Obligation CDP S.p.A. 3.093% ( IT0004984008 ) en EUR

CDP S.p.A.

100 % ⇌

Italie

IT0004984008 ( en EUR )

3.093% par an ( paiement annuel )

23/12/2019 - Obligation échue

Prospectus brochure de l'obligation CASSA DEPOSITI E PRESTITI S.P.A IT0004984008 en EUR 3.093%, échue

200 000 EUR

350 000 000 EUR

Cassa Depositi e Prestiti S.p.A. (CDP) est une banque publique italienne qui gère les économies et les investissements du pays, en soutenant notamment les infrastructures, la croissance économique et le développement durable.

L'Obligation émise par CDP S.p.A. ( Italie ) , en EUR, avec le code ISIN IT0004984008, paye un coupon de 3.093% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 23/12/2019

Base Prospectus dated 19 May 2014

Cassa depositi e prestiti S.p.A.
(incorporated with limited liability in the Republic of Italy)
Euro 13,000,000,000
Euro Medium Term Note Programme
Under the Euro Medium Term Note Programme described in this Base Prospectus (the "Programme"), Cassa depositi e prestiti S.p.A. (the "Issuer" or "CDP"), subject to compliance
with all relevant laws, regulations and directives, may from time to time issue Euro Medium Term Notes (the "Notes"). The aggregate nominal amount of the Notes outstanding will not at
any time exceed Euro 13,000,000,000 (or its equivalent in other currencies). The maximum aggregate principal amount of Notes which may be outstanding at any one time under the
Programme may be increased from time to time, subject to compliance with the relevant provisions of the Dealer Agreement as defined under "Subscription and Sale".
The Notes issued under this Programme may be issued in such denominations as may be agreed between the Issuer and the relevant Dealer(s) (as defined under "General Description of the
Programme") save that the minimum denomination of the Notes will be Euro 1,000 (or, if the Notes are denominated in a currency other than Euro, the equivalent amount in such
currency). The Notes may be issued on a continuing basis to one or more of the Dealers specified hereunder and any additional Dealer appointed under the Programme from time to time
by the Issuer (each a Dealer and together the Dealers), which appointment may be for a specific issue or on an ongoing basis. References in this Base Prospectus to the relevant Dealer
shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes.
This Base Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") as the competent authority under the Luxembourg Act dated 10 July 2005
on prospectus for securities, for the purpose of Directive 2003/71/EC, as amended, (the "Prospectus Directive") and relevant implementing measures in Luxembourg, as a base prospectus
issued in compliance with the Prospectus Directive and relevant implementing measures in Luxembourg for the purpose of giving information with regard to the issue of the Notes issued
under the Programme described in this Base Prospectus during the period of twelve months after the date hereof. The CSSF assumes no responsibility for the economic and financial
soundness of the transactions contemplated by this Base Prospectus or the quality or solvency of the Issuer in accordance with Article 7(7) of the Luxembourg Act dated 10 July 2005, as
amended, on prospectus for securities. Application has been made to the Luxembourg Stock Exchange for the Notes issued under the Programme to be admitted during the period of
twelve months after the date hereof to listing on the Official List and to trading on the regulated market of the Luxembourg Stock Exchange (a regulated market for the purposes of
Directive 2004/39/EC). Application may also be made for notification to be given to competent authorities in other Member States of the European Economic Area in order to permit
Notes issued under the Programme to be offered to the public and admitted to trading on regulated markets in such other Member States in accordance with the procedures under Article 18
of the Prospectus Directive.
References in this Base Prospectus to Notes being "listed" (and all related references) shall mean that such Notes are intended to be admitted to trading on the Luxembourg Stock
Exchange's regulated market and have been admitted to the Official List of the Luxembourg Stock Exchange.
The Programme also permits Notes to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any listing authority, stock exchange and/or quotation
system, or to be issued on the basis that they will be admitted to listing, trading and/or quotation by such other or further stock exchanges, markets and/or quotation systems as may be
agreed between the Issuer and the relevant Dealer.
Notes will be issued by the Issuer to raise funds for general funding purposes of the Issuer.
The Notes will be issued in series (each, a "Series") and each Series may be issued in one or more tranches (each, a "Tranche"). The terms of each Series will be set forth in the relevant
Final Terms prepared in relation thereto in accordance with the provisions of this Base Prospectus.
This Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of the Prospectus Directive.
An investment in Notes issued under this Programme involves certain risks. For a discussion of certain risks and other factors that should be considered in connection with an
investment in the Notes, see the section entitled "Risk Factors" of this Base Prospectus.
Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the issue price of Notes and certain other information which is applicable to each Tranche of
Notes will be set out in a final terms document (the "Final Terms") which will be filed with the CSSF. Copies of Final Terms in relation to Notes to be listed on the Luxembourg Stock
Exchange will also be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).
The Notes will be held in dematerialised form on behalf of the beneficial owners, until redemption or cancellation thereof, by Monte Titoli S.p.A. with registered office and principal place
of business at Piazza degli Affari 6, 20123 Milan, Italy ("Monte Titoli"), for the account of the relevant Monte Titoli Account Holders. The expression "Monte Titoli Account Holders"
means any authorised financial intermediary institution entitled to hold accounts on behalf of their customers with Monte Titoli and includes any depository banks appointed by Euroclear
Bank S.A./N.V. as operator of the Euroclear System ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg"). The Notes have been
accepted for clearance by Monte Titoli. The Notes will at all times be held in book entry form and title to the Notes will be evidenced by book entries pursuant to the relevant provisions
of Italian Legislative Decree dated 24 February 1998, No. 58, as subsequently amended and supplemented ("Legislative Decree No. 58") and in accordance with CONSOB and Bank of
Italy Joined Regulation dated 22 February 2008, as subsequently amended and supplemented ("CONSOB and Bank of Italy Regulation"). The Noteholders may not require physical
delivery of the Notes. However, the Noteholders may ask the relevant intermediaries for certification pursuant to Article 83-quinquies and 83-sexies of Legislative Decree No. 58.
The Programme is, as of the date of this Base Prospectus, rated BBB+ by Fitch Ratings Ltd. ("Fitch Ratings"), Baa2 by Moody's Investor Service Limited ("Moody's"), and BBB by
Standard and Poor's Rating Services ("S&P"). Each of Fitch Ratings, Moody's and S&P is established in the EEA and registered under Regulation (EC) No. 1060/2009, as amended (the
"CRA Regulation"), and is included in the list of registered credit rating agencies published on the website of the European Securities and Markets Authority at
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs. Notes issued under the Programme may be rated by any one or more of the rating agencies referred to above, or
unrated. In certain circumstances, the rating of the Notes may be higher than the rating of the Programme. Where an issue of Notes is rated, its rating will not necessarily be the same as the
rating applicable to the Programme. Whether or not each credit rating applied for in relation to the relevant Series of Notes will be issued by a credit rating agency established in the
European Union and registered under the CRA Regulation will be disclosed in the Final Terms. In general, European regulated investors are restricted from using a rating for regulatory
purposes if such rating is not issued by a credit rating agency established in the European Union and registered under the CRA Regulation (or is endorsed and published or distributed by
subscription by such a credit rating agency in accordance with the Regulation) unless the rating is provided by a credit rating agency operating in the European Union before 7 June 2010
which has submitted an application for registration in accordance with the CRA Regulation and such registration is not refused.
A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.
Joint Arrangers
Cassa depositi e prestiti S.p.A.
Barclays

Dealers
Banca IMI
Deutsche Bank
Barclays
HSBC
BofA Merrill Lynch
J.P. Morgan
BNP PARIBAS
Morgan Stanley
Citigroup
MPS Capital Services
Commerzbank
Nomura
Crédit Agricole CIB
Société Générale Corporate & Investment Banking
Credit Suisse
UBS Investment Bank
UniCredit Bank

- 1-

TABLE OF CONTENTS
IMPORTANT INFORMATION RELATING TO THE USE OF THE BASE PROSPECTUS ......... 3
SUMMARY ........................................................................................................... 8
RISK FACTORS .................................................................................................... 22
IMPORTANT INFORMATION RELATING TO OFFERS TO THE PUBLIC OF NOTES .......... 30
GENERAL DESCRIPTION OF THE PROGRAMME ....................................................... 38
DOCUMENTS INCORPORATED BY REFERENCE ....................................................... 45
SUPPLEMENT TO THE BASE PROSPECTUS .............................................................. 47
TERMS AND CONDITIONS OF THE NOTES............................................................... 48
FORMS OF FINAL TERMS ...................................................................................... 79
DESCRIPTION OF CASSA DEPOSITI E PRESTITI ...................................................... 106
SELECTED FINANCIAL INFORMATION RELATING TO CDP ..................................... 148
SELECTED FINANCIAL INFORMATION RELATING TO CDP GROUP .......................... 151
TAXATION ........................................................................................................ 154
SUBSCRIPTION AND SALE .................................................................................. 169
GENERAL INFORMATION ................................................................................... 175

- 2-

IMPORTANT INFORMATION RELATING TO THE USE OF THE BASE
PROSPECTUS
Responsibility for this Base Prospectus
The Issuer accepts responsibility for the information contained in this Base Prospectus and
the Final Terms for each Tranche of Notes issued under the Programme. To the best of the
knowledge of the Issuer, having taken all reasonable care to ensure that such is the case, the
information contained in this Base Prospectus is in accordance with the facts and contains no
omission likely to affect its import.
Final Terms
Each Tranche (as defined herein) of Notes will be issued on the terms set out herein under
"Terms and Conditions of the Notes" (the "Conditions") as supplemented by the Final Terms.
Other relevant information
This Base Prospectus should be read and construed together with any supplements hereto and
with any documents incorporated by reference herein (see "Documents Incorporated by
Reference" below) on the basis that such documents are incorporated by reference in and
form part of this Base Prospectus, and, in relation to any Tranche of Notes, should be read
and construed together with the relevant Final Terms (as defined herein).
Neither this Base Prospectus nor any other information supplied in connection with the
Programme or any Notes (a) is intended to provide the basis of any credit or other evaluation
or (b) should be considered as a recommendation by the Issuer or any of the Dealers that any
recipient of this Base Prospectus or any other information supplied in connection with the
Programme or any Notes should purchase any Notes. Each Investor contemplating
purchasing any Notes should make its own independent investigation of the financial
condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this
Base Prospectus nor any other information supplied in connection with the Programme or the
issue of any Notes constitutes an offer or invitation by or on behalf of the Issuer, any of the
Dealers to any person to subscribe for or to purchase any Notes.
The Issuer has confirmed to the Dealers named under "Subscription and Sale" below that this
Base Prospectus (including for this purpose, each relevant Final Terms) contains all
information which is (in the context of the Programme, the issue, offering and sale of the
Notes) material; that such information is true and accurate in all material respects and is not
misleading in any material respect; that any opinions, predictions or intentions expressed
herein are honestly held or made and are not misleading in any material respect; that this
Base Prospectus does not omit to state any material fact necessary to make such information,
opinions, predictions or intentions (in the context of the Programme, the issue, offering and
sale of the Notes, the "Offer to the Public") not misleading in any material respect; and that
all proper enquiries have been made to verify the foregoing.

- 3-

Unauthorised information
No person is or has been authorised to give any information or to make any representation not
contained in or not consistent with this Base Prospectus or any other document entered into in
relation to the Programme or any information supplied by the Issuer or such other
information as is in the public domain and, if given or made, such information or
representation should not be relied upon as having been authorised by the Issuer or any
Dealer.
No representation or warranty is made or implied by the Dealers or any of their respective
affiliates, and neither the Dealers nor any of their respective affiliates make any
representation or warranty or accept any responsibility as to the accuracy or completeness of
the information contained in this Base Prospectus. Neither the delivery of this Base
Prospectus or any Final Terms nor the offering, sale or delivery of any Note shall, in any
circumstances, create any implication that the information contained in this Base Prospectus
is true subsequent to the date hereof or the date upon which this Base Prospectus has been
most recently supplemented or that there has been no adverse change, or any event
reasonably likely to involve any adverse change, in the condition (financial or otherwise) of
the Issuer since the date thereof or, if later, the date upon which this Base Prospectus has
been most recently supplemented or that any other information supplied in connection with
the Programme is correct at any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same.
Restrictions on distribution
This Base Prospectus does not constitute an offer to sell or the solicitation of an offer to buy
any Notes in any jurisdiction to any person to whom it is unlawful to make the offer or
solicitation in such jurisdiction. The distribution of this Base Prospectus and any Final Terms
and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by
law. The Issuer and the Dealers do not represent that this Base Prospectus may be lawfully
distributed, or that any Notes may be lawfully offered, in compliance with any applicable
registration or other requirements in any such jurisdiction, or pursuant to an exemption
available thereunder, or assume any responsibility for facilitating any such distribution or
offering. In particular, no action has been taken by the Issuer or the Dealers which is intended
to permit a public offering of any Notes or distribution of this Base Prospectus in any
jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered
or sold, directly or indirectly, and neither this Base Prospectus nor any advertisement or other
offering material may be distributed or published in any jurisdiction, except under
circumstances that will result in compliance with any applicable laws and regulations.
Persons into whose possession this Base Prospectus or any Final Terms comes are required
by the Issuer and the Dealers to inform themselves about and to observe any such restrictions.
For a description of certain restrictions on offers, sales and deliveries of Notes and on the

- 4-

distribution of this Base Prospectus or any Final Terms and other offering material relating to
the Notes, see "Subscription and Sale".
The Notes have not been and will not be registered under the United States Securities Act of
1933, as amended (the "Securities Act"), and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the Securities Act. Terms used in this paragraph
have the meanings given to them by Regulation S under the Securities Act. The Notes are
subject to U.S. tax law requirements and may not be offered, sold or delivered within the
United States or its possessions or to a U.S. person, except in certain transactions permitted
by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the
United States Internal Revenue Code and regulations thereunder.
Neither this Base Prospectus or any supplement thereto nor any Final Terms (or any part
thereof) constitutes an offer or an invitation to subscribe for or purchase any Notes and
should not be considered as a recommendation by the Issuer, the Dealers or any of them that
any recipient of this Base Prospectus or any Final Terms should subscribe for or purchase any
Notes. Each recipient of this Base Prospectus or any Final Terms shall be taken to have made
its own investigation and appraisal of the condition (financial or otherwise) of the Issuer.
Suitability of the Notes as an investment
The Notes may not be a suitable investment for all investors. Each potential Investor in the
Notes must determine the suitability of that investment in light of its own circumstances. In
particular, each potential investor may wish to consider, either on its own or with the help of
its financial and other professional advisers, whether it:
(i) has sufficient knowledge and experience to make a meaningful evaluation of the Notes,
the merits and risks of investing in the Notes and the information contained or
incorporated by reference in this Base Prospectus or any applicable supplement;
(ii) has access to, and knowledge of, appropriate analytical tools to evaluate, in the context
of its particular financial situation, an investment in the Notes and the impact the Notes
will have on its overall investment portfolio;
(iii) has sufficient financial resources and liquidity to bear all of the risks of an investment
in the Notes, including Notes where the currency for principal or interest payments is
different from the potential investor's currency;
(iv) understands thoroughly the terms of the Notes and is familiar with the behaviour of
financial markets; and
(v) is able to evaluate possible scenarios for economic, interest rate and other factors that
may affect its investment and its ability to bear the applicable risks.

- 5-

Legal investment considerations may restrict certain investments. The investment activities of
certain investors are subject to legal investment laws and regulations, or review or regulation
by certain authorities. Each potential investor should consult its legal advisers to determine
whether and to what extent (1) Notes are legal investments for it, (2) Notes can be used as
collateral for various types of borrowing, and (3) other restrictions apply to its purchase or
pledge of any Notes. Financial institutions should consult their legal advisers or the
appropriate regulators to determine the appropriate treatment of Notes under any applicable
risk-based capital or similar rules.
Programme limit
The maximum aggregate principal amount of Notes outstanding at any one time under the
Programme will not exceed Euro 13,000,000,000 (and for this purpose, any Notes
denominated in another currency shall be converted into Euro at the date of the agreement to
issue such Notes in accordance with the provisions of the Dealer Agreement). The maximum
aggregate principal amount of Notes which may be outstanding at any one time under the
Programme may be increased from time to time, subject to compliance with the relevant
provisions of the Dealer Agreement, as defined under "Subscription and Sale". In the event of
increase of the original maximum amount of the Programme as set out herein, the Issuer shall
prepare a supplement to the Base Prospectus.
Presentation of information
In this Base Prospectus, unless otherwise specified, references to a "Member State" are to a
Member State of the European Economic Area, references to "Euro" "Eur" or "" are to the
single currency introduced at the start of the third stage of the European Economic and
Monetary Union pursuant to the Treaty establishing the European Community, as amended,
and references to "£" or "Sterling" are to the currency of the United Kingdom.
Certain figures included in this Base Prospectus have been subject to rounding adjustments;
accordingly, figures shown for the same category presented in different tables may vary
slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of
the figures which precede them.
Stabilisation
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any)
named as the Stabilising Manager(s) (or persons acting on behalf of any Stabilising
Manager(s)) in the applicable Final Terms may over allot Notes or effect transactions
with a view to supporting the market price of the Notes at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising Manager(s)
(or persons acting on behalf of a Stabilising Manager) will undertake stabilisation
action. Any stabilisation action may begin on or after the date on which adequate public
disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30 days

- 6-

after the issue date of the relevant Tranche of Notes and 60 days after the date of the
allotment of the relevant Tranche of Notes. Any stabilisation action or over-allotment
must be conducted by the relevant Stabilising Manager(s) (or person(s) acting on behalf
of any Stabilising Manager(s)) in accordance with all applicable laws and rules.

- 7-

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are
numbered in Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of
securities and Issuer. Because some Elements are not required to be addressed, there may be
gaps in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type
of securities and Issuer, it is possible that no relevant information can be given regarding the
Element. In this case a short description of the Element is included in the summary with the
mention of "Not Applicable".

Section A Introduction and Warnings
A.1
Introduction
this summary should be read as introduction to the
and Warnings:
prospectus;
any decision to invest in the securities should be based on
consideration of the prospectus as a whole by the investor;
where a claim relating to the information contained in the
prospectus is brought before a court, the plaintiff investor
might, under the national legislation of the Member States,
have to bear the costs of translating the prospectus before the
legal proceedings are initiated; and
civil liability attaches only to those persons who have tabled
the summary including any translation thereof, but only if the
summary is misleading, inaccurate or inconsistent when read
together with the other parts of the prospectus or it does not
provide, when read together with the other parts of the
prospectus, key information in order to aid investors when
considering whether to invest in such securities.
A.2
Consent:
[Not Applicable the Notes are not being offered to the public.]
[Consent: Subject to the conditions set out below, the Issuer
consents to the use of this Base Prospectus in connection with an
offer to the public of Notes by the [Dealers/Managers[, [names of
specific financial intermediaries listed in final terms,] [and] [each
financial intermediary whose name is published on the Issuer's
website (www.cassaddpp.it) and identified as an Authorised
Offeror in respect of the relevant offer to the public] [and any
financial intermediary which is authorised to make such offers
under [the Financial Services and Markets Act 2000, as amended,
or other ]applicable legislation implementing the Markets in
Financial Instruments Directive (Directive 2004/39/EC) and
publishes on its website the following statement (with the
information in square brackets being completed with the relevant
information):

- 8-

"We, [insert legal name of financial intermediary], refer to the
[insert title of relevant Notes] (the "Notes") described in the
Final Terms dated [insert date] (the "Final Terms") published by
[] (the "Issuer"). We hereby accept the offer by the Issuer of its
consent to our use of the Base Prospectus (as defined in the Final
Terms) in connection with the offer of the Notes in accordance
with the Authorised Offeror Terms and subject to the conditions
to such consent, each as specified in the Base Prospectus, and we
are using the Base Prospectus accordingly."
(each an "Authorised Offeror").]
[Offer period: The Issuer's consent referred to above is given for
offers to the public of Notes during [offer period for the issue to
be specified here] (the "Offer Period").]
[Conditions to consent: The conditions to the Issuer's consent (in
addition to the conditions referred to above) are that such consent
(a) is only valid during the Offer Period; (b) only extends to the
use of this Base Prospectus to make offers to the public of the
relevant Tranche of Notes in [specify each Relevant Member
State in which the particular Tranche of Notes can be offered]
and (c) [specify any other conditions applicable to the offer to the
public of the particular Tranche, as set out in the Final Terms].
AN INVESTOR INTENDING TO ACQUIRE OR
ACQUIRING ANY NOTES IN AN OFFER TO THE
PUBLIC FROM AN AUTHORISED OFFEROR WILL DO
SO, AND OFFERS AND SALES OF SUCH NOTES TO AN
INVESTOR BY SUCH AUTHORISED OFFEROR WILL
BE MADE, IN ACCORDANCE WITH ANY TERMS AND
OTHER ARRANGEMENTS IN PLACE BETWEEN SUCH
AUTHORISED OFFEROR AND SUCH INVESTOR
INCLUDING AS TO PRICE, ALLOCATIONS AND
SETTLEMENT ARRANGEMENTS. THE RELEVANT
INFORMATION WILL BE PROVIDED BY THE
AUTHORISED OFFEROR AT THE TIME OF SUCH
OFFER.]

Section B Issuer
B.1
Legal
and Cassa depositi e prestiti S.p.A. ("CDP")
commercial
name of the
Issuer:
B.2
Domicile and CDP is a joint stock company (Società per Azioni) incorporated
legal form of on 12 December 2003 with limited liability in Italy under Article
the Issuer:
5 of Italian Law Decree No. 269 of 30 September 2003, as
converted with amendments into Law No. 326 of 24 November
2003, having its registered office at Via Goito No. 4, 00185
Rome, Italy.

- 9-

B.4b Trends:
[Not Applicable] / [There are no known trends, uncertainties,
demands, commitments or events that are reasonably likely to
have a material effect on the Issuer's prospects for its current
financial year.]
B.5
The Group:
CDP is the parent company of the CDP group of companies (the
"CDP Group"). CDP has significant holdings in a number major
Italian companies (both listed and unlisted), operating in Italy and
abroad, and in certain private equity funds. In particular, CDP is
the controlling shareholder of the fund Fondo Strategico Italiano
which acquires stakes in firms deemed to be of "significant
national interest" that are financially stable and offer significant
growth and profit-generation prospects. CDP is also the main
shareholder of several high-profile Italian companies operating in
the energy and resources sector, these being ENI S.p.A., TERNA
S.p.A. and SNAM S.p.A. CDP also owns 100 per cent. of SACE
S.p.A., 76 per cent. of SIMEST S.p.a. and 100 per cent. of
FINTECNA S.p.A.
B.9
Profit
[Not Applicable] / [No profit forecasts or estimates have been
Forecast:
made in the Base Prospectus.]
B.10 Audit Report Not Applicable - No qualifications are contained in any audit or
Qualifications: review report included in the Base Prospectus.
B.12 Key Financial [Selected historical key financial information regarding the
Information:
issuer, presented for each financial year of the period covered by
the historical financial information, and any subsequent interim
financial period accompanied by comparative data from the same
period in the prior financial year except that the requirement for
comparative balance sheet information is satisfied by presenting
the year end balance sheet information.]
Income Statement
The table below sets out summary information extracted from the
audited non consolidated annual financial statements as at 31
December 2012 and 31 December 2013 of CDP:
millions
Year ended 31 December Year ended 31 December
2013
2012
Net
interest
2,539,395,667
3,521,815,006
income
Net commission
(1,582,847,831)
(1,611,774,850)
income
Gross income
4,122,485,441
3,652,640,063
Financial income
4,077,194,693
3,629,755,107
(expense), net
Operating costs
(122,848,336)
(109,528,772)
Income
(loss)
2,945,399,448
3,667,453,309
before tax from
continuing
operations
Income (loss) for
2,348,764,274
2,852,617,356
the year

- 10-