of intervention that will be divided into a series of activities in favor of internal stakeholders, contributing to the Sustainable Development Goals of the United Nations’ Agenda 2030 1 2 3 Dissemination of Reduction of direct More culture and “sustainable” good employee engagement environmental impact practices The initiatives plan aims at creating a sustainability culture within the organization 10
Green, Social and Sustainability Bond Framework CDP contributes , directly and CDP Green, Social and Sustainability Bond 88 Framework (“ CDP Framework ”) is in line with the indirectly, to the implementation of all UN SDGs Green Bond Principles 2018 , the Social Bond 253 Principles 2018 and the Sustainability Bond Guidelines 2018 issued by the International Capital Market Association (ICMA ) CDP Framework has four core components: 26% − Use of proceeds 1 74% − Process for project evaluation & selection 2 − Management of proceeds 3 − Reporting 4 CDP has considerably extended its framework, aiming at becoming a frequent issuer in the sustainability bond market 11 Source: https://www.icmagroup.org/green-social-and-sustainability-bonds
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