2012 Annual Report
Cassa depositi e prestiti
Cassa depositi e prestiti

Cassa depositi e prestiti
2012 Annual Report
REGISTERED OFFICE
ROME – Via Goito, 4
COMPANY REGISTER OF ROME
Entered in Company Register of Rome no. 80199230584
Registered with Chamber of Commerce of Rome at no. REA 1053767
SHARE CAPITAL
Share capital €3,500,000,000.00 fully paid up
Tax code 80199230584 – VAT registration no. 07756511007

Contents
CDP - 2012 Annual Report
5
Administrative and control bodies
11
Report on operations
155
Separate Financial Statements
Balance sheet
160
Income statement
162
Statement of comprehensive income
163
Statement of changes in equity
164
Cash flow statement
166
Notes to the separate financial statements
167
311
Annexes
List of equity investments
313
Separation of accounts
314
319
Report of the Board of Auditors
325
Report of the independent auditors
329
Certification of the separate financial statements
pursuant to article 154-bis of Legislative Decree 58/1998
333
Consolidated Financial Statements
Consolidated balance sheet
338
Consolidated income statement
340
Statement of consolidated comprehensive income
341
Statement of changes in consolidated equity
342
Consolidated cash flow statement
344
Notes to the consolidated financial statements
345
539
Annexes
Scope of consolidation
539
543
Report of the independent auditors
547
Certification of the consolidated financial statements
pursuant to article 154-bis of Legislative Decree 58/1998

CDP S.p.A.
Administrative and control bodies
2012 Annual Report

7
Board of Directors (*)
Franco Bassanini
Chairman
Giovanni Gorno Tempini
Chief Executive Officer
Cristian Chizzoli
Director
Piero Gastaldo
Director
Ettore Gotti Tedeschi
Director
Nunzio Guglielmino
Director
Vincenzo La Via
Director
Mario Nuzzo
Director
Supplementary members for administration of Separate Account
(Article 5.8, Decree Law 269/2003, ratified with amendments by Law 326/2003)
State Accountant General
Director (1)
Director General of the Treasury
Director (2)
Romano Colozzi
Director
Guido Podestà
Director
Giuseppe Pericu
Director
(*) Composition at 31 December 2012.
(1) Giovanni De Simone, delegate of the State Accountant General.
(2) Maria Cannata, delegate of the Director General of the Treasury.
Report on operations
CDP - 2012 Annual Report

8
Preference Shareholders Support Committee
Matteo Melley
Chairman
Teresio Barioglio
Member
Alessio Bellincampi
Member
Marcello Bertocchini
Member
Angela Gallo
Member
Roberto Giordana
Member
Amedeo Grilli
Member
Antonio Marotti
Member
Ivano Paci
Member
Roberto Saro
Member
Enrico Zobele
Member
Steering Committee
Giuliano Segre
Chairman
Carlo Colaiacovo
Member
Adriano Giannola
Member
Andrea Landi
Member
Antonio Miglio
Member
Francesco Parlato
Member
Antimo Prosperi
Member
Alessandro Rivera
Member
Giovanni Gorno Tempini
Member

9
Board of Auditors (*)
Angelo Provasoli
Chairman
Gerhard Brandstätter
Auditor
Biagio Mazzotta
Auditor
Giuseppe Vincenzo Suppa
Auditor
Piergiuseppe Dolcini
Auditor (1)
Francesco Bilotti
Alternate
Parliamentary Supervisory Committee
Tommaso Foti
Chairman
Massimo Bitonci
Deputy Chairman
Salvatore Cultrera
Secretary for Confidential Matters
Oriano Giovanelli
Parliamentary member
Cinzia Bonfrisco
Parliamentary member
Antonio Distaso
Parliamentary member
Paolo Franco
Parliamentary member
Giovanni Legnini
Parliamentary member
Valter Zanetta
Parliamentary member
Carmine Volpe
Non-parliamentary member
Gaetano Trotta
Non-parliamentary member
Manfredo Atzeni
Non-parliamentary member
(*) Composition at 31 December 2012.
(1) Appointed Auditor on 12 September 2012.
Report on operations
CDP - 2012 Annual Report

10
Judge of the State Audit Court (*)
(Article 5.17, Decree Law 269/2003 - attends meetings of the Board of Directors and the Board of
Auditors)
Piero Floreani
Alternate
(*) At 31 December 2012.
General Manager
Matteo Del Fante
Independent auditors
PricewaterhouseCoopers S.p.A.

CDP S.p.A.
Report on operations
2012 Annual Report

12
CONTENTS OF THE REPORT ON OPERATIONS 
1.
PRESENTATION OF THE GROUP
18
1.1 ROLE AND MISSION OF THE CDP GROUP
18
1.2 COMPOSITION AND STRUCTURE OF THE CDP GROUP
18
1.2.1 Parent company – Cassa Depositi e Prestiti S.p.A.
19
1.2.2 Companies subject to management and coordination
22
1.2.2.1 
CDP Investimenti SGR S.p.A.
22
1.2.2.2
Fondo Strategico Italiano S.p.A.
24
1.2.2.3.
Fintecna Group
25
1.2.2.4.
SACE Group
27
1.2.2.5.
Other companies subject to management and coordination
28
1.2.3. Terna Group
29
1.2.4. SIMEST
31
2.
THE MARKET
32
2.1 THE MACROECONOMIC SITUATION
32
2.2. THE FINANCIAL MARKETS AND RATES
33
2.3. BANK LENDING AND HOUSEHOLD SAVINGS
34
2.4. PUBLIC FINANCES
35
2.5. THE REAL ESTATE MARKET
37
2.6. FSI REFERENCE MARKET
38
2.7. THE ITALIAN ELECTRICITY MARKET
40
3.
OPERATING PERFORMANCE
42
3.1 THE PARENT COMPANY AND THE COMPANIES SUBJECT TO ITS MANAGEMENT AND COORDINATION
42
3.1.1. Lending and investment of the parent company
43
3.1.1.1.
Public entities
43
3.1.1.2.
Enterprises and PPPs for infrastructure development
50
3.1.1.3.
Enterprises
54
3.1.2. The activities of other companies subject to management and coordination
59
3.1.2.1.
The activities of CDPI SGR
59
3.1.2.2
The activities of FSI
60
3.1.2.3.
The activities of the Fintecna Group
62
3.1.2.4.
The activities of the SACE Group
63
3.1.3. Equity investments of the parent company
65
3.1.3.1.
Subsidiaries and other shareholdings
65
3.1.3.2.
Investment funds and other investment vehicles
68
3.1.4. Treasury and funding activities of the parent company
74
3.1.4.1.
Treasury management and short-term funding
74
3.1.4.2.
Developments in medium and long-term funding
76
3.1.4.3.
Developments in postal savings
77
3.1.4.4.
The agreement with Poste Italiane S.p.A.
83

13
3.1.5. The treasury activities of the Fintecna Group
83
3.1.6. The treasury activities of the SACE Group
84
3.2 THE TERNA GROUP
85
3.3 SIMEST
88
4.
FINANCIAL POSITION AND PERFORMANCE
91
4.1 PARENT COMPANY
91
4.1.1. Reclassified balance sheet
91
4.1.1.1.
Assets
91
4.1.1.2.
Liabilities and equity
94
4.1.1.3.
Balance sheet ratios
95
4.1.2. Reclassified income statement
96
4.1.2.1.
Financial performance
96
4.1.2.2.
Performance indicators
98
4.1.3. Reconciliation
99
4.2. THE IMPACT OF CONSOLIDATION
102
4.2.1. Reclassified consolidated balance sheet
102
4.2.2. Reclassified consolidated income statement
108
4.2.3. Reconciliation of equity and net income of the parent company and consolidated equity
and net income
112
5.
RISK MONITORING
116
5.1 MONITORING THE RISKS OF THE PARENT COMPANY
116
5.1.1. Credit risk
116
5.1.2. Counterparty risk
118
5.1.3. Interest rate and inflation risk
118
5.1.4. Liquidity risk
120
5.1.5. Operational risks
120
5.1.6. Money laundering and terrorist financing risk
121
5.1.7. Risks connected with equity investments
121
5.1.8. Other material risks
121
5.2. MONITORING RISK IN THE COMPANIES SUBJECT TO MANAGEMENT AND COORDINATION
122
5.2.1. Managing risk in CDPI SGR
122
5.2.2. Managing risk in FSI
123
5.2.3. Managing risk in the Fintecna Group
124
5.2.4. Managing risk in the SACE Group
127
5.3. MONITORING RISK IN THE TERNA GROUP
129
CDP - 2012 Annual Report
Report on operations

14
5.4. MONITORING RISK IN SIMEST
131
5.5. LEGAL DISPUTES
132
5.5.1. Legal disputes of the parent company
132
5.5.2. Disputes involving companies subject to management and coordination
132
6.
GOVERNANCE AND ACTIVITY IN SUPPORT OF THE PARENT COMPANY
134
6.1. COMMUNICATIONS
134
6.2. HUMAN RESOURCE MANAGEMENT
135
6.2.1. The workforce
135
6.2.2. Personnel training and management
135
6.2.3. Industrial relations
136
6.3. IT SYSTEMS AND INTERNAL PROJECTS
136
6.4. REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF CDP 
PURSUANT TO ARTICLE 123-BIS.2 B) OF THE CONSOLIDATED LAW ON FINANCIAL INTERMEDIATION
139
6.4.1. The internal control system
139
6.4.2. Financial and operational risk management systems
140
6.4.3. Compliance system pursuant to Legislative Decree 231/2001
141
6.4.4. Key characteristics of the risk and internal control management systems with regard 
to the financial reporting process
142
6.4.5. Independent auditors
144
6.4.6. Manager responsible for the preparation of the company’s financial reports
145
6.4.7. Insider register
146
6.4.8. Code of ethics
146
7.
RELATIONS OF THE PARENT COMPANY WITH THE MEF
148
7.1 RELATIONS WITH THE CENTRAL STATE TREASURY
148
7.2. AGREEMENTS WITH THE MEF
148
7.3. MANAGEMENT ON BEHALF OF THE MEF
149
8.
OUTLOOK FOR THE FULL YEAR
150
8.1. THE PARENT COMPANY AND THE COMPANIES SUBJECT TO ITS MANAGEMENT AND COORDINATION
150
8.2. THE OUTLOOK FOR THE TERNA GROUP
151
8.3. THE OUTLOOK FOR SIMEST
152
9.
PROPOSED ALLOCATION OF NET INCOME FOR THE YEAR
153

CDP S.p.A.
Financial highlights
Main indicators
2012 Annual Report

Highlights - CDP S.p.A. 
(millions of euros) 
2012
2011
RECLASSIFIED BALANCE SHEET DATA
Total assets 
305,431 
273,586 
Cash and cash equivalents and other treasury investments 
139,062 
128,615 
Loans to customers and banks 
100,508 
98,591 
Equity investments and shares 
30,570 
19,826 
Postal funding 
233,631 
218,408 
Other direct funding 
16,462 
17,126 
Equity 
16,835 
14,469 
RECLASSIFIED PERFORMANCE DATA
Net interest income
3,522 
2,329
Gross income
3,653 
2,030 
Operating income
3,530 
1,939 
Net income
2,853 
1,612 
New lending
(millions of euros) 
Total 2012
Total 2011 
Public entities 
3,308 
6,213 
Enterprises and public-private partnerships to develop infrastructure 
2,717 
2,145 
- of which: for projects promoted by public entities
1,449 
763 
- of which: to enterprises for works used to deliver public services
1,269 
1,382 
Enterprises  
6,326 
3,931 
Total lending to customers and banks 
12,351 
12,289 
Equity investments and funds  
508 
667 
Total lending by business line 
12,860 
12,956
Non-recurring transactions 
9,368 
3,533
Total new lending 
22,227 
16,489
Main indicators
(units; percentages)
2012
2011
PERFORMANCE RATIOS
Spread on interest-bearing assets - liabilities
1.5%
1.1%
Cost/income ratio
3.0%
4.6%
ROE
19.7%
11.7%
CREDIT RISK RATIOS
Gross bad debts and substandard loans/Gross loans to customers and banks 
0.118%
0.096%
Net writedowns/Net loans to customers and banks 
0.020%
0.009%
RATING (as of the date of approval of the financial statements) 
Fitch Ratings 
BBB+ 
Moody’s 
Baa2 
Standard & Poorís 
BBB+ 
OPERATING STRUCTURE 
Average no. of employees 
512
486
16

17
CDP - 2012 Annual Report
CDP - 2012 Annual Report
Highlights - CDP Group
(millions of euros) 
2012
2011
RECLASSIFIED BALANCE SHEET DATA
Total assets 
328,551 
287,143 
Cash and cash equivalents and other treasury investments 
144,659 
129,888 
Loans to customers and banks 
102,783 
98,091 
Equity investments and shares 
21,290 
18,960 
Postal funding 
233,631 
218,408 
Other direct funding 
21,474 
20,309 
Equity 
21,057 
18,349 
- of which pertaining to the shareholders of the parent company 
18,183 
15,525 
RECLASSIFIED PERFORMANCE DATA
Net interest income
3,449 
2,214 
Gross income
2,011 
665 
Operating income
3,263 
1,799 
Net income
3,232 
2,345 
- of which pertaining to the shareholders of the parent company 
2,924 
2,167 
Report on operations

18
1.1 ROLE AND MISSION OF THE CDP GROUP
The CDP Group (the “Group”), composed of Cassa Depositi e Prestiti S.p.A. (“CDP”), and the compa-
nies subject to its management and coordination, works to support Italy’s growth and employs its re-
sources, mainly funded through its management of postal savings (postal savings bonds and postal sav-
ings passbook accounts), in accordance with its institutional mission, in its capacity as a:
•
leader in financing the investments of public entities;
•
catalyst for infrastructure development;
•
key player in supporting the Italian economy and national enterprise.
The CDP Group promotes local development, financing investment by public entities, assisting local authorities
in leveraging their real estate holdings, investing in social housing and supporting energy efficiency policies.
In its role as catalyst for infrastructure development, the Group – using corporate and project finance
arrangements – supports public-interest projects and enterprises for investments for the delivery of pub-
lic services. It also performs this role by taking direct equity stakes in infrastructure companies and sub-
scribing units in domestic and international infrastructure equity funds.
The Group also uses debt and equity instruments to provide support to strategic domestic companies
and small and medium-sized enterprises (“SMEs”), thereby fostering their growth, efficiency, interna-
tional expansion and investment in research.
Group operations were further strengthened by the recent acquisitions of SACE S.p.A., Simest S.p.A.
and Fintecna S.p.A., thereby enhancing CDP’s ability to support Italian exports, the international expan-
sion of enterprises, the financing of infrastructure projects and the leveraging of property assets.
By virtue of the control that CDP exercises over Terna S.p.A., the Terna Group, a major operator of elec-
tricity transmission grids and the operator and main owner of the high-voltage National Transmission Grid
(NTG), is also part of the CDP Group and is consolidated on a line-by-line basis in the financial statements.
1.2 COMPOSITION AND STRUCTURE OF THE CDP GROUP
In addition to the parent company, Cassa Depositi e Prestiti S.p.A. (“CDP” or “parent company”): CDP
GAS S.r.l. (“CDP GAS”), CDP RETI S.r.l. (“CDP RETI”), CDP Investimenti Società di Gestione del Risparmio
1. Presentation of the Group

19
S.p.A. (“CDPI SGR”), Fintecna S.p.A. (“Fintecna”), Fondo Strategico Italiano S.p.A. (“FSI”), SACE S.p.A.
(“SACE”), Simest S.p.A. (“SIMEST”) and Terna S.p.A. (“Terna”) and their subsidiaries and associates.
CDP performs management and coordination activities intended to coordinate the actions of the sub-
sidiaries and CDP in the interest of the Group with regard to the following companies: CDP GAS, CDP
RETI, CDPI SGR, Fintecna, FSI and SACE. 
For information on transactions with related parties, please see the appropriate section of the notes to
the financial statements.
For a breakdown of the companies included in the scope of consolidation, please see the annex to the
consolidated financial statements.
Compared with 31 December 2011, the scope of consolidation has changed as follows:
•
the formation by Terna on 23 February 2012 of Terna Rete Italia S.p.A., which was given responsi-
bility for all its traditional operations involving the ordinary and extraordinary maintenance of the
NTG, and the management and implementation of network expansion projects connected with ful-
filling the terms of the concession (Ministerial Decree of 20 April 2005) as called for under the De-
velopment Plan. Terna Rete Italia is also responsible for the operational and technical aspects of en-
vironmental and workplace health and safety, as well as the health and safety of non-Group parties;
•
the formation by the subsidiary Terna Plus S.r.l. on 23 March 2012 of Terna Storage S.r.l., which is
dedicated to designing, building, operating, developing and maintaining distributed electricity stor-
age systems (including batteries) and pumping and/or other storage systems. The company is cur-
rently held directly by Terna;
•
the investment by FSI in a capital increase in the Kedrion Group on 5 July 2012 and in Metroweb
Italia S.p.A. (Metroweb Italia) on 24 December 2012;
•
the formation in October 2012 of CDP RETI, an investment vehicle held entirely by CDP, through
which it acquired a stake of 30% less one share stake in Snam S.p.A. (SNAM) from Eni S.p.A. (ENI)
on 15 October 2012;
•
the acquisition of 100% of SACE and of Fintecna and 76% of SIMEST on 9 November 2012.
The following section describes the CDP Group’s main companies:
1.2.1 Parent company – Cassa Depositi e Prestiti S.p.A.
Cassa Depositi e Prestiti S.p.A. (“CDP”) is the result of the transformation of CDP from an agency that
was part of general government into a joint-stock company pursuant to Article 5 of Decree Law 269 of
30 September 2003, ratified, with amendments, by Law 326 of 24 November 2003, as amended. Sub-
sequent decrees issued by the Minister for the Economy and Finance implemented the decree law and
CDP - 2012 Annual Report
Report on operations

20
established the assets and liabilities of CDP, as well as the guidelines for organisational and accounting
separation and the procedures to be followed in setting the terms and conditions of lending and fund-
ing under the Separate Account.
The Decree Law outlines the new company’s main lines of activity, which maintain continuity with CDP’s
mission prior to the transformation. Subsequent regulatory changes considerably expanded CDP’s insti-
tutional mission and areas of responsibility.
Therefore, CDP is now a long-term investor, outside the scope of general government, providing funding
for national infrastructure and the economy. CDP’s corporate purpose comprises the following activities.
1) Any sort of financing of the state, regions, local authorities, public entities and public law bodies by
using funds redeemable by way of postal savings passbooks and interest-bearing postal bonds, guar-
anteed by the state and distributed through Poste Italiane S.p.A. or its subsidiaries, and funds deriv-
ing from the issue of notes, the taking on of loans and other financial transactions, which can be
guaranteed by the state.
2) Any sort of financing using funds guaranteed by the state, directed at public-interest initiatives “pro-
moted“ by the entities referred to in the previous point, to support the international expansion of
enterprises (when such initiatives are secured by guarantees or insurance from SACE), or carried out
in favour of small and medium-sized enterprises (SMEs) for the purpose of supporting the economy.
The financial transactions can be conducted either directly (if for an amount equal to or greater than
€25 million) or through the banking system, with the exception of operations in favour of SMEs,
which may only be conducted through the banking system or the subscription of investment funds
managed by an asset management company whose corporate purpose achieves one or more of the
institutional missions of CDP. Financial transactions carried out for operations “promoted“ by the en-
tities referred to in the point above or directed at supporting the international expansion of enter-
prises (when such initiatives are secured by guarantees or insurance from SACE), can be carried out
in favour of public or private entities, with the exclusion of natural persons, having legal personality.
3) Acquiring equity investments in companies of major national interest, as defined in the decree of the
Minister for the Economy and Finance of 8 May 2011, having a stable financial position and perfor-
mance and adequate profit-generating prospects. These equity investments can be acquired through
corporate vehicles or investment funds in which CDP, possibly with other private or state-owned com-
panies or public entities, holds an interest.
4) Any sort of financing of projects, plants, networks and other infrastructure intended to supply pub-
lic services and for the reclaiming of land, using funds derived from the issue of notes, the taking on
of loans and other financial transactions, without state guarantee, without raising demand funds
and by means of fund-raising exclusively from institutional investors.
All of the above activities must be conducted by CDP in a manner such that, within the context of the
separate accounting and organisational system, they preserve the long-term financial stability of the or-
ganisation while ensuring a return on investment for shareholders.

21
In accordance with Article 5.6 of Decree Law 269/2003, the provisions of Title V of the Consolidated
Banking Act concerning supervision of non-bank financial intermediaries, taking account of the charac-
teristics of the entity subject to supervision and the special rules that govern the Separate Account, ap-
ply to CDP.
The company is also subject to the oversight of the Parliamentary Supervisory Committee and the State
Audit Court.
ORGANISATIONAL AND ACCOUNTING SEPARATION
Article 5.8 of Decree Law 269/2003 established a system of organisational and accounting separation
between the activities of general economic interest and the other activities performed by the company.
By the end of the 2004 financial year, CDP had completed the procedures to implement organisational
and accounting separation after having obtained the opinion of the Bank of Italy and submitting the de-
finitive criteria to the Ministry for the Economy and Finance (MEF) pursuant to Article 8 of the MEF de-
cree of 5 December 2003. As such, the organisational and accounting separation took full effect from
2005.
CDP’s implementation of this system of organisational and accounting separation was necessary to en-
sure compliance with EU regulations regarding state aid and domestic competition, in light of the fact
that certain forms of CDP funding, such as postal bonds and passbook savings accounts, benefit from a
state guarantee in the event of issuer default. The existence of this guarantee, which is justified, first and
foremost, by the social and economic importance of postal savings (which was defined by the MEF de-
cree of 6 October 2004 as a service of general economic interest on the same level as the activities of
lending to public entities and public-law bodies under the Separate Account), makes it necessary to dis-
tinguish between activities that are not of general economic interest and are, therefore, potentially con-
ducted in competition with other market players.
More specifically, the separation arrangements put in place by CDP envisage:
•
for accounting purposes, the establishment of three operating units called, respectively, the Separate
Account, the Ordinary Account, and Joint Services, within which CDP’s existing organisational units
have been re-grouped. The Separate Account includes, in general, the units responsible for financ-
ing regional and local government, public entities and public-law bodies or financing directed at pub-
lic-interest initiatives “promoted“ by such entities, funding to support the international expansion of
enterprises (when such initiatives are secured by guarantees or insurance from SACE), and funding
in favour of small and medium-sized enterprises for the purpose of supporting the economy. The
Separate Account also includes the management of the assets and functions transferred to the MEF
with CDP’s transformation into a joint-stock company, and the provision of advisory services to gov-
ernment bodies. The Ordinary Account includes the units responsible for funding activities regarding
infrastructure for the delivery of public services and related advisory, study, and research activities.
CDP - 2012 Annual Report
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22
Joint Services include the units responsible for shared functions of governance, policy, control and
support for the company in the light of the company’s unique status;
•
the existence of a double level of separation, with the first level envisaging the allocation of direct
costs and revenues to the Accounts and Joint Services, and the second level the subsequent alloca-
tion to the Accounts of the costs and revenues of Joint Services on the basis of appropriate analyti-
cal accounting methods;
•
the recognition and measurement of any internal transactions between the Separate Account and
the Ordinary Account, or between the Accounts and Joint Services, using the respective market prices
as a benchmark, with a view to preventing unauthorised transfers of resources;
•
the preparation of distinct annual income statements on the basis of the levels of separation de-
scribed above.
Under CDP’s organisational structure at 31 December 2012, the Separate Account encompasses the
following business areas: Public Entities, the Operational Innovation Project, Facilitated Credit and Eco-
nomic Support, Public Interest Lending, Real Estate, Relationship Management and postal savings-re-
lated activities conducted by the Finance area. The Financing business area falls under the Ordinary
Account. 
Joint Services include the Corporate Centre areas and the governance and control bodies.
From the very start of operations for the Ordinary Account, CDP chose to keep cash flows separated for
the two Accounts, although such a strict division is not required by the system of accounting separation.
In other words, the forms of funding, lending and liquidity management (deposits and current accounts)
for the Separate Account are distinct and autonomous from the analogous instruments used for the Or-
dinary Account, with the sole exception of temporary and exceptional circumstances.
The contribution of the Separte Account and the Ordinary account to the company’s results is detailed
in the annexes to the financial statements.
1.2.2  Companies subject to management and coordination
1.2.2.1 CDP Investimenti SGR S.p.A.
CDPI SGR was established on 24 February 2009 by CDP together with Associazione delle Fondazioni
bancarie e Casse di Risparmio S.p.A. (ACRI) and the Italian Banking Association (ABI). The company is
registered in Rome and has share capital of €2 million, fully paid up, of which CDP holds 70%.
CDPI SGR’s primary business is providing collective asset management services by promoting, es-
tablishing and managing real estate investment funds, as defined by the regulations governing the
sector.

23
MISSION
CDPI SGR’s mission is to promote the development of financially sustainable private social housing pro-
jects, through the promotion and management of Fondo Investimenti per l’Abitare (“FIA”), which op-
erates as a resource catalyst for the launch of real estate investment funds and local initiatives to expand
the supply of social housing leased at controlled rents or sold at facilitated prices.
FIA’s institutional purpose is to expand the availability of social housing leased at controlled rents and
sold at facilitated prices throughout the territory in order to support and supplement central and regional
government policies in that area, by investing, primarily by taking non-controlling equity interests (up to
40%) in the capital of investees or funds, in local programmes or transactions promoted, initiated or at
least managed by others aimed at, or specialised in, carrying out projects that will make social housing
available on a broader scale (so-called “fund of funds”).
Private social housing is targeted at the “grey bracket” of the population, i.e. those people who do not
meet the requirements to be assigned public housing under public residential building programmes but
who, at the same time, do not have a high enough income to find accommodation in the private home
rental or purchase market. CDPI SGR operates completely independently in managing FIA, in the inter-
est of its investors, on the basis of strategic guidelines it establishes and assessing the economic and fi-
nancial feasibility of the investments it plans to make.
In 2012, CDPI SGR’s strategy to expand its reach bore fruit with the entry into the private social housing
sector (PSH) sector in addition to the development of the real estate holdings of public bodies.
During the year, CDPI SGR began operation of a new real estate fund, the Fondo Investimenti per la Val-
orizzazione Plus (FIV Plus), a fund dedicated to investing in real estate with unexpressed potential value
that can be leveraged through a change in use, rental or fractional sale, as part of the process by public
bodies or companies they control to divest these assets, through auctions or other competitive proce-
dures conducted for this purpose. 
STRUCTURE
Following the shareholders’ meeting of CDPI SGR held on 24 April 2012, the board of directors con-
firmed the appointment of the serving General Manager, granting him the fullest powers for managing
the company and the funds it operates, as well as the power to manage the liquidity of the company
and of the FIA, a power previously shared between the General Manager and the CEO, a position the
board decided not to fill. Given these new operational arrangements, the company’s structure under-
went the following changes:
•
a deputy general manager in charge of Strategy and Institutional Relations was appointed;
•
reporting directly to the General Manager is the new “Management and Development” area, composed
of the following units: “FIA Investments”; “FIDA Investments”; “FIV Investments”; “Investment Moni-
toring”, “Origination and New Products”. The FIDA fund had not yet been formed at 31 December 2012.
CDP - 2012 Annual Report
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24
As a result of the preceding organisational changes, the compliance model pursuant to Legislative De-
cree 231/01 was updated and the internal procedures manual is currently being revised.
A Supervisory Body was appointed pursuant to Article 6 of Legislative Decree 231/01 to ensure proper
operation, updating and compliance with the model. The Supervisory Body consists of two members:
one external member, who acts a chairman, and the head of the Internal Auditing unit.
During the first half of 2012, CDPI SGR considerably expanded its internal staff. Specifically, it strength-
ened its investment analysis and management structures by absorbing a portion of the staff of Fon-
dazione Housing Sociale (“FHS”), with the consequent consensual termination of the existing contract.
At 31 December 2012, CDPI SGR had 26 employees: 6 senior managers, 13 middle managers and 7 of-
fice personnel.
1.2.2.2 Fondo Strategico Italiano S.p.A.
FSI is a holding company that invests in companies in order to create value for its shareholders by pro-
moting the growth, operating efficiency, consolidation and the national and international competitive-
ness of the companies in which it takes a stake. 
The company was incorporated on 2 August 2011 with share capital of €1 billion, fully paid-in. The con-
trolling shareholder is CDP, which subscribed 90% at incorporation, while the remaining 10% is held by
Fintecna S.p.A.
FSI acquires equity holdings – usually non-controlling interests – in companies of “major national inter-
est” that have a stable financial position and performance, adequate profit-generating prospects and
significant scope for growth, capable of generating value for investors.
MISSION
Within the framework of its investment initiatives, FSI seeks to distinguish itself as a proactive catalyst
for large, financially sound companies that intend to pursue a strategic development plan.
FSI’s goal is to invest in non-controlling interests (mainly through capital increases) with market returns
(pegged to the various benchmark business sectors) and a medium/long-term time horizon. In this con-
text, given this time horizon, FIS plans to establish a clear agreement with the other shareholders of the
investee companies in order to: (i) ensure an adequate degree of representation; (ii) ensure a constant
flow of information; (iii) identify ways of leveraging and/or liquidating the investment on market terms. 
Therefore, FSI’s goal is to ensure that once it divests itself of its stake, the target company will be left in
a position to grow and become more competitive, capable of prospering in global markets and of gen-
erating wealth and sustainable employment.

25
FSI plans to make investments of a substantial individual size, establishing appropriate concentration lim-
its for each sector based on available capital.
FSI operates transparently in selecting and approving investments. To that end, FSI has established trans-
parent operational processes to facilitate investment decisions and will introduce governance guidelines
for investments in line with the best market standards.
STRUCTURE
FSI’s organisational structure is composed of four macro-areas: the Investment department and three
units, namely the Equity Investments department, the Legal Affairs, Corporate and Compliance unit and
the Administration, Control, Operational Support and Human Resources unit. The Investment Depart-
ment is responsible for selecting, assessing and conducting investment transactions, as well as actively
monitoring the investee companies, while the other units are responsible for corporate functions and
the associated reporting of the investee companies as well as overseeing support and corporate gover-
nance processes. 
With regard to the size of its staff, FSI has essentially completed the hiring programme set out in the
business plan to enable the start-up of operations and to complete the workforce needed to manage
the various operations. Staff at 31 December 2012 numbered 19 employees (as well as the Chief Exec-
utive Officer and the seconded CDP personnel involved in staff and support functions), of which 9 in the
Investment department and 10 in the other units (including administrative staff).
1.2.2.3. Fintecna Group
Fintecna was formed in 1993 with for the specific purpose of reorganising the recoverable businesses
and/or performing transitional mangement activitiees connected with the liquidation of Iritecna S.p.A.,
preparing the way for its privatisation. At the end of this complex task, which entailed the privatisation
of more than 200 companies over five years, the then shareholder, IRI, tasked Fintecna with the coordi-
nation and management of the liquidation, reorganisation and disposal of numerous other companies,
among them Finsider S.p.A., Italsanità S.p.A., Finmare and Sofinpar S.p.A.
With effect from 1 December 2002, Fintecna and its residual assets were merged into IRI, which was in
liquidation. With this operation, Fintecna, which was already specialised in the management of liquida-
tion activities and the related privatisation, acquired major interests in important national companies op-
erating in the industrial sector, particularly Fincantieri S.p.A., Tirrenia di Navigazione S.p.A. and Società
Stretto di Messina S.p.A.
During the period from 2003 to 2005, Fintecna consolidated its presence in the real estate sector as
a result of major acquisitions from the state amounting to around €1,250 million. At the end of 2006,
CDP - 2012 Annual Report
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26
the real estate assets were spun off to a separate company, Fintecna Immobiliare S.r.l. (Fintecna Im-
mobiliare), with the transfer of the portfolio on 1 January 2007. The same year saw the transfer to
Fintecna, free of charge, of Patrimonio dello Stato S.p.A., with Fintecna responsible for divesting some
of the property portfolio that the MEF had transferred at no cost to Patrimonio dello Stato S.p.A. in
2003 and 2004.
In the period from 2007 to 2010, specific legislation transferred to Fintecna or its wholly-owned sub-
sidiaries the assets of Ente Partecipazioni e Finanziamento Industrie Manifatturiere (EFIM), which was in
compulsory receivership, and those of EFIM’s subsidiaries. Fintecna also received the assets of two liqui-
dated public entities, IGED and Italtrade, and those of the Comitato per l’intervento nella SIR ed in set-
tori ad alta tecnologia and assigned to manage the liquidation process. Fintecna designated three whol-
ly-owned subsidiaries to carry out the work of winding-up and disposal: Ligestra S.r.l., Ligestra Due S.r.l.
e Ligestra Tre S.r.l.
On 9 November 2012, CDP acquired the entire share capital of Fintecna from the MEF in exercise of a
purchase option granted under Article 23-bis of Decree Law 95 of 6 July 2012, as ratified with Law 135
of 7 August 2012.
MISSION
Thanks to its very history, the Fintecna Group has developed special expertise in the administration of
equity investments and in privatisation processes, which include the rationalisation and reoganisation of
companies in a state of industrial, financial and organisational crisis. 
Fintecna Group has also become expert at carrying out special projects to help government departments
deal with specific issues.
The following are the main current activities of the Group:
•
the management of equity investments involving policy-setting, planning, coordination and control
both of companies destined for divestment (privatisation/liquidation) and of companies that will be
held longer period in the Fintecna portfolio;
•
the specialised management of complex liquidation processes with a view to shortening and opti-
mising the resources resulting from the liquidation process;
•
the comprehensive and flexible management of the significant litigation arising mainly from acquired
companies, the aim of which is to reach arrangements that comply with the legal requirements and
cost effectiveness criteria while opening the way to the successful and rapid settlement of ongoing
litigation;
•
other activities, including providing support (under specific legislation) to the people affected by the
earthquakes in Abruzzo in 2009 and Emilia in 2012, as well as the provision of professional assis-
tance to the special commissioner in charge of overseeing the debt reduction plan of Roma Capitale,
which Fintecna has assigned to its wholly-owned subsidiary, XXI Aprile S.r.l.

27
STRUCTURE
The main sectors of activity in which the Fintecna Group operates are:
•
shipbuilding, through Fincantieri S.p.A. and its subsidiaries and associates. The Fincantieri Group de-
signs, builds and sells merchant and military vessels, and carries out repairs and conversions. Its main
business line is in the area of passenger ships (cruise ships and large ferries), mega-yachts (over 70
metres), military vessels and submarines. Fincantieri also operates in the field of mechanical engi-
neering; 
•
real estate, through Fintecna Immobiliare and its subsidiaries and associates, and through Quadrante
S.p.A. The Fintecna Immobiliare Group purchases, manages, develops and then sells real estate port-
folios, and offers complementary property-related services (such as agency services and asset, pro-
ject and building management);
•
liquidation activities through separate asset pools assigned to special purpose entities. The Fintecna
Group holds several asset portfolios transferred to the State such as: (i) the assets of the former EFIM
and former Italtrade (held through the Fintecna subsidiary Ligestra S.r.l.); (ii) the assets of IGED (held
through the Fintecna subsidiary Ligestra Due S.r.l.) (iii) the assets of the Comitato per l’intervento nel-
la SIR e nei settori ad alta tecnologia (held through the Fintecna subsidiary Ligestra Tre S.r.l.).
At 31 December 2012, the employees of the Fintecna Group numbered 10,525, of whom 280 were ex-
ecutives, 4,450 junior management-level staff and 5,795 office staff. 
Within the parent company, Fintecna, the employees numbered 185 at end-2011 and 166 at end-2012
following a rationalisation of its structures and a concomitant reduction in the workforce
At the same date, the employees of the Fincantieri Group numbered 10,240, an increase of 246 over
the previous year, mainly the result of an increase of 501 employees in the Fincantieri Marine Group off-
set by a reduction of 275 at Fincantieri S.p.A. The dominant feature of the year in regard to industrial
relations was the implementation of the activities set out in the company reorganisation plan, which was
formalised at the national level with the signing on 21 December 2011 of an agreement between the
Ministry of Labour, Fincantieri and the main trade unions. In the wake of the signing of the agreement,
the trade unions at all the industrial sites, with the exception of the Castellammare di Stabia plant (for
which an agreement was signed at the beginning of 2013) started procedures for workers to enter the
pre-retirement redundancy programme. Thanks to the agreements reached during the year, voluntary
redundancy was made available for a maximum of 729 people, and it was agreed that the labour sur-
plus consisted of 1,573 workers. 
1.2.2.4. SACE Group
SACE was established in 1977 as a public entity under the supervision of the MEF. In 2004, it was trans-
formed into a joint-stock company (società per azioni), wholly owned by the MEF. 
CDP - 2012 Annual Report
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28
On 9 November 2012, CDP acquired the entire share capital of SACE from the MEF by exercising the
purchase option granted to it under Article 23-bis of Decree Law 95 of 6 July 2012, as ratified with Law
135 of 7 August, 2012.
MISSION
SACE is an insurance and finance group operating in the areas of export credit, credit insurance, invest-
ment protection, financial guarantees, sureties and factoring. Specifically, the corporate purpose of the
parent company, SACE, is insurance, reinsurance, co-insurance and the provision of guarantees against
risks relating to political events and natural catastrophes, economic, trade and exchange-rate risk, as well
as any other risks to which Italian companies and companies associated with them or controlled by them,
including foreign companies, are directly or indirectly exposed in the performance of their activities out-
side Italy and or in the internationalisation of the Italian economy. SACE’s corporate purpose also includes
issuing, on market terms and conditions and in compliance with EU regulations, guarantees and insur-
ance for foreign companies in Italy for transactions of strategic importance for the internationalisation
of the Italian economy and for the economic security of Italy. 
The SACE Group today serves over 25,000 customers in more than 180 countries around the world.
STRUCTURE
The SACE Group is made up the parent company, SACE, and the following:
•
SACE BT, established in 2004, specialising in short-term credit insurance services;
•
SACE Do Brasil, established in 2012;
•
SACE Fct, established in 2010, specialising in the financing of trade credit, with particular reference
to government receivables;
•
SACE SRV, established in 2007, a subsidiary of SACE BT specialising in the acquisition of business in-
formation, the management of applications and debt collection.
At 31 December, 2012 the employees of the SACE Group numbered 705, of which 37 executives, 259
management-level staff, 381 office staff and 28 producers. Of these, 451 worked for the parent com-
pany. The workforce expanded by 16 compared with 31 December 2011.
1.2.2.5. Other companies subject to management and coordination
CDP GAS S.r.l.
CDP GAS is an investment vehicle formed in November 2011 and wholly owned by CDP, through which,
on 22 December 2011, an 89% interest in Trans Austria Gasleitung GmbH (“TAG”) was acquired from
Eni International B.V. Although it holds a 89% equity interest, CDP GAS classifies TAG as a jointly-con-
trolled company under existing governance rules based on shareholders’ agreements with the other
shareholder, Gas Connect Austria.

29
TAG is the exclusive operator for the transport of gas in the nearly 400-km Austrian segment of the gas
pipeline linking Russia to Italy through Ukraine, Slovakia and Austria. The infrastructure transports Russ-
ian gas to Italy, accounting for about 30% of Italy’s gas imports, thus representing an asset of strategic
importance to the country.
The mission of CDP GAS is the management of the equity investment in TAG, through a dedicated team
with expertise in the gas transport sector.
In 2012, CDP GAS hired two experienced experts in the gas sector, one of whom was seconded to TAG
to act as Managing Director.
CDP RETI S.r.l.
CDP RETI is an investment vehicle, formed in October 2012 and wholly-owned by CDP, through which
CDP purchased from ENI a stake of 30% less one share of the voting capital of SNAM on 15 October
2012. As a result of the purchase of additional shares on the market, CDP RETI’s holding in SNAM at 31
December 2012 amounted to 1,014,491,489 shares, equal to 30.0258% of the voting share capital and
30.00000002% of the issued share capital of SNAM. 
CDP RETI’s mission is therefore to manage the holding in SNAM, monitoring the infrastructure it oper-
ates to ensure it is developed and maintained appropriately, and developing the necessary expertise in
hydrocarbon transport, dispatching, distribution, regasification and storage in order to oversee its in-
vestments most effectively.
1.2.3. Terna Group
Terna S.p.A. is the parent company of the Terna Group, which is discussed in more detail below.
MISSION
Terna – Rete Elettrica Nazionale S.p.A. is a major operator of electricity transmission grids. It is the oper-
ator and the main owner of the high-voltage National Transmission Grid (NTG).
Terna is responsible for the planning, construction and maintenance of the grid, bringing together skills,
technologies and innovation in line with international best practice. It is also responsible for the trans-
mission and dispatching of electricity on the high and very-high-voltage grid in Italy and, as such, it is
charged with safely balancing electricity supply and demand. The company is also responsible for plan-
ning, developing and maintaining the NTG.
The current structure of the company is the result of the unification of ownership and operation of the
NTG in November 2005 (in implementation of the Prime Minister’s Order of 11 May 2004). 
Since June 2004 the company has been listed on the Italian Stock Exchange.
CDP - 2012 Annual Report
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30
Terna is also a founding member of ENTSO-E, the major European network of transmission operators.
The organisation acts as a cooperative entity at the European level to promote the internal market in
electricity and cross-border trade and to provide coordinated management of electricity transmission
grids.
STRUCTURE
At 31 December 2012 the Terna Group included, in addition to Terna, the following fully consolidated
companies:
•
Terna Rete Italia S.p.A., Terna Rete Italia S.r.l. (formerly Telat S.r.l.), Terna Storage S.r.l., Terna CG d.o.o,
SunTergrid S.p.A. (formerly inTERNAtional S.p.A.) and Terna Plus S.r.l. directly controlled by Terna with
a stake of 100%;
•
Rete Solare S.r.l., an Italian company indirectly controlled through SunTergrid S.p.A., with a stake of
100%.
The Terna Group’s scope of consolidation also includes the associated companies CESI S.p.A. (in which
Terna has a 42.70% holding), CrnoGorski Elektroprenosni Sistem AD – CGES (22.09%), Coreso S.A.
(22.49%) and the joint venture ELMED ETUDES S.àr.l. (50%), all accounted for using the equity method.
Terna is responsible for the operational management of the subsidiaries under special service agreements
for providing assistance, coordination and consulting services to the companies during the construction
and operation of plants (relating to, for example, applications for permits or measures of any kind, pro-
curement procedures, contract and tender management, accounting and financial services).
Starting from 1 April 2012 and following the decision of Terna‘s board of directors on 9 November 2011,
the Terna Group has adopted a structure consisting of a parent company and two wholly-owned oper-
ating subsidiaries, in line with the strategies laid out in the business plan.
In addition to retaining ownership of the concession for the transmission and dispatching of electricity
(issued the the Decree of the Minister for Productive Activities of 20 April 2005), Terna also continues to
own the capital assets and is responsible for preparing the NTG Development Plan and the Defence Plan. 
The two operating companies are:
•
Terna Rete Italia S.p.A. (a subsidiary formed by Terna on 23 February 2012), responsible under a four-
year operations and management agreement for all traditional business activities (ordinary and ex-
traordinary maintenance of the NTG, management and performance of projects to develop the grid);
•
Terna Plus S.r.l., a company that carries out non-traditional business projects and has a flexible, lean
operational structure.
At 31 December 2012, the Terna Group had 3,433 employees (3,493 at the end of 2011). Figures for
both periods are reported net of terminations taking effect from 31 December.

31
1.2.4. SIMEST
SIMEST is a joint-stock company (società per azioni) formed in 1991 to promote foreign investment by
Italian companies and to provide technical and financial support for investment projects. 
On 9 November 2012, CDP acquired 76% of the share capital of SIMEST from the Ministry for the Econ-
omy and Finance, exercising the purchase option granted to it under Article 23-bis of Decree Law 95 of
6 July 2012, as ratified with Law 135 of 7 August 2012. The other shareholders consist of a group of
private-sector investors, including UniCredit S.p.A. (12.8%), Intesa Sanpaolo S.p.A. (5.3%), Banca Popo-
lare di Vicenza S.c.p.A. (1.6%) and ENI (1.3%).
MISSION
As the development finance institution charged with supporting and promoting Italian companies’ ac-
tivities abroad, SIMEST has, since 1999, administered various forms of public support for the interna-
tional expansion of Italian firms.
Its main activities include:
•
investment in the equity of companies outside the EU by: (i) directly acquiring up to 49% of the share
capital of foreign firms; (ii) and through a venture capital fund established by the Ministry for Eco-
nomic Development, to support foreign investment in countries outside the European Union;
•
investment in the capital of companies in Italy and within the EU by directly acquiring stakes of up
to 49% of the share capital of Italian companies and/or their EU subsidiaries that develop investments
in production and in innovation and research at market terms without support (bailouts are not per-
mitted);
•
financing the activities of Italian companies abroad by: (i) supporting export credits for investment
goods produced in Italy; (ii) financing feasibility studies and technical assistance programmes con-
nected with investment projects; (iii) financing programmes for entering foreign markets;
•
providing Italian companies seeking to internationalise their businesses with technical assistance and
advisory services including: (i) seeking out foreign partners and investment opportunities, as well as
foreign commercial contracts; (ii) prefeasibility and feasibility studies; (iii) advice on financial, legal
and corporate questions concerning investment projects abroad.
ORGANISATIONAL STRUCTURE AND WORKFORCE
At the end of the year, the company had 156 employees, of which 10 senior managers, 76 middle man-
agers and 70 office employees. The decrease of 2 employees compared with 31 December 2011 (158
employees) is the net balance of 3 terminations during the year and 1 hiring at mid-year.
CDP - 2012 Annual Report
Report on operations

2.1 THE MACROECONOMIC SITUATION
In 2012, world GDP grew by 3.2%, although the pace of expansion was down from 2011 (3.9%). The
growth was primarily driven by the emerging economies, which are continuing to expand at a signifi-
cant rate (5.1%, compared with 6.3% in 2011). At the same time, the advanced economies grew more
slowly (+1.3% in 2012, compared with +1.6% in 2011). Inflation remained low in the major advanced
economies (2% in 2012), reflecting the weakness of the economic cycle, but was higher in the emerg-
ing and developing markets (6.1% in 2012)1.
In the second half of the year, global economic conditions improved slightly. However, the outlook for
world growth is still coloured by uncertainty, despite signs of strengthening in a number of emerging
economies and the easing of financial tensions in the euro area. This uncertainty has been fed by the de-
terioration in consumer and business confidence, the employment crisis and the potential risks tied to
developments in the sovereign debt crisis in the euro area.
As to the crisis in the euro area, in order to ensure strong, sustainable growth built on healthy public fi-
nances, structural reforms and investments to improve competitiveness, during the year the heads of
state or government of the euro area and the European Council unveiled measures designed to ease ten-
sions in the financial markets and restore investor confidence. More specifically, to address serious dys-
functions in the bond markets and to ensure that monetary policy is properly transmitted within the eu-
ro area, the ECB, in its meeting in early September, announced that it would undertake outright trans-
actions in secondary sovereign bond markets (Outright Monetary Transactions – OMT), subject to strict
conditions.
More recently, the Eurogroup renewed support for Greece, while Greece itself has implemented a bond
buy-back programme, helping to reduce its public debt. Finally, the EU Economic and Finance Ministers
Council reached an agreement on a single supervisory mechanism for banks, with the goal of breaking
the vicious circle between the fragility of the banking system and growth. These announcements had
the effect of easing pressures on euro-area government securities. 
As to the Italian economy, in 2012 GDP decreased by 2.2%. compared with the previous year. This de-
cline mirrored the contraction in domestic demand, while foreign demand continued to contribute pos-
2. The market
32
1
See International Monetary Fund, World Economic Outlook Update, January 2013.

33
itively, although there was a slight increase in imports. The weakness of demand in consumption and in-
vestment was caused by tight financial conditions and the effects of the measures taken to contain the
public finances, which caused household disposable income to decline.
In the second part of the year, industrial production fell less steeply than in the earlier quarters. Activity
was weak in the main industrial segments, especially consumer durables. Compared with 2011, where
the contraction in the production of consumer goods was partly offset by the rise in the output of cap-
ital goods and intermediate goods, at the end of 2012 investment in capital goods decreased, although
to a lesser extent than in the first half of the year, with a slowing of the decline in spending on machin-
ery, equipment and intangible goods2.
Unemployment rose during the year, hitting 11.2% in December 2012, an increase of 0.1 percentage
point over November, and 1.8 percentage points year-on-year.
Inflation in the second half of the year gradually subsided, falling below 3%. In recent quarters, pri-
vate consumption has remained weak, undermined by the decline in real household disposable in-
come (-4.3% in the first three quarters of 2012 compared with the corresponding period of 2011) as
employment has fallen, the rise in commodity prices and the tightening of budget policies. During the
same period, consumer households’ propensity to save declined further, to 8.6% of disposable in-
come3.
2.2. THE FINANCIAL MARKETS AND RATES
In 2012, the ECB continued to offer liquidity through refinancing operations, while in the second half of
the year, the ECB Governing Council held the main refinancing rate at 0.75%. These measures allowed
interest rates on the interbank market to diminish: at the start of December, the Eonia rate and 3-month
Euribor fell to 0.069% and 0.19%, respectively4. As a result, the financing terms for European banks
gradually improved. 
Between the start of January 2012 and the end of December 2012, the spread between 10-year Italian
and German bonds fell from 501 to 323 basis points after reaching a peak of 532 points in July5. How-
ever, in October, the average cost of financing for Italian banks was still more than 110 points higher
than that reported in the euro-area countries spared the crisis6.
CDP - 2012 Annual Report
Report on operations
2
See Bank of Italy, Economic Bulletin, No. 67, January 2013.
3
See Bank of Italy, Economic Bulletin, No. 67, January 2013.
4
European Central Bank, Monthly Bulletin, December 2012.
5
Source: Datastream.
6
See Bank of Italy, Economic Bulletin, No. 67, January 2013.

34
As a result of measures announced by the ECB in the second half of the year, tensions in the euro-area
sovereign debt market subsided, with a positive repercussion on all the major international financial mar-
kets. In 2012, the Borsa Italiana index posted a gain of 5%, although this was smaller than that regis-
tered by the other major European markets (+25% in Germany and +13% in France). In general, inter-
national equity markets showed a rising trend: the Dow Jones index rose about 10%, while the Morgan
Stanley index comprising the world’s main indices rose by 13%7.
In foreign exchange markets, the easing of the uncertainty about the stability of the single curren-
cy and announcements of a more expansionary monetary policy stance in the United States caused
the euro to strengthen against the other major currencies. Over the course of 2012, the euro ap-
preciated by 1.5% in nominal terms against the US dollar and by 12.4% with respect to the Japan-
ese yen8. Starting in the summer, the euro also appreciated against the currencies of the major Asian
economies9.
2.3. BANK LENDING AND HOUSEHOLD SAVINGS
In Italy, demand for credit by households and businesses was affected by the adverse economic cli-
mate, while the supply of credit from banks was impacted by strains engendered by the deterioration
in credit quality and the perception of a decline in borrower creditworthiness. As a result, during the
year lending to the private sector continued to contract. With specific regard to the market in which
CDP operates, at December 2012 the volume of lending to general government entities, non-finan-
cial corporations and producer households had fallen 1.8% year-on-year, compared with growth of
2.2% in 2011. In particular, the decline in 2012 was mainly driven by developments in lending to firms
(non-financial corporations and consumer households), which fell by 3.3% year-on-year (+3.0% in
2011), in contrast to lending to general government entities, which rose by 4.0% during the same
period (-0.5% in 2011). 
The stock of households’ financial assets10 grew by 5.8% in 2012 (December 2012 on December 2011).
The increase was mainly driven by the growth in asset management – mainly due to the performance of
funds11 during the year – and a recovery in bank funding in the form of current accounts and deposit ac-
counts. In addition there was a slight recovery in the insurance segment during the year. In general, there
was a reallocation of financial wealth towards short-term instruments with moderate risk-return profile,
reflecting the higher risk aversion of households.
7
Source: Datastream.
8
Source: Datastream.
9
See Bank of Italy, Economic Bulletin, No. 67, January 2013; European Central Bank, Monthly Bulletin, December 2012.
10
Financial wealth of households in the form of bank assets (current accounts, deposits and bonds), invesment fund units (as-
set management), government securities and the life insurance products.
11
Compared with net redemptions for the segment as a whole in 2012.

35
2.4. PUBLIC FINANCES
Since the start of the sovereign debt crisis, various EU Member States have adopted a range of impor-
tant measures to return their public finances to a sustainable path and to preserve their sovereign cred-
it ratings. The measures helped those countries make considerable strides in reducing budget deficits,
as shown by the decline in euro-area general government deficit from 4.1% of GDP in 2011 to 3.3% of
GDP in 2012.
In Italy, the series of public finance measures, beginning with the 2011 Finance Act through to the
2012 Stability Act, profoundly modified the outlook for general government borrowing. The prior-
ity objective of the measures was to achieve structural budget balance by 2013 and stabilise the ra-
tio of public debt to GDP. Furthermore, in December, the Italian Parliament approved the law im-
plementing a constitutional amendment establishing the principle of a balanced budget. The new
rules require general government entities to achieve structural budget balance, as well as ensuring
that developments in the ratio of public debt to GDP and in expenditure are consistent with Euro-
pean rules.
Consequently, in 2012, the balances of public finance aggregates improved. According to European Com-
mission estimates, the ratio of the general government deficit and GDP was around 2.9%, while the ra-
CDP - 2012 Annual Report
Report on operations
0
5
0
5
0
5
0
5
0
3.2%
2010
2.2%
-1.8%
2011
2012
2010
2011
2012
1.6%
0.5%
5.8%
Bank lending to general government
Household financial assets
and firms (% change in stock)
(% change in stock)

36
tio of public debt to GDP amounted to 126.5%12. In the third quarter of 2012, the ratio of net general
government borrowing to GDP was 1.8%, 0.7 percentage points lower than in the corresponding quar-
ter of 201113.
As regards regional and local government, the Internal Stability Pact (ISP) ensured the commitments made
at the EU level were decentralised through to the local level, not just with the goal of ensuring the sta-
bility of the national public finances, but also to comply with the obligations set out in the Stability and
Growth Pact.
The ISP introduced a dual objective: first, beginning in 2012 regional and local governments are required
to comply with the structural constraints, i.e. achieving budget balance as determined on the mixed
cash/accruals basis; second, they must also contribute to the achievement of public finance targets with
specific percentage reduction in current expenditure, net of government transfers. Restrictions on bor-
rowing have also been tightened, so that local authorities cannot take out new loans or issue bonds if
interest expenditure exceeds a given percentage of revenues. More specifically, regional and local gov-
ernments cannot increase their debt over the previous year if the ratio of interest expenditure to rev-
enues in the first three revenue titles of the budget in the year before the previous year exceeds 8% in
2012, 6% in 2013 and 4% as from 2014. 
Analysing the debt of regional and local governments and loans to central government departments,
which represent CDP’s target market, the stock of loans disbursed to regional and local governments at
31 December 2012 was equal to about €79 billion, a decrease of 0.3% from December 2011. At the
same date, the amount of securities issued was about €25 billion, a decline of €26 billion from the end
of 2011.
Including securitisations and other forms of financial debt, amounting to about €11 billion, the total
debt of regional and local governments therefore amounted to €115 billion. The largest share was ac-
counted for by local governments (provinces and municipalities), which accounted for about 50% of the
total (about €58 billion), followed by the regions, which accounted for 36% (€41 billion), with other
entities accounting for 15% (about €17 billion).
Loans with costs borne by the central government amounted to about €53 billion at the end of 2012,
essentially in line with December 201114.
12
European Commission, General Government Data, Autumn 2012.
13
ISTAT, Conto economico trimestrale delle Amministrazioni pubbliche, Third Quarter 2012. January 2013.
14
Source: CDP based on Bank of Italy data.

37
2.5. THE REAL ESTATE MARKET
The outlook for the real estate sector is tied to developments in the macroeconomic framework: the de-
teriorating economy, combined with greater selectiveness on the part of banks, has again brought the
Italian real estate market to a halt despite falling prices15.
The number of transactions in the third quarter of the year fell by 26% year on year for the entire real
estate sector, with a fall of 47% compared with the third quarter of 2005, which represents the historic
high for a third quarter. Moreover, as a result of the decline in the number of transactions, there has been
an increase in the average time needed to close property sales and rentals.
As regards households’ access to credit, at the end of November 2012, mortgage loans for home pur-
chases from banks, amounting to €366 billion, remained essentially unchanged (-0.3%) on a year ear-
lier, marking a deceleration as compared with the 4.8% year-on-year increase at the end of November
2011. The euro-area average was higher, at around 1.2%.
CDP - 2012 Annual Report
Report on operations
Stock of regional and local authority debt and loans to central government
(€ billions)
2012
2011
2010
77
27
11
55
171
80
26
12
53
170
79
25
11
53
168
Reg./local authority loans                     Reg./local authority securities              Reg./local authority securitizations                 Loans to central government               Total  
115
116
Local authority debt
Local authority debt
Local authority debt
117
15
Nomisma III Rapporto sul Mercato Immobiliare 2012 published in November 2012.

38
Between January and November 2012, banks disbursed around €18.8 billion in mortgage loans, just
over half the €36.3 billion disbursed during the same period of 201116.
The slowdown experienced in the last few months is attributable, among other things, to a steep de-
cline in mortgage loan applications. The aggregate figure, given as the number of applications by Ital-
ian households, fell sharply in the first 10 months of 2012, contracting by around 44% compared with
the first 10 months of 201117.
2.6. FSI REFERENCE MARKET
An analysis of the FSI reference market at the European level reveals that the value of transactions re-
ported through September 2012 was down compared with 2011, amounting to around one-quarter of
the peak recorded in 2006-2007. Transactions mainly involved the industrial (27%) and pharmaceuticals
(18%) sectors. A geographical breakdown of these transactions reveals that most were conducted in the
United Kingdom (39%), Germany (28%) and France (10%), with those completed in Italy accounting
for just 3% of the total (a historic low).
Additionally, in Italy, the private equity market represented just 0.14% of GDP in 2011, compared with
0.88% in the U.K., 0.48% in France and 0.24% in Germany and as against a European average of 0.33%.
Furthermore, a variety of funds have decided to close their regional offices in Italy.
As to FSI’s domestic market (as defined in the Ministerial Decree of 3 May 2011 and the company arti-
cles of association), in 2012, funds invested a total of €1.5 billion in mergers and acquisitions, down
€2.5 billion from 2011. 
Furthermore, two out of five transactions in 2012 were completed by FSI and these were the only pri-
mary transactions, i.e. involving capital increases through the issue of new shares.
16
ABI, Monthly Outlook, January 2013.
17
EURISC.

39
There were five transactions completed with industrial partners in 2012, compared with seven in 2011,
with a decline in the equity value involved. Even in such cases, the transactions were completed using a
secondary-market structure, apart from two transactions featuring a significant debt restructuring and
an acquisition in bankruptcy.
CDP - 2012 Annual Report
Report on operations
M&A transactions completed in 2012 in Italy in FSI’s ”fund buyer” segment
(millions of euros)
Target
Buyer
2011 
New 
Stake 
FSI scope of investment
Transaction
revenues
equity acquired
Min. Dec. 8/5/2011
structure
Kedrion
Fondo Strategico Italiano 
277
75
19%
Industry 
Primary 
Metroweb
Fondo Strategico Italiano 
56
200
46%
Industry 
Primary 
Alpitour
Wise, J, Hirsch and others 
1,125
100
90%
Size 
Secondary 
Valentino Fashion Group Mayhoola for Investments 
322
710
100%
Size 
Secondary 
Cerved Group 
CVC Capital Partners 
267
380
100%
Size 
with 20% exception
Secondary 
Total invested by funds
1,465
Source: Dealogic, Private Equity Monitor, Mergermarket, press reports
M&A transactions completed in 2011 in Italy in FSI’s ”fund buyer” segment
(millions of euros)
Target
Buyer
2010 
New 
Stake 
FSI scope of investment Transaction
revenues
equity 
acquired
Min. Dec. 8/5/2011
structure
Ansaldo Energia
First Reserve Corporation 
1,413
225
45%
Size 
Secondary 
SEA
F2i 
573
385
30%
Industry 
Secondary 
G6 Rete Gas
F2i and Axa Private Equity 
160
70
100%
Industry 
Secondary 
Metroweb
F2i, IMI Inv., Swisscom 
52
168
75%
Industry 
Secondary 
Coin
BC Partners, Investindustrial 
1,736
613
100%
Size 
Secondary 
Bormioli Rocco
Vision Capital 
531
250
95%
Size 
Secondary 
Snai
Investindustrial and Palladio Fin. 537
186
67%
Size 
Secondary
Moncler
Eurazeo and Co-investitori 
429
418
45%
Size 
Secondary
Savio Macchine Tessili
Alpha; Intesa Sanpaolo
332
138
100%
Size 
Secondary
Total invested by funds
2,453
Source: Dealogic, Mergermarket, press reports

40
2.7. THE ITALIAN ELECTRICITY MARKET
ELECTRICITY DEMAND IN ITALY
In 2012, the demand for electricity amounted to 325,259 GWh, down 2.8% with respect to 2011 (pro-
visional data).
ELECTRICITY GENERATION
According to provisional data, in 2012 net domestic power generation decreased by 2.3% on 2011.
M&A transactions completed in 2012 in Italy in FSI’s “industrial buyer“ segment
(millions of euros)
Target
Buyer
2011 
New 
Stake 
FSI scope of investment
Transaction
revenues
equity acquired
Min. Dec. 8/5/2011
structure
Ducati
Audi 
480
860
100%
Size
Secondary
Ospedale San Raffaele Gruppo Ospedaliero San Donato  
592
405
100%
Size
Acquisition in bankruptcy
Ferretti 
Shandong Heavy Industry 
521
178
75%
Size
Acquisition in reorganisation
Marazzi
Mohawk Industries 
833
n.a.
100%
Size
Secondary
Avio*
General Electric 
1,700**
n.a.
100%
Industry
Secondary
Source: Dealogic, Mergermarket, press reports
* FSI submitted a bid to acquire a minority stake that was not accepted
** Excluding Space business unit
M&A transactions completed in 2011 in Italy in FSI’s ”industrial buyer“ segment
(millions of euros)
Target
Buyer
2010 
New 
Stake 
FSI scope of investment Transaction
revenues
equity 
acquired
Min. Dec. 8/5/2011
structure
Edison
Electricité de France - EDF 
10,446
700*
30%
Industry
Secondary
Wind Telecom
Vimpelcom 
5,422
4,700**
100%
Industry
Secondary
Parmalat
Lactalis Group 
4,301
3,700
83%
Size
Secondary
Bulgari
LVMH 
1,069
3,700
100%
Size
Secondary
Cesare Fiorucci
Campofrio Food Group 
320
45
100%
Size
Secondary
La Rinascente
Central Retail Corp - CRC 
350
205
100%
Size
Secondary
Permasteelisa
JS Group Corp 
1,063
575
100%
Size
Secondary
Total equity value acquired
13,625
Source: Dealogic, Mergermarket, press reports
* Price for acquisition of remaining 50% of Transalpina di Energia
** Total transaction value

41
Breaking down the figures for generation by main source, net of ancillary services, there was a decrease
in thermal power generation of 6.3% compared with 2011. In 2012, hydroelectric generation was 8.2%
lower compared with 2011, net of consumption for ancillary services. Net generation from renewables,
namely wind, photovoltaic and geothermal energy, again rose strongly compared with the previous year,
expanding by 42.4% overall. 
DISPATCHING AND SALES
Coverage of demand
Coverage of power demand in 2012 was guaranteed with adequate production margins. The Terna
Group ensures that the system is capable of meeting demand by scheduling the unavailability of por-
tions of the grid in coordination with the unavailability of power generation and by taking into account
generation from renewable power plants and distributed generation facilities. 
Foreign trade showed a decrease in net imports compared with the previous year of approximately 2.6
TWh. There was also a 41% increase in the price differential between the Italian energy market and cross-
border markets, with an average price in 2012 of:
•
€75.3/MWh (+4% year-on-year) on the Italian power exchange (IPEX);
•
€46.0/MWh (-6% year-on-year) on the French power exchange (PNX);
•
€41.7/MWh (-18% year-on-year) on the German power exchange (EEX).
CDP - 2012 Annual Report
Report on operations

3.1 THE PARENT COMPANY AND THE COMPANIES SUBJECT TO ITS MANAGEMENT AND
COORDINATION
New lending and investment by the parent company in 2012 amounted to nearly €13 billion, es-
sentially in line with 2011. This performance is mainly attributable to the strong expansion of lend-
ing to support the economy (+61%) and for infrastructure development (+27%), partly offset by
lending to public entities as a result of the more stringent constraints on the public finances. Including
non-recurring transactions in 2012 (acquisition of equity investments totalling €9 billion, net of dis-
posals), new lending and investment in 2012 amounted to more than €22 billion, up significantly
over the previous year (+35%) and reaching the highest level ever achieved by CDP S.p.A.
Taking into account the results attained in the first two years of CDP’s 2011-2013 Business Plan, to-
tal resources already mobilised already amount to around 90% of that planned for the entire three-
year period.
More specifically, new lending in 2012 was mainly in the form of lending to enterprises through opera-
tions to support the economy (€6.3 billion, or almost 50% of the total), direct lending to public entities
(€3.3 billion, or 26% of the total) and financing for companies and public-private partnerships to de-
velop infrastructure projects (€2.7 billion, or 21% of the total). In addition, investments in equity and
funds, net of non-recurring transactions, amounted to €0.5 billion (4% of the total).
3. Operating performance
42
New lending
(millions of euros)
Business lines
31/12/2012
31/12/2011
% change
Public entities
3,308 
6,213 
-47%
Enterprises and public-private partnerships to develop infrastructure
2,717 
2,145 
27%
- of which: for projects promoted by public entities
1,449 
763 
90%
- of which: to enterprises for works used to deliver public services
1,269 
1,382 
-8%
Enterprises 
6,326 
3,931 
61%
Total lending to customers and banks
12,351 
12,289 
1%
Equity investments and funds 
508 
667 
-24%
Total lending by business line
12,860 
12,956 
-1%
Non-recurring transactions
9,368 
3,533 
165%
Total 
22,227 
16,489 
35%

43
A breakdown of new CDP lending by sector for 2012 shows that considerable resources went to loans
to SMEs and export finance (€5.1 billion, or 40% of the total) and investments in transportation net-
works and local public services (about €5.1 billion, or 39% of the total). Financing for public build-
ing and social housing projects (around €1.7 billion, or 13% of the total) also accounted for a signif-
icant share. 
3.1.1. Lending and investment of the parent company
3.1.1.1. Public entities
The parent company’s support for public entities and public-law bodies is primarily offered through the
Public Entities area, which is responsible for lending to these entities using products offered in compli-
ance with the principles of accessibility, uniformity in treatment, pre-specification of terms and non-dis-
crimination.
The main credit products that the Public Entities area provides continue to include: ordinary loans and
flexible specific-purpose loans for local authorities; loans without a pre-repayment grace period dis-
bursed in one or more instalments for regional governments; and unsecured loans for non-territorial
public entities.
The following table reports the financial highlights related to the reclassified balance sheet and income
statement, together with a number of key indicators.
CDP - 2012 Annual Report
Report on operations
New lending 
(millions of euros)
Sector
31/12/2012
31/12/2011
SMEs and export finance 
5,135 
3,368 
Transport networks and local public services * 
5,069 
6,487 
Public building and social housing 
1,689 
1,698 
Networks, energy and environment 
472 
690 
Companies of major national interest 
360 
540 
Research and innovation 
135 
172 
Total lending by sector 
12,860 
12,956 
Non-recurring transactions 
9,368 
3,533 
Total 
22,227 
16,489 
* Includes loans granted for major public works and diversified investment programmes to public entities

44
Initiatives undertaken in 2012 include a series of measures aimed at enabling local authorities to opti-
mise the residual undisbursed portions of long-term loans granted by CDP in order to free up financial
resources. More specifically, the measures included: i) the conversion of “ordinary” loans into “flexible”
loans, ii) use of the residual undisbursed portions for other works or to reduce the amounts owed to
CDP; iii) immediate disbursement by CDP of the residual portions owed that amount to less than 5% of
the loan, or up to €5 thousand. 
In 2012, CPD promoted an initiative for local authorities affected by the recent earthquakes that hit sev-
eral provinces in northern Italy (particularly the region of Emilia-Romagna). Given the operating difficul-
ties faced by these entities, CDP granted a deferral, without additional costs, of payment of the instal-
ments due in 2012 to the end of the loan repayment period. The measure was analogous to that adopt-
ed for the areas affected by the 2009 earthquake in Abruzzo, for which, considering that the previous
measures taken would have led to the accumulation of several instalments with the same payment date,
an additional provision was made to postpone repayment of the cumulative instalments to a date sub-
sequent (within two years) to the contractual final payment date.
In 2012, CDP also promoted two initiatives to facilitate use of the resources appropriated under Decree
Law 95 of 6 July 2012, as amended, for the purpose of reducing the public debt: a) in an exception to
the contractual terms and official circulars governing access to credit by local entities, CDP permitted the
partial repayment at 31 December 2012 of ordinary loans that have been fully disbursed, and b) ex-
tended the final deadline for receipt of applications for early repayment from 30 November 2012 to 13
December 2012.
Public Entities - Highlights 
(millions of euros; %)
2012
2011
BALANCE SHEET 
Loans to customers and banks
85,418 
86,201
Amounts to disburse on loans in repayment
7,388 
8,423 
Commitments to disburse funds
8,018 
9,809
INCOME STATEMENT
Net interest income
355 
358 
Gross income
358 
361 
Operating income
352 
353 
INDICATORS
Credit risk ratios
Gross bad debts and substandard loans/Gross loans to customers and banks
0.086% 
0.078%
Net writedowns/Net loans to customers and banks
0.0002% 
0.001%
Performance ratios
Spread interest-bearing assets - liabilities
0.4% 
0.4%
Cost/income ratio
1.7% 
1.8%
MARKET SHARE (STOCK)
44.8% 
44.4%

45
CDP - 2012 Annual Report
Finally, during the first six months of the year, CDP promoted a programme allowing public universities
and similar institutions to restructure their debt so as to help them achieve savings.
In 2012, there was a gradual expansion of use of the new “Domanda online” application service, which
was introduced in 2011, such that almost all loan applications were submitted via the web.
As at 31 December 2012, loans to customers and banks totalled €85,418 million, including adjustments
for IAS/IFRS purposes, a slight decrease from the end of 2011 (€86,201 million). The decline can be at-
tributed to the amount of debt repaid during the period and early repayments, which more than offset the
start of repayment periods for loans granted and the disbursements of loans without a pre-repayment grace
period. Early repayments in 2012 were significantly higher than in the previous years as a result of the com-
pliance with the provisions of Decree Law 95 of 6 July 2012, as amended, for reducing the public debt. 
Including commitments to disburse funds, and excluding IAS/IFRS adjustments, the total stock came to
€92,039 million, a 3% decrease from 2011 (€94,631 million). The change can be attributed to the fact
that the volume of new lending was more than offset by principal repayments falling due at 31 Decem-
ber 2012 and the increase in early repayments noted earlier.
CDP’s market share came to almost 45% at 31 December 2012, compared with around 44% at the end
of 2011. The core segment remains the overall stock of debt of local and regional governments and loans
with repayment charged to central government18. Market share is measured based on actual amounts
disbursed, which, for CDP, is equal to the difference between loans to customers and banks and amounts
to be disbursed on loans being repaid.
Report on operations
18
Bank of Italy, Supplement to the Statistical Bulletin (Monetary and Financial Indicators): the public finances, borrowing re-
quirement and debt, Tables TCCE0225 and TCCE0250.
Public Entities - Stock of loans to customers and banks by beneficiary entity
(millions of euros)
31/12/2012
31/12/2011
% change
Local authorities 
44,786 
45,907 
-2.4%
Regions and autonomous provinces 
25,690 
25,051 
2.6%
Other public entities and public-law bodies 
13,544 
13,864 
-2.3%
Total amounts disbursed or in repayment
84,021 
84,823 
-0.9%
IAS/IFRS adjustments
1,397 
1,379 
1.3%
Total loans to customers and banks
85,418 
86,201 
-0.9%
Total amounts disbursed or in repayment
84,021 
84,823 
-0.9%
Commitments to disburse funds
8,018 
9,809 
-18.3%
Total loans (including commitments)
92,039 
94,631 
-2.7%

46
Loan amounts to be disbursed, including commitments, decreased by 15% from €18,232 million at 31
December 2011 to €15,406 million at 31 December 2012, attributable to the large volume of dis-
bursements made during the period, which more than offset new amounts granted.
New lending contracted during 2012 compared with a year earlier, going from €6,213 million in 2011
(excluding the non-recurring loan granted to finance the past debt of the City of Rome) to €3,308 mil-
lion. More specifically, the decline in the volume of new loans granted is mainly due to the drop in loans
to the regions and the presence in 2011 of two large-value loans (totalling €1,668 million) with repay-
ment borne by the central government, used for the construction of road and transport works. In gen-
eral, in 2012, the tendency of public entities to reduce their debt burdens continued even more vigor-
ously. This trend was spurred by a variety of legislative initiatives, including those introduced by the 2012
Stability Act, which, with regard to maximum borrowing ceilings, requires entities with the greatest ex-
posure to gradually lower their stock of debt. 
A breakdown of financing by type of project shows that loans were mainly granted for road and trans-
port projects (accounting for 45% of the total for 2012 compared with 23% for 2011) and loans for
projects with sundry purposes (16% of the total compared with 57% in 2011).
Public Entities - Stock of amounts to disburse
(millions of euros)
31/12/2012
31/12/2011
% change
Amounts to disburse on loans in repayment
7,388 
8,423 
-12.3%
Commitments to disburse funds
8,018 
9,809 
-18.3%
Total amounts to disburse (including commitments)
15,406 
18,232 
-15.5%
Public Entities - Flow of new loans by type of beneficiary
(millions of euros)
Total 2012
Total 2011
% change
Major local authorities
749 
430 
74.3%
Other territorial entities
556 
999 
-44.4%
Total local authorities
1,305 
1,429 
-8.6%
Regions 
445 
1,964 
-77.4%
Other public entities and public law bodies 
316 
484 
-34.8%
Total
2,065 
3,876 
-46.7%
Loans with repayment charged to state
1,243 
2,337 
-46.8%
Grand total
3,308 
6,213 
-46.8%
City of Rome special commissioner
-   
3,000 
n/s
Total Public Entities
3,308 
9,213 
-64.1%

47
A breakdown of new loans granted by product shows that the greatest recourse was made to loans with-
out a pre-repayment grace period (51% of the total, in line with 2011), mainly large loans to regional
governments and loans with repayment charged to central government, which are granted on the ba-
sis of public tenders awarded to CDP. In addition, although they declined in absolute terms compared
with 2011, significant use was still made of both fixed- and floating-rate ordinary specific-purpose loans
(30% of the total, compared with 15% in 2011), while the contribution of flexible loans (9%), despite
a significant increase on 2011, and of unsecured loans and real estate loans (8%), with the latter going
solely to non-territorial public entities, remained modest.
CDP - 2012 Annual Report
Report on operations
Public Entities - Flow of new loans by purpose
(millions of euros)
Total 2012
Total 2011
% change
Public and social building
378 
355 
6.4%
School and university building
121 
413 
-70.6%
Sports, recreational and lodging facilities
53 
99 
-46.8%
Healthcare building
5 
58 
-91.2%
Natural disaster restoration works
82 
72 
13.0%
Road and transport
1,475 
2,142 
-31.1%
Water projects
384 
136 
183.6%
Sanitation projects
24 
46 
-48.6%
Energy projects
47 
79 
-40.1%
Other public works
204 
508 
-59.8%
Loans for sundry projects *
518 
5,245 
-90.1%
Total investments
3,292 
9,154 
-64.0%
Recognised off-balance-sheet liabilities and other liabilities
16 
59 
-73.1%
Total
3,308 
9,213 
-64.1%
* Also includes loans for major public works and diversified investment programmes not included in the other categories
Public Entities - Flow of new loans by product
(millions of euros)
Total 2012
Total 2011
% change
Ordinary loans 
1,007 
1,362 
-26.0%
Flexible loans 
299 
71 
318.3%
Unsecured loans and real estate loans 
269 
307 
-12.2%
Loans without pre-repayment grace period 
1,687 
4,301 
-60.8%
of which: loans granted under tender awards 
1,278 
2,204 
-42.0%
Securities 
46 
173 
-73.5%
Total
3,308 
6,213 
-46.8%
City of Rome special commissioner
- 
3,000 
n/s
Total Public Entities
3,308 
9,213 
-64.1%

48
Loan disbursements totalled €5,429 million in 2012, down 13% from 2011, although the decline was
less marked than that in new approvals. The change is attributable to the contraction in loans disbursed
to regional governments (-76%), as well as in disbursements to local authorities (-20%) and to other
public entities and public-law bodies (-39%), which was only partially offset by the increase in disburse-
ments of loans with repayment charged to central government (+9%) and disbursements to the City of
Rome in the amount of €1,170 million. 
Compared with the previous year, the contribution of the Public Entities area to CDP’s performance in 2012
saw net interest income essentially unchanged, going from €358 million in 2011 to €355 million for the
current year due to the stability of the spread between assets and liabilities and the slight decline in the
stock of loans. This performance is also seen in gross income (€358 million, down 1% from 2011) as com-
missions accrued in 2012 were comparable with those posted in 2011. Taking overhead costs into account,
operating income for the area came to €352 million, contributing 10% to CDP’s overall operating income.
The spread between interest-bearing assets and liabilities in 2012 came to 40 basis points, in line, as
mentioned above, with 2011.
Finally, the cost-to-income ratio was about 1.7%, also consistent with the previous year. 
The credit quality of the Public Entities area’s loan portfolio showed virtually no problem positions and
was essentially unchanged compared with 2011
The restrictions on the public finances have made it difficult for public entities to satisfy their financing
needs through the use of traditional debt instruments and, in response, during the year CDP expanded
its support and assistance services to help them leverage their property assets.
Public Entities - Flow of disbursements by type of beneficiary
(millions of euros)
Total 2012
Total 2011
% change
Major local authorities
952 
1,267 
-24.9%
Other territorial entities
1,343 
1,594 
-15.7%
Total local authorities
2,295 
2,862 
-19.8%
Regions 
420 
1,788 
-76.5%
Other public entities and public law bodies 
297 
485 
-38.8%
Total
3,012 
5,134 
-41.3%
Loans with repayment charged to state
1,247 
1,143 
9.1%
Grand total
4,259 
6,277 
-32.1%
City of Rome special commissioner
1,170 
-   
n/s
Total Public Entities
5,429 
6,277 
-13.5%

49
To support these public entities in the process of surveying their property holdings, the Real Estate area
has developed, in cooperation with the Pension Fund for Surveyors (Cassa di Previdenza ed Assistenza
dei Geometri), a computer platform denominated “VOL - Valorizzazione on line” for the organized man-
agement of property surveying work. These steps are performed in preparation for the regularisation of
the documentation for any given piece of property and its subsequent development. 
The Real Estate area, with the support of the Relationship Management area, worked throughout the
country providing assistance to municipal, regional and provincial governments and universities (i.e. the
regions of Piedmont, Puglia, Umbria and Sicily, the cities of Naples, Bologna, Turin, Benevento and Venice,
and a number of provinces, including Reggio Emilia, Chieti, Milan and Turin). 
Likewise, various institutional entities (the National Association of Italian Municipalities – ANCI, Fondazione
Patrimonio Comune, the agency that manages government-owned property (the Agenzia del Demanio),
etc.) were contacted to develop joint procedures to support property asset development by public entities. 
During the second and third quarters of 2012, CDP, in cooperation with CDPI SGR, managed the start-
up of the Fondo Investimenti per la Valorizzazione Plus (FIV Plus), formed in late July 2012 and active
since 30 October. As of that date, the Real Estate area has engaged in territorial development work to
identify investment opportunities, compatible with the strategy of FIV Plus, to be submitted to CDPI SGR.
After the completion of its origination and scouting efforts, the Real Estate area submitted 16 possible
investment opportunities to CDPI SGR, comprising 19 properties worth a total of around €400 million
as estimated by the entities involved. CDPI SGR has initiated an independent pre-analysis process for five
of the investment opportunities (seven properties worth an estimated €85 million).
RATE POLICY
In 2012, the policy for setting interest rates for Separate Account financing to public entities and bod-
ies continued to follow the line set down in previous years, which was introduced following the trans-
formation of CDP into a joint-stock company and the issuance of the decree of the Ministry for the Econ-
omy and Finance of 6 October 2004, based on which the terms applied to the financial products under
the Separate Account were adjusted to market conditions rapidly and flexibly, within the scope of the
guidelines established for such purpose.
In 2012, no new notices were issued by the Ministry for the Economy and Finance setting the global an-
nual cost of loans of up to €52 million with repayment charged to central government. This represents
the maximum rate that CDP can charge on its loans. Therefore, those set with the notice of 23 Novem-
ber 2011 (for a 20-year floating-rate loan: 6-month Euribor plus 430 basis points; for a 20-year fixed-
rate loan: benchmark interest rate swap rate plus 430 basis points) remained in effect.
CDP continued to update the interest rates and spreads for all products offered, generally on a weekly
basis, maintaining the method adopted in the past. This made it possible to ensure consistency in the fi-
CDP - 2012 Annual Report
Report on operations

50
nancial terms offered for each type of product, while complying with applicable regulations. During the
year, CDP also conducted ad hoc pricings that were financially equivalent to those for standard loans for
the purpose of participating in calls for tender for the assignment of financing with costs borne by the
state, taking due account of the various financial structures and the type of borrower.
3.1.1.2. Enterprises and PPPs for infrastructure development
The parent company’s programmes to develop the country’s infrastructure are carried out through the
Public Interest Lending and the Financing areas. 
The operations of the Public Interest Lending area concern CDP’s direct involvement in financing projects
of general public interest with the use of postal savings sponsored by public entities, for which the fi-
nancial sustainability of the related projects has been verified.
The main aggregates of the balance sheet and income statement reclassified on an operational basis are
summarised in the following table, together with a number of key indicators.
The stock of loans at 31 December 2012 came to €182 million, up from the end of 2011 thanks to dis-
bursements made during the year. As of the same date, loans, including disbursement commitments and
guarantees, totalled €3,731 million, up 50% 2011.
Public Interest Lending - Highlights
(millions of euros; %)
2012
2011
BALANCE SHEET
Loans to customers and banks 
182 
34
Commitments to disburse and guarantees 
3,549 
2,393
INCOME STATEMENT
Net interest income
0.3 
0.1
Gross income
18 
3 
Operating income
16 
2
INDICATORS 
Credit risk ratios
Gross bad debts and substandard loans/Gross loans to customers and banks
-
-
Net writedowns/Net loans to customers and banks
0.0004% 
- 
Performance ratios
Spread on interest-bearing assets - liabilities
0.3%
0.3%
Cost/income ratio
6.7%
29.4%

51
In 2012, new loans granted came to €1,449 million, almost double the amount reported for 2011. This
increase is mainly due to lending for public interest projects using project financing arrangements, par-
ticularly in the motorway sector, for a total of €1,074 million. During the period CDP also won three
public tenders to finance private-sector parties with repayment charged to central government for a to-
tal of €375 million.
Disbursements in 2012 in respect of new loans and those from previous years totalled €152 million, an
increase over 2011, primarily thanks to the beginning of disbursements for project financing projects
and additional disbursements of loans with repayment charged to central government. 
The area’s contribution to overall CDP performance remains minor, at more than €16 million in operat-
ing income. An improvement over 2011, the performance was essentially generated by commission in-
CDP - 2012 Annual Report
Report on operations
Public Interest Lending - Stock of loans to customers and banks
(millions of euros)
31/12/2012
31/12/2011
% change
Project finance
100 
- 
n/s
Loans with repayment charged to authority
82 
34 
140.7%
Total amounts disbursed or in repayment
182 
34 
435.7%
IAS/IFRS adjustments
(0.02) 
- 
n/s
Total loans to customers and banks
182 
34 
435.7%
Total amounts disbursed or in repayment
182 
34 
435.7%
Commitments to disburse funds and guarantees
3,549 
2,393 
48.3%
Total loans (including commitments)
3,731 
2,426 
53.8%
Public Interest Lending - Flow of new loan agreements
(millions of euros)
Total 2012
Total 2011
% change
Project finance
1,074 
763 
40.8%
Loans with repayment charged to state
375 
- 
n/s
Total
1,449 
763 
90.0%
Public Interest Lending - Flow of new disbursements
(millions of euros)
Total 2012
Total 2011
% change
Project finance
100 
- 
n/s
Loans with repayment charged to state
52 
30 
75.0%
Total
152 
30 
409.4%

52
come on the operations in its portfolio, partially offset by overheads for the year. The cost-to-income ra-
tio for the area came to about 7%, sharply up from 2011, as a result of the increase in revenues men-
tioned previously.
The operations of the Financing area regard the financing, with funding not guaranteed by the central
government or through EIB funding, on a corporate or project finance basis, of investments in works,
plant, infrastructure and networks to be used to deliver public services (energy, multi-utilities, local pub-
lic transportation and healthcare) and in reclamation projects.
The following is a summary of the balance sheet and income statement reclassified on an operational
basis, together with a number of key indicators.
As at 31 December 2012, the stock of loans disbursed totalled €5,485 million, including IAS/IFRS ad-
justments, an increase of about 19% over the stock at the end of 2011 (€4,598 million). The increase
is mainly attributable to the flow of new loans, partially offset by principal repayments.
Including disbursement commitments and excluding IAS/IFRS adjustments, the total comes to €6,644
million, a 12% increase over 2011 (€5,934 million).
During 2012, new loans totalling €1,269 million were agreed, a decrease from 2011 (€1,382 million),
mainly due to the contraction in project finance operations, which in 2011 were represented by a single
Financing - Highlights
(millions of euros; %)
2012
2011 
BALANCE SHEET 
Loans to customers and banks
5,485 
4,598 
Commitments to disburse and guarantees (off-balance-sheet)
1,185 
1,369 
INCOME STATEMENT
Net interest income
48 
31 
Gross income
59 
40 
Operating income
52 
32 
INDICATORS  
Credit risk ratios
Gross bad debts and substandard loans/Gross loans to customers and banks
0.167% 
0.203% 
Net writedowns/Net loans to customers and banks
0.087% 
0.103% 
Performance ratios
Spread on interest-bearing assets - liabilities
1.0% 
0.8% 
Cost/income ratio
3.4% 
6.8%

53
large-value transaction in the motorway sector. Conversely, the number of loans agreed rose from 10 to
14, with a reduction in the average loan size. The new lending primarily concerned financing provided
to local multi-utilities and enterprises operating in the production, transmission and distribution of elec-
tricity and gas, in addition to a new project financing initiative in the public works sector.
Disbursements in 2012 in respect of new loans and those from previous years totalled €1,237 million,
primarily in the form of corporate finance initiatives.
The Financing area’s contribution to CDP’s performance for 2012 also increased. In particular, net in-
terest income rose from €31 million in 2011 to €48 million in 2012. The increase is attributable to
CDP - 2012 Annual Report
Report on operations
Financing - Stock of loans to customers and banks
(millions of euros)
31/12/2012
31/12/2011
% change
Project finance
328 
311 
5.4%
Corporate finance
5,047 
4,171 
21.0%
Securities
83 
83 
0.0%
Total amounts disbursed or in repayment
5,458 
4,565 
19.6%
IAS/IFRS adjustments
26 
33 
-19.7%
Total loans to customers and banks
5,485 
4,598 
19.3%
Total amounts disbursed or in repayment
5,458 
4,565 
19.6%
Commitments to disburse funds and guarantees
1,185 
1,369 
-13.4%
Total loans (including commitments)
6,644 
5,934 
12.0%
Financing - Flow of new loan agreements
(millions of euros)
Total 2012
Total 2011
% change
Project finance
6 
182 
-96.9%
Corporate finance
1,263 
1,200 
5.2%
Total
1,269 
1,382 
-8.2%
Financing - Flow of new disbursements
(millions of euros)
Total 2012
Total 2011
% change
Project finance
61 
83 
-26.7%
Corporate finance
1,176 
1,482 
-20.6%
Total
1,237 
1,564 
-20.9%

54
the combination of growth in volumes and the widening of the spread between lending rates and
funding costs. Taking commission income and overhead costs for the period into account, operating
income came to €52 million (€32 million for 2011), confirming the growth trend seen in recent
years.
The area’s cost-to-income ratio came to about 3%, up from 2011 due to the combined effect of a de-
crease in overhead costs and an increase in revenues.
The credit quality of the Financing area’s portfolio shows almost no problem positions and is in fact slight-
ly improved compared with 2011.
At the end of December 2012, CDP’s market share in the infrastructure investment area came to nearly
4.1%, compared with 3.5% at the end of 2011. The core segment remains the overall stock of debt re-
lating to infrastructure in the following industries: motorways, ports, rail transport, energy and gas, and
multi-utilities19.
3.1.1.3. Enterprises
CDP’s programmes in support of the country’s economy are carried out through the Facilitated Credit
and Economic Support Area, which is responsible for managing subsidised credit instruments established
by specific legislation and economic support instruments developed by CDP.
More specifically, subsidised loans primarily draw on CDP resources with state interest subsidies (the Re-
volving Fund to support enterprises and research investment), while also taking advantage, to a residual
extent, of central government funding in the form of capital grants and subsidised loans (Territorial Agree-
ments and Area Contracts, Low Environmental Impact Vehicles Fund, Kyoto Fund). Economic support
measures already in place since 2009 include the funds available to banks for loans to SMEs and to as-
sist in the reconstruction of the areas hit by earthquakes (Abruzzo in 2009 and parts of Emilia-Romagna,
Veneto and Lombardy in 2012).
Another initiative regards financing the international expansion and exports of Italian businesses through
the “Export Bank” system, which helps foster such initiatives with financial support from CDP, SACE
guarantees and the full involvement of SIMEST and banks in arranging loans for Italian exporters, based
on a special convention that defines the roles of the players involved.
The main aggregates of the balance sheet and income statement reclassified on an operational basis,
are summarised in the following table together with a number of key indicators.
19
Bank of Italy, Money and Banking, Table 2.5 (TSC20400) and Table 2.9 (TSC20810).

55
As regards new initiatives in 2012, in March CDP introduced the New SME Fund, which makes €10 bil-
lion of new funding available to SMEs through the network of banks taking part in the new agreement
signed between CDP and the Italian Banking Association (ABI) on 1 March 2012. More specifically, the
New SME Fund calls for the establishing of a new Investment Fund, totalling €8 billion, to provide sup-
port to SME in gaining access to credit, and the introduction of a Fund for Government Receivables, to-
talling €2 billion, to provide support to companies in managing the adverse impact of delayed payments
from government entities. 
During 2012, the banking system continued to access the SME fund established in 2009, which was
completely depleted in July, and banks agreed to new loan agreements and drawings on the New SME
Fund.
Again with reference to the New SME Fund, action was undertaken to support enterprises affected by
earthquakes that hit several areas of Emilia-Romagna, Veneto and Lombardy. Taking account of the op-
erational difficulties experienced by enterprises affected by the earthquake, CDP has provided banks with
the opportunity to obtain 15-year financing, compared with a maximum term of 10 years for all other
borrowers. 
To help households and businesses located in areas hit by earthquakes in 2012, CDP also made an ad-
ditional €12 billion available through the creation of two separate instruments: the “2012 Earthquake
Moratorium” fund and the “2012 Earthquake Reconstruction” fund. 
The “2012 Earthquake Moratorium” fund, which makes €6 billion of new funding available, aims to
provide funding for banks participating in the agreement signed between CDP and the ABI on 5 No-
CDP - 2012 Annual Report
Report on operations
Facilitated Credit and Economic Support - Highlights 
(millions of euros; %)
2012
2011
BALANCE SHEET
Loans to customers and banks
9,199 
7,580 
Amounts to disburse
33 
33 
Commitments to disburse funds
3,767 
1,675 
INCOME STATEMENT
Net interest income
63 
18 
Gross income
71 
18 
Operating income
52 
16 
INDICATORS  
Credit risk ratios
Gross bad debts and substandard loans/Gross loans to customers and banks
0.327% 
0.205% 
Net writedowns/Net loans to customers and banks
0.120% 
0.0004% 
Performance ratios
Spread on interest-bearing assets - liabilities
0.7% 
0.3% 
Cost/income ratio
6.3% 
12.2%

56
vember 2012 (as later amended), for payment deferrals for taxes, social security contributions and manda-
tory insurance premiums, as a result of the suspension from May to November 2012 of payment oblig-
ations and charges due through 30 June 2013. The mechanism, under which the beneficiary is required
to repay only the principal portion, while the central government pays the interest, is designed to ensure
that tax deadlines are met, while deferring the obligations and related charges of enterprises until June
30, 2013. 
The “2012 Earthquake Reconstruction” fund, which also makes €6 billion of new funding available, in-
stead focuses on providing funding to banks participating in the agreement signed between CDP and
the ABI on 17 December 2012 for subsidized loans to persons affected by the earthquakes, to allow
them to repair, restore and rebuild residential and commercial property (including plant and equipment).
All the funding became available for use starting from January 2013. 
In 2012, the Kyoto Fund was also launched. The Kyoto Fund is a revolving fund totalling around €600
million, financed by the Ministry for the Environment and managed by CDP, to fund greenhouse gas re-
duction measures in implementation of the Kyoto Protocol. As of December, around €0.2 million of the
funding for that instrument had been distributed.
The Ministry is reviewing the instrument following the introduction of new criteria for the allocation of
the resources with Decree Law 83 of 22 June 2012.
As regards operations involving the “Export Bank” system, in April CDP, the ABI, SACE, and SIMEST
signed a further agreement with the goal of increasing financial support for Italian exporters, in addition
to extending the agreement currently in force by one year. More specifically, the agreement calls for pos-
sibly expanding the scope of the mechanism to the following transactions: loans to Italian suppliers (“sup-
plier credit)”, loans in US dollars, transactions in cooperation with the banking system and the evalua-
tion by the “Export Bank” system of any refinancing of existing transactions.
In September, the funding available to the “Export Bank” system was increased to €4 billion, given the
extent to which resources already made available had been used and the large number of applications
for funding received.
As regards the loan portfolio of the area, the stock of loans to customers and banks at the end of 2012
came to €9,199 million, up significantly from the end of 2011 (+21%), thanks mainly to the distribu-
tions made from the SME fund, Abruzzo Reconstruction fund and the “2012 Earthquake Moratorium”
fund, which combined more than offset debt repayments and extinguishments made on the basis of the
half-year reports, which mainly regarded the SME fund.
More specifically, the stock of SME loans came to €5,774 million (essentially in line with 2011), while
the stock of loans for earthquake reconstruction in Abruzzo totalled €1,921 million (more than double
the amount in 2011). For the Revolving Fund to support enterprises and research investment (FRI), the
amount disbursed as at the end of 2012 came to €880 million (+6% on 2011). As a result of the initial
disbursements from the “2012 Earthquake Moratorium” and “Export Bank” resources, the stock of these
products amount to €545 million and €35 million, respectively.

57
Including commitments to disburse funds, and excluding IAS/IFRS adjustments, the total stock came to
€12,984 million, more than 40% higher than 2011, as the volume of new lending agreed more than
offset principal repayments during the year.
More specifically, amounts to be disbursed, including commitments, increased significantly compared
with the end of 2011 (+122%) thanks to the large flow of new loans agreed during the period com-
pared with a lower volume of new disbursements and the reduction in undisbursed portions of existing
loans. As a result, the aggregate went from €1,708 million at the end of 2011 to €3,799 million at 31
December 2012.
The total volume of resources mobilised during 2012 for loans granted through the economic support mech-
anisms amounted to €6,326 million, up sharply compared with 2011 (+61%). This increase is mainly due
mainly to new resources made available by CDP for SMEs (€3,648 million) to help them face the difficult
CDP - 2012 Annual Report
Report on operations
Facilitated Credit and Economic Support - Stock of loans to customers and banks by
product
(millions of euros)
31/12/2012
31/12/2011
% change
SME support funds
5,774 
5,844 
-1.2%
FRI loans
880 
828 
6.3%
Abruzzo earthquake reconstruction loans
1,921 
843 
127.8%
2012 Earthquake Moratorium
545 
- 
n/s
Export Bank
35 
- 
n/s
Intermodal systems loans (Article 38.6, Law 166/2002)
62 
68 
-8.7%
Total amounts disbursed or in repayment
9,217 
7,583 
21.6%
IAS/IFRS adjustments
(18) 
(3) 
492.8%
Total loans to customers and banks
9,199 
7,580 
21.4%
Total amounts disbursed or in repayment
9,217 
7,583 
21.6%
Commitments to disburse funds
3,767 
1,675 
124.8%
Total loans (including commitments)
12,984 
9,258 
40.2%
Facilitated Credit and Economic Support - Stock of amounts to disburse
(millions of euros)
31/12/2012
31/12/2011
% change
Amounts to disburse *
33 
33 
-2.0%
Commitments to disburse funds
3,767 
1,675 
124.8%
Total amounts to disburse (including commitments)
3,799 
1,708 
122.4%
* State funds managed by CDP

58
market environment and the resulting lack of liquidity in the banking system. Moreover, there was an ac-
celeration in reconstruction in the areas hit by the Abruzzo earthquake (€1,079 million) that completely
depleted the funding available from CDP, and in December, the “2012 Earthquake Moratorium” fund be-
came active, with a flow of new loans agreed totalling €745 million. In addition, €135 million in loans were
channelled through the FRI and €61 million through disbursements of central government funds.
After the signing of two loan agreements in 2011 for a total of €808 million, in 2012, the “Export Bank”
system saw four new contracts signed in the amount of €695 million. These new loans, guaranteed by
SACE in its support of Italian exporters, mainly relate to the construction, shipbuilding and aeronau-
tics/defence sectors. Moreover, in 2012, six new contracts were signed for SACE in its support of Italian
exporters under the programme.
During 2012, disbursements came to €4,084 million, mainly in respect of loans to SMEs (50% of the to-
tal) and areas hit by the earthquake in Abruzzo (about 30% of the total).
With regard to loans granted to support SMEs, the total amount of loans granted amounted to €10,441 mil-
lion (of which €8,000 million in respect of the funding made available in 2009 that was entirely drawn down
Facilitated Credit and Economic Support - Flow of new loans by product
(millions of euros)
Total 2012
Total 2011
% change
SME support funds
3,648 
2,449 
49.0%
Export Bank
659 
808 
-18.4%
Abruzzo earthquake reconstruction loans
1,079 
401 
168.9%
2012 Earthquake Moratorium
745 
- 
n/s
FRI loans
135 
172 
-21.8%
Disbursements/agreements third-party funds 
61 
101 
-40.0%
Total
6,326 
3,931 
60.9%
Facilitated Credit and Economic Support - Flow of disbursements by product
(millions of euros)
Total 2012
Total 2011
% change
SME support funds
2,162 
3,636 
-40.5%
Export Bank
35 
-   
n/s
Abruzzo earthquake reconstruction loans
1,126 
371 
203.3%
2012 Earthquake Moratorium
545 
-   
n/s
FRI loans
156 
187 
-16.4%
Disbursements/agreements third-party funds 
61 
101 
-40.0%
Total
4,084 
4,295 
-4.9%

59
in 2012), of which €2,338 million for the New SME Fund established to continue to provide support to SMEs
in accessing credit, in view of the depletion of the previous fund, and, finally, €103 million attributable to
loans to businesses to support them in handling the negative effects of delays in payments by public entities. 
In terms of the contribution of the Facilitated Credit and Economic Support Area to CDP’s performance
in 2012, net interest income improved significantly, going from €18 million in 2011 to €63 million in
2012. This significant increase is mainly due to the widening of the spread between assets and liabilities,
which came to about 70 basis points (30 basis points in 2011), and to the increase in volumes handled.
More specifically, the widening of the spread between assets and liabilities is in large part attributable to
the adjustment of the rates on loans granted under the FRI to market levels pursuant to the Decree of
the Minister for the Economy and Finance no. 98392 of 1 December 2011. 
Operating income grew similarly, from €18 million in 2011 to €71 million in 2012, in part generated by
commission income on new “Export Bank” operations. 
Finally, the cost-to-income ratio for the area was 6%, a sharp improvement over the 12% of 2011, due
to the significant rise in the area’s revenues, which more than offset the increase in overheads.
As regards the credit quality of the loan portfolio for the Facilitated Credit and Economic Support area
in 2012, problem loans rose slightly, with all such positions being attributable to the FRI and all are in
any event secured by the central government as the guarantor of last resort.
3.1.2. The activities of other companies subject to management and coordination
3.1.2.1. The activities of CDPI SGR
With regard to investing, in 2012 there was a considerable increase in investment transactions by FIA.
As of 31 December 2012, the Board of Directors had approved definitive resolutions authorising sub-
scriptions totalling €337.4 million, up over the €123.3 million reported at the end of 2011.
CDP - 2012 Annual Report
Report on operations
Facilitated Credit and Economic Support - SME support funds 
(millions of euros)
Total  
Loans 
% resources 
Loans 
resources
agreed 
used
disbursed *
SME (I - II - III Agreements) 
8,000 
8,000 
100.0% 
8,000 
SME Investment 
8,000 
2,338 
29.2% 
947
SME government receivables 
2,000 
103 
5.2% 
3
Total SME support funds
18,000 
10,441 
58%
8.950
* Gross of extinguishments made on basis of half-year accounts

60
As of the end of the year, FIA had completed subscriptions totaling €207 million in 10 target funds op-
erating by six management companies.
As regards fundraising, the FIA’s first subscription period expired during the first half of 2012, with the
fifth and final partial closing for subscriptions on 9 March. Five insurance companies that had previous-
ly subscribed the fund’s Class A units took part in the subscription in order to increase their respective
shares in the fund. As such, on that date the first subscription period came to an end with total sub-
scriptions reaching €2,028 million, thereby surpassing the initial funding target. 
As to FIV Plus, the first subscription period began in July 2012 following the approval of the fund manage-
ment rules by CDPI SGR’s board of directors. The first partial closing for subscriptions of the fund was com-
pleted on 30 October 2012, with acceptance of the subscription order submitted by CDP for a total of €250
million. Also on that date, the fund began operation and is currently analyzing its maiden investment projects.
The work of CDPI SGR in the area of promoting the private social housing sector and in forging local re-
lationships during the year continued along the following lines of action:
•
publications and other initiatives involving the industry press (e.g. Il Sole 24 Ore, Edilizia e Territorio,
RE, Vita, etc.); 
•
participation in sector trade fairs and events, such as the Salone del risparmio, Urbanpromo and EIRE
in Milan; 
•
participation in 43 social housing conferences and three on the development and divestment of pub-
lic property organised by others. 
3.1.2.2 The activities of FSI
Even though it has yet to implement any form of planned communication, FSI has, from the very start
of its operations, attracted significant interest in its core activity from the Italian business community, lo-
cal government leaders, labour representatives and trade associations.
Confirming the keen interest shown in FSI in Italy, in 2012 FSI’s management met with more than 200
entrepreneurs (many of whom made visits on their own initiative), receiving a positive response.
The main strengths identified comprised: (i) a meritocratic investment process directly at financially sound
companies; (ii) a general preference for investing through the subscription of capital increases; (iii) the
policy of acquiring minority stakes, which facilitates relationships even with entrepreneurs less inclined
to open up to the market; and (iv) the long-term time horizon, with market returns. 
The requests received or identified to date focus on the idea that FSI can act as a “facilitator” in M&A
processes or in the creation of company clusters, as in the local public services sector, in the acquisi-

61
tion of competitors abroad or in the creation of international distribution networks. As to the busi-
ness sectors involved, particular interest was shown by engineering companies (important for exports)
and in the traditional “Made in Italy” sectors (branded merchandise, tourism and retail, both in Italy
and abroad).
All of FSI’s contacts were analysed in detail. In some cases, this produced a variety of investment possi-
bilities; in other cases, it was decided not to pursue the initiative as the proposed investments did not
meet the requirements imposed by FSI’s articles of association and/or its investment guidelines. 
In 2012, the FSI board of directors approved the initial investments, as follows:
•
the investment by FSI in the capital increase of Metroweb Italia. This transaction was completed on
24 December 2012, leading to the acquisition of a 46.2% stake in the company, jointly controlled
with F2i (53.8%). FSI paid €198.7 million in the capital increase (plus an additional €1.3 million in
contingent consideration based on the future performance of Metroweb S.p.A.). In addition, FSI holds
an option to invest an additional €300 million in order to fund the second stage of the company’s
investments;
•
the investment in the Kedrion Group. The transaction was completed on 5 July 2012 and gave FSI
an 18.6% stake in the company, with the other investors remaining the Marcucci family (48.8%) and
Fondo Investitori Associati (32.6%). FSI paid €150 million in the capital increase, €75 million of which
in ordinary shares and €75 million in convertible debt, or in the event no repayment is made, con-
vertible at the discretion of FSI. The €75 million convertible loan bears a 6% interest rate, disbursable
in one or more installments at the request of the Kedrion Group. The funding has not yet been dis-
bursed, constituting a commitment for FSI;
•
the investment agreement between FSI and Hera S.p.A. (Hera), entered into on 3 September 2012
based upon the authorisation of the board of directors of 27 August 2012. Under the agreements,
FSI will become a shareholder of Hera following approval by the antitrust and regulatory authorities
and after the completion of the Hera-Acegas APS merger. The transaction calls for FSI to invest no
more than €100 million and to take a stake of between 2.6% and 5.6% in the new company formed
by the merger of Hera and Acegas APS.
Other significant events in the second half of 2012 included:
•
the announcement that the Bank of Italy would acquire a stake in FSI on 19 December 2012. FSI,
CDP and the Bank of Italy signed an agreement calling for Italy’s central bank to become a share-
holder of FSI, with a stable, non-controlling interest, in exchange for the transfer of its stake in Assi-
curazioni Generali S.p.A., representing 4.47% of the share capital;
•
the signing of a Head of Terms with Qatar Holding LLC (QH) for the formation of a joint venture
called “IQ Made in Italy Investment Company S.p.A.”. The agreement envisages: (i) a 50% inter-
est each for FSI and QH; (ii) starting capital of €300 million, fully subscribed and paid in, as well
as further capital increases of up to €2 billion following the approval of specific investments by
FSI and QH.
CDP - 2012 Annual Report
Report on operations

62
3.1.2.3. The activities of the Fintecna Group
SHIPBUILDING
The shipbuilding sector continues to be significantly affected by the global economic crisis and the mismatch
(now structural) between demand and supply, with consequent pressures on the prices of new vessels.
In the cruise ship sector, where the Fincantieri Group continues to maintain a substantial market share, the
second half of the year saw a slight upswing after a stagnant first half. The market for military vessels reg-
istered a decline in value of 20% to around €16 billion worldwide, with more than 70% of projects being
awarded to domestic companies. A modest surge in demand was recorded in the offshore sector, where
high oil prices and the growing demand for energy spurred investments by oil and gas companies.
An important event in this area was the recent acquisition of 50.75% of STX OSV and subsequent launch
of a public tender offer, the finalisation of which involved a significant commitment from Fincantieri
S.p.A. management in 2012.
The commercial activities of the Fincantieri Group enabled it to retain its place as one of the industry
leaders, and included orders amounting to €906 million (€1,537 million in 2011). As regards the cruise
ship sector in particular, the commercial terms for further orders worth a total of €5.1 billion (including
options) were concluded, though the orders could not be considered as definitive as the financial pack-
age has yet to be finalised. 
As regards output, the order backlog of €4,112 million (€4,902 million at end-2011) was once again
not sufficient to absorb the full production capacity of all the shipyards in the short/medium term, which
forced the Group to make recourse to the special wage supplementation mechanism (temporary lay-
offs), with an average of 1,463 employees in 2012, slightly down on the 1,563 registered in 2011. 
REAL ESTATE
The developments in the real estate market mentioned above, with the reduction in transactions, the
lengthening of the time necessary to move properties, the price reductions demanded and the difficul-
ties of households in gaining access to credit, combined with the problems peculiar to the residual real
estate portfolio of the group, have adversely affected Fintecna Immobiliare’s urban development pro-
grammes (with specific regard to partnership-based real estate projects, which form the core of the com-
pany’s business activities), which are often characterised by complex planning processes and long com-
pletion times. The main problems, as confirmed in an in-depth analysis of this specific issue at the end
of 2011 by the parent company, Fintecna, regard to the renegotiation of debts falling due and the risk
of disengagement by private-sector partners. In response to the findings, the Group took a fresh look at
its business activities, especially the above-mentioned partnerships, with a view to exploiting any short-
to medium-term opportunities available to it. It has therefore focused efforts on projects already at an
advanced stage of planning (Cinque Cerchi, Manifatture Milano, Valcomp Tre and Quadrifoglio Mode-

63
na), where renovation work and the related pre-sales activities are under way. Another development wor-
thy of note was the completion of the administrative formalities for the project to renovate the former
Poligrafico dello Stato. Finally, as regards Italia Turismo, a framework agreement was reached with a lead-
ing international tour operator for the renovation/construction of tourist resorts. 
As far as the balance sheet is concerned, net capital employed amounted to €442 million (of which
€344 million accounted for by the real estate portfolio). The net financial position showed net debt of
€136.3 million, including medium/long-term debt of €210.3 million (of which €102 million is payable
to the parent company, Fintecna) offset by cash and cash equivalents of €74 million. At the end of 2012,
Fintecna approved a number of transactions to strengthen the capital of its subsidiary (a capital increase
of €50 million by means of a conversion of the increase into a line of credit for the same amount; the
recognition of the opening of a credit line of up to €150 million, of which €102 million has already been
drawn). Fintecna Immobiliare also repaid in full the outstanding balance on the current account for com-
mercial transactions held with Fintecna. 
LIQUIDATION ACTIVITIES
Liquidation activities continued in 2012 in accordance with the guidelines, where present, set in the bud-
gets set at the start of the year. The activities remained within the financial limits of the specific provi-
sions reported in the financial statements as at 31 December 2011.
Specifically, Ligestra utilised resources of €12 million in performing all its activities. The costs were cov-
ered in full, staying within the limits of the specific provisions set aside. 
The activities of Ligestra Due remained completely within the limits of the provisions, which were utilised
in the amount of €2 million, which was compatible with the total amount appropriated to them. Real
estate sales generated gains that were set aside in a newly created provision to be used in the event of
losses from future sales. 
Finally, pending the report of the appraisers specifying the transfer value of the assets, Ligestra Tre con-
tinued with its cost-cutting work and operating as liquidator for the companies it controls. Three years
after the assets of the companies targeted for liquidation had been received by Ligestra Tre, no panel of
appraisers had yet been appointed, so in 2011 the company went ahead and carried out its own ap-
praisal of value to determine how the liquidation should proceed most effectively.
3.1.2.4. The activities of the SACE Group
In spite of the difficult macroeconomic environment, in 2012 SACE was able to meet its business plan
targets, thanks to enhanced cooperation with CDP in the “Export Bank” programme and with the EIB
in support of infrastructure projects and SMEs.
CDP - 2012 Annual Report
Report on operations

64
In 2012, SACE continued with the customer-first approach adopted in recent years by extending its lo-
cal presence both in Italy (with the opening of an office in Brescia and “SACE Points” in Ancona and
Pescara) and abroad (with the opening of an office in Mumbai), by stregthening offices already operat-
ing, and by setting up a commercial department to facilitate operational coordination at the local level.
One of the Group companies, SACE BT, was especially affected by the difficult economic conditions of
2012, as the rising number of bankruptcies had a significant impact on its performance. To cope with
the worsening economic situation, SACE BT adopted even more conservative policies for assuming, pric-
ing and managing exposures.
SACE Fct, the factoring company of the SACE Group, continued to consolidate its business, which con-
sists mainly of supplying the market with products for assigning receivables in respect of government
departments and private-sector companies, using standard and reverse factoring solutions. During the
year, the company participated in a number of major joint initiatives with leading banks and factoring
companies for pool operations. It also reached agreements with trade associations and strengthened its
distribution partnership with Poste Italiane.
Another subsidiary, SACE SRV, began to offer its services in foreign markets as well.
PORTFOLIO OF LOANS AND GUARANTEES
The total exposure of SACE, calculated as the sum of credit and guarantees issued (principal and inter-
est) amounted to €32.9 billion, down 4.9% compared with the end of 2011, running counter to the
trend at the end of previous years. This development is a direct consequence of a contraction in the guar-
antee portfolio (which accounts for 97.7% of the overall exposure), which decreased by 5.1% on the
end of 2011. The total exposure in portfolio of SACE BT decreased by 7.3% to €34.2 billion. Total re-
ceivables of SACE Fct, comprising only assigned invoices and gross of writedowns, amounted to €1.2
billion, up 1.2% compared with 31 December 2011.
(millions of euros)
Portfolio of credit and guarantees
31/12/2012
31/12/2011*
% change
SACE 
32,937
34,646
-4.9%
Outstanding guarantees 
32,193
33,928
-5.1%
- principal 
27,532
28,885
4.7%
- interest 
4,661
5,043
7.6%
Performing credits 
744
718
3.7%
SACE BT 
38,455
38,796
-0.9%
Short-term credit 
13,208
15,579
15.2%
Surety Italy 
7,256
7,479
3.0%
Other property damage 
17,991
15,738
14.3%
SACE Fct 
1,235
1,220
1.2%
Outstanding receivables 
1,235 
1,220 
1.2%
* The SACE Group forms part of the scope of consolidation since 2012. The figures for 2011 are for comparative purposes only

65
3.1.3. Equity investments of the parent company
As at 31 December 2012, equity investments and investments in investment funds of the parent com-
pany totalled €30,570 million, which includes the value of the portfolio of equity investments, equal to
€30,276 million, and of investment funds and other investment vehicles, which totalled €293 million.
3.1.3.1. Subsidiaries and other shareholdings
As at 31 December 2012, the carrying amount of the portfolio of equity investments showed growth of
€10,636 million (+54%) over 31 December 2011.
CDP - 2012 Annual Report
Report on operations
Equity investments, investment funds and investment vehicles
(thousands of euros) 
31/12/2011
Change
31/12/2012
Carrying amount
from inv./disinv.
from measurement
Carrying amount
Equity investments
19,640,412 
10,635,699 
307 
30,276,418
Investment funds and investment vehicles
185,316 
148,395 
(40,505) 
293,205 
Total 
19,825,728 
10,784,094 
(40,199) 
30,569,623 
Equity investments
(thousands of euros) 
31/12/2011
Change
31/12/2012
% 
Carrying 
from
from
% 
Carrying 
holding
amount
inv./disinv.
measurement
holding
amount
A. Listed companies
1. Eni S.p.A.
26.37%
17,240,440 
(1,958,808) 
- 
25.76%
15,281,632 
2. Terna S.p.A.
29.85%
1,315,200 
- 
- 
29.85%
1,315,200 
B. Unlisted companies 
3. SACE S.p.A.
- 
- 
6,050,000 
- 
100.00%
6,050,000 
4. CDP RETI S.r.l.
- 
- 
3,517,360 
- 
100.00%
3,517,360 
5. Fintecna S.p.A.
- 
- 
2,500,000 
- 
100.00%
2,500,000 
6. Fondo Strategico Italiano S.p.A.
90.00%
540,000 
360,000 
- 
90.00%
900,000 
7. CDP GAS S.r.l.
100.00%
532,800 
(65,434) 
- 
100.00%
467,366 
8. Simest S.p.A.
- 
- 
232,500 
- 
76.00%
232,500 
9. Sinloc S.p.A.
11.85%
5,891 
- 
92 
11.29%
5,983 
10. F2i SGR S.p.A.
15.99%
2,039 
81 
18 
16.52%
2,137 
11. Istituto per il Credito Sportivo
21.62%
2,066 
- 
- 
21.62%
2,066 
12. CDP Investimenti SGR S.p.A.
70.00%
1,400 
- 
- 
70.00%
1,400 
13. Fondo Italiano 
d’Investimento SGR S.p.A. 
12.50%
577 
- 
196 
12.50%
774 
14. Europrogetti & Finanza S.p.A. 
in liquidazione
31.80%
- 
- 
- 
31.80%
-
Total
19,640,412 
10,635,699 
307 
30,276,418

66
During 2012, the portfolio of CDP equity investments changed as follows:
•
the purchase from ENI by the special-purpose vehicle CDP RETI (wholly-owned by CDP) of 30% less
one share of the voting capital of SNAM for around €3.517 billion. CDP has the option of paying in
three installments. At 31 December 2012, two of these had already been paid, on 15 October 2012
(about €1,759 million) and on 31 December 2012 (about €879 million), respectively. As a result of
the purchase of additional shares on the market, CDP RETI’s holding in SNAM at 31 December 2012
amounted to 1,014,491,489 shares, equal to 30.0258% of the voting share capital and 30.00000002%
of the issued share capital of SNAM. SNAM is the European leader in the management of gas infra-
structure and among the top operators in terms of its regulatory asset base. The group, operating
through four of its companies, is involved in the transport, regasification, storage and distribution of
natural gas;
•
the purchase of 100% di SACE for €6.05 billion;
•
the purchase for €232.5 million of 76% SIMEST;
•
the purchase of 100% of Fintecna for €2.5 billion;
•
the payment of €360 million in respect of the unpaid portion of the capital subscribed in FSI in view
of the development of investment activities;
•
the repayment of €65 million of equity reserves by CDP GAS, made possible by the receipt of the
2012 dividend from the subsidiary TAG;
•
the sale on the market of 120,000,000 ordinary shares of ENI, equal to 3.3% of the company’s share
capital, for more than €2.106 billion. Following the sale, CDP’s stake in ENI fell to 25.76%.
The current portfolio of equity investments held by CDP can be classified for the purposes of the sepa-
rate financial statements as follows:
•
the investments in Terna, FSI, CDP GAS, CDP RETI, Fintecna, SACE, SIMEST and CDPI SGR are classi-
fied as investments in subsidiaries and carried at purchase cost, net of writedowns;
•
the investments in ENI and Europrogetti & Finanza S.p.A. in liquidazione are classified as investments
in associates and are therefore carried at purchase cost, net of writedowns;
•
the investments in Sinloc S.p.A., Istituto di Credito Sportivo, F2i SGR S.p.A. and Fondo Italiano
d’Investimento SGR S.p.A., on the other hand, do not constitute investments in subsidiaries
or associates. These investments therefore continue to be classified as available-for-sale finan-
cial assets and are measured at fair value, with changes in value taken to a specific equity
reserve.
As concerns the separation of organisation and accounting, shareholdings in the CDP portfolio as of 31
December 2012, regardless of their classification for financial reporting purposes, fall within the scope
of the Separate Account, with the exception of the shares held in CDP GAS, CDPI SGR, F2i SGR S.p.A.
and Fondo Italiano d’Investimento SGR S.p.A., which fall under the Ordinary Account, as well as FSI, for
which the initial investment in 2011, in the amount of €540 million, was classified under Joint Services,
with the subsequent contribution, made in 2012 and amounting to €360 million, falling within the scope
of the Separate Account.

67
Dividends accruing during 2012 came to about €1,207 million. This amount is mainly attributable to the
investments held in ENI (€1,086 million) and Terna (€120 million). Dividends decreased by about €22
million overall (-1.8% compared with the €1,229 million reported in 2011), the net effect of the changes
in the equity investment portfolio and a different dividend distribution policy adopted by the companies
in 2012 as compared with 2011.
Below are brief descriptions of each of CDP’s investees.
With respect to the subsidiaries consolidated on a line-by-line basis, please refer to the sections of this
report that exam these entities individually.
ENI
ENI is an integrated oil company operating in the sectors of oil and natural gas exploration and produc-
tion, electricity generation and sale, the international transport and sale of natural gas, the refining and
sale of oil products, chemicals, oil and gas engineering services and construction, with an excellent skill
base and a strong international market position. ENI has a presence in some 85 countries, and has about
79,000 employees. The company’s shares are listed on the Italian Stock Exchange and the New York
Stock Exchange.
Its primary lines of business are organised into four divisions: i) “Exploration & Production”, re-
sponsible for the exploration, development and extraction of natural gas and oil; ii) “Gas & Power”,
comprising international transport and supply and the sale of natural gas, as well as the generation
and sale of electricity; iii) “Refining & Marketing”, representing the refining and sale of oil products;
and iv) “Trading”, the new division responsible for the integrated management of commodity risk
and asset-backed trading, operating through ENI Trading and Shipping (ETS). ENI also provides en-
gineering and construction services in the oil and gas sector through its 42.9% stake in Saipem, a
listed company. Finally, it produces and markets petrochemical products through its wholly-owned sub-
sidiary Versalis (formerly Polimeri Europa).
Sistema Iniziative Locali S.p.A. (“Sinloc”)
Sinloc, whose shareholders include numerous bank foundations, is a company that was established
to support local territorial development initiatives. It also provides financial and legal consulting
services to local authorities, banking foundations and other government bodies, with a focus
on urban regeneration and socio-economic development projects, as well as energy efficiency
initiatives.
Istituto per il Credito Sportivo (“ICS”)
ICS, which was reformed under Presidential Decree no. 453 of 20 October 2000, is a residual public-law
bank in accordance with Article 151 of the 1993 Banking Act. It provides medium and long-term fi-
nancing to public and private borrowers for the design and construction of sports facilities. Since 2004,
it has also been authorised to provide financing for cultural initiatives. On 28 December 2011, the Min-
CDP - 2012 Annual Report
Report on operations

68
ister for the Economy and Finance, acting on a proposal of the Bank of Italy, ordered the company to be
placed in special administration, appointing two special commissioners and new members of the Over-
sight Committee.
F2i - Fondi Italiani per le Infrastrutture SGR S.p.A. (“F2i SGR”)
F2i SGR provides asset management services through the promotion, creation, and organisation of
closed-end mutual funds specialising in infrastructure. In July 2007, F2i SGR was entered on the reg-
ister of asset management companies maintained by the Bank of Italy. The same year, F2i SGR
launched the Italian infrastructure fund (Fondo Italiano per le Infrastrutture), the largest fund spe-
cialising in investment in infrastructure assets in Italy. On 2 October 2012, the first closing of the
Secondo Fondo Italiano per le Infrastrutture (see below) took place. The shareholder structure of F2i
SGR was completely reorganized in concomitance with the launch of the fund, with the admission
of new shareholders. CDP Subsequently acquired the new shares of the company, thereby increas-
ing its stake.
Fondo Italiano d’Investimento SGR S.p.A. (“FII SGR”)
On 18 March 2010, Fondo Italiano d’Investimento SGR S.p.A. was established to provide asset
management services through the promotion, creation, organisation and management of one or
more closed-end mutual funds specialising in supporting enterprise development. The same year
it launched the Fondo Italiano d’Investimento investment fund, which with €1.2 billion in resources
promotes investment in Italian SMEs to strengthen their capitalisation and aggregation with other
enterprises.
Europrogetti & Finanza S.p.A. in liquidazione (“EPF”)
This company, in which leading banks and financial institutions hold stakes, was established in 1995 to
deliver subsidised lending services. In view of the company’s lack of growth prospects, the company was
placed into voluntary liquidation at the start of 2009. The liquidation process is continuing with the goal
of completing all the subsidised lending related activities still in place.
3.1.3.2. Investment funds and other investment vehicles
At 31 December 2012, the portfolio of investment funds and other investment vehicles totalled about
€293 million, up around €108 million (+58%) on 31 December 2011.

69
During 2012, the portfolio changed as a result of the following:
•
the subscription of the Class-A units in F2i – Secondo Fondo Italiano per le Infrastrutture in the amount
of €100 million. During the year, CDP paid in a total of €18.3 million on this commitment;
•
the subscription of units in Fondo Investimenti per la Valorizzazione – Plus (FIV Plus) in the amount
of €250 million. During the year, CDP paid in a total of €100 thousand;
CDP - 2012 Annual Report
Report on operations
Investment funds and investment vehicles
(thousands of euros)
31/12/2011
Change
31/12/2012
Sector 
% 
Carrying
from
from
% 
Carrying
Residual
holding
amount
inv./disinv. measurement
holding
amount
commitment
A. Investment vehicles 
1. Inframed Infrastructure 
société par actions simplifiée 
à capital variable 
(Inframed Fund)
Infrastructure
38.93%
28,952 
29,514 
(6,893) 
38.93%
51,573 
87,725
2. 2020 European Fund for Energy, 
Climate Change and Infrastructure 
SICAV-FIS SA 
(Marguerite Fund)
Infrastructure
14.08%
5,094 
18,150 
(4,654) 
14.08%
18,590 
74,750 
3. Galaxy S.àr.l. SICAR
Infrastructure
40.00%
11,708 
(9,360) 
- 
40.00%
2,348 
74,431
4. European Energy Efficiency Fund SA,
SICAV-SIF (EEEF Fund)
Energy
-  A units
5.95%
210 
- 
- 
5.95%
210 
59,610 
-  C units
4.53%
80 
- 
- 
4.53%
80 
B. Investment funds
1. F2i - Fondi Italiani 
per le Infrastrutture
Infrastructure
-  A units
8.10%
85,942 
14,845 
(608) 
8.10%
100,179 
43,156 
-  C units
0.04%
470 
82 
(2) 
0.04%
550 
2. Fondo Italiano 
SMEs and
d’Investimento
export finance 
20.83%
27,444 
37,919 
(13,197) 
20.83%
52,166 
179,823 
3. Fondo Investimenti 
per l’Abitare
Social housing
51.87%
8,630 
37,434 
(11,071) 
49.31%
34,993 
948,333 
4. F2i - Secondo Fondo Italiano
per le Infrastrutture
Infrastructure
- 
- 
18,322 
(454) 
17.39%
17,869 
81,678 
5. Fondo Immobiliare di Lombardia 
- Comparto Uno
(formerly Abitare Sociale 1)
Social housing 
17.39%
9,617 
- 
(1,829) 
9.39%
7,789 
11,000 
6. PPP Italia
Infrastructure and PPP projects
14.58%
7,168 
1,389 
(1,728) 
14.58%
6,828 
7,222 
7. FIV Plus
Public building 
- 
- 
100 
(69) 100.00%
31 
249,900 
Total 
185,316 
148,395 
(40,505) 
293,205 
1,817,628

70
•
draw-downs called by the following funds: Fondo Italiano d’Investimento, Fondo Investimenti per
l’Abitare, Inframed, F2i and F2i II, Marguerite, PPP Italia and FIV Plus, in relation to their own invest-
ment activities;
•
the distribution of €9.3 million by Galaxy, which is currently divesting its holdings.
From an accounting point of view, the funds and investment vehicles can be classified as follows for the
purposes of the separate financial statements:
•
the investment in Galaxy S.àr.l. has been classified as an investment in associates and is therefore car-
ried at purchase cost, net of writedowns;
•
the investments in 2020 European Fund for Energy Climate Change and Infrastructure SICAV-FIS Sa,
Inframed Infrastructure SAS à capital variable and the European Energy Efficiency Fund SA SICAV-SIS
do not constitute investments in subsidiaries or associates. These investments therefore continue to
be classified as available-for-sale financial assets and are measured at fair value, as shares in invest-
ment funds;
•
the investment funds have been classified as available-for-sale financial assets and are measured at
fair value, with changes in value taken to a specific equity reserve.
For the purposes of the separation of organisation and accounting, the stake held in Galaxy S.àr.l. and
investments in investment funds and private equity funds, except for holdings in Fondo Investimenti per
l’Abitare, Fondo Italiano d’Investimento and FIV Plus, come under the Ordinary Account and are there-
fore wholly financed by funding raised under that account. The investments held in the other corporate
investment vehicles and the aforementioned funds come under the Separate Account.
Below is a brief description of the activities of each of the funds in which CDP has subscribed units.
Galaxy S.àr.l. SICAR (“Galaxy”)
Galaxy, a Luxembourg-registered company, was established to make equity or quasi-equity investments
in transportation infrastructure, particularly within Italy, Europe and other OECD countries, in a manner
typical of a private equity fund. The Galaxy shareholders are Caisse des Dépôts et Consignations (“CDC”),
Kreditanstalt für Wiederaufbau (“KfW”) and CDP. At 31 December 2012, the fund’s size was €250 mil-
lion, of which CDP had subscribed €100 million.
The fund’s focus is on the management and sale of the remaining assets in its portfolio.
Inframed Infrastructure SAS à capital variable (“Inframed Fund”) 
In 2010, CDP and other European financial institutions (the CDC of France and the European Investment
Bank, the Caisse de Dépôt et de Gestion of Morocco and the EFG-Hermes Holding SAE of Egypt) launched
the “Inframed” Fund, a variable capital investment vehicle, the main objective of which is to finance in-
frastructure projects in the southern and eastern Mediterranean. The activities of the fund will focus on
a diverse range of long-term infrastructure investments in the transportation, energy, and urban devel-
opment segments. Inframed has received commitments of over €385 million, of which around €160

71
million (41.55% of total commitments) had been received at 31 December 2012. CDP has committed
to more than €150 million (39.9% of total fund commitments), of which over €62 million was already
paid in at 31 December 2012.
2020 European Fund for Energy, Climate Change and Infrastructure SICAV-FIS SA
(“Marguerite Fund”)
Together with other European public financial institutions, at the end of 2009 CDP launched the “2020
European Fund for Energy, Climate Change and Infrastructure SICAV-FIS Sa”, a Luxembourg-registered
closed-end variable capital investment fund which has been set up to act as a catalyst for investment in
infrastructure associated with climate change, energy security and European-wide networks. The fund
will undertake equity or quasi-equity investments in companies that own or manage infrastructure in the
transportation and energy sectors, with a special focus on the renewable energy sector. CDP has com-
mitted to a maximum investment of €100 million out of the fund’s total of around €710 million. The
fund in currently in the investment phase. At 31 December 2012, around €179 million, or 25.5%, had
been called up, of which €25 million payable by CDP.
European Energy Efficiency Fund SA, SICAV-SIF (“EEEF Fund”)
The EEEF Fund is an investment fund sponsored by the European Investment Bank and the European
Commission. Its primary goal is to develop energy efficiency projects and, in general, initiatives to com-
bat climate change proposed by public entities in the EU 27 countries. The fund will primarily act as a
lender to projects (about 80%) and to a residual extent as an investor in the equity of such initiatives.
CDP is participating in the fund with an investment commitment of about €60 million, while the over-
all resources of the fund, which is still in the fund-raising stage, total about €265 million, of which €125
million subscribed by the European Commission on a first-loss basis. At 31 December 2012, around €3.36
million had been paid in, of which €0.29 million by CDP. 
F2i - Fondi Italiani per le Infrastrutture (“F2i”)
The F2i fund, launched in 2008 with the purpose of investing in infrastructure, completed its investment
phase in February 2013, with all of its resources committed. Within the infrastructure area, investment
policy has focused mainly on brownfield projects in the gas distribution chain, airports, water, broad-
band telecommunications networks, renewable energy generation and motorway transport. 
The fund, managed by F2i SGR, has received subscription commitments of €1,852 million, of which
more than €1,322 million had been paid in by investors at 31 December 2012, and over €90 million
has been distributed. CDP has committed to over €150 million (8.14% of total commitments), has paid
in more than €107 million (around 71% of total commitments) and has received distributions totalling
in excess of €7 million.
F2i – Secondo Fondo Italiano per le infrastrutture (“F2i II”)
The Secondo Fondo Italiano per le Infrastrutture, promoted and managed by F2i SGR, was launched at
the start of October last year. At the first closing on 2 October 2012, €575 million of Class-A units in
CDP - 2012 Annual Report
Report on operations

72
the fund had been subscribed by sponsors (shareholders of F2i SGR). At that time, CDP subscribed units
totalling €100 million. At 31 December 2012, the fund called up commitments amounting to around
€105 million (18.32% of the commitments subscribed), of which more than €18 million was paid in by
CDP.
F2i II will continue the investment policy of the F2i fund, consolidating its presence in business areas pur-
sued by the latter, in addition to its own waste-to-energy projects, in which initial investments have al-
ready been made.
PPP Italia
PPP Italia is a closed-end fund specialised in public-private partnerships (PPPs) and is operated by Fon-
daco SGR. The fund’s purpose is to make equity or quasi-equity investments through selected minority
stakes in the following sectors: (i) civil construction (schools, hospitals, public office buildings, etc.), (ii)
the environment and urban regeneration, (iii) transportation and public utilities, and (iv) power genera-
tion projects that use renewable sources. The fund totals €120 million, of which CDP has subscribed
units totalling €17.5 million. The fund started up operations in 2006 and will complete the investment
stage in December 2013. At 31 December 2012, the fund had called up around €70.5 million (59% of
the fund total), of which about €10 million payable by CDP.
Fondo Immobiliare di Lombardia - Sub-fund One (“FIL”)
The FIL is an Italian closed-end ethical real estate fund reserved to qualified investors and managed
by Polaris Investment Italia SGR S.p.A. The fund was promoted by the Fondazione Housing Sociale
(Social Housing Foundation). Its objective is to invest mainly in “social housing” in Lombardy; social
housing comprises housing and all those services that contribute to solving the housing problem (for
families and individuals) with a particular regard to the socially or financially disadvantaged. A sig-
nificant percentage of the housing will be rented controlled and will primarily be targeted at stu-
dents, senior citizens, single-income families, immigrants and other socially or financially disadvan-
taged parties. 
The fund started up operations in 2007. On 15 June 2012, the FIL unitholders’ meeting approved
transforming the fund into an “umbrella fund”. Following this change, Sub-fund One was estab-
lished to hold all the assets and liabilities of FIL on the date of its transformation into an umbrella
fund.
At 31 December 2012, Sub-fund One’s assets amounted to €213 million. CDP’s subscription commit-
ment remains unchanged at €20 million (of which €9 million paid in at 31 December 2012, corre-
sponding to 45% of total commitments subscribed), and holds 9.39% of Sub-fund One (Class-A units),
while the Fondo Investimenti per l’Abitare (owned 49.31% by CDP) holds 31.92% of Sub-fund One
(Class-B units).
Fondo Investimenti per l’Abitare
The Fondo Investimenti per l’Abitare is a real estate fund reserved to qualified investors, promoted and
managed by CDPI SGR, a company operating in the private social housing sector. Its objective is to in-

73
crease the supply of social housing (governed by the Ministerial Decree of 22 April 2008) in Italy, which
is subject to rent control and/or is to be sold at subsidized prices to “socially vulnerable” families (Arti-
cle 11 of Decree Law 112/2008). 
The fund works to support and supplement the social housing policies of the central and local
governments. Having been selected by the Ministry for Infrastructure, the fund has become
the single National Fund for the Integrated System of Real Estate Funds under the National Hous-
ing Plan. 
It operates throughout Italy, mainly serving as a “fund of funds”, investing in real estate investment funds
operated by other asset management companies or holding stakes in real estate firms with qualified mi-
nority holdings of no more than 40% in order to attract additional third-party investors. The fund is al-
so empowered to made direct investments with up to 10% of its capital. 
The fund was formed in July 2010 with the initial partial closing of subscriptions amounting to €1 bil-
lion, fully subscribed by CDP, and has a 30-year life. At 31 December 2012, the fund totalled over €2
billion, of which more than €100 million had been called up (including about €52 million paid in by
CDP).
Fondo Investimenti per la Valorizzazione - Plus (“FIV Plus”)
The first partial closing of subscriptions for Fondo FIV Plus, a closed-end real estate fund reserved to qual-
ified investors, promoted and managed by CDPI SGR, came on 30 October 2012. CDP subscribed 2,500
units for a total of €250 million, making it the sole holder of all the fund’s units. 
The investment policy of Fondo FIV Plus is to purchase properties (primarily through auctions or other
competitive procedures), mainly intended for public, office, commercial, hotel or residential use, owned
by public entities and/or companies that they control directly or indirectly, with unexpressed potential
value that can be leveraged through a change in use, upgrading or rental. The fund will mainly focus on
increasing the value of the properties, including through renovation, restoration or ordinary or extraor-
dinary maintenance or by transforming and developing the properties.
Fondo Italiano d’Investimento
The Fondo Italiano d’Investimento is the result of a project by the MEF, the ABI, Confindustria, CDP,
Intesa Sanpaolo, UniCredit, Banca Monte dei Paschi di Siena and Istituto Centrale Banche Popo-
lari to create an instrument for providing financial support to Italian SMEs. The fund, managed by
FII SGR S.p.A., offers the following types of investments: a) direct investment in the company’s
share capital, usually in the form of a minority interest, and may involve coinvestment by other
specialised funds; b) support as a fund of funds, by investing in other funds that share the invest-
ment policies and objectives of the fund. The fund has capital of €1.2 billion, of which €250 mil-
lion subscribed by CDP. At 31 December 2012, the fund has called up €365 million, of which €70
million pertaining to CDP. There were 55 enterprises involved in the fund at year-end, comprising
both those in which a direct investment has been made and those contained in the portfolios of
the funds in which the fund has invested, for total revenues of about €3 billion and over 20,000
employees.
CDP - 2012 Annual Report
Report on operations

74
3.1.4. Treasury and funding activities of the parent company
3.1.4.1. Treasury management and short-term funding
With regard to the investment of financial resources, the following table reports the aggregates for cash
and cash equivalents, along with an indication of the alternative forms of investing financial resources,
such as securities issued by Italian public entities.
At 31 December 2012, the balance on the current account with the Central State Treasury, where CDP
funding through the Separate Account is deposited, came to about €132.7 billion, an increase of 9%
over the same figure for 2011 (€122 billion). The change was mainly due to the growth in funding
for the year, coming from postal savings products, liquidity from participation in three-year ECB refi-
nancing operations (LTROs), and the effective use of funding instruments on the money market. As
concerns the latter of these elements, it should be noted that, starting from March 2012, CDP be-
Stock of investments of financial resources
(millions of euros)
31/12/2012
31/12/2011
% change
Cash and cash equivalents and other treasury investments
139,062
128,615
8.1%
- Treasury current account
132,704
122,030
8.7%
- Reserve requirement
446
4,434
-89.9%
- Other treasury investments - Separate Account
2,580
3
n/s
- Deposits (assets) - Ordinary Account
978
283
245.9%
- Deposits (assets) on Credit Support Annex transactions
2,354
1,865
26.2%
Debt securities
24,347
17,194
41.6%
- Separate Account
23,062
15,850
45.5%
- Ordinary Account
1,285
1,344
-4.4%
Total
163,409
145,809
12.1%
Stock of short-term funding from banks
(millions of euros)
31/12/2012
31/12/2011
% change
Deposits and repurchase agreements - Separate Account
26,979
14,158
90.6%
Deposits and repurchase agreements - Ordinary Account
1,607
1,815
-11.4%
Deposits (liabilities) on Credit Support Annex transactions
626
455
37.7%
Total
29,213
16,428
77.8%
Net interbank position - Ordinary Account
-630
-1,532
-58.9%
Net deposits on Credit Support Annex transactions
1,728
1,410
22.5%

75
came a recognised counterparty in the liquidity management operations of the MEF (OPTES). In 2012,
these operations generated average funding of €14 billion (with a balance of nil at 31 December
2012) that, to ensure financial balance, was used to i) comply with reserve requirements, ii) invest in
very short-term Italian government securities and iii) carry out repurchase transactions to invest short-
term liquidity with Italian government securities as collateral. 
The liquidity deposited for the reserve requirement came to €446 million at 31 December 2012 (falling
within the final maintenance period of 2012), against a reserve requirement (with which CDP was
compliant) of around €2,500 million for CDP. The liabilities of CDP that are subject to the reserve re-
quirement are those that have a maturity of up to two years, with the exception of liabilities with cred-
it institutions that are subject to the ECB’s reserve requirements. The management of the reserve re-
quirement and its remuneration is designed to ensure the accounting separation of the Separate Ac-
count and the Ordinary Account. 
As regards the deposits for credit support annex (CSA) transactions, which were established under guar-
antee agreements to limit the counterparty risk associated with transactions in derivative instruments,
as at 31 December 2012 there was a net creditor balance of €1,728 million, an increase compared the
balance posted at the end of 2011 (€1,410 million). This change is attributable to the change in fair val-
ue of the derivative instruments associated with these deposits. CSA deposits are also managed in a man-
ner that ensures accounting separation between the two Accounts.
For short-term treasury management operations under the Ordinary Account, CDP uses money market
instruments such as deposits and repurchase agreements in order to optimise the timing and cost of con-
solidation with medium and long-term funding. To invest any excess liquidity, CDP uses deposits with
banks with high credit ratings and short-term Italian government securities. The net position on the mon-
ey market as at December 2012 came to a negative €630 million, compared with the net negative €1,532
million at the end of 2011. This was mainly attributable to the three-year funding generated by partici-
pation in the ECB’s LTROs and by repurchase agreements that finance short-term government securities
through to maturity: the liabilities for repurchase agreements are balanced by investments in govern-
ment securities totalling €1,285 million.
For the Separate Account, during the 2012 the securities portfolio expanded considerably, continuing
the trend seen in 2011, increasing to €23.1 billion from the €15.9 billion of the end of 2011. This rise
was primarily due to the ALM strategies implemented during the year aimed at significantly reducing the
overall level of interest rate risk.
Another factor in the increase in the portfolio of Italian government securities was the purchase of Ital-
ian Treasury bonds (BTPs) to naturally hedge the inflation-linked component of postal savings bonds
(more than €1.5 billion).
CDP - 2012 Annual Report
Report on operations

76
The securities acquired were refinanced, both with repurchase transactions and ECB refinancing opera-
tions totalling about €27 billion, compared with about €14 billion at the end of 2011.
3.1.4.2. Developments in medium and long-term funding
With regard to funding under the Separate Account other than postal savings, following the voluntary
termination of the covered bond programme, approved by CDP in November 2011, on 2 February 2012
CDP issued a repurchase offer for the remaining two series that were still outstanding: Series no. 2 to-
talling €3 billion and with a maturity of January 2013 and Series no. 5 totalling ¥10 billion (about €65
million) and with a maturity of January 2017. By the end of the offer period, Series no. 5 had been re-
purchased in its entirety, whereas Series no. 2 was only partially repurchased. Series no. 2 subsequently
matured on 31 January 2013.
As regards funding not backed by state guarantee, which falls under the Ordinary Account, in line with
planned funding requirements for 2012 and taking into consideration market conditions, new issues in
2012 under CDP’s Euro Medium-Term Notes (EMTN) programme had a total nominal value of €1,728
million, with the characteristics shown in the table below. 
Also during the period, securities that had reached maturity amounting to €900 million were redeemed,
bringing total net funding for the period to €828 million.
Finally, in July, CDP increased the maximum funding threshold under the EMTN programme from €4 bil-
lion to €8 billion in order to meet the growing demand in respect of its lending operations.
During the year, CDP requested and obtained six new disbursements on credit facilities granted by the
EIB in the amount of €792 million, having the characteristics shown in the following table.
Flow of medium/long-term funding
(millions of euros)
EMTN programme
Date of issue/funding
Nominal value
Financial terms 
Issue (maturity date 23-Jan-2014)
23-Jan-2012
526 
Zero coupon
Issue (maturity date 23-Mar-2028)
23-Mar-2012
40 
CMS Switchable
Issue (maturity date 23-Mar-2022)
23-Mar-2012
340 
FR 5.242%
Issue (maturity date 11-May-2015)
18-May-2012
542 
Zero coupon
Issue (maturity date 30-Oct-2017)
30-Oct-2012
50 
FR 4.250%
Issue (maturity date 23-Nov-2020)
23-Nov-2012
230 
FR 4.710%
Total
1,728

77
Both the funds raised through EMTN issues and the funding related to the EIB financing continue to be
used for infrastructure financing under the Ordinary Account.
For the sake of full disclosure, the table below shows CDP’s overall position in medium and long-term
funding as at 31 December 2012, compared with the end of 2011, by product type.
3.1.4.3. Developments in postal savings
At 31 December 2012, the total stock of postal savings, including passbook savings accounts and sav-
ings bonds pertaining to CDP, came to €233,631 million, compared with €218,408 million at the end
of 2011, an increase of 7%.
CDP - 2012 Annual Report
Report on operations
Flow of medium/long-term funding
(millions of euros)
EIB credit facility
Date of issue/funding
Nominal value
Draw (maturity date 31-Dec-2028)
9-Jan-2012
340 
Draw (maturity date 15-Mar-2027)
27-Apr-2012
15 
Draw (maturity date 15-Mar-2027)
29-Jun-2012
15 
Draw (maturity date 20-Sep-2032)
20-Sep-2012
300 
Draw (maturity date 30-Jun-2021)
27-Nov-2012
22 
Draw (maturity date 20-Sep-2032)
20-Dec-2012
100 
Total
792 
Stock of medium/long-term funding
(millions of euros)
31/12/2012
31/12/2011
% change
Medium/long-term funding from banks
3,026 
2,245 
34.8%
EIB credit facility
3,026 
2,245 
34.8%
Bond funding
6,407 
8,069 
-20.6%
Covered bond programme
2,562 
5,058 
-49.3%
- Securities issued
2,563 
5,064 
-49.4%
- IAS/IFRS adjustment
(0.5)
(6)
-92.1%
EMTN programme
3,845 
3,011 
27.7%
- Securities issued
3,846 
3,018 
27.4%
- IAS/IFRS adjustment
(1)
(7)
-87.1%
Total medium/long-term 
funding from banks and bond funding
9,433 
10,314 
-8.5%

78
More specifically, the carrying amount of postal passbook savings accounts reached €98,778 million,
while savings bonds, which are measured at amortised cost, came to €134,853 million.
The increase in postal savings was essentially due to the increase in net funding that CDP posted both
in passbook accounts and in savings bonds.
Examining the various types of passbooks offered by CDP, registered passbooks, accounting for nearly
the entire stock, showed an increase over 2011 (+7%). Bearer passbooks, although marginal, declined
significantly (-49%) to €83 million at year-end.
More specifically, the stock of ordinary registered passbooks increased by 7%, as did the passbooks for
minors, which grew by 8%. By contrast, judicial passbooks contracted by 15%.
Postal savings remains a major component of household savings, amounting to about 14% of that ag-
gregate 31 December 2012, broadly unchanged on that at the end of 201120. The reference segment is
Stock of postal savings
(millions of euros)
31/12/2012
31/12/2011
% change
Postal passbook savings accounts
98,778
92,614
6.7%
Postal savings bonds
134,853
125,794
7.2%
Total
233,631
218,408
7.0%
Passbook savings accounts
(millions of euros)
31/12/2011
Net funding
Reclassification 
Interest 
Withholdings
31/12/2012
and
01/01/2012-
adjustments
31/12/2012
Registered passbook accounts
92,453
4,740
- 
1,860
-359
98,695
- Ordinary
89,404 
4,640
129
1,771 
-341
95,603 
- Time deposits
4 
-0.04
-   
0.00
0,00
4 
- Minors
2,220 
242
-129
70 
-14
2,389 
- Judicial
826 
-142
-   
19 
-4
699 
Bearer passbook accounts
161
-78
- 
0.3
-0.1
83
- Ordinary
160 
-78
-   
0.3 
-0.1
82 
- Time deposits
0,5 
-   
- 
- 
- 
0.5
Total
92,614
4,662
- 
1,861
-359
98,778
20
Bank of Italy, Supplement to the Statistical Bulletin; Assogestioni, Mappa trimestrale del Risparmio Gestito; ANIA, Flussi e re-
serve tecniche settore Vita; Bank of Italy, Money and Banking; Bank of Italy, Financial Accounts.

79
the stock of funding from households (held through financial assets), specifically in the following forms:
deposits and current accounts, bonds, government securities, asset management products and insur-
ance (life insurance).
Net funding from passbooks was a positive €4,662 million, thereby reversing the developments seen in
2011, when net funding came to a negative €5,629 million. This turnaround can be attributed in part
to the success of the offers made by CDP on additional liquidity beginning in December 2011, and specif-
ically: i) “Bonus interessi lordi 2011”, which awarded a gross bonus of €10 for every €1,000 in addi-
tional liquidity invested in December 2011 and held until 30 June 2012; ii) “Tasso Oro per tutti”, which
extends the “Oro” return class to all holders of ordinary registered passbooks; iii) “Più Risparmi Più In-
teressi”, which granted a further annual gross 1.60% on additional liquidity invested in 2012; iv) “Bonus
interessi lordi 2012”, which awards a gross bonus of €10 for every €1,000 in additional liquidity invested
in the period from March to June 2012 and held until 31 March 2013; and v) “Maggiorazione rendi-
mento Libretti Minori”, which for 2012 awarded a gross 1.00% bonus over the yield on additional liq-
uidity for December 2011.
The following table shows a breakdown of net funding from passbooks, by product type.
There was an overall increase of 7% in the stock of postal savings bonds from 2011 thanks to positive
net funding in 2012 and interest accrued during the year.
The stock figures for bonds issued up to 31 December 2011 also include transaction costs resulting from
the application of the IAS/IFRS, consisting of the distribution commissions for all types of bond. The item
“premiums accrued on postal bonds” includes the value of the embedded options separated from indexed
bonds and BFPPremia bonds. The carrying amount at 31 December 2012 reached almost €135 billion.
CDP - 2012 Annual Report
Report on operations
Passbook accounts - Net funding
(millions of euros)
Deposits
Withdrawals
Net funding 
Net funding 
2012
2011
Registered passbook accounts
100,621 
95,881 
4,740 
-5,451
- Ordinary
99,616 
94,976 
4,640 
-5,170
- Time deposits
-   
0.04 
-0.04 
-0.1 
- Minors
590 
348 
242 
223 
- Judicial
415 
556 
-142 
-504 
Bearer passbook accounts
13 
92 
-78 
-178 
- Ordinary
13 
92 
-78 
-178 
- Time deposits
-   
-   
-   
-0.01
Total
100,634 
95,972 
4,662 
-5,629

80
Gross subscriptions of savings bonds for 2012 came to €29,434 million, a decline of 17% from 2011.
The types of savings bonds that posted increased subscription volumes were the following: new 3-year
“Plus” bonds (32% of total subscriptions); 3x4 bonds (19% of total subscriptions); and 18-month “Plus”
bonds (12% of total subscriptions). 
As regards the expansion of the range of postal savings products offered by CDP, in addition to the 3-
year “Plus” bonds, the “7Insieme” bonds, the 2-year “Plus” bonds and the Fedeltà bonds (subscribable
until 10 January 2013 and reserved to holders of ordinary savings bonds issued between 1972 and 1982
who held the bonds until maturity) were also introduced during the year. 
For reasons related to the optimisation of the range of products offered, some of the bonds offered by
CDP in 2012 were no longer subscribable at the reporting date, specifically indexed bonds, Premia bonds
and 3-year “Plus” bonds.
Postal savings bonds - CDP stock
(millions of euros)
31/12/2011
Net 
Accrued
Withholdings
Transaction
Premiums
31/12/2012
funding
costs
accrued on
postal bonds
Ordinary bonds 
74,757
-6,887
2,462
-97
44 
- 
70,280
Fixed-term bonds
461
-94
0.2
-3
- 
- 
364
Indexed bonds
6,106
-1,633
184
-12
- 
-1
4,644
BFPPremia bonds
6,210
-1,917
243
-5
- 
25
4,556
Inflation indexed bonds
14,070
-1,617
382
-18
- 
- 
12,817
Bonds for minors
3,313
445
134
-2
- 
- 
3,890
18-Month bonds
11,696
-5,249
219
-18
- 
- 
6,647
18-Month Plus bonds
7,241
3,052
277
- 
- 
- 
10,571
3x4 bonds
1,940
5,265
142
- 
- 
- 
7,347
7Insieme bonds
-   
879
20
- 
- 
- 
899
3-year Plus bonds
-   
9,010
125
- 
- 
- 
9,135
2-year Plus bonds
-   
2,813
35
- 
- 
- 
2,848
Fedeltà bonds
-   
854
2
- 
- 
- 
856
Total
125,794
4,922
4,225
-156
44
24
134,853
Note: transaction costs include the amortisation of the adjustment of commissions for 2007-2010

81
Net CDP funding from savings bonds came to a positive €4,922 million, which even with the positive
funding on savings passbooks for the year, is down from 2011, when net funding totalled €12,513 mil-
lion. For bonds pertaining to the MEF, on the other hand, redemptions came to €8,452 million, down
compared with the €11,927 million for 2011. As a result, total net redemptions of savings bonds (both
CDP and MEF) for 2012 came to €3,530 million, compared with net funding of €586 million in 2011.
CDP - 2012 Annual Report
Report on operations
Postal savings bonds - CDP net funding
(millions of euros)
Subscriptions
Redemptions
Net funding 
Net funding 
%
2012
2011
change
Ordinary bonds 
1,956
8,842
-6,887
-2,552
169.9%
Fixed-term bonds
0.5
95
-94
-143
-34.1%
Indexed bonds
33
1,665
-1,633
-389
319.7%
BFPPremia bonds
32
1,948
-1,917
119
n/s
Inflation indexed bonds
1,067
2,684
-1,617
-365
342.8%
Bonds for minors
626
181
445
559
-20.4%
18-Month bonds
2,419
7,668
-5,249
6,136
n/s
18-Month Plus bonds
3,640
588
3,052
7,210
-57.7%
3x4 bonds
5,533
268
5,265
1,938
171.7%
7Insieme bonds
932
53
879
-   
n/s
3-year Plus bonds
9,400
390
9,010
-   
n/s
2-year Plus bonds
2,927
114
2,813
-   
n/s
Fedeltà bonds
869
15
854
-   
n/s
Total
29,434
24,512
4,922
12,513
-60.7%

82
If passbook accounts are also considered, total net funding (CDP+MEF) comes to a positive €1,132 mil-
lion, a clear improvement over the €5,043 million in net redemptions posted in 2011. 
Of particular note is the fact that the reduction in net funding from CDP savings bonds was offset in part
by the decline in redemptions of MEF bonds and, above all, by the improvement in net funding from
passbooks.
Postal savings bonds - Total net funding (CDP+MEF)
(millions of euros)
CDP net
MEF
Net funding
Net funding
%
funding
redemptions
2012
2011
change
Ordinary bonds 
-6,887
6,701
-13,587
-8,752
55.2%
Fixed-term bonds
-94
1,751
-1,846
-5,869
-68.6%
Indexed bonds
-1,633
- 
-1,633
-389
319.7%
BFPPremia bonds
-1,917
- 
-1,917
119
n/s
Inflation indexed bonds
-1,617
- 
-1,617
-365
342.8%
Bonds for minors
445
- 
445
559
-20.4%
18-Month bonds
-5,249
- 
-5,249
6,136
n/s
18-Month Plus bonds
3,052
- 
3,052
7,210
-57.7%
3x4 bonds
5,265
- 
5,265
1,938
171.7%
7Insieme bonds
879
- 
879
-   
n/s
3-year Plus bonds
9,010
- 
9,010
-   
n/s
2-year Plus bonds
2,813
- 
2,813
-   
n/s
Fedeltà bonds
854
- 
854
-   
n/s
Total
4,922
8,452
-3,530
586
n/s
Total net postal savings funding (CDP+MEF)
(millions of euros)
Net funding 
Net funding 
%
2012
2011
change
Postal savings bonds
-3,530
586
n/s
- of which: pertaining to CDP
4,922
12,513
-60.7%
- of which: pertaining to the MEF
-8,452
-11,927
-29.1%
Passbook savings accounts
4,662
-5,629
n/s
CDP net funding
9,584
6,884
39.2%
MEF net funding
-8,452
-11,927
-29.1%
Total
1,132
-5,043
n/s

83
3.1.4.4. The agreement with Poste Italiane S.p.A.
Following the signing of a new agreement between CDP and Poste Italiane for 2011-2013 on 3 August
2011, and subsequent supplementary agreements in 2011, additional supplementary agreements were
entered into in 2012, aimed at expanding, improving and innovating the postal savings funding service.
More specifically, the agreement contains a series of initiatives designed to further promote postal sav-
ings products and to improve the service of issuing and placing these products, as well as reformulating
the amount and the conditions for payment of the commission for the year.
A review of the funding targets set out in the agreement for 2012 was also performed. 
As a result of the above and the results achieved, the total commission expense accrued in relation to
postal savings services payable to Poste Italiane for 2012 came to €1,649 million.
3.1.5. The treasury activities of the Fintecna Group
The funding of the Fintecna Group amounted to €448 million, of which €316 million in bank funding, of
which €205 million attributable to the Fincantieri Group and the remainder to the real estate sector, notably
Fintecna Immobiliare S.r.l. (about €108 million) and Quadrante S.p.A. (€2 million). The remainder of €132
million is mainly attributable to the Fincantieri Group in respect of the current account held with its investees.
As at 31 December, 2012, the balance of cash and cash equivalents of the Fintecna Group was approx-
imately €1.3 billion, and was made up of the end-of-year balance on current accounts held with vari-
ous banks. The increase of €564 million compared with 31 December 2011 is ascribable both to the in-
creased liquidity of the Fincantieri Group, from receipts in connection with the conclusion of a number
of contracts, and to the increased liquidity of the parent company, Fintecna.
The balance of the debt securities was €1.5 billion, and was made up of government securities in the
amount of about €1.2 billion (BTP and CCT) and two bonds issued by banks totalling €360 million. 
Of the total liquidity, 73% pertains to the parent company, Fintecna, which holds it as an asset against
“provisions” on the liability side of its balance sheet.
During 2012, Fintecna’s activity focused primarily on consolidating the improved overall yield of its liq-
uidity, which in practice was achieved by generating capital gains through a disinvestment/reinvestment
operation in government securities in the last quarter of the year.
CDP - 2012 Annual Report
Report on operations

84
The following table gives a breakdown of investments of cash and cash equivalents in the last two years:
3.1.6. The treasury activities of the SACE Group
The purpose of the financial operations of the SACE Group is to manage a range of risks through the
application of asset-liability management (ALM) methods. In doing so, the Group has successfully kept
within the risk limits set for each of its subsidiaries and for each type of investment. 
The limits are set to ensure that assets are managed prudently and effectively, with a view to governing
risk and keeping it within predetermined parameters. Value-at-Risk models are used to measure capital
requirements. 
As of 31 December 2012 the balance of cash and cash equivalents of SACE was about €1.1 billion, of
which about €500 million in current accounts held with banks and about €660 million in time deposits.
Equity investments and shares include units in investment funds and investment vehicles and, to a lesser
extent, shares. The overall balance of the debt securities was approximately €5 billion, a decline of 12%
compared with 2011, mainly as a result in changes in the portfolio of financial assets held for trading.
Stock of investments of financial resources
(millions of euros)
31/12/2012
31/12/2011*
% change
Cash and cash equivalents and other treasury investments
1,289 
725
77.8%
Debt securities
1,534 
1,719
-10.7%
Total
2,824 
2,444
15.5%
* The Fintecna Group forms part of the scope of consolidation since 2012. The figures for 2011 are for comparative purposes only
Stock of investments of financial resources
(millions of euros)
31/12/2012
31/12/2011*
% change
Cash and cash equivalents and other treasury investments
1,139
233
388.8%
Equity investments and shares
662
631
5.0%
Debt securities
4,974
5,625
-11.6%
Total
6,775
6,489
4.4%
* The SACE Group forms part of the scope of consolidation since 2012. The figures for 2011 are for comparative purposes only

85
3.2 THE TERNA GROUP
NATIONAL TRANSMISSION GRID
The number of plants belonging to the Terna Group at 31 December 2012 and 31 December 2011 is
shown in the following table:
DEVELOPMENT OF THE NATIONAL TRANSMISSION GRID
On 31 January 2012, in compliance with the Ministerial Decree of 20 April 2005 (regarding the conces-
sion, as amended by decree of the Ministry for Economic Development of 15 December 2010) and Leg-
islative Decree 93/2011, the 2012 Development Plan was sent to the competent authorities for approval.
The Plan, as approved by the Terna board of directors, underwent the consultation procedures with the
Users’ Consultative Committee21 (10 October 2011, 28 November 2011 and 10 February 2012).
This year, in accordance with Legislative Decree 93 of 1 June 2011, two public presentations of the 2012
Development Plan were also held at premises of the Authority for Electricity and Gas on 28 May 2012
and 18 June 2012.
The 2012 Development Plan follows the structure of the previous year’s version and is divided into two
sections:
•
Section I, which sets out the general framework, forecasts, and the new development requirements
that emerged during 2011, along with a specific section, in accordance with the national action plan
for renewable energy, related to development of the national grid for the full use of power gener-
ated from renewable sources;
•
Section II, which describes the progress made on the work envisaged in previous development plans
and the work proposed under the 2011 plan and already submitted for the strategic environmental
assessment (SEA, in accordance with Legislative Decree 152/2006).
CDP - 2012 Annual Report
Report on operations
Terna Group
31/12/2012
31/12/2011
Change
No. of stations
468
454
+14
No. of transformers
650
638
+12
MVA 
136,809
126,623
+10,187
No. of bays
5,047
4,927
+120
Lines  - km
57,438
57,649
-211
No. of 3-phase power lines
4,077
4,040
+37
km 
63,448
63,625
-178
21
The Users’ Consultative Committee, established with the Prime Minister’s Order of 11 May 2004, expresses a non-binding
opinion on the Development Plan as required by Competition Authority Decision no. 14542 of 4 August 2005.

86
As concerns this SEA, it should be noted that the 2012 plan introduces two changes compared with the
2011 edition: the environmental characterisation of the new requirements (Section I) and environmental
analyses of the actions presented in previous plans (Section II), particularly with regard to those being pur-
sued under cooperation agreements, for which the state of progress of such activities is also reported.
These changes have been made in order to integrate the environmental aspects into the planning docu-
mentation and the process itself, in accordance with the goals of Directive 2001/42/EC, which established
the environmental assessment procedures. The changes are also in line with the new approach of the 2012
Environmental Report, which, compared with previous editions, aims to support the full scope of the Plan
with regard to environmental assessment, rather than focusing on an assessment of the individual actions.
The 2012 edition of the European Ten-Year Network Development Plan (TYNDP) has been prepared un-
der the ENTSO-E and calls for Terna to be directly involved in the Regional Forum, both Continental
Central South (for which Terna is a member and coordinator) and Continental South East (member on-
ly). On 5 July 2012, the 2012 edition of the TYNDP was published on the web site of the ENTSO-E,
along with the Regional Investment Plans and the System Outlook and Adequacy Forecast, as well as
the pilot edition of the European Network Code, under the provisions of the EU Regulation for the Third
Energy Package.
The 2012 Development Plan envisages investment of about €4.1 billion (including investment for the
installation of distributed storage systems) in the period 2012-2016 and €3.8 billion over the following
five years. Implementation of the Development Plan will add about 5,250 km of new lines to the NTG
and 157 new stations with new transformation capacity of about 44,800 MVA.
SEA procedure for the Development Plan 
The process for obtaining approval from the Ministry for Economic Development requires the release of
a reasoned SEA opinion from the Ministry for the Environment together with the Ministry for Cultural
Heritage. As concerns the 2011 plan, on 6 June 2012 the Ministry for the Environment provided the Min-
istry for Economic Development with its reasoned opinion and requested a consultation in order to as-
sess the findings of said opinion. Subsequent to this discussion, the Ministry for Economic Development
approved the plan on 2 October 2012, publishing the related summary statement indicating the process
for implementing any comments included in the opinion.
The SEA process related to the 2012 Development Plan was started on 31 January 2012 by way of pub-
lication of the preliminary report. On 17 July 2012, the Ministry for the Environment transmitted its opin-
ion on the 2012 Preliminary Report, and, on 21 December 2012, Terna published the Environmental Re-
port relating to the 2012 Development Plan, the consultation phase for which in relation to the SEA
process will be concluded on 19 February 2013.
WORK PERFORMED DURING THE PERIOD
The most important projects carried out in 2012 and still in progress involved activities to reduce net-
work congestion, connect new generation plants (especially those using renewable energy resources)
and increase the reliability of the NTG with ever greater attention to environmental and safety issues.

87
The following is a description of the major works that are currently in progress and those that were com-
pleted in 2012:
•
new 380 kV “Sorgente-Rizziconi” underwater connection: the first phase of work on the Scilla (Cal-
abria) station has been completed with the opening of the 150 kV section and the 150 kV cables.
The expansion of the Rizziconi (Calabria) station has been completed. Work is nearing completion
on the Sorgente (Sicilia) station. The site is being organised for the station of Villafranca (Sicily). The
first three-phase connection for the underwater cables between Villafranca and Favazzina have been
laid, with the first fibre-optic cable. Excavation of the tunnel and the sub-horizontal gallery in Favazz-
ina is being performed. Work on the 380 kV aerial line in Calabria is 70% complete and work is un-
der way on the power line between Villafranca and Sorgente, in Sicily;
•
380 kV stations to connect renewable-resource plants: the 380/150 kV stations at Deliceto Brindisi
Sud were expanded and construction of the new 380/150 kV Castellaneta station and the 150 kV
Stornara station were completed; work sites were opended for the Erchie station and, as of 20 De-
cember, a bay for temporarily connecting the wind power generator has been up and running;
•
work is at an advanced stage on the construction of the new 380 kV double three-phase power line
connecting the 380 kV Trino station (in the province of Vercelli) with the Lacchiarella station (in the
province of Milan), for a total length of over 100 km;
•
installation of two system phase shifters, one at the Foggia power station and the other at the Vil-
lanova station, was completed;
•
completion of the 380/150 kV Aliano station and the relative connections, the connections for the
150 kV power line are being built;
•
Cassano-Chiari: completed relocation of 220 kV power line interfering with the construction of the
new BREBEMI highway;
•
completed installations of the following 380 kV shunt reactors rated at 285 MVar: Scandale, Aure-
lia, Montalto, Santa Sofia and Feroleto.
Also in 2012, the following work sites were opened:
•
the 380 kV Foggia-Benevento power line: around 85 km long;
•
the 380 kV “Feroleto-Maida” power line: around 13 km long;
•
building of various 150 kV power line connections for the Aliano station (Basilicata), the Lacchiarel-
la station (Lombardy), and the Villafranca station (Sicily);
•
expansion of an additional 150 kV section and installation of the new high-voltage network for con-
necting new users to the existing Foggia (Puglia) and Scandale (Calabria) stations;
•
installation of a 380 kV shunt reactor rated at 285 MVar at the Teramo station;
•
construction of a new 380/150 kV station in Manfredonia (Puglia).
CDP - 2012 Annual Report
Report on operations

88
3.3 SIMEST 
EQUITY INVESTMENTS
In 2012, the company’s board of directors approved 77 projects to acquire equity investments, includ-
ing:
•
62 new investment projects;
•
3 capital increases by companies in which SIMEST already had an equity interest; 
•
12 revisions of previously approved projects. 
The companies in which SIMEST approved investment in 2012 envisage: 
•
a total investment by SIMEST of €103.7 million; 
•
total share capital of €1,050.5 million; 
•
total investment of €1,615.2 million.
The geographical breakdown of investments approved in 2012 shows that Central and South America,
Asia, the EU and non-EU Europe are the main areas of interest for Italian companies investing abroad
(with regard to the number of projects approved).
In 2012, SIMEST acquired 40 new equity investments for a total of €88.3 million. More specifically: 
•
24 new investments in foreign companies pursuant to Law 100/1990 (“non-EU”) for a total of around
€52.2 million; 
•
the subscription of 9 capital increases and 4 revisions of previously approved projects by companies in
which SIMEST already had an equity interest at 31 December 2012 (“non-EU”) totaling €11.0 million;
•
7 new equity investments in Italian and EU companies (“EU”) for €25.1 million.
Acquisitions were made primarily in the mechanical and electrical engineering sectors (32.3%), followed
by energy, agriculture/food products, rubber/plastics and services (about 10% each). 
New investments primarily targeted Asia (32.3%), the Americas (29.0%), the EU (22.6%) and non-EU
Europe (9.7%).
In 2012, 40 investments were divested under the agreements in place with our partners for a total of
€35.9 million.
INVESTMENTS IN THE VENTURE CAPITAL FUND
In 2012, a total of 45 investments were approved by the Guidance and Oversight Committee, of which
43 involving new investments and 2 regarding capital increases (for expansion and/or development of
companies in which the Fund has already invested). The figure does not include plan revisions and up-
dates, which totalled 19 in 2012. The projects approved envisage:
•
total commitment under the Unified Venture Capital Fund of €22.7 million;

89
•
cumulative investments by the foreign companies of €354.9 million, funded by share capital of
€339.1 million.
In 2012, acquisitions of equity investments through the Unified Venture Capital Fund totalled €12.4 mil-
lion and involved:
•
18 new equity investments in companies abroad – in addition to the stakes acquired directly by SIMEST
and/or FINEST – for €9.7 million;
•
8 capital increases and 1 plan revision in companies in which the Unified Fund had already invested
at 31 December 2011 in the amount of €2.7 million. 
Once again, the geographical distribution of new investments by the fund showed a preference for Chi-
na (8 equity investments acquired, of which 4 capital increases), for a total of €3.9 million. Brazil drew
growing interest, with 7 new investments totaling €3.9 million (5 equity investments acquired and 2
capital increases). The other acquisitions were made in a number of different countries (India, Russia,
Egypt, Chile and Thailand).
INTERNATIONAL EXPANSION FINANCIAL SUPPORT FUNDS
As part of the financial assistance it provides to Italian companies for expanding operations abroad,
SIMEST manages two funds: the Fund established by Article 3 of Law 295/1973 and the Revolving Fund
established by Article 2 of Law 394/1981.
Law 295/1973 Fund
The activity of the Fund established by Law 295/1973 consists of:
•
export credits, which are aimed at supporting sectors involved in the production of capital goods
(plants, machinery, infrastructure, public transportation, telecommunications, etc.) that offer defer-
rals of payment on medium/long-term orders to foreign customers. Out of the €4,348 million total
in deferred principal amount approved, €2,101 million (57.8%) relates to the supplier credit pro-
gramme for medium-sized plant, machinery and parts, 35% of which for SMEs. The remaining €2,247
million (42.2%) allocated to the buyer credit programme was used for transactions involving large
companies under major supply contracts (90.8%) involving large orders;
•
support for investment in foreign companies, with the incentive mechanisms envisaged under Article
4 of Law 100/90, which provide for Italian firms to receive interest rate support for loans taken out to
finance part of their equity investments in foreign companies in non-EU countries in which SIMEST has
acquired an interest. In 2012, 45 operations were approved with a value of €114.8 million.
Law 394/81 Revolving Fund
The activity of the Revolving Fund consists of:
•
loans at facilitated interest rates for foreign market penetration programmes. In 2012, loans approved
numbered 129 (103 in 2011), and their value amounted to €107.7 million, a 17.3% increase over
2011 (€91.8 million);
CDP - 2012 Annual Report
Report on operations

90
•
loans at facilitated interest rates for pre-feasibility and feasibility studies and technical assistance pro-
grammes. A total of 19 loans were approved in 2012, of which all for feasibility studies, with a val-
ue of €2.5 million, a 25% increase compared with 2011, when 11 applications were approved with
a value of €2.0 million;
•
loans at facilitated interest rates to improve and safeguard the financial stability of exporter SMEs so
that they will be better equipped to compete in foreign markets. In 2012, 184 applications for a to-
tal of around €85.3 million were approved by the Committee relating to operations under review at
12 December 2011 (date that the acceptance of new applications was suspended). In 2011, 309 ap-
plications were approved for about €144.8 million.

4.1 PARENT COMPANY
The financial position and performance of the parent company at 31 December 2012 is presented be-
low. In order to facilitate understanding of the results for the period, the analysis of the balance sheet
and income statement uses the statements reclassified based on operational criteria.
4.1.1. Reclassified balance sheet
4.1.1.1. Assets
The assets of the parent company from the reclassified balance sheet at 31 December 2012 can be
grouped into the following aggregates:
At the end of the period, total assets came to €305 billion, a 12% increase from the end of the previ-
ous year, when the total was €274 billion.
The stock of cash and cash equivalents (with the available balance on the treasury account equal to €133
billion) was about €139 billion, an increase of about 8% over the end of 2011.
4. Financial position and performance
91
CDP - 2012 Annual Report
Reclassified balance sheet
(millions of euros)
31/12/2012
31/12/2011
% change
ASSETS
Cash and cash equivalents and other treasury investments
139,062
128,615
8.1%
Loans to customers and banks
100,508
98,591
1.9%
Debt securities
24,347
17,194
41.6%
Equity investments and shares
30,570
19,826
54.2%
Assets held for trading and hedging derivatives
1,012
941
7.6%
Property, plant and equipment and intangible assets
214
204
4.7%
Accrued income, prepaid expenses and other non-interest-bearing assets
8,972
7,362
21.9%
Other assets
748
853
-12.4%
Total assets
305,431
273,586
11.6%
Report on operations

92
The stock of loans to customers and banks came to more than €101 billion, an increase of 2% com-
pared with the end of 2011. The rise was primarily attributable to the effect of distributions for enter-
prises and infrastructures and the receipt of payments on loans granted in prior years (loans to public
entities).
Debt securities totalled over €24 billion, an increase of more than 40% compared with the end of 2011.
The rapid growth was mainly due to the subscription of government securities during the year.
At the end of 2012, the carrying amount of equity investments and shares was equal to about €31
billion, sharply up (54%) from the €20 billion reported at the end of 2011). This result is ascribable
to the considerable resources employed in equity investments. In 2012, CDP became a sharehold-
er of SNAM and began, with the acquisition of stakes in SACE, SIMEST and Fintecna, to strength-
en the system for supporting the exports and international expansion of enterprises, as well as cre-
ating a core of real estate expertise to provide support to local entities in leveraging their property
holdings.
Assets held for trading and hedging derivatives posted increased compared with the end of 2011 (+8%).
This aggregate reports the fair value (if positive) of derivative instruments used for hedging, which in-
cludes operational hedge positions that are not recognised as hedging derivatives for accounting pur-
poses: at 31 December 2012, the change in this balance mainly benefited from the increase in the fair
value of the options acquired to hedge the corresponding option component of the equity-linked bonds
(indexed bonds and BFPPremia bonds).
The total balance of property, plant and equipment and intangible assets came to €214 million, of which
€207 million in property, plant and equipment and the remainder in intangible assets. The increase was
attributable to a larger volume of investments made during the period compared with the depreciation
and amortisation charge recognised on existing assets. Specifically, capital expenditure amounted to more
than €17.5 million (compared with €7.4 million in 2011), the result of an increase in investment for ren-
ovation works and new fittings of properties owned by CDP, as well as the acceleration of the techno-
logical innovation projects envisaged in the 2011-2013 Business Plan.
Accrued income, prepaid expenses and other non-interest-bearing assets increased significantly com-
pared with the end of 2011, going from €7,362 million to €8,972 million. The change was attributable
to a variety of factors: a rise in accrued interest on liquidity, a decrease in past-due loans to be settled as
a result of the payment date for instalments falling due at the end of 2011 being a holiday and the in-
crease in the fair value of the loans hedged for financial risks using derivative instruments.
Finally, other assets amounted to €748 million, a decrease of 12% compared with the end of 2011 as
a result of a decline in the balance of current and deferred tax assets. The item also includes payments
on account for withholding tax on interest on postal passbooks and other sundry assets.

93
DEVELOPMENTS IN LOANS TO CUSTOMERS AND BANKS
At 31 December 2012, loans to customers and banks totalled €100,508 million, up from €98,591
million at the end of 2011. The greatest contribution continued to come from the Public Entities area,
although there was also an increase from the previous year in the relative volume of lending for the
Facilitated Credit and Economic Support area, particularly related to the SME fund, the Abruzzo Re-
construction fund and the “2012 Earthquake Moratorium” fund. The contribution of the Financing
area also rose.
The overall balance related to commitments to disburse funds and guarantees came to €16,520 mil-
lion, up from €15,245 million at the end of 2011. This trend is mainly attributable to the Facilitated
Credit and Economic Support area and the Public Interest Lending area as a result of the high vol-
ume of new loans during the year compared with a lower amount of new disbursements and the re-
duction in undisbursed loans granted previously. The impact of this was only partly offset by the re-
duction in the Public Entities area, where the large flow of disbursements outstripped new loan ap-
provals.
CDP - 2012 Annual Report
Report on operations
Stock of loans to customers and banks
(millions of euros)
31/12/2012
31/12/2011
% change
Public Entities
85,418 
86,201 
-0.9%
Facilitated Credit and Economic Support
9,199 
7,580 
21.4%
Financing
5,485 
4,598 
19.3%
Public Interest Lending
182 
34 
435.7%
Other loans
225 
177 
26.9%
Total loans to customers and banks
100,508 
98,591 
1.9%
Commitments to disburse funds and guarantees
(millions of euros)
31/12/2012
31/12/2011
% change
Public Entities
8,018 
9,809 
-18.3%
Facilitated Credit and Economic Support
3,767 
1,675 
124.8%
Financing
1,185 
1,369 
-13.4%
Public Interest Lending
3,549 
2,393 
48.3%
Total commitments to disburse funds and guarantees
16,520 
15,245 
8.4%

94
4.1.1.2. Liabilities and equity
The reclassified liabilities and equity of CDP at 31 December 2012 can be grouped into the following ag-
gregates:
Total funding at 31 December 2012 came to €282 billion (+11% from the end of 2011). Within this ag-
gregate, postal funding continued to grow (up 7% from the end of 2011), with the stock, which com-
prises passbook savings accounts and postal savings bonds, amounting to about €234 billion.
Also contributing to the balance of funding, albeit to a lesser extent, were the following components: 
•
funding from banks (which increased from about €19 billion at the end of 2011 to more than €32
billion at the end of 2012), the rise in which is mainly attributable to credit lines with the ECB and,
to a consequently lesser extent, draws on EIB credit lines; 
•
funding from customers, the balance of which, equal to about €10 billion (up 11% on 2011),
regards (i) the establishment of a deposit by CDP RETI pending payment of the third instalment
of the price for SNAM; (ii) the recognition of a liability in respect of MEF for payment of the ad-
justment associated with the acquisition of Fintecna; (iii) the increase in funds held by FSI with
the parent company following payment of residual share capital commitments by shareholders;
and (iv) the portion of specific-purpose loans in repayment as at 31 December 2012 and not yet
disbursed; 
•
funding from bonds, which declined by 21% from the end of 2011 to somewhat over €6 billion due
to the redemption of covered bonds that had reached maturity in the amount of €2 billion and com-
pletion of the partial buy-back.
Reclassified balance sheet
(millions of euros)
31/12/2012
31/12/2011
% change
LIABILITIES AND EQUITY 
Funding
282,335
254,214
11.1%
- of which: postal funding
233,631
218,408
7.0%
- of which: funding from banks
32,242
18,680
72.6%
- of which: funding from customers
10,055
9,057
11.0%
- of which: funding from bonds
6,407
8,069
-20.6%
Liabilities held for trading and hedging derivatives
3,109
3,154
-1.4%
Accrued expenses, deferred income and other non-interest-bearing liabilities
695
757
-8.1%
Other liabilities
1,528
539
183.7%
Provisions, taxes and staff severance pay
928
454
104.5%
Equity
16,835
14,469
16.4%
Total liabilities and equity
305,431
273,586
11.6%

95
Liabilities held for trading and hedging derivatives posted a slight decrease compared with the end of
2011 (-1%) to stand at €3,109 million. The aggregate includes the fair value (if negative) of derivative
instruments used for hedging, including operational hedges that are not recognised as hedge positions
for accounting purposes. The decline registered in the period reflects the reduction in the fair value of
the option component unbundled from the indexed bonds and BFPPremia bonds.
Accrued expenses, deferred income and other non-interest-bearing liabilities amounted to €695 million
at the end of 2012, down about €61 million compared with 31 December 2011 as a result of a decrease
in accrued expenses on bond funding, partly offset by an increase in liabilities to be settled with banks.
Developments in the other aggregates can be summarised as follows: (i) the increase in other liabilities,
the stock of which totalled €1,528 million at the end of the period, was mainly due the rise in the lia-
bility in respect of Poste Italiane for the remuneration of fund-raising services in the postal savings sys-
tem; and (ii) the rise in provisions for contingencies, taxes and staff severance pay (equal to €928 mil-
lion), essentially due to an increase in payables related to current and deferred taxes.
Finally, equity at the end of December 2012 came to €16.8 billion. The increase over the end of 2011
(+16%) was due to the combined impact of net income for the period (€2,853 million), only partially
offset by dividends paid to shareholders in the period in respect of 2011 net income, and the increase
in the valuation reserves for securities classified as financial assets available for sale.
4.1.1.3. Balance sheet ratios
In 2012, funding from postal savings grew more than the stock of loans to customers and banks, there-
by increasing the ratio of the stock of postal savings funding to total loans to customers and banks.
The ratio of equity investments and shares to the company’s total equity increased as a result of new ma-
jor investments CDP made during the year.
CDP - 2012 Annual Report
Report on operations
Main indicators (reclassified data)
2012
2011
Loans to customers and banks/Total assets
32.9%
36.0%
Loans to customers and banks/Postal funding
43.0%
45.1%
Equity investments and shares/Equity
1.82x
1.37x 
Gross bad debts and substandard loans/Gross loans to customers and banks
0.118%
0.096%
Net bad debts and substandard loans/Net loans to customers and banks
0.049%
0.032%
Net writedowns/Net loans to customers and banks
0.020%
0.009%

96
The credit quality of CDP’s loan portfolio remains very high and its risk profile moderate, as shown by
the very low cost of credit.
4.1.2. Reclassified income statement
4.1.2.1. Financial performance
The following analysis of CDP’s performance is based on an income statement that has been reclassified
on the basis of operational criteria, and specifically: 
The results achieved in 2012 were very positive for CDP, thanks above all to the performance in net in-
terest income. The results also reflect the non-recurring gain on the sale of 120 million ENI shares, equal
to €513 million before taxes, although, as discussed further on, this was not the decisive factor in the
strong performance.
Net interest income amounted to €3,522 million, more than 50% higher than in 2011 as lending rates
rose more than the cost of funds.
The rise in net interest income was also reflected in gross income, where the impact of the rise in com-
mission expense on postal savings consistent with the net funding targets set out in the agreement with
Poste Italiane, was fully offset by the gain on the partial divestment of the shares held in ENI noted above
and the positive performance of trading and hedging operations in derivatives.
Reclassified income data
(millions of euros)
31/12/2012
31/12/2011
Change (+/-)
% change
Net interest income
3,522
2,329
1,193
51.2%
Dividends
1,207
1,229
(22)
-1.8%
Net commissions
(1,612)
(1,489)
(123)
8,2%
Other net costs and revenues
536
(39)
574
n/s
- of which Eni gain
365
-
365
n/s
Gross income
3,653
2,030
1,622
79.9%
Net writedowns
(23)
(10)
(13)
124.6%
Overheads
(111)
(93)
(18)
19.3%
- of which: administrative expenses
(103)
(85)
(18)
21.3%
Operating income
3,530
1,939
1,591
82.1%
Gain on equity investments
147
(14)
161
n/s
- of which Eni gain
147
-
147
n/s
Net income
2,853
1,612
1,241
77.0%

97
Overhead costs comprise staff costs and other administrative expenses, as well as writedowns of prop-
erty, plant and equipment and intangible assets.
Staff costs in 2012 came to €55 million, an increase of 7% compared with 2011. The increase mainly
reflects the expansion in the workforce to strengthen CDP’s skill set as envisaged in the 2011-2013 Busi-
ness Plan, ordinary wage developments and higher expenses for employee services.
Other administrative expenses also increased, reflecting the full implementation of the initiatives con-
tained in the Business Plan, but nevertheless expanded by less than revenues. The change was the pri-
marily the result of: (i) higher IT costs due to the acceleration in spending on the technological innova-
tion projects envisaged in the 2011-2013 Business Plan; (ii) increased expenses connected with the ac-
quisition of equity investments; and (iii) increased expenses connected with the promotion of awareness
of CDP’s scope of business.
Taking into account the other residual items and taxes, net income in 2012 amounted to €2,853 mil-
lion, up 77% on 2011.
Excluding the positive effects of the gain on the partial divestment of ENI shares, net income would have
still increased by about 50%.
CDP - 2012 Annual Report
Report on operations
Breakdown of overheads
(thousands of euros)
31/12/2012
31/12/2011
Change (+/-)
% change
Staff costs
54,905
51,452
3,453
6.7%
Other administrative expenses
45,362
31,146
14,216
45.6%
Professional and financial services
8,862
5,381
3,481
64.7%
IT expenses
18,535
10,305
8,230
79.9%
General services
7,942
7,435
507
6.8%
Publicity and marketing expenses
2,515
2,021
494
24.4%
- of which for mandatory publicity
1,150
1,126
24
2.1%
Information resources and databases
1,264
1,383
(120)
-8.6%
Utilities, taxes and other expenses
5,799
4,187
1,612
38.5%
Corporate bodies expenses
445
434
11
2.6%
Total net administrative expenses
100,267
82,598
17,669
21.4%
Expenses rebilled to third parties
2,720
2,312
408
17.6%
Total administrative expenses
102,987
84,910
18,077
21.3%
Net adjustments of property, plant and equipment 
and intangible assets
7,690
7,888
(198)
-2.5%
Total
110,677
92,798
17,879
19.3%

98
4.1.2.2. Performance indicators
Analysing the indicators, we find a substantial increase in the spread between lending and funding rates,
which went from about 110 basis points in 2011 to about 150 basis points in 2012.
Compared with 2011, there was also an improvement in the indicators of operating efficiency, such as
the cost-to-income ratio, which went from 4.6% at the end of December 2011 to 3.0% at the end of
2012. This reflects the improvement in the performance of financial operations, only partially offset by
the rise in overheads.
Finally, the return on equity (ROE) for 2012 increased compared with 2011, going from 11.7% to 19.7%,
reflecting the increase in net income for the year.
Reclassified income data - pro forma excluding non-recurring items and discontinuities
(millions of euros)
31/12/2012
31/12/2011
Change (+/-)
% change
Net interest income
3,522
2,329
1,193
51.2%
Dividends
1,240
1,229
11
0.9%
Net commissions
(1,612)
(1,489)
(123)
8.2%
Other net revenues
171
(39)
209
n/s
Gross income
3,321
2,030
1,290
63.6%
Net writedowns
(23)
(10)
(13)
124.6%
Overheads
(111)
(93)
(18)
19.3%
Operating income
3,198
1,939
1,259
65.0%
Net income
2,399
1,612
787
48.8%
Main indicators (reclassified data)
2012
2011
Net interest income/Gross income
96.4%
114.7%
Net commissions/Gross income
-44.1%
-73.3%
Other revenues/Gross income
47.7%
58.6%
Commission expense/Postal funding
0.7%
0.7%
Spread on interest-bearing assets - liabilities
1.5%
1.1%
Cost/income ratio
3.0%
4.6%
Cost/income ratio (including commission expense on postal funding)
33.3%
45.3%
Net income/Opening equity (ROE)
19.7%
11.7%
Net income/Average equity (ROAE)
18.2%
11.4%

99
4.1.3. Reconciliation
The following table reconciles the financial statements prepared in accordance with Bank of Italy circu-
lar no. 262/2005, as amended, and the aggregates as reclassified on an operational basis.
The reclassifications mainly regarded the following:
•
the allocation to specific and distinct items of interest-bearing amounts and non-interest-bearing
amounts;
•
the revision of portfolios for IAS/IFRS purposes with their reclassification into uniform aggregates in
relation to products and business lines.
CDP - 2012 Annual Report
Report on operations

100
Balance sheet - Assets
(millions of euros)
2012
Cash and Cash 
Loans to 
Debt 
Equity
Assets held 
Property, 
Accrued income, 
Other
equivalents and
customers
securities 
investments
for trading 
plant
prepaid expenses
assets
other treasury
and banks
and shares
and hedging
and equipment
and other 
investments
derivatives
and intangible
non- interest 
assets
bearing assets
ASSETS
10. Cash and cash 
equivalents
0.004
0.004
20. Financial assets held 
for trading
640
640
40. Financial assets 
available for sale
4,975
4,679
302
-5
50. Financial assets held 
to maturity
16,731
16,213
518
60. Loans to banks
13,178
3,858
8,767
500
54
70. Loans to customers
238,306
135,204
91,741
2,956
8,405
80. Hedging derivatives
372
372
100. Equity investments
30,268
30,268
110. Property, plant 
and equipment
207
207
120. Intangible assets
7
7
130. Tax assets
508
508
150. Other assets
239
239
Total assets
305,431 139,062
100,508 24,347
30,570
1,012
214
8,972
748
ASSETS - RECLASSIFIED SCHEDULES

101
CDP - 2012 Annual Report
Report on operations
LIABILITIES AND EQUITY - Reclassified schedules
Balance sheet - Liabilities and equity
(millions of euros)
2012
Funding
Liabilities held
Accured expenses, 
Other 
Provisions, taxes
Equity
for trading 
deferred income
liabilities
and staff 
and hedging 
and other 
severance
derivatives
non-interest 
pay
bearing liabilities
LIABILITIES AND EQUITY
10. Due to banks
34,055
33,725
330
20. Due to customers
242,303
242,203
100
30. Securities issued
6,672
6,407
265
40. Financial liabilities
held for trading
477
477
60. Hedging derivatives
2,576
2,576
70. Adjustment of financial 
liabilities hedged generically
56
56
80. Tax liabilities
916
916
100. Other liabilities
1,528
1,528
110. Staff severance pay
1
1
120. Provisions
12
12
130. Valuation reserves
965
965
160. Reserves
9,517
9,517
180. Share capital
3,500
3,500
200. Net income for the period
2,853
2,853
Total liabilities and equity
305,431
282,335
3,109
695
1,528
928
16,835

102
4.2. THE IMPACT OF CONSOLIDATION
The financial position and performance of the CDP Group at 31 December 2012 is presented below. For
more detailed information on financial position and performance, please see the separate reports and
financial statements of the other CDP Group companies, which contain all the relevant accounting in-
formation and an analysis of the performance of these companies.
Regarding the Group’s performance, it should be noted that the related figures do not include the con-
tribution of SACE, the Fintecna Group and SIMEST, given that the acquisition was completed near the
end of the year and in view of how the transaction was structured, which resulted in the shares being
transferred prior to the date on which the definitive sales price was determined. In addition, CDPI SGR
and FSI made only a limited contribution since they only recently started operations.
The following section discusses the main changes in the financial aggregates of the CDP Group, with
the exception of the aspects already presented with regard to the parent company.
For the sake of full disclosure, a schedule reconciling management accounts with the financial state-
ments is also provided.
4.2.1. Reclassified consolidated balance sheet
The following table presents the situation of the CDP Group, with specific reporting of the contributions
of financial operations (CDP, SACE, SIMEST, CDPI SGR and FSI) and non-financial operations (Terna Group,
Fintecna Group, CDP GAS and CDP RETI). The difference between the consolidated results and the sum
of the contributions of the two spheres of operations is the result of consolidation eliminations and ad-
justments.

103
At 31 December 2012, the total assets of the CDP Group came to about €329 billion, up more than
14% compared with the end of 2011. The rise was mainly attributable to the increase in “Cash and cash
equivalents and other treasury investments”, “Debt securities” and “Accrued income, prepaid expens-
es and other non-interest-bearing assets”.
The stock of cash and cash equivalents rose to nearly €145 billion (up more than €15 billion on the end
of 2011). In addition to the items described in relation to the parent company, the remainder of this ag-
gregate also includes deposits and and other liquid assets attributable to FSI and SACE in relation to fi-
nancial operations, which total about €2.5 billion, and the cash of the Terna Group, CDP RETI and CDP
GAS, related to non-financial operations, which total some €4.8 billion. The increase in cash and cash
equivalents can be broken down as follows: (i) the Terna Group (up about €1.2 billion) related to the
cash generated by the bond issues completed in 2012 and by current operations; (ii) FSI with the parent
company (eliminated during consolidation) as a result of to the payment of the remaining share capital
by shareholders; (iii) the subsidiary CDP RETI, whose cash and cash equivalents (also eliiminated during
consolidation) mainly include amounts to pay the third instalment of the SNAM investment. 
The stock of loans to customers and banks (essentially attributable to the parent company) increased
compared with the end of 2011 (+5%), partly due to the change in the scope of consolidation. The ag-
CDP - 2012 Annual Report
Report on operations
Reclassified consolidated balance sheet
(millions of euros)
Assets
31/12/2012
31/12/2011
% change
CDP
Parent 
of which financial of which non- Eliminations/
CDP
Group
company
operations
financial
adjustments
Group
(excl. parent company)
operations
Cash and cash equivalents 
and other treasury investments
144,659
139,062
2,536
4,788
(1,727)
129,888
11.4%
Loans to customers and banks
102,783
100,508
2,423
605
(754)
98,091
4.8%
Debt securities
30,730
24,347
4,956
1,535
(107)
17,194
78.7%
Equity investments and shares
21,290
30,570
291
4.522
(14,092)
18,960
12.3%
Reinsurers’ share 
of technical provisions
106
-
106
-
-
-
n/s
Assets held for trading
and hedging derivatives
1,799
1,012
19
768
-
1,512
18.9%
Property, plant and 
equipment and intangible assets
12,981
214
106
10,526
2,136
11,542
12.5%
Accrued income, prepaid expenses 
and other non-interest-bearing 
assets
9,147
8,972
42
139
(6)
7,365
24.2%
Other assets
5,056
748
366
3,949
(8)
2,591
95.2%
Total assets
328.551
305,431
10,845
26,833
-14,558
287,143
14.4%

104
gregate came to €103 billion at 31 December 2012. The balance related to financial operations not at-
tributable to the parent company, in the amount of €2.4 billion, includes the balance related to the SACE
Group (about €2 billion), which is mainly related to the operations of SACE Fct (around €1.1 billion) and
to receivables from foreign countries by subrogation originally transferred by the MEF (over €700 mil-
lion). The aggregate also includes the equity investments held by SIMEST for a total of €376 million. The
allocation of these equity investments under loans to customers takes account of the characteristics of
the SIMEST transactions, which include the obligation of the partner to repurchase the stake upon ex-
piration of the accords. The balance related to non-financial operations includes: (i) the portion attrib-
utable to the Fintecna Group, which is mainly related to financing granted by Fintecna to Ligestra S.r.l.
and Ligestra Due S.r.l. (about €255 million) and to receivables from Fincantieri; (ii) the revolving share-
holder loan granted by CDP GAS to TAG for the purpose of providing the company with financial sup-
port in conjunction with analogous financing granted to CDP GAS by the parent company, the latter of
which has been eliminated in consolidation.
At 31 December 2012, debt securities amounted to nearly €31 billion, up 79% compared with the end
of 2011. In addition to the developments discussed in relation to the parent company, the change is due
to the recent consolidation of SACE (with the balance of about €5 billion being mainly attributable to
the portfolio of securities recognized under financial assets held to maturity and financial assets held for
trading) and of the Fintecna Group (in the amount of €1.5 billion, composed of government securities
and the bonds of two banks subscribed by Fintecna).
Equity investments and shares increased by about 12% from their level at December 2011, reaching
around €21 billion. The change in this aggregate is mainly attributable to CDP RETI (due to the acquisi-
tion of a stake in SNAM mentioned above), FSI (the acquisition of interests in Metroweb and Kedrion)
and the Fintecna Group (the consolidation of the equity investments held by this group).
Reinsurers’ share of technical provisions include reinsurers’ commitments under reinsurance agreements
with the SACE Group. At 31 December 2012, the balance was €106 million.
Assets held for trading and hedging derivatives amounted to €1.8 billion, increasing by 19% over the
figure at the end of 2011. The aggregate reports the fair value (if positive) of derivative instruments used
for hedging, which includes operational hedges that are not recognised as such for accounting purpos-
es. Apart from the impact of the change in the scope of consolidation compared with the end of 2011
and the developments discussed in relation to the parent company, the rest of the change in this ag-
gregate is essentially attributable to the Terna Group (up €183 million) related to the increase, owing to
the decline in interest rates, in the fair value of the derivative instruments used to hedge the interest rate
risk on bond issues.
Property, plant and equipment and intangible assets totalled nearly €13 billion, up 12% over the end of
2011, pertaining almost entirely to non-financial operations. The Terna Group reports a figure of €9.8

105
billion (€9.1 billion at the end of 2011), of which nearly all (over €9.3 billion) relates to property, plant
and equipment, with an additional €470 million in respect of intangible assets. The increase compared
with the end of 2011 is attributable to ordinary changes during the period in respect of capital expen-
diture, disposals, and depreciation and amortisation. More specifically, the total capital expenditure by
the Terna Group in 2012 amounted to about €1.2 billion (almost entirely relating to property, plant and
equipment), while depreciation and amortisation, disposals and other negative changes came to more
than €400 million. The change in the balance for the Group also includes about €800 million in respect
of the contribution of the Fintecna Group (mainly industrial buildings, plant and goodwill for the Fin-
cantieri Group) and, to a lesser extent, of SACE.
Accrued income, prepaid expenses and other non-interest-bearing assets increased by more than 24%
compared with the end of 2011, going from €7,365 million to €9,147 million, almost entirely attribut-
able to the parent company. Readers are invited to consult the discussion of the item with regard to the
parent company for more information.
Finally, other assets amounted to about €5.1 billion, which is nearly double the figure for the end of
2011, mainly due to the expansion in the scope of conslidation. For the Terna Group, the aggregate,
which includes tax assets and trade receivables, amounted to €2.0 billion. The increase over the end of
2011 of some €240 million is mainly attributable to the receivable related to the fees paid to Terna for
the use of the NTG by electricity distributors. For the Fintecna Group, the aggregate includes construc-
tion contracts, inventories, advances and tax assets totaling €1.9 billion. The balance attributable to
SACE, in the amount of €340 million, also includes tax assets and trade receivables.
CDP - 2012 Annual Report
Report on operations

106
Total funding at 31 December 2012 came to €290 billion, up 12% over the end of 2011.
Within this aggregate, postal funding, attributable to the parent company, continued to grow. For a more
complete analysis see the discussion above.
The aggregate also includes funding from banks, which rose from about €21 billion in 2011 to more
than €35 billion at 31 December 2012, with the increase essentially being attributable to the parent
company. Regarding the other companies of the Group, the balance for the Fintecna Group (of €316
million) includes €205 million related to the Fincantieri Group, with the remainder being attributable to
Fintecna Immobiliare. The decrease posted for the period by the Terna Group (of about €60 million) was
due to the repayment of EIB financing. Finally, as concerns SIMEST, funding from banks refers to the use
of credit lines granted mainly by banks that are shareholders in the company.
Funding from customers increased by 11% compared with the end of 2011 to about €9.4 billion. In ad-
dition to the amount attributable to the parent company, this aggregate includes the CDP RETI debt
Reclassified consolidated balance sheet
(millions of euros)
Liabilities and equity
31/12/2012
31/12/2011
% change
CDP
Parent 
of which financial of which non- Eliminations/
CDP
Group
company
operations
financial adjustments
Group
(excl. parent company)
operations
Funding
289,738
282,335
216
9,776
(2,589)
259,391
11.7%
- of which: postal funding
233,631
233,631
-
-
-
218,408
7.0%
- of which: funding from banks
34,633
32,242
140
2,251
-
20,674
67.5%
- of which: funding from customers
9,396
10,055
76
1,736
(2,471)
8,456
11.1%
- of which: funding from bonds
12,078
6,407
-
5,789
(118)
11,852
1.9%
Liabilities held for trading 
and hedging derivatives
3,295
3,109
12
174
-
3,271
0.7%
Accrued expenses, deferred 
income and other non-interest-
bearing liabilities
1,731
695
-
1,040
(4)
1,357
27.6%
Other liabilities
5,967
1,528
129
3,915
396
2,825
111.2%
Insurance provisions
2,570
-
2,590
-
(20)
-
n/s
Provisions for contingencies, 
taxes and staff severance pay
4,194
928
359
2,132
774
1,950
115.1%
Equity
21,057
16,835
7,540
9,797
(13,115)
18,349
14.8%
- of which pertaining 
to shareholders of the 
parent company
18,183
15,525
17.1%
Total liabilities and equity
328,551 305,431
10,845
26,833
-14,558
287,143
14.4%

107
payable to ENI for the acquisition of SNAM (in the amount of about €880 million) and financing grant-
ed by the parent company to CDP GAS (in the amount of €225 million) and Terna (€500 million). De-
posits with the parent company and financing granted by the parent company to other companies of
the Group are eliminated in consolidation.
Funding from bonds increased by about €220 million (2%) compared with the end of 2011. The trend
in the balance for the Terna Group ran counter to the decline registered by the parent company discussed
earlier, with long-term debt for the Terna Group increasing by €2 billion, net of related expenses and is-
sue discounts, as a result of two new bond issues maturing in 2017 and 2018.
The item “Liabilities held for trading and hedging derivatives” reports the fair value (if negative) of de-
rivatives used for hedging, including operational hedges that are not recognised as such for accounting
purposes. There were no significant changes in the balance of this aggregate at the consolidated level
compared with the end of 2011.
Accrued expenses, deferred income and other non-interest-bearing liabilities increased by 28% com-
pared with the end of 2011, going from €1,357 million to €1,731 million. The parent company con-
tributed €695 million to this figure, a decrease compared with the amount at the end of 2011. By con-
trast, the Terna Group’s contribution rose by about €420 million, mainly due to the rise in the valuation
of hedged funding and, to a lesser extent, higher accrued interest on bonds.
The balance of other liabilities came to about €6.0 billion (more than double the figure for 2011), €2.4
billion of which attributable to the Terna Group, €1.5 billion to the Fintecna Group and the remainder
to financial operations. The balance also reflects the provisional allocation of the difference between
the purchase price of the equity investments and the value of the equity of the companies that joined
the scope of fully consolidated companies in 2012, in the amount of about €380 million. The increase
in the balance, which also includes the trade payables of the various groups, came to about €1.6 bil-
lion in relation to non-financial operations due essentially to the change in the scope of consolidation
for the period.
The balance of about €2.6 billion for insurance provisions includes the provisions set aside, on the ba-
sis of reasonable forecasts, against the commitments undertaken as part of the Group’s insurance busi-
ness. At 31 December 2012, the balance was entirely attributable to the SACE Group.
Provisions for contingencies, taxes and staff severance pay, in the amount of €4,194 million, more than
doubled compared with the end of 2011, with the increases attributable to the parent company, the Fin-
tecna Group and the SACE Group more than offsetting the decrease posted by the Terna Group. More
specifically, and apart from the change attributable to the parent company, the most significant part of
the increase was related to the recent consolidation of the Fintecna Group, the provisions of which to-
talled about €1.6 billion, which includes amounts allocated against probable charges and losses mainly
CDP - 2012 Annual Report
Report on operations

108
at the Fintecna level, given the company’s business of managing liquidation and litigation proceedings.
In particular, these provisions regard contingencies for disputes, the reclamation and conservation of re-
al estate, real estate risks, and contractual commitments. The balance attributable to the SACE Group is
essentially related to tax liabilities.
Equity at 31 December 2012 amounted to about €21.1 billion, up on the €18.3 billion posted at the
end of 2011. This was attributable to the net income generated by the various Group companies, off-
set by dividends paid to shareholders out of income for 2011. Around €18.2 billion of total equity is per-
taining to the shareholders of the parent company (an increase of 17% on 2011) and about €2.9 bil-
lion to non-controlling interests (in line with the previous year).
4.2.2. Reclassified consolidated income statement
The following table presents the situation of the CDP Group, with specific reporting of the contributions
of financial operations (CDP, CDPI SGR and FSI) and non-financial operations (Terna Group, CDP GAS
and CDP RETI). For the sake of clarity, consolidation eliminations and adjustments have been allocated
either to the parent company or to the respective scope of operations of the consolidated companies.
Equity
(millions of euros)
31/12/2012
31/12/2011
Equity attributable to the shareholders of the parent company
18,183
15,525
Non-controlling interests
2,874
2,824
Total equity
21,057
18,349

109
The net income of the CDP Group rose signficantly, mainly due to developments in net interest income
of the parent company.
As noted elsewhere, the major changes in the scope of consolidation have had no material impact on
performance given the timing and structure of the acquisitions carried out at the end of 2012.
Group net income for 2012 amounted to €3,232 million (€2,924 million of which pertaining to the
shareholders of the parent company), an increase of 38% over 2011. 
More specifically, net interest income came to €3,449 million, an increase of 56% over 2011. This per-
formance is mainly attributable to the increase in the spread between lending and funding registered by
the parent company, whereas there was a negligible impact from non-financial operations, including the
reduction in net financial expense posted by the Terna Group (down €26 million), the increase in inter-
est income for CDP GAS related to the shareholder loan to TAG (up €6 million) and the interest expense
of CDP RETI on the deferral of the payment to ENI (in the amount of €6 million, which was not present
in 2011 given the change in the scope of consolidation).
The balance for dividends was essentially nil because, with the exception of income from investment
funds and other investment vehicles (about €400 thousand), it reports the contribution of ENI, Terna
CDP - 2012 Annual Report
Report on operations
Reclassified income statement
(millions of euros)
31/12/2012
31/12/2011
% change
CDP
parent
of which financial of which non-
CDP
Group company
operations 
financial
Group
(excl. parent company)
operations
Net interest income
3,449
3,531
0.2
(82)
2,214
55.8%
Dividends
0.4
0.4
-
-
3
-86.0%
Net commission income
(1,603)
(1,612)
10
(1)
(1,483)
8.1%
Other net revenues
165
171
(0.01)
(5)
(69)
n/s 
Gross income
2,011
2,090
10
(89)
665
202.5%
Net writedowns
(23)
(23)
-
-
(10)
124.6%
Overheads
(997)
(111)
(13)
(873)
(937)
6.4%
- of which: administrative expenses
(523)
(103)
(13)
(408)
(488)
7.3%
Other operating income (costs)
1,798
2
0.02
1,796
1,633
10.1%
Operating income
3,263
1,966
(2)
1,300
1,799
81.3%
Profit on equity investments
1,628
1,476
-
152
1,711
-4.9%
Net income
3,232
2,641
(0.4)
591
2,345
37.8%
Net income (loss) for the year pertaining 
to non-controlling interests
308
177
73.6%
Net income (loss) for the year pertaining 
to shareholders of the parent company
2,924
2,167
34.9%

110
and CDPI SGR (to the parent company in the total amount of €1,206 million), TAG (to CDP GAS in the
amount of €103 million) and SNAM (to CDP RETI in the amount of €101 million), all of which is elimi-
nated in consolidation.
Net commission expense amounted to €1,603 million (up 8% compared with 2011), essentially borne
by the parent company. The balance also includes the management fee income reported by CDPI SGR,
which amounted to about €10 million in the period, for its operation of the FIA, an increase of 25% on
fees received in 2011.
These factors were accompanied by the positive effects of the contribution of other net revenues, main-
ly related to the improvement in the performance of trading and hedging activities by the parent com-
pany (in the amount of about €170 million).
Overhead costs include staff costs and other administrative expenses, as well as value adjustments
of property, plant and equipment and intangible assets. The aggregate increased slightly (6%) over
2011 to €997 million, of which €124 million pertaining to financial operations and €873 million
to non-financial operations. In particular, the change attributable to the Terna Group (up €33 mil-
lion) was due to the increase in depreciation of property, plant and equipment as new plant was
put into operation. At the same time, administrative expenses remained essentially stable, given
that staff costs declined while operating costs increased (due largely to the increase in costs for gen-
eral services and to the new municipal property tax). Regarding financial operations, the increase
in overhead costs was mainly due to developments in the expenditure of the parent company and,
to a lesser extent, to the increase in costs incurred by FSI as a result of beginning full operations in
2012.
Other operating income and costs showed €1,798 million in net other operating income, an increase of
10% compared with 2011. For the Terna Group, the figure is composed of operating income repre-
senting revenues from the core businesses of Terna and its subsidiaries. There was an increase of €166
million in 2012 compared with 2011, mainly due to the effects of Resolution 199/11 of the Authority
for Electricity and Gas, which established the remuneration for transmission services for the 2012-2015
regulatory period.
Profit on equity investments, which amounted to about €1.6 billion, down 5% on 2011, comprises in-
come from equity investments accounted for using the equity method, as well as the impact at the con-
solidated level of the disposal of ENI shares discussed elsewhere. The decline compared with 2011 is at-
tributable to the decrease in ENI net income pertaining to the group, partly offset by the entry into the
scope of consolidation of SNAM and TAG, the latter of which was only consolidated at the balance-sheet
level in 2011.
Considering other residual items and income tax, net income for the period amounted to €3,232 mil-
lion, a substantial increase compared with the same figure for 2011 (38%).

111
In particular, the contribution of financial operations came to €2,640 million (up €557 million over 2011),
which is almost entirely attributable to the parent company, whereas non-financial operations posted
net income of €591 million, an increase of around €330 million compared with 2011 due mainly to the
contribution of Terna (up €184 million compared with 2011), the consolidation of TAG at equity by CDP
GAS (for a total of €64 million), and the consolidation of SNAM at equity by CDP RETI (in the amount
of €80 million). 
The performance of the CDP Group can be analysed on the basis of the contribution of the main
business areas of the parent company and the consolidated companies to operating income. More
specifically:
In 2012, the Finance area of the parent company made a major contribution to operating income,
thanks to the positive trend in the return on loans, even taking account of the rise in interest paid to
investors. In line with 2011, another major contribution came from the Public Entities area, which ac-
counts for 11% of overall operating income. The aggregate “Other areas of the parent company”
groups the Financing area, the Public Interest Lending area, the Facilitated Credit and Economic Sup-
port area and equity investments, as well as the costs attributable to the other functions and costs
and revenues not otherwise allocable. That aggregate shows a loss, attributable to the presentation
at the consolidated level of the income from the interest in ENI reported under “Profit on equity in-
vestments” below operating income in the income statement. The contribution of non-financial op-
erations (the Terna Group, CDP GAS and CDP RETI) rose by about 19%, contributing about 40% to
the Group’s overall performance.
The reclassified consolidated income statement is shown below, not including the impact of the non-re-
curring item related to the sale of the ENI shares on the market.
CDP - 2012 Annual Report
Report on operations
Reclassified income statement
(thousands of euros)
Operating
Operating
% change
income 2012
income 2011
Financial operations
1,963,453
707,435
177.5%
- of which Finance area of the parent company
2,248,789
888,500
153.1%
- of which Public Entities area of the parent company
351,900
353,449
-0.4%
- of which other areas of the parent company
(634,900)
(537,007)
18.2%
- of which financial operations excluding the parent company
(2,336)
2,493
n/s 
Non-financial operations
1,299,620
1,091,948
19.0%
Total CDP Group
3,263,073
1,799,383
81.3%

112
4.2.3. Reconciliation of equity and net income of the parent company and consolidated
equity and net income
The following table reconciles the equity and net income of the parent company with the correspond-
ing consolidated figures, expressed in both detailed form and aggregate form for major companies.
Reclassified income statement - pro forma excluding non-recurring items
(millions of euros)
31/12/2012
31/12/2011
% change
CDP
parent
of which financial of which non-
CDP
Group company
operations 
financial
Group
(excl. parent company)
operations
Net interest income
3,449
3,531
0.2
(82)
2,214
55.8%
Dividends
0.4
0.4
-
-
3
-86.0%
Net commission income
(1,603)
(1,612)
10
(1)
(1,483)
8.1%
Other net revenues
(200)
(195)
(0.01)
(5)
(69)
190.3%
Gross income
1,646
1,725
10
(89)
665
147.6%
Net writedowns
(23)
(23)
-
-
(10)
124.6%
Overheads
(997)
(111)
(13)
(873)
(937)
6.4%
- of which: administrative expenses
(523)
(103)
(13)
(408)
(488)
7.3%
Other operating income (costs)
1,831
35
0.02
1,796
1,633
12.2%
Operating income
2,931
1,634
(2)
1,300
1,799
62.9%
Profit on equity investments
1,565
1,413
-
152
1,711
-8.5%
Net income
2,804
2,213
(0.4)
591
2,232
25.6%
Net income (loss) for the year pertaining 
to non-controlling interests
308
98
213.2%
Net income (loss) for the year pertaining 
to shareholders of the parent company
2,496
2,134
17.0%

113
RECONCILIATION OF OPERATIONAL AND FINANCIAL STATEMENT FIGURES 
The following schedule reconciles the consolidated financial statements and the aggregates as reclassi-
fied on an operational basis.
These reclassifications mainly concerned: the allocation, to specific and distinct items, of interest-bear-
ing amounts and non-interest-bearing amounts; the revision of portfolios for IAS/IFRS purposes with their
reclassification into uniform aggregates in relation to both products and business lines.
CDP - 2012 Annual Report
Report on operations
Reconciliation of equity and net income of the parent company and consolidated equity
and net income
(thousands of euros)
2012 financial year
Net income
Capital and reserves
Total
PARENT COMPANY FINANCIAL STATEMENTS
2,852,617
13,982,668
16,835,285
Balance from financial statements of fully consolidated companies
686,659
16,650,185
17,336,844
Consolidation adjustments:
(615,359)
(15,373,735)
(15,989,094)
- carrying amount of fully consolidated equity investments
(15,083,826)
(15,083,826)
- provisional allocation
(451,986)
(451,986)
- goodwill
295,669
295,669
- reclassifications
(2,418)
2,418
-
- revaluation of property, plant and equipment and intangibles
2,340,100
2,340,100
- elimination of revaluation of divested intangible assets
(62,298)
(62,298)
- depreciation/amortisation of revaluation of non-current assets
(45,100)
(324,478)
(369,578)
- dividends from fully consolidated companies
(120,140)
120,140
-
- valuation of equity investments accounted for with equity method
(156,684)
1,148,124
991,440
- elimination of intercompany transactions
16
(212)
(196)
- deferred tax assets and liabilities
16,863
(791,320)
(774,457)
- non-controlling interests
(307.896)
(2,566,066)
(2,873,962)
CONSOLIDATED FINANCIAL STATEMENTS
2,923,917
15,259,118
18,183,035
(thousands of euros)
Net income
Capital and reserves
Total
PARENT COMPANY FINANCIAL STATEMENTS
2,852,617
13,982,668
16,835,285
ENI consolidation
(96,930)
1,148,078
1,051,148
TERNA consolidation
19,623
138,429
158,052
Other
148,607
(10,057)
138,550
CONSOLIDATED FINANCIAL STATEMENTS
2,923,917
15,259,118
18,183,035

114
Consolidated balance sheet - Assets
(mlions of euros)
2012
Cash and cash 
Loans to 
Debt 
Equity
Reinsurers’
Assets held 
Property,
Income, 
Other
equivalents
customers
securities investments
share of
for trading
plant and
prepaid
assets
and other 
and banks
and shares
technical
and hedging
equipment expenses and
treasury
provisions
derivatives
and 
other
investments
intangible
non -interest
assets
bearing assets
ASSETS
10. Cash and cash 
equivalents
0.4
0.4
20. Financial assets 
held for trading
4,656
662
3,324
670
40. Financial assets 
available for sale
5,288
1
4,928
364
(5)
50. Financial assets 
held to maturity
19,215
18,663
552
60. Loans to banks
18,503
8,793
8,767
860
80
3
70. Loans to customers
240,752
135,204
94,015
2,956
156
8,422
80. Hedging derivatives
1,191
1,129
62
100. Equity investments
20,770
20,770
110. Reinsurers’ share of 
technical provisions
106
106
120. Property, plant 
and equipment
12,157
12,157
130. Intangible assets
824
824
140. Tax assets
1,020
1,020
160. Other assets
4,068
35
4,033
Total assets
328,551
144,659
102,783 30,730 21,290
106
1,799
12,981
9,147 5,056
ASSETS - Reclassified schedules

115
CDP - 2012 Annual Report
Report on operations
LIABILITIES AND EQUITY - Reclassified schedules
Consolidated balance sheet - Liabilities and equity
(millions of euros)
2012
Funding
Liabilities Accured, expenses 
Other 
Technical
Provisions, taxes
Equity
held
deferred income 
liabilities
provisions
and staff 
for trading
and other 
severance
and hedging
non-interest
pay
derivatives
bearing
liabilities
LIABILITIES AND EQUITY
10. Due to banks
36,450
36,116
334
20. Due to customers
241,673
241,543
28
101
30. Securities issued
13,218
12,078
1,140
40. Financial liabilities 
held for trading
523
523
60. Hedging derivatives
2,700
2,688
12
70. Adjustment of financial 
liabilities hedged generically
56
56
80. Tax liabilities
2,323
2,323
100. Other liabilities
6,111
144
5,967
110. Staff severance pay
153
153
120. Provisions
1,717
1,717
130. Technical provisions
2,570
2,570
140. Valuation reserves
313
313
170. Reserves
11,440
11,440
180. Share premium reserve
6
6
190. Share capital
3,500
3,500
210. Non-controlling
interests (+/-)
2,874
2,874
220. Net income (loss)
for the period
2,924
2,924
Total liabilities and equity
328,551
289,738
3,295
1,731
5,967
2,570
4,194
21,057

5.1 MONITORING THE RISKS OF THE PARENT COMPANY
Risk monitoring activities are the responsibility of the head of Risk Management and Anti-Money Launder-
ing (RMA), who reports directly to the Chief Executive Officer. Four units report to the head of the RMA: 
1. Credit and Counterparty Risk, Financial Engineering and Fair Value Measurement; 
2. Market and Liquidity Risks (ALM);
3. Operational Risks; 
4. Anti-Money Laundering.
The RMA staff possesses the necessary qualifications for managing real estate risk, risk pertaining to eq-
uity investments and relationships with rating agencies.
CDP’s risk policies are established by the Board of Directors acting on a recommendation of the Chief Ex-
ecutive Officer. The Risk Committee, which took its current form in 2010, is a collegial body that provides
technical information and advice to the Chief Executive Officer and provides opinions on issues concerning
CDP’s overall risk policy and management and operational assessment of especially large risks. 
Risk management and anti-money laundering duties are among the functions for which CDP performs
management and coordination activities within the Group.
From the point of view of the overall risk environment, 2012 was characterised by major factors exoge-
nous to the operations of CDP, essentially associated with developments in the sovereign debt crisis in
the euro area. Italian Republic debt was downgraded by each of the three main rating agencies in the
first half of the year, and one of the rating agencies downgraded the debt again in July. Between May
and July, the crisis reached an acute stage and the credit spreads on Italian government securities were
close to the peaks reached at the end of 2011, while the banking systems of various euro-area countries
experienced unprecedented strains. Starting in August, a return to more normal conditions began to
emerge, although elements of considerable uncertainty remain. The impact of these exogenous factors
affected all of the risk categories to which CDP is exposed.
5.1.1. Credit risk
Credit risk arises primarily in relation to lending activities – both under the Separate Account and the Or-
dinary Account – and on a secondary level in derivatives operations for hedging purposes and securities
5. Risk monitoring
116

117
financing (see the next section on counterparty risk). The Separate Account, which has traditionally been
exposed to the state and to local authorities, has seen exposures to the main banking groups operating
in Italy rise steadily (in respect of SME support programmes and for the reconstruction of Abruzzo). Ex-
posures under the Separate Account to private-sector borrowers involved in public interest projects pro-
moted by public entities are still relatively limited. The Ordinary Account grants corporate and project fi-
nancing for initiatives involving the delivery of public services.
The principles followed by CDP in its lending activities are set out in the Lending Rules, approved by the
Board of Directors, which also govern the lending process and the roles of the units involved.
The Credit department is responsible for reviewing loans and, among other things, for the assignment
of ratings and estimating loss given default. The RMA focuses on risk-adjusted pricing, monitoring risk-
adjusted returns and identifying exposure concentrations. The RMA also monitors overall developments
in the risk level of the loan portfolio with a view to identifying any necessary risk mitigation actions and
quantifying economic capital requirements. 
In compliance with the Risk Management Rules, in 2012 CDP adopted a “Rating and Recovery Rate Pol-
icy”. The purpose of the policy is to explicate the methodologies adopted by CDP in assigning internal
ratings to counterparties and developing internal estimates of the recovery rate for individual loan trans-
actions. In particular, the policy seeks to maximise the replicability and uniformity of internal ratings and
recovery rates. The RMA, acting in close coordination with the Credit department, also initiated the re-
view, testing and validation of the internal scoring and rating models used by CDP, using the paramet-
ric rating model for local governments as a foundation. During the period, CDP undertook the devel-
opment of a new version of the model, which is used to classify local governments in uniform risk cat-
egories, identifying cases in which a more extensive assessment of the borrower’s creditworthiness is nec-
essary. It is expected to be rolled out in early 2013.
In 2012, CDP constantly monitored credit risk, especially in view of the deterioration of the financial
crisis. More specifically, the proprietary portfolio model, which CDP has been using since 2007, was
recalibrated so as to supplement metrics based on long-term average default probabilities (“through-
the-cycle”) with metrics that reflect a correction for adverse economic conditions. In the first half of
the year, the terms applied to new loans reflected the general increase in the marginal cost of fund-
ing; thereafter, the compression of spreads on government securities facilitated a return to a better
balance between the funding spread and the margins that CDP must apply to cover expected and un-
expected losses on loans. Under the Separate Account, activities to support the economy continued,
using the banking system to channel postal savings funds to stimulate and sustain medium-term lend-
ing to SMEs. CDP’s exposure to Italian banks therefore increased and, at the end of 2012, CDP’s ten
largest exposures include two major Italian banking groups. In 2012, in order to mitigate credit risk in
lending through the banks, a mechanism for assigning the banks’ receivables in respect of SMEs as
security to CDP was introduced. 
CDP - 2012 Annual Report
Report on operations

118
In the first half of the year, the RMA executed and submitted stress tests of the loan portfolio to the Risk
Committee. The tests considered various scenarios involving generalised downgrades of counterparties,
increases in the probability of default, declines in recovery rates and increases in correlation parameters.
In 2012, CDP’s risk policies were supplemented with the introduction of a global concentration limit de-
signed to reflect CDP’s specific characteristics and based on the ratio between CDP’s exposure to a coun-
terparty (or a group of related counterparties) and its capital resources.
5.1.2. Counterparty risk
During 2012, the minimum criteria for transactions in derivatives were lowered to take account of the
increased severity of the ratings assigned by rating agencies to CDP’s bank counterparties. Nevertheless,
very high standards for public ratings were maintained. 
In line with past practice, in order to mitigate counterparty risk in derivatives transactions, new transac-
tions are only permitted with counterparties with whom a master netting agreement is in place (com-
pliant with the ISDA 2002 standard) supported by Credit Support Annexes (“CSA”), which provide for
the exchange of collateral. With regard to existing transactions, only one contract, nearing maturity and
of marginal importance, is not supported by a CSA. 
During the year, the frequency of calculation and settlement for some existing CSA was increased, there-
by enhancing their effectiveness in containing the exposure.
In view of the volume of securities financing activities, the sections of the Risk Policy that govern the
credit exposures that CDP may assume in this area were revised. In the first part of 2012, the RMA brought
its monitoring into line with the new policy. With regard to mitigating the risk associated with such ac-
tivities, three Global Master Repurchase Agreements (ISMA 2000 version) were in effect at the end of
2012. They are netting agreements that provide for the exchange of collateral. In December, CDP also
joined the Cassa di Compensazione e Garanzia, a central counterparty that makes it possibile to enter
into repurchase transactions backed by sound counterparty risk protection mechanisms.
5.1.3. Interest rate and inflation risk
The fact that postal savings bonds can be redeemed upon demand is a major interest-rate option com-
ponent embedded in CDP liabilities. As a result, interest rate risk is of greater significance and more com-
plex in the case of CDP than for an ordinary bank. The issue of postal savings bonds indexed to con-
sumer prices (index for blue collar and office worker households) is the prime source of CDP’s exposure
to inflation risk, which is measured and managed in the same manner as interest rate risk.

119
CDP - 2012 Annual Report
In 2012, the contract was awarded in the European-level call for tenders for the acquisition of an Asset
& Liability Management (ALM). The implementation and parameterization process reached an advanced
stage during the year. The new system will support CDP in managing interest rate and inflation risk,
which will supplement the proprietary system in use since 2005. The latter will remain in service at least
until the transition phase is complete.
CDP continued its initiative under way since 2009 to limit its net positive exposure to an increase in in-
terest rates22, which rose from +€11.7 million at the end of 2010 to +€16.5 million at the end of 2011.
The exposure, which tends to increase as the IRS rates decrease, amounted to +€18 million at the end
of 2012. As in 2011, corrective action regarded the derivatives portfolio only marginally, through the ear-
ly termination of a number of outstanding IRSs, and was mainly implemented with the purchase of Ital-
ian government securities, primarily in the first half of the year, and therefore at higher yields.
Exposure to inflation23 went from -€3.7 million at the end of 2011 to -€3.0 million at the end of 2012,
a contraction attributable in part to purchases of inflation-indexed Italian government securities.
The exposure to parallel movements in interest rates and inflation is also monitored in terms of the im-
pact on CDP’s economic value of parallel movements in the forward curves of these two risk factors.
These effects24 as at the end of 2012 are reported in the following table:
The interest rate and inflation rate VaR25 (entirely associated with the banking book exposure) decreased
from €683 million at the end of 2011 to €415 million at the end of 2012. This reduction, which oc-
curred despite the slight uptick in sensitivity metrics during the year, reflects the decline in rate volatility
in the second half of the year, corresponding to a period of lower risk aversion and a shift towards more
normal conditions. The sovereign debt crisis represented the most severe test of the robustness of the
statistical model, which had already weathered the storm trigged by the Lehman collapse. The perfor-
mance of the model in backtesting was still compatible with the confidence interval adopted (99%).
Report on operations
22
Defined as the exposure of the present value of rate-sensitive balance-sheet items to an increase of 1 basis point in zero-
coupon rates across all maturities.
23
Defined as the exposure of the present value of inflation-sensitive balance-sheet items to an increase of 1 basis point in the
inflation curve across all maturities.
24
These exposure metrics are subject to limits approved by the Board of Directors.
25
Defined as the Value at Risk over a confidence interval of 99% at a 10-day horizon, calculated using a historical simulation
approach that takes account of current volatility. The Value at Risk over a confidence internal of 99% represents an estimate
of the level of loss that is exceeded in only 1% of cases.
(billions of euros) 
Change
Effect of interest rate change
Effect of inflation rate change
+100 basis points
1.4
(0.30)
-100 basis points
(2.30)
0.30

120
5.1.4. Liquidity risk
CDP’s main source of funding is state-backed postal savings funds, which form the basis of the Separate
Account. CDP’s fund-raising on the capital market is used to finance lending under the Ordinary Account.
CDP can also access refinancing with the European Central Bank and is subject to reserve requirements.
The new Asset & Liability Management system will also strengthen the instruments available to CPD to
manage liquidity risk.
The Risk Policy approved by the Board of Directors in 2010 confirms the previous practices adopted to
manage liquidity risk for the Separate Account, based on maintaining an ample liquidity buffer on the
treasury current account.
In 2012, postal funding remained sound despite the difficult macroeconomic environment. In particular,
there was a reversal in the downward trend in the stock of funds held in passbook savings accounts reg-
istered in 2011. Despite the challenging economic situation, CDP’s net funding was positive in both 2011
and 2012. The buffer on the treasury current account remained well above the required limits set out in
the Risk Policy at the end of the period, and in fact increased compared with the end of 2011. In addition
to this buffer, CDP has ample volumes of assets that can be used for refinancing on the market (through
repurchase agreements) and/or through refinancing operations with the European Central Bank.
The Risk Policy also establishes liquidity thresholds for the Ordinary Account in order to ensure structur-
al stability at the maturities of the various items in the portfolio, limiting the temporal mismatch between
assets and liabilities. The issues carried out in 2012 increased the ratio between medium/long-term lia-
bilities and medium/long-term assets and, together with the change in the maturity of payment flows
on loans, produced a degree of maturity transformation signficantly below the permitted maximum. In
addition to monitoring these thresholds, CDP uses the following in managing liquidity risk pertaining to
the Ordinary Account:
•
liquidity gap analyses in order to identify short-, medium- and long-term imbalances;
•
stress tests on the basis of scenarios established by the RMA;
•
a Contingency Funding Plan that establishes the indicators for identifying alert or crisis situations and
specifies the roles of the various organizational units and the measures to be taken in such situations.
For both the Separate Account and Ordinary Account, CDP took part in the extraordinary long-term re-
financing operation conducted by the European Central Bank on 29 February 2012 (LTROs), using part
of its eligible assets to secure the funding offered by the Eurosystem.
5.1.5. Operational risks
In 2012, the methodological framework for loss data collection was completed.

121
In addition, work began on assessing the exposure to operational risks to allow the constant monitoring of
the company’s risk profile. The operational risk work plan envisaged a pilot project involving the analysis of
the primary processes of CDP’s core business, which has recently undergone significant process and system
innovations. The results of the assessment will be used in operations to prevent and mitigate operational risks.
5.1.6. Money laundering and terrorist financing risk
In 2012, the revision of internal procedures to bring them into compliance with regulatory developments
was conducted, with the implementation of a series of self-regulatory measures designed to create a sys-
tem for managing this risk based, among other elements, on the attribution of duties and responsibili-
ties, line and second-level controls and the traceability of documentation and decisions. 
The Anti-Money Laundering Service, established in compliance with the measure of the Bank of Italy of
10 March 2011, carried out a variety of controls to ensure compliance with internal and external anti-
money-laundering rules, specifically regarding: (i) customer due diligence, (ii) recording of information
in a single computerized archive, and (iii) reporting suspicious transactions.
During the year, training was provided to staff members who are directly involved in ensuring compli-
ance with anti-money-laundering rules, with an emphasis on specially preparing employees and associ-
ates who have more direct contact with customers.
5.1.7. Risks connected with equity investments
CDP possesses a sizable portfolio of equity investments (listed and unlisted) and investment funds, held
solely for stable investment purposes and not for trading. The Risk Policy establishes the criteria for mea-
suring and managing the risks associated with equity investments and investment funds, also providing
for specific stress tests, with a specific focus on the larger investments in listed companies. 
In 2012, the composition of CDP’s portfolio of equity investments underwent important changes, as dis-
cussed previously. 
With respect to the acquisitions of Fintecna, SACE and SIMEST, the call option was exercised after due
diligence activities, which also regarded the main risk profiles of these companies.
5.1.8. Other material risks
Although CDP does not engage in the trading of financial instruments, it is exposed to a number of mar-
ket risks, in addition to interest rate and inflation risks relating to the banking book and to equity risk re-
lated to its equity investment portfolio.
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For funding transactions exposed to equity risk, such as postal savings bonds indexed to the Euro Stoxx
50, CDP purchases offsetting equity options for hedging purposes and monitors discrepancies between
the notionals of options written and purchased produced by unexpected developments in redemptions.
CDP has always incorporated a margin of prudence in its operational hedging, purchasing option with small-
er notionals than the nominal amount issued, but slightly higher than the statistical forecasts of the nominal
amount expected at maturity. In this manner, any lower-than-expected redemptions would not expose CDP
to the risk of paying a premium for which no corresponding hedge had been established. In 2012, redemp-
tions of bonds indexed to the Euro Stoxx 50 were substantial, with an immediate positive impact of CDP per-
formance (item 80 of the income statement), as investors who redeem the bonds forgo the option on the in-
dex, eliminating a liability for CDP. Against this positive effect, CDP remains partly exposed to the effect of fu-
ture decreases in the value of the index, as the hedge position is greater than the options still held by investors.
Certain activities of CDP can also generate exchange rate risk, mainly issues of bonds (EMTN and cov-
ered bonds) denominated in foreign currencies, the granting of loans denominated in foreign currencies
and the purchase of bonds denominated in foreign currencies. In general, CDP undertakes activities po-
tentially exposed to changes in exchange rates only if covered by appropriate exchange rate hedges. In
the case of bonds issued or purchased in foreign currencies, the risk is hedged using cross currency swaps,
which transform CDP’s cash flows into those equivalent to an issue in euros.
A major element of arrangements to address risks associated with regulatory compliance is the Eligibili-
ty Committee, a collegial body established in 2010 that issues opinions on transactions, new initiatives
and new products. For the latter, the Eligibility Committee issues opinions concerning their viability from
the standpoint of statutory compliance, financial and operational feasibility, administrative and accounting
aspects and in terms of risk. The head of the RMA is a member of the Eligibility Committee.
5.2. MONITORING RISK IN THE COMPANIES SUBJECT TO MANAGEMENT
AND COORDINATION
5.2.1. Managing risk in CDPI SGR
The financial risks to which the CDPI SGR is exposed are those associated with the investment of liquid-
ity and with the management of the funds it has established. 
Liquidity risk is managed through careful planning of cash flows (the cash flow forecast) by the Admin-
istration, Planning and Control unit, with the forecast then being transmitted to Risk Management.
Investment decisions are always taken in line with the cash flow forecast, which is the basis of the ac-
counting classification of the government securities as “held to maturity”. Holding those investments to
maturity means that no impairment losses due to adverse interest rate movements will be realized. The
risk associated with investments of liquidity is therefore limited.

123
Risk Management verifies that each investment of liquidity in financial instruments is in compliance with
the qualitative and quantitative limits established by the board of directors.
In view of the draw-down nature of the FIA and FIV Plus, CDPI SGR is exposed to credit risk in respect of
the subscribers. In this regard, it should be noted that more than half of the resources of the FIA and all
of the resources of FIV Plus have currently been subscribed by CDP. In addition, with respect to the FIA,
its investors include the Ministry of Infrastructure and Transportation. As the fund is reserved exclusive-
ly to qualified investors, the remaining subscribers are institutions, such as banks, insurance companies
and pension funds, of proven standing. Credit risk in respect of subscribers is in any case mitigated with
specific contractual provisions in the rules for each fund that safeguard the company and the funds in
the event of default (for example, through the use of penalties levied on the subscribers for failure to
make payments).
In general, market risks are managed using the risk technology of the parent company, CDP, to which
the Risk Management function has been outsourced.
As regards operational risks, CDPI SGR has adopted as its benchmark the guidelines set out by the Basel
Committee for the banking industry, which were reiterated by the Bank of Italy in circular no. 263 of 27
December 2006. 
The methodological approach adopted to evaluate the potential impact of operational risks on internal
procedures is based on the A.P.R.O. model developed by the Technical Committee for Research and Analy-
sis of the Italian Banking Association (ABI). The approach is qualitative in nature and its main objective
is to identify the potentially prejudicial events to which CDPI SGR is exposed through an analysis of the
risks associated both with internal company procedures and exogenous factors. The evaluation involves
the use of self-assessment techniques.
5.2.2. Managing risk in FSI
FSI, in close coordination with the parent company, has drafted its own Risk Rules, which consist of two
documents: Risk Principles and Risk Principles Implementation Manual. 
The first of these was approved by the board of directors at its meeting of 19 March 2012. It sets
out the basic operating principles and associated guidelines for identifying, measuring, monitoring
and controlling the various types of risk to which the company could be exposed in performing its
activities.
In order to lend substance to these principles, the second document sets out: (i) the procedures for mea-
suring risk with reference to a collective dimension, enabling assessment of extent to which the risk is
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124
typical to the company, characterising it in relative and absolute terms; (ii) the procedures for managing
and assessing embedded derivatives; and (iii) the organisational arrangements that govern interactions
with the parent company with regard to risk management. The implementation manual was approved
by the board of directors on 25 June 2012.
With regard to the three operations approved in 2012 regarding the Kedrion Group, Metroweb Italia
and Hera, each underwent a risk analysis consistent with the Risk Principles Implementation Manual. The
transactions all qualified as ordinary exposures, without position size restrictions, albeit accompanied by
management recommendations and precautions.
The company is not exposed to funding liquidity risk in the absence of any borrowing. Asset liquid-
ity risk is also not material, as no disposals are planned in the short term. As regards other risks, we
report:
•
the agreement of a fixed-rate line of credit for €75 million made available to the Kedrion Group by
FSI, which is currently undrawn by the company, with the possibility of early repayment. In the event
of failure to repay, FSI has the option of converting the position at its discretion;
•
the absence of exchange rate risk;
•
that operational risks defined in the action plans aimed at eliminating or mitigating any issues, as in-
dicated in the “Intervention Master Plan” developed while preparing to make changes to the com-
pliance model pursuant to Legislative Decree 231/2001;
•
the expansion of the analysis of reputational risk to comprise the ESG issues (environmental, social,
governance) for all investment opportunities analyzed.
5.2.3. Managing risk in the Fintecna Group 
The following discusses the main risks to which the Fintecna Group is exposed, as well as the policies for
their management. They are broken down into risks relating to the markets in which the subsidiaries and
associated companies operate and financial risks.
MARKET RISK
Risks associated with general economic conditions
The performance and financial position of the Fintecna Group are influenced by macroeconomic condi-
tions in Europe and North America (the main markets of the Fintecna Group and its main customers),
such as GDP growth rates, consumer and business confidence, the credit system and the cost of raw ma-
terials.
The Fintecna Group has continued to cut internal costs and enhance efficiency, while at the same time
making use of the operational flexibility mechanisms envisaged in contracts and Italian law. In the ship-

125
building sector in particular, it has launched a reorganisation plan that seeks to adjust the Fincantieri
Group’s production capacity to changing conditions in the market and evolving demand forecasts. 
Market risk
The Fintecna Group has operated for many years both in shipbuilding and in real estate, and has focused
on providing products that make the most of its experience and know-how. 
To defend its competitive position in the shipbuilding sector in particular, where it is most exposed to
competitive pressures, Fintecna has sought to maintain high manufacturing standards, which has en-
tailed investment in the continuous training of technical staff, with a view to retaining key management
personnel. In addition, it selects its strategic suppliers with care, while seeking new ways to optimise
costs and achieve the technical and financial flexibility it needs to remain commercially competitive and
broaden its customer base.
The performance of the Fincantieri Group is also strongly influenced by the financial circumstances of its
principal customers, good relations with which constitute one of the group’s strengths.
Risks relating to property values 
Risks relating to property values are generated by fluctuations in the market value of certain properties,
which are impacted by some of difficulties of the sector. Recent external developments, which have been
sharply impacted by the crisis of the real estate sector in recent years, have affected projects in the course
of implementation, most notably partnerships with private-sector operators to leverage real estate hold-
ings. The Fintecna Immobiliare Group finds itself dealing with a portfolio of property development pro-
jects during a lasting downturn in the market, which has deteriorated even further in recent months and
shows no signs of recovery in the near future. In this environment, the main causes for concern regard
the outcome of renegotiations of partnership debts falling due and the associated risk of private-sector
partners withdrawing from the initiatives.
The Fintecna Group’s policy seeks to minimise the impact of this risk by adapting its operational policies
to leverage the real estate portfolio in the current more challenging market environment. Its options
could even include the adoption of solutions other than those originally envisaged and precautionary
budget measures. 
Compliance risk
The Fintecna Group is subject to the laws of the countries in which it operates. Any violation of these
laws may result in civil, administrative and criminal penalties and the obligation to implement reorgani-
sation measures. The associated costs and liabilities could have a negative impact on Fintecna Group’s
operations and its performance. The group’s activities are subject to, among other things, laws on envi-
ronmental protection and workplace health and safety.
The Fintecna Group encourages compliance with all the laws to which it is subject, and has adopted and
updated preventive control tools to mitigate compliance risk. In particular, the measures contained in
Legislative Decree 81/2008 (the Consolidated Workplace Health and Safety Act) as amended have been
implemented in full. 
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126
FINANCIAL RISKS
Exchange rate risk 
Exposure to exchange rate risk is mostly associated with the Fincantieri Group’s shipbuilding contracts
denominated in foreign currencies and, to a small extent, the result of the sourcing of supplies priced in
currencies other than the euro. The group policy is designed to minimise the impact of exchange rate
fluctuations on performance. The management of exchange rate risk, for which the group makes use of
forward foreign currency purchase and/or sale contracts or option structures, is conducted consistently
with developments in foreign exchange markets and with regard to the expected time horizon for for-
eign currency flows. Whenever possible, receipts and payments in the same currency are netted. 
Risk management aims at total coverage of receipts, but focuses on larger amounts only in payments. 
Fincantieri has also carried out forward foreign currency purchases to hedge its exposure to the exchange-
rate risk arising from a payment in Singapore dollars for the acquisition of a majority stake in STX OSV
Holdings Ltd.
Interest rate risk
Interest rate risk arises essentially from: i) the medium- and long-term financial liabilities of a number of joint
ventures in the real estate sector (which do not appear in the present consolidated financial statements be-
cause the companies are accounted for using the equity method) in respect of floating-rate mortgages and
loans obtained for the purchase of properties or for their development; ii) a number of long-term loans tak-
en out by the Fincantieri Group, on which interest rates are affected by developments in the money market. 
The policy of these companies is to mitigate the possible impact of changes in key interest rates on per-
formance. To this end, the group has entered into a number of derivative contracts (in some cases in com-
pliance with the terms of the loan agreements with the lenders), whose notional amounts and maturities
correspond to those of the hedged financial liabilities. These transactions are undertaken depending on de-
velopments in the financial markets and, therefore, with due regard to their cost-effectiveness.
Liquidity risk
Liquidity risk refers to the group’s ability to discharge it obligations in respect of financial liabilities. The
financial resources of the Fintecna Group produce sufficient liquidity to manage these risks. 
Fintecna’s treasury policy for the year was oriented mainly towards consolidating the improved return on
liquidity, which was essentially achieved by generating gains on a disinvestment/reinvestment in gov-
ernment securities.
The Fintecna Group also channelled part of its liquidity into short-term instruments with leading finan-
cial institutions at the best money market rates. To ensure flexibility in treasury operations, the Fintecna
Group also has a number of credit lines that, at the balance-sheet date, were only minimally drawn, giv-
en the group’s current capacity for self-financing.

127
CDP - 2012 Annual Report
Other risks
The Fintecna Group (i.e. mainly the parent company, Fintecna, and other group subsidiaries that carry
out liquidation activities through special purpose entities that are accounted for in the consolidated fi-
nancial statements using the equity method) is also exposed to the risks arising from on-going litigation,
which is mostly related to the many companies already in liquidation that have come under its control
over the years. Taking into consideration the complexity and considerable uncertainty of these situations,
the directors, acting to the best available information and a prudent assessment of the circumstances,
periodically update the evaluations of the adequacy of the provisions recognised in the financial state-
ments. The liquid assets of the Fintecna Group are considered adequate to meet prospective cash re-
quirements arising from legal disputes, while the Group’s medium-term investments are considered the
ideal support for provisions. 
5.2.4. Managing risk in the SACE Group
The company’s risk management process complies with the reference regulations26. The rules followed
by SACE in managing its risk are based upon three pillars:
•
Pillar I: introduces a capital requirement for addressing the typical risks of insurance/finance activities
(technical, counterparty, market and operational risks);
•
Pillar II: requires Group companies to be equipped with a strategy and control process for capital ad-
equacy;
•
Pillar III: introduces reporting requirements regarding capital adequacy, exposure to risks and the gen-
eral characteristics of related management and control systems.
The following are the most significant risks:
Technical risk
Technical risk is intended as underwriting risk and credit risk27. The former, relating to the portfolio
of policies, refers to the risk of loss arising from unfavourable claim performance compared with es-
timated claims (pricing risk) or from mismatches between the cost of claims and the amount reserved
(reserve risk). The latter refers to the risk of default and migration of a counterparty’s creditworthi-
ness. Both risks are managed by the adoption of prudent pricing and reserve policies defined using
the best market practices, underwriting criteria, monitoring techniques and active portfolio man-
agement.
Report on operations
26
SACE Fct follows Bank of Italy circular no. 216 of 5 August 1996 – 7th update of 9 July 2007 “Supervisory instructions for fi-
nancial intermediaries listed in the Special Register”; SACE BT and SACE follow ISVAP Rule no. 20 of 26 March 2008, the EU
Solvency II Directive no. 2009/138 and SACE Group guidelines.
27
Underwriting risk pertains to SACE and SACE BT.

128
Market risk
Market risk includes risks from markets operations involving financial instruments, currencies and goods,
controlled through asset liability management and kept within preset limits by adopting asset allocation
guidelines and quantitative risk measurement models (Market VaR).
Operational risk
Operational risk refers to the risk of suffering losses from inadequacy or failure in procedures, human re-
sources and internal systems, or from exogenous events. SACE and SACE BT regularly carry out qualita-
tive evaluations of potential risk factors (risk self-assessment), tracking and logging effective operating
losses through the loss data collection process. These data represent the input process for measuring and
managing operating risks in line with the principles drawn from the reference standards. For the pur-
pose of more accurate overall risk management, SACE Fct will soon be implementing loss data collec-
tion and self-assessment systems.
Liquidity risk
Liquidity risk is the risk that the company will not be able to liquidate investments and other assets to
manage its own financial commitments at maturity. With respect to the insurance portfolio, there are no
significant liquidity risks since, in addition to the technical forms of underwriting that allow the settle-
ment of any claim to be made over time, the investment policy is closely connected with the liquidity re-
quirements of such investments. All the instruments held in the trading portfolio hedging technical re-
serves derive from securities traded on regulated markets and the lower average life of the investments
ensures a rapid turnover. In this context, SACE Fct is in the process of defining a specific policy for the
management of liquidity risk, in compliance with the prudential regulatory reference framework.
Concentration risk
The risk resulting from exposure to counterparties, groups of connected counterparties in the same eco-
nomic sector or which carry out the same activities or are located in the same geographical area.
Interest rate risk
This risk is specific to the operations of SACE Fct and relates to activities other than those in the trading
portfolio. It represents the exposure of the company’s financial situation in regard to unfavourable vari-
ations in interest rates.
In addition, the following risks are identified and, where necessary, measured and mitigated through
suitable management processes:
•
reputational risk, intended as the risk of deterioration of the company’s image and an increase in con-
flict with the insured, due also to poor quality services, placement of inadequate insurance policies
or the behaviour of the sales network. This risk is greatly mitigated by existing safeguards with re-
gards to internal control and risk management, as well as the adoption of specific internal proce-
dures designed to regulate the group companies’ operations;

129
•
group risk, intended as the risk of “contagion”, that is the risk that, as a result of transactions en-
tered into with other group companies, difficult situations encountered by one group company could
spread, negatively affecting that company’s solvency;
•
compliance risk, intended at the risk of incurring legal or administrative sanctions, suffer losses or
reputational harm as a result of the failure to comply with laws, regulations or measures set out by
supervisory authorities or corporate governance rules, such as by-laws, codes of conduct or corpo-
rate governance codes; risk arising from unfavorable changes in the regulatory framework or legal
interpretation.
5.3. MONITORING RISK IN THE TERNA GROUP
In the conduct of its operations, the Terna Group is exposed to various financial risks: market risk (name-
ly exchange rate risk, interest rate risk and inflation risk), liquidity risk and credit risk. Terna’s risk man-
agement policies seek to identify and analyse the risks the group is exposed to, establishing appropriate
limits and controls and monitoring risks and compliance with such limits. These policies and the related
systems are reviewed on a regular basis in order to take account of any changes in market conditions or
in the operations of the group companies. 
As a part of the financial risk management policies approved by the board of directors, Terna has es-
tablished the responsibilities and operating procedures for financial risk management, specifically as con-
cerns the instruments to be used and the precise operating limits in managing them. The exposure of
the Terna Group to the aforementioned risks is substantially represented by the exposure of the parent
company. 
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument may fluctuate as
a result of changes in financial market conditions. Market risk comprises three forms of risk: exchange
rate risk, interest rate risk and inflation risk.
Generally, Terna hedges exchange rate risk through the forward sale or purchase of currencies (forward
contracts) or the use of options. Currency options give Terna the right or the obligation to buy or sell
predetermined amounts of a currency at a specific exchange rate at the end of a specific period of time.
Normally, both forward contracts and options have maturities of no more than 12 months. 
Interest rate risk is represented by the uncertainty associated with movements in interest rates. The Ter-
na Group’s main source of interest rate risk is associated with items of net financial debt and the relat-
ed hedging positions in derivative instruments that generate financial expense. The hedging instruments
used, at various maturity dates, include both derivatives that transform fixed rates into floating rates and
derivatives that transform floating rates into fixed rates.
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130
As regards inflation risk, the rates established by regulators to remunerate Terna’s activities are deter-
mined so as to allow coverage of the sector’s recognised costs. Such cost components are updated on
an annual basis to consider the accrued impact of inflation. In 2007, the company used an inflation-
linked bond issue to obtained an effective hedge of profit for the year: any decrease in expected rev-
enues due to a decrease in the inflation rate can be offset by lower financial expense.
Liquidity risk
The liquidity risk is the risk Terna might encounter difficulty in discharging its obligations in respect of its
financial liabilities and operational cycle. Liquidity risk management seeks to ensure adequate coverage
of cash needs by obtaining adequate lines of credit and appropriately managing of any surplus liquidity.
At 31 December 2012 Terna had €500 million in medium-term credit lines and €664.7 million in short-
term credit lines available.
Credit risk
Credit risk is the risk a customer or one of the counterparties in a transaction in financial instruments
could cause a financial loss by failing to discharge an obligation. It is mainly generated by trade receiv-
ables and the financial investments of the company. The credit risk originated by open positions on trans-
actions in financial derivatives is considered to be marginal since the counterparties, in compliance with
financial risk management policies, are leading international credit institutions with high ratings and such
transactions are diversified in compliance with specific concentration limits.
Terna essentially renders its services to counterparties considered solvent by the market, with an ac-
cordingly high credit standing, and does not have concentrations of credit risk. 
Credit risk management is guided by the provisions of Resolution 111/06 of the Authority for Electricity
and Gas (the Authority), which, at Article 49, introduced instruments for the limitation of risks related
to the insolvency of dispatching customers, both on a preventive basis and in the event of actual default.
In particular, the resolution establishes three instruments to safeguard the electricity market: a guaran-
tee system (bank guarantees provided by individual dispatching customers, based on their revenues), the
option of terminating dispatching contracts (in the event of insolvency or failure to replace enforced guar-
antees) and, finally, the possibility of recovering uncollected debts, after having taken all other possible
collection actions, through a specific fee defined by the Authority. 
The total value of the exposure to credit rate risk at 31 December 2012 is represented by the carrying
amount of financial assets (current and non-current), trade receivables and cash and cash equivalents.
Default risk and debt covenants
This risk is associated with the possibility that the loan contracts or bond rules to which the Terna is par-
ty may contain provisions authorising counterparties to call in such loans immediately upon the occur-
rence of certain events, thereby generating liquidity risk. For more information on the contractual pro-
visions of outstanding loans at 31 December 2012, please see the section “Loans and financial liabili-
ties” in the notes to the financial statements of Terna.

131
5.4. MONITORING RISK IN SIMEST
The primary business risks identified, monitored and actively monitored by SIMEST relate to the financial
risk connected with equity investments. 
To manage this risk, SIMEST thoroughly evaluates proposed investments brought to its attention, look-
ing at the company proposing the investment and to the investment itself, with the aim of reducing its
exposure to this financial/credit risk. 
In this regard, the process starts with an examination of the financial position, financial statements and
the business plan of the partner company (extended to the group to which it belongs, if necessary) and
the primary competitive features that characterise its business, analyzing in addition the potential for and
the consistency of (by scale and on the operational/sector level) the investment within the overall strate-
gic plan of the Italian company.
The analysis also carefully considers any existing relationships with the company and with the group as
a whole (so as to avoid excessive portfolio concentration), verifying (including using an internal scoring
system) various aspects of the proposed investment (stability of the partner/group of origin, validity/ ef-
fectiveness of the investment project, consistency between the sponsor and the project and, finally, coun-
try risk).
The results of the assessment performed are summarised in the investment proposal submitted to the
internal Investment Committee. If the proposal is found to be sound and of interest– also taking into ac-
count the correlated financial/credit risk and the methods for managing and reducing such risk – the pro-
posal is submitted to the board of directors of SIMEST for final approval. 
During the equity investment acquisition phase, all recommendations are followed, as are any sugges-
tions by SIMEST’s board of directors and guarantees are obtained, if needed. Financial risks are also mit-
igated by monitoring both the Italian partner and the investee company through the receipt of periodic
accounting records and management data. The Italian partner and the corporate guarantors are moni-
tored using special databases. 
The price risk and exchange rate risk assciated with equity investments are eliminated through contracts
that guarantee SIMEST a return on investment for the price paid in euros to acquire the equity investment. 
Management of liquidity risk and interest rate risk is continuously monitored through a methodical
analysis of company cash flows, especially as they relate to equity investments. This monitoring makes
it possible to obtain, at good market terms, the lines of credit needed to meet the requirements for
managing company cash flows, taking into consideration the rating assigned SIMEST by the ratings
agencies.
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132
5.5. LEGAL DISPUTES
5.5.1. Legal disputes of the parent company
As regards pending litigation, it should be noted that the total number of disputes remained insignifi-
cant in absolute terms. The potential liabilities that might be generated by disputes with customers and
employees are also insignificant.
With regard to Separate Account customers, at 31 December 2012, 66 suits were pending with a total
estimated liability of €2 million. Of these, four regard disputes with suppliers. There are no situations
that concern serial disputes that could suggest the presence of critical issues in procedures or lack of
compliance with related laws and regulations.
There are currently no pending disputes in relation to the Ordinary Account and, therefore, no potential
liabilities for CDP for that line of business.
As regards disputes not related to customer operations (labour disputes), at 31 December 2012, 39 law-
suits were pending, for which the estimated total potential liability does not exceed €2 million.
5.5.2. Disputes involving companies subject to management and coordination
During the year ended 31 December 2012, the Fintecna Group saw the natural evolution in the exten-
sive amount of disputes it is involved in, mainly pertaining to the parent company, Fintecna, leading to
a substantial decrease in the number of those disputes. More specifically, it continued to monitor and
manage such cases, based upon specific needs and opportunities, with the help and support of legal
counsel, in order to guide the procedural strategy for a more focused development of its defence. 
As in the past, the group also moved forward on finding settlement possibilities, where legal and finan-
cial factors made this appropriate. However, in this regard, there was a significant increase in the adverse
outcomes of this strategy, due to the greater difficulties involved in the unsettled cases and much more
resistance by the counterparties to settlement attempts, likely due to the general economic crisis. This
has consolidated the greater financial expectations concerning the outcomes of pending disputes, giv-
en the decline in employment opportunities in the reference market, thereby rendering litigation a sub-
stantial source of income. 
On the other hand, we cannot ignore the fact that suits can take a very long time to make it through
the entire process – sometimes upwards of 10 years – if all levels of appeal are used, with the conse-
quent difficulties in documenting and managing the historical record of the facts.
As to the number of disputes, the situation can be summarised as follows:

133
With specific regard to labour disputes, once again in 2012 there was an increase in the number of dis-
putes, essentially relating to claims for damages for illnesses that emerged following a long period of la-
tency and allegedly contracted due to unsafe working conditions in factories already owned by merged
or sold companies, or in any case attributable in various ways to Fintecna.
Furthermore, in 2012, Fintecna essentially completed the transitional management of positions arising
from the merger of the former Servizi Tecnici S.p.A., with the specification of the technical and admin-
istrative requirements for obtaining the inspection certificates for orders being completed and those
needed for disputes that are still pending against the entities awarding contracts and against contrac-
tors.
As of 31 December 2012 the SACE Group was involved in 41 disputes relating to the parent company
SACE, most of them involving insurance commitments assumed prior to 1998. More specifically, there
are 31 pending suits against the company, potentially worth an estimated €45.5 million, while the group
itself has filed 10 lawsuits, seeking a total of around €220 million.
None of the other companies subject to CDP’s management and control are involved in significant legal
disputes.
CDP - 2012 Annual Report
Report on operations
Disputes
31/12/2011
Settled in 2012
New in 2012
31/12/2012
Civil/Administrative/Tax
395
171
44
268
Labour
347
264
320
403
Total
742
435
364
671

6.1. COMMUNICATIONS
In 2012, communication focused on strengthening CDP’s image with the public at large and consoli-
dating it among its customers, both old and new.
The main project carried out was the new corporate Internet site, which has been integrated and coordi-
nated with the new intranet. The project is part of the broader CDP digitalisation process, which, in the
web area, includes the launch of multiple dedicated portals for its businesses, alongside the corporate site.
In cooperation with other CDP organizational units, a comprehensive restyling and rationalization of the
content of the corporate Intranet was carried out to coincide with the launch of the website.
Furthermore, the FSI site, for which CDP developed the image and handled media relations, was also
launched.
The handling of media relations contributed towards ensuring that CDP and FSI received prominent cov-
erage in the Italian and foreign press. Media relations for CDPI SGR also included the local press, notably
during real estate industry events (Urbanpromo, Eire, etc.) and at local meetings and conferences. 
Communications with customers continued at full steam, using more highly focused marketing tools de-
pending upon the business line supported, with the aim of conveying even more specific information on
CDP product and processes. 
With respect to local authorities in particular, direct marketing initiatives where undertaken to provide
better training and information.
CDP also participated in annual institutional events (FORUM PA, the assembly of the National Associa-
tion of Italian Municipalities, etc.), promoting its new image across all CDP business lines.
CDP communications also included educational programmes, such as a project carried out in partner-
ship with Poste Italiane aimed at elementary school children. It was conceived to mark the 88th World
Savings Day and impress upon young people the importance and value of saving.
As regards mandatory financial publicity, the goal of achieving complete transparency of financial terms
and conditions for customers (loans to public entities) and small investors (postal savings bonds and pass-
books) was renewed, confirming the constant presence in the major national media.
6. Governance and activity in support of the
parent company
134

135
In the interest of ensuring the completeness and transparency of information, the image and content of
the formats for the media were updated.
6.2. HUMAN RESOURCE MANAGEMENT
6.2.1. The workforce
At 31 December 2012, CDP had 524 employees, of whom: 45 executives, 196 middle managers, 269
office staff, 9 persons in other types of contractual relationship (ongoing collaboration arrangements,
interns, temps) and 5 employees seconded from other agencies. 
In 2012, the trend of expanding and raising the skills of the workforce continued as envisaged in the
2011-2013 Business Plan: 32 employees were hired, offset by the departure of 7 employees due to re-
tirement or resignation. 
The average age of employees was 45 years. The percentage of women was 41%, while the percent-
age of university graduates reached 58%.
Recruitment efforts focused on seeking out recent university graduates and qualified candidates, pos-
sessing solid expertise and aptitude in keeping with the institutional environment. 
Recruitment notices were published on the CDP website and applications were submitted online by
around 5,000 interested candidates. Our long-standing partnership with the leading Italian universities
has facilitated our access to high-potential young graduates.
6.2.2. Personnel training and management
Personnel evaluation, management and training programmes, adjusted to reflect the development of
the company, were implemented during the year. 
Investment in training rose substantially, both in terms of the hours of training provided and in the costs
of that training, in order to develop the skills necessary to manage a wide variety of complex operations.
Around 22,000 training hours were provided, a 52% increase over the previous year. 
The growth involved all types of training, but was primarily geared towards specialized technical training,
with a focus on administrative, IT, financial and regulatory issues as they relate each professional area. 
Training was also provided on cross-departmental projects, including the development of inter-function
communication (with the contribution of Fondo Banche Assicurazioni) for all professional areas, semi-
nars on postal savings, project management and the expansion of web-based courses to cover the Pri-
vacy Code.
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The investment in language training, consistent with developments in CDP’s activities, continued, mak-
ing it possible for the corporate functions to operate in an increasingly international environment.
The development of relationships with CDP’s European partners has led to the consolidation of a valu-
able international exchange programme between CDP, Caisse des Dépôts et Consignations (“CDC”),
Kreditanstalt für Wiederaufbau (“KfW”), the EIB and the European Commission for comparing opera-
tional and management practices and sharing information.
To make the best use of internal resources, during the year, 35 employees were transferred to new as-
signments following retraining.
6.2.3. Industrial relations
The national collective bargaining agreement for the banking and insurance industry, applicable to CDP
employees, was renewed in 2012.
The renewal came about in a considerably complex macroeconomic environment due to the financial
crisis and the deterioration in the performance of Italy’s banks.
Given this situation, a variety of measures, including extraordinary initiatives, were identified to preserve
the profitability and competitiveness of banks, while at the same time seeking to maintain employment
and ensure generational turnover. 
With compensation being increased in line with inflation, cost reductions were sought through measures
impacting severance pay, the supplemental pension fund and seniority increases.
6.3. IT SYSTEMS AND INTERNAL PROJECTS
During the year, a range of projects supporting the strategic objectives of the 2011-2013 Business Plan
were continued and in many cases completed. More specifically, the set of IT projects pursued in 2012
contributed to achieving the Plan objective to radically innovate the operating platform in order to im-
prove service quality and internal working procedures and to support product innovation.
More specifically, building upon the process begun in 2011 by introducing an interactive channel via the
web with local authorities (“Domanda online”, DOL), CDP created a new institutional site and complet-
ed the installation of the basic infrastructure for the new services portal. Two new sections dedicated to
banking customers for the New SME Fund and for the “2012 Earthquake Reconstruction” fund were
implemented on the portal. The electronic loan application system was also rolled out and the Docu-

137
ment Management functions were extended to support the application processing activities of the two
new products. Simultaneously, with regard to the Public Entities area, CDP encouraged local authorities
to use the DOL system as the sole channel for submitting loan applications and, starting from the final
quarter of the year, 100% of applications are being handled electronically from the outset through to
the time the contractual loan terms are transmitted.
These initiatives are supported by a document management system, with the consequent de-materiali-
sation of the application file and the retention of electronic files as required by applicable regulations.
This work is being conducted in order to expand the range of the products and events managed elec-
tronically and to eventually completely de-materialise loan management by extending the use of the new
application platform for all products in stock and through the adoption of a policy to de-materialisation
paper files at the source, in synergy with the current programme to outsource the archives.
In the lending area, in parallel with the achievements of prior initiatives, the installation and configura-
tion of the new platform in support of middle/back-office processes was completed, on which new CDP
products, including the “Export Bank”, the “2012 Earthquake Reconstruction” fund and the New SME
Fund, were activated.
Also in support in the “2012 Earthquake Reconstruction” fund, the new Moratorium Fund was estab-
lished, and the project to develop a standard procedure for managing extraordinary events that require
CDP’s immediate intervention to assist public entities located in areas affected by calamitous events is
nearing completion. Moreover, relations with entities affected by the 2009 Abruzzo earthquake and the
2012 earthquake were handled through this procedure.
In addition, the process of automating the external transmission of information continued with the ad-
dition of MEF reporting concerning grants in respect of the fund for Territorial Pacts and Area Contracts.
This initiative is part of a broader project, begun in 2012, to develop the new reporting platform.
Finally, during the year, CDP systems were upgraded to support local government renegotiation trans-
actions promoted by CDP in the first half of the year, and the Kyoto Fund, managed by CDP on behalf
of the Ministry for the Environment, was launched.
In the Finance area, a series of measures aimed at supporting the growing treasury operations were un-
dertaken during the year. More specifically, a new reserve requirement management dashboard was de-
veloped, repurchase agreement operations were automated, including for the related collateral (global
master repurchase agreements), the project for participation in the wholesale government securities mar-
ket (MTS) and in the Cassa di Compensazione e Garanzia (central counterparty guarantee system) was
begun and various initiatives for automating the management of market data were completed.
In the postal savings area, existing applications were upgraded to manage five new types of bonds intro-
duced in 2012, and new functions for analysing the behaviour of postal product investors were developed.
A new management reporting dashboard was created that can also be accessed using mobile devices.
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As regards risk management, work began on implementing and integrating the new Asset & Liability
Management (ALM) platform, which is expected to be completed in the first half of 2013, and an ap-
plication supporting the collection of loss data for operational risks was developed.
In synergy with the ALM project, the database integrating the company’s information base with risk sys-
tems was developed further.
Finally, with regard to credit analysis, a new application was developed for the automated management
of the scoring of Separate Account customers.
As far as payment systems are concerned, work was completed on the project to upgrade systems to
the SEPA Credit Transfer standard on the basis of the Payment Services Directive. During the second half
of the year, a feasibility study was begun to identify a solution for managing SEPA Direct Debit, which is
expected to be implemented in 2013.
With regard to supervisory reporting obligations, last year saw the continuation of the project to auto-
mate the process for producing the prudential returns with the completion of the process for producing
the return for financial statement data.
The new corporate intranet was also developed and new web initiatives in the Real Estate area were sup-
ported.
On the technology infrastructure front, the IT infrastructure reinforcement project was completed to sup-
port new Plan initiatives and a series of measures to achieve greater levels of redundancy and business
continuity were implemented.
The project to develop a disaster recovery solution was completed during the year and, in July, the solu-
tion was certified and the annual test performed.
CDP also completed a range of initiatives to implement tools to support the new corporate communi-
cation and collaboration needs, including completely renovating desktop and mobile workstations and
wi-fi coverage at the Rome and Milan offices.
Finally, during the last quarter, a feasibility study was performed for the Business Continuity project. The
project will continue into 2013 with the completion of the Business Impact Analysis phase and the de-
termination of business continuity solutions.
All of these initiatives were carried out with the support of the Resources and Organisation area in or-
der to ensure effective change management, control the impact of the new operational procedures on
business processes and adjust the system for managing delegated powers where appropriate.

139
6.4. REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE OF CDP
PURSUANT TO ARTICLE 123-BIS.2 B) OF THE CONSOLIDATED LAW ON FINAN-
CIAL INTERMEDIATION
6.4.1. The internal control system
CDP has developed an internal control system consisting of a set of rules, procedures, and organisational
structures designed to ensure compliance with the applicable regulations, in accordance with corporate
strategies and the achievement of targets set by company management.
More specifically, first level controls (line controls) are conducted by operational and administrative units.
These controls are built into organisational procedures and are designed to ensure that operations are
carried out correctly.
Second level controls (risk management controls) are carried out by separate organisational units and are
designed to help establish risk measurement methodologies and verify that the limits set for operational
departments are respected, as well as verifying that operational activities and results achieved by pro-
duction units comply with their allocated risk objectives and performance targets, ensuring that internal
practices and rules comply with applicable regulations.
Finally, third level controls are performed by the Internal Auditing unit, a permanent, autonomous func-
tion that does not report to the heads of the units subject to control. These controls are conducted to
verify the functionality of the overall internal control system and the regularity of CDP’s operational ac-
tivities and processes, with the objective of preventing or identifying risks and irregularities. Specifically,
the Internal Auditing unit assesses the ability of the overall internal control system to ensure that cor-
porate processes are efficient and effective, safeguard company and investor assets, guarantee the reli-
ability and integrity of accounting and management information, and compliance with internal and ex-
ternal regulations and management guidelines. 
Every year the Internal Auditing unit prepares an action plan that it presents to the Board of Directors. It
sets out the audits scheduled to analyse risks based on the importance of each process within the over-
all framework of the activities involved in achieving the business objectives. 
The unit reports on its results to the Board of Directors and the Board of Auditors on a quarterly basis.
However, critical issues identified during examinations are immediately reported to the relevant compa-
ny units so that they can implement corrective actions.
Internal Auditing also performs control activities over a number of the companies subject to management
and coordination under specific service agreements with the parent company for internal audit activities. 
With regard to the other companies subject to CDP’s management and coordination, as a result of the
expansion in the number of Group companies, Internal Auditing will set policy for and monitor the in-
ternal control system for the Group.
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Finally, the Internal Auditing unit advises other CDP units on improving internal audit activities and as-
sists the manager responsible for preparing the company financial reports and the Supervisory Body (es-
tablished pursuant to Legislative Decree 231/2001) in carrying out their work.
6.4.2. Financial and operational risk management systems
For the Ordinary Account and for Separate Account lending to private borrowers pursuant to Decree
Law 185 of 29 November 2008, CDP uses a validated proprietary model to calculate portfolio credit risk,
taking account of Separate Account exposures to public entities. The model is a “default mode” mod-
el, i.e. it considers credit risk on the basis of the losses associated with the possible default of borrowers
rather than the possible deterioration in credit quality indicated by an increase in spreads or rating changes.
Because it adopts a default mode approach, the model is multi-period, simulating the distribution of loss-
es from default over the entire life of outstanding transactions. This makes it possible to capture the ef-
fect of moving between credit quality classes other than the “preclusionary” category of default28. The
credit model makes it possible to calculate a variety of risk metrics (VaR, Expected Shortfall)29 for the en-
tire portfolio and for individual borrowers or lines of business.
CDP also uses credit scoring models, either developed internally or commercially available, structured by
loan categories (local governments, project finance, corporate finance and banks).
A report on the counterparty risk associated with derivative transactions and securities financing is sub-
mitted on a weekly basis by the Risk Management and Anti-Money Laundering Area (RMA) using pro-
prietary tools, which make it possible to monitor the current credit exposure (taking account of the net
mark-to-market and collateral) and the potential exposure.
The RMA monitors interest rate risk on the banking book on a daily basis, using a proprietary system
based on an economic value approach.
The system analyses items whose economic value is sensitive to changes in interest rates. The significant
embedded option components in the various asset and liability items are considered specifically on the
basis of stochastic models of the yield curve and behavioural models, where applicable. 
CDP also uses a dynamic ALM system (DALM) to generate multi-year simulations of interest rate and in-
flation exposure and net interest income, using a variety of scenarios for changes in the risk factors.
28
Default is technically a “preclusionary” category since, once a counterparty reaches that state, it is theoretically unable to
move to another category (rating).
29
Value at Risk over a given confidence interval (e.g. 99%) represents an estimate of the level of loss that is exceeded only with
a probability equal to the complement of the confidence interval (e.g. 1%). The expected shortfall at a given confidence in-
terval represents the expected value only of “extreme” losses that exceed the VaR.

141
In order to monitor the various risk elements associated with derivatives, positions in securities and se-
curities financing activities, the RMA uses the Murex front office application. In addition to specific mon-
itoring of positions, the system makes it possible to conduct a variety of sensitivity and scenario analy-
ses, which have numerous applications with regard to interest rate risk, counterparty risk, the analysis of
the securities portfolio and hedge accounting.
As regards monitoring the liquidity risk of the Separate Account, the RMA regularly analyses the volume
of liquid assets compared with the volume of demand liabilities and liabilities exposed to the risk of ear-
ly repayment, verifying compliance with the limits established under the Risk Policy.
To monitor liquidity risk pertaining to the Ordinary Account, CDP uses a proprietary tool for verifying the
limits, generating liquidity gap analyses and performing stress tests, as described in the section on “Liq-
uidity Risk”.
As mentioned previously, in 2012 CDP purchased a new ALM system that, once fully implemented, will
become the main tool for the integrated management of interest rate and inflation risk and liquidity risk.
In order to comply with the registration requirements pursuant to Article 36 of Legislative Decree 231/2007,
CDP has set up a unified computerised database for the central storage of all the information acquired in
performing customer due diligence requirements in accordance with the principles set out in the decree. 
CDP uses an outsourcer to create, maintain and manage the unified database, to which CDP’s Anti-Mon-
ey-Laundering function has direct and immediate access.
6.4.3. Compliance system pursuant to Legislative Decree 231/2001
In January 2006 CDP adopted a compliance system (an “organisation, management and control model
pursuant to Legislative Decree 231/2001”). The model identifies the company areas and operations that
are most exposed to the risk of criminal activity as defined in the decree, along with the principles, rules
and regulations for the control system introduced to supervise “sensitive” operating activities.
Given the importance of regulatory, organisational and business developments during the year, the com-
pliance model was revised in 2010 and the updated version was approved by the Board of Directors on
20 April 2011.
Further changes of a specific and/or formal nature, required to ensure that the system is compliant with
changes in the law, in internal and external rules and in operations, were approved by the Chief Execu-
tive Officer on 5 June 2012.
The Supervisory Body is tasked with overseeing the operation of and compliance with the model and
with updating its content and assisting the competent company bodies in the task of implementing the
model correctly and effectively.
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CDP’s Supervisory Body has three members: an expert in legal affairs, an expert in economic issues, and
the head of Internal Auditing, who are appointed by the Chairman of the Board of Directors. The Su-
pervisory Body was first established in 2004 and reappointed in 2007 and in December 2010 at the end
of its three-year terms.
The Supervisory Body has drafted its own internal rules and defined the approach to be followed in
supervising the model. As noted above, it has been supported by the Internal Auditing unit in on-
going, independent monitoring of the appropriate operation of company processes, as well as over-
sight of the internal control system as a whole. The Supervisory Body met on ten occasions during
2012.
The principles of Cassa Depositi e Prestiti’s compliance model can be viewed in the “chi siamo/Organizzazione
e Governance” section of the corporate website at: http://www.cassaddpp.it/cdp/Areagenerale/Chisiamo/in-
dex.htm.
6.4.4. Key characteristics of the risk and internal control management systems with re-
gard to the financial reporting process
Cassa Depositi e Prestiti S.p.A. is fully aware that financial reporting plays a key role in establishing and
maintaining positive relations between the company and its stakeholders. The internal control system,
which oversees the company’s reporting processes, is set up to ensure that information is reliable, accu-
rate and timely, in compliance with the applicable accounting standards.
The company’s control system is structured to comply with the model adopted in the CoSO Report30, and
as such is subdivided into five components (control environment, risk assessment, control activity, infor-
mation and communication, and monitoring), which function at the organisational unit and/or operat-
ing/administrative process level, depending on their characteristics.
In line with the model, the controls are monitored on a periodic basis in order to assess their operational
effectiveness and efficiency over time.
The company has adopted the Control Objectives for Information and related Technology (CObIT) frame-
work to assess and organise its internal control system in the information and communication technol-
ogy area. The implementation of the system is currently under way.
A risk-based approach has been chosen for the internal control system applied to the financial report-
ing process, in which the focus is on the key administrative and accounting procedures for CDP finan-
30
Committee of Sponsoring Organisations of the Treadway Commission.

143
cial reporting. In addition to administrative and accounting procedures in the strict sense, business, man-
agement, control and support processes with a significant impact on the accounts are also taken into
consideration.
The control model is based on an initial company-wide analysis of the control system in order to verify
that the environment is, generally speaking, organised to reduce the risk of error or improper conduct
with regard to the disclosure of accounting and financial information.
This analysis is undertaken by verifying the presence of appropriate elements, ranging from adequate
governance systems to ethical and integrity-based standards of conduct, effective organisational struc-
tures, clear assignment of powers and responsibilities, an appropriate risk management policy, discipli-
nary systems for personnel, and effective codes of conduct.
At the process level, the approach consists of an assessment phase to identify specific risks which, if the
risk event were to occur, might prevent the rapid and accurate identification, measurement, processing
and representation of corporate events in the accounts. This process involves the development of risk
and control association matrices that are used to analyse processes on the basis of their risk profiles and
the associated control activities.
The process level analysis is structured as follows:
•
an initial phase identifies risks and defines control objectives in order to mitigate those risks;
•
a second phase regards identification and evaluation of controls by: (i) identifying the type of
control; (ii) evaluating the potential effectiveness of the control activity in risk mitigation terms;
(iii) assessment/presence of control record; (iv) formulation of an overall judgment by correlating
the control’s potential effectiveness and the traceability of the control; (v) identification of key
controls;
•
the third phase consists of identifying areas of improvement regarding the control: (i) traceability of
the control; (ii) design of the control.
Monitoring the effective operation of the control system is another key component of the CoSO Re-
port framework. This activity is undertaken on a regular basis, addressing the periods covered by the
reporting.
The CDP S.p.A. monitoring phase is structured as follows:
•
sampling of items for testing;
•
test execution;
•
weighting of any anomalies detected, and an associated assessment.
In order to ensure that the system described above functions properly, CDP has established a system
for the integrated action of multiple units/functions. The Resources and Organisation area is re-
sponsible for process design and formalisation; the financial reporting manager’s function is involved
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during the risk assessment phase; and the Internal Auditing area is responsible for the monitoring
and assessment phase.
The Board of Directors and the Board of Auditors are briefed on a quarterly basis on Internal Auditing’s
assessments of the internal control system and the findings of inspections. In compliance with the re-
lated internal rules, at every balance sheet date the financial reporting manager reports to the Board of
Directors on the outcome of his activities, any shortcomings that may have been detected, and initia-
tives undertaken to address them.
Since there were considerable changes in the scope of consolidation in 2012, at the Group level, CDP per-
formed a general (synthetic) analysis of the methodological approach taken by those companies whose con-
tribution to Group financial reporting is most significant for ensuring the quality of their financial reporting. 
The analysis revealed that, for these companies as well, the internal control system applied to the fi-
nancial reporting process was developed using the CoSo Report as a methodological foundation. As a
result, we were able to identify, as with CDP, the phase of mapping activities into written procedures,
the phase of risk analysis and design/identification of mitigation controls and the phase of monitor-
ing/testing. 
To enable the financial reporting manager and the Chief Executive Officer to issue the certification pur-
suant to Art. 154-bis of the Consolidated Law on Financial Intermediation, a flow of information to the
financial reporting manager of the parent company was established, comprising: (i) the results of the
testing performed; (ii) the final report on the internal control system applied to the financial reporting
process from the financial reporting managers to their respective boards of directors; (iii) the intra-Group
“chain” certification system, which use the standard certification established by Consob and adopted
by the parent company, CDP.
6.4.5. Independent auditors
CDP’s financial statements are audited by PricewaterhouseCoopers S.p.A. (PwC). During the course of the
financial year, the independent auditors are responsible for verifying that the company keeps its accounts
properly and that it appropriately records events that occur during the year in the company’s accounts. Fur-
thermore, the independent auditors check that the individual and consolidated financial statements are
consistent with the records in the accounts and audits conducted, and that these documents comply with
applicable regulations. The independent auditors issue an opinion on the individual and consolidated fi-
nancial statements, and on the half-year interim report. The independent auditors are appointed by the
Shareholders’ Meeting in ordinary session, acting on a reasoned proposal put forward by the control body.
The current independent auditors were appointed in execution of a resolution of the May 2011 Share-
holders’ Meeting, which engaged that firm to audit the financial statements and accounts for the 2011-
2019 period.

145
6.4.6. Manager responsible for the preparation of the company’s financial reports
As of closure of the 2012 financial year, the manager responsible for the preparation of the financial re-
ports (the financial reporting manager) was the head of the Administration, Planning and Control unit.
For more information on the experience requirements and methods for appointing and substituting the
financial reporting manager, the provisions of Article 24-bis of CDP’s articles of association are reported
below.
Article 24-bis CDP articles of association
1. Subject to the prior opinion of the Board of Auditors, the Board of Directors appoints the manager
responsible for the preparation of the financial reports for a period of time not shorter than the term
of office of the Board of Directors and not longer than six financial years to perform the duties as-
signed to such manager under Article 154-bis of Legislative Decree 58 of 24 February 1998.
2. The manager responsible for the preparation of the financial reports shall meet the integrity re-
quirements provided for the Directors.
3. The manager responsible for the preparation of the financial reports shall be chosen in accordance
with criteria of professional experience and competence from among the managers who have glob-
al experience of at least 3 years in the administrative area at consulting firms or companies or pro-
fessional firms.
4. The manager responsible for the preparation of the financial reports can be replaced by the Board
of Directors only for due cause, having obtained the prior opinion of the Board of Auditors. 
5. The appointment of the manager responsible for the preparation of the financial reports shall lapse
if such manager should not continue to meet the requirements for the office. The Board of Directors
shall declare such lapse within thirty days from the date on which they become aware of the super-
vening failure to meet the requirements.
In order to ensure that the financial reporting manager has resources and powers commensurate with
the nature and complexity of the activities to be performed and with the size of the company, and to
ensure that such manager is able to perform the duties of the position, including in relations with oth-
er company bodies, in July 2007 the Board of Directors approved the “Internal Rules for the Financial
Reporting Manager Function”. In October 2011, following the start of management and coordination
activities for the subsidiaries of CDP, it was decided to update the rules of the function, using the same
approval process.
In addition to holding a senior management position reporting directly to top management, the finan-
cial reporting manager may:
•
access without restriction all company information considered relevant to the performance of his duties;
•
interact on a regular basis with the company’s administrative and control bodies;
•
audit any company process that impacts the reporting process;
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146
•
undertake, in the case of companies entering the scope of consolidation and subject to management
and control activities, specific initiatives necessary or helpful to the performance of activities associ-
ated with the performance of the manager’s duties at the parent company;
•
make use of other company units to design and amend processes (Resources and Organisation) and
check the adequacy and effective application of procedures (Internal Auditing);
•
have at his disposal dedicated personnel and independent powers of expenditure within an approved
overall budget.
6.4.7. Insider register
In 2009, in its role as an issuer of debt securities listed in Luxembourg and pursuant to the combined
provisions of Articles 13 and 16 of the Luxembourg law of 9 May 2006 concerning market abuse, CDP
has set up a “Register of persons with access to Cassa Depositi e Prestiti S.p.A. privileged information”.
Management of the register is governed by rules establishing the regulations and procedures for storing
and updating the register. 
Among other things, the rules establish criteria for identifying which parties, owing to their position or
the duties that they perform on a regular or occasional basis, have access to privileged information di-
rectly or indirectly concerning CDP. They also set out criteria regarding the prerequisites and timing of
entry in the register, as well as obligations incumbent upon registered parties, and penalties applicable
to breaches of such obligations under the rules and applicable law. 
The Legal and Corporate Affairs area is responsible for maintaining and updating the register.
The “Register of persons with access to Terna S.p.A. privileged information”, set up in 2007 by CDP in its
role as an entity with a controlling relationship over Terna S.p.A. (listed on the stock exchange organised
by Borsa Italiana S.p.A.) was cancelled following the entry into force of Legislative Decree 184/2012, which
abolished the requirement for parties with a controlling relationship over listed issuers, provided for by Ar-
ticle 115-bis of the Consolidated Law on Financial Intermediation, to maintain this register.
6.4.8. Code of ethics
CDP’s Code of Ethics establishes a set of values accepted and shared throughout the entire organisation
that informs how CDP conducts its business.
The principles and provisions enshrined in the Code provide a cornerstone for all activities undertaken in
pursuit of the company’s mission. According to the Code, in-house and external relations shall be conducted
on the principles of honesty, moral integrity, transparency, reliability and a sense of responsibility.

147
The principles and provisions of the Code are disseminated primarily through publication on the corpo-
rate intranet. A copy of the Code is also given to all new employees. Individual contracts also contain a
clause stating that compliance with the Code is an essential part the contractual obligations, and is gov-
erned by a disciplinary code
In 2012 there were no breaches of the Code by CDP employees or associates.
***
For more information on the Terna Group, please see the “Report on corporate governance and own-
ership structure” prepared and distributed by Terna S.p.A.
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7.1 RELATIONS WITH THE CENTRAL STATE TREASURY
CDP has an interest-bearing current account, no. 29814 denominated “Cassa DP SPA – Gestione Sepa-
rata”, with the Central State Treasury on which it deposits most of its liquidity.
Pursuant to Article 6.2 of the decree of the Minister for the Economy and Finance (MEF) of 5 December
2003, interest on the funds is paid half-yearly at a floating rate equal to the simple arithmetic mean be-
tween the gross yield on six-month Treasury bills and the monthly Rendistato index.
7.2. AGREEMENTS WITH THE MEF
In accordance with the above MEF decree CDP continued to manage the administrative and ac-
counting aspects of the relationships transferred to the MEF at the end of 2003. These activities are
governed by two agreements with the MEF that set out the guidelines for the exercise of the func-
tions performed by CDP and the fees due for such services. These agreements were renewed, re-
taining the existing terms and conditions, on 23 December 2009 and will remain in force until 31
December 2014.
The first agreement governs the methods by which CDP manages existing relations as of the transfor-
mation date, resulting from the postal savings bonds transferred to the MEF (Article 3.4, c) under the
ministerial decree cited above). Based on this agreement, in addition to settling cash flows and manag-
ing relations with Poste Italiane, CDP provides the following services to the MEF:
•
financial reporting;
•
the periodic provision of information, both actual and forecasts, on bond redemptions and stocks;
•
monitoring and management of the treasury accounts established for the purpose.
The second agreement concerns the management of the loans and relations transferred to the MEF pur-
suant to Article 3.4, a), b), e), g), h) and i) in the above ministerial decree. Here, too, guidelines were pro-
vided to help with the management activities by surveying such activities. In line with Article 4.2 of the
aforementioned decree, CDP’s role as defined by this agreement includes carrying out disbursement, pay-
ment, and credit collection transactions, to represent the MEF in legal and other matters, to fulfil oblig-
ations, and to exercise powers and rights in the management of relations connected with the activities
transferred. CDP also provides the MEF with the following services:
•
a detailed report on the activities performed;
7. Relations of the parent company
with the MEF
148

149
•
the periodic provision of information on developments in the transferred loans and relationships,
both actual and forecasts;
•
monitoring and management of the treasury accounts established for this purpose.
The MEF pays CDP €3 million annually for the performance of these services.
7.3. MANAGEMENT ON BEHALF OF THE MEF
One of the most important activities is managing the loans granted by CDP and transferred to the MEF,
the residual debt of which came to €12,945 million at 31 December 2012, compared with €14,713 mil-
lion at the end of 2011. The liability side includes the management of postal savings bonds assigned to
the MEF, which at year-end totalled €75,750 million, compared with €79,173 million at 31 December
2011.
In accordance with the above-mentioned ministerial decree, CDP continues to handle a number of ac-
tivities established under specific legislative provisions, financed primarily with state funds. The funds ap-
propriated for these activities are deposited in non-interest-bearing treasury accounts held in the name
of the MEF, although CDP is authorised to use them for the purposes envisaged in the laws establishing
the programmes.
Major programmes include the following: residential building, which had funds amounting to €3,053
million at 31 December 2012; the natural gas infrastructure programme for the South, which had re-
sources totalling €247 million; and resources for territorial agreements and area contracts, which came
to €526 million.
CDP - 2012 Annual Report
Report on operations

8.1. THE PARENT COMPANY AND THE COMPANIES SUBJECT TO ITS MANAGEMENT AND
COORDINATION
As regards the outlook, 2013 represents the final phase of the 2011-2013 Business Plan approved in
March 2011. Despite the challenging macroeconomic context, we expect that the main targets set out
in the Plan will be achieved in full. 
Specifically, we expect the volume of new lending to easily surpass the targets set out in the Plan, and a
mix of loans and investments that, consistent with economic conditions, will see loans in support of the
economy and equity investments playing a leading role.
On the asset side, we expect the stock of loans to customers and banks to expand more rapidly than
lending for the banking system as a whole, primarily thanks to expected lending for enterprises and in-
frastructure.
We expect a decline in net interest income in 2013 as a result of the normalisation of the spread be-
tween lending and funding rates after the espcially positive performance posted in 2012. The contrac-
tion in net interest income will be partly offset by an increase in the dividends expected as a result of the
expansion in the portfolio at the end of 2012. From a profitability standpoint, expected results are fully
in line with Business Plan targets.
The primary risks and uncertainties affecting results for 2013 regard the possibility that the market prices
or reference values of equity investments held by CDP may perform poorly, making it necessary to recog-
nise writedowns, and the possible volatility in the dividends distributed by the investee companies. More-
over, given the possibility of a significant rise in interest rates, there is a risk of an increase in the early
redemption of postal savings bonds and replacement with newly issued bonds, a shift that could raise
funding costs.
With regard to the main products offered by CDPI SGR, operations in 2013 will focus on initiating a sub-
stantial volume of direct investment in real estate. As regards the FIA, following possible regulatory
changes as a result of the publication of the Prime Minister’s Order of July 2012, which repeals the 40%
limit on investments, a further acceleration of investment of the funds resources is likely, as it will be pos-
sible to undertake worthwhile projects that call for real estate investments in line with the management
policy of the FIA but which to date have been suspended owing to the difficulty of finding investors to
acquire the remaining 60% of equity.
8. Outlook for the full year
150

151
The operations of FSI will continue apace and, in addition to the transactions already agreed, which will be
completed (Hera and IQ Made in Italy Investment Company), other opportunities have emerged from among
the many proposals received and analysed. In view of the existing pipeline and the advanced stage of work
on a number of investment opportunities, additional investment are expected to be completed in 2013.
The activities of the Fintecna Group in 2013 will proceed as in previous years, with no new lines of de-
velopment are under consideration, pending the policy instructions of the new owner, CDP.
With specific regard to the Fincantieri Group, with the acquisition of STX OSV the year 2013 marks the en-
try of the group in a new high value-added market, with the intention of continuing the diversification of
production launched in recent years and considered, together with the implementation of the company re-
organisation plan, an essential element of consolidating and strengthening the market position of the Fin-
cantieri Group and containing the impact of the crisis that has impacted the global shipbuilding industry.
In this context, the Fincantieri Group will continue to implement the reorganisation measures set out in the
plan, which in return for retaining all existing Italian facilities provides for the rebalancing of the workforce
in relation to the order backlog, with an increase in flexibility and productivity. 
In 2013 the SACE Group will continue its implementation of the guidelines set out in the 2011-2013
business plan, in a macroeconomic environment that looks set to improve in the second half of the year,
albeit with persistently high levels of uncertainty and volatility.
8.2. THE OUTLOOK FOR THE TERNA GROUP
The 2013 financial year will see the company involved in implementing the actions provided for under
the 2012-2017 business plan, approved by the board of directors on 6 February 2013.
In line with the strategy adopted under the previous business plan, the Terna Group has completed the
corporate reorganisation process that will result in an organisational structure that will have a greater fo-
cus on non-traditional businesses in addition to consolidating traditional activities.
With regard to traditional businesses, specifically the development and upgrading of the NTG, the com-
pany expects to make investments in line with 2012. More specifically, under the business plan, the Ter-
na Group will to continue to develop and build foreign interconnections (Montenegro and France), to
reduce grid congestion (the Sorgente-Rizziconi and Dolo-Camin projects) and to pursue the develop-
ment of electricity storage systems.
In continuity with previous years, the Terna Group will pursue the rationalisation of processes and en-
hancing the efficiency of operating expenses, while at the same time ensuring the maximum quality of
transmission and dispatching services.
CDP - 2012 Annual Report
Report on operations

152
As regards financial management, the bond issues made in 2012 have raised sufficient resources for use
in business operations until 2015.
8.3. THE OUTLOOK FOR SIMEST
The 2013 financial year will continue to see SIMEST actively operating in those geographical areas in
which it has long provided support for Italian companies, such as the BRIC countries, NAFTA, the West-
ern Balkans, MENA, Africa and the EU.
To take advantage of further opportunities to grow its portfolio, SIMEST will continue to expand its sup-
port for Italian companies by using company cash flow and a careful use of leverage, with high margins.

We also submit for shareholder approval the following proposal for the allocation of 2012 earnings,
which total €2,852,617,356.
In consideration of the automatic conversion of preference shares into ordinary shares scheduled for 1
April 2013 and assuming that the shareholders will approved the consequent resolution submitted to
the Shareholders’ Meetings called for 20 and 27 March 2013, as of the date of approval of the alloca-
tion of net income for 2012 the share capital of CDP will be represented by 296,450,000 ordinary shares,
of which 4,451,160 held by the company as treasury shares and therefore without rights in net income,
pursuant Article 2357-ter of the Italian Civil Code.
Pursuant to Article 30 of the articles of association, having deducted the amount to be allocated to the
legal reserve, equal to €94,433,036 (after which the legal reserve will be equal to one fifth of share cap-
ital), we propose to allocate the net income to holders of ordinary shares to a dividend in the amount of
€998,636,032.80. 
Taking account of treasury shares, the proposed dividend amounts to €3.42 per ordinary share bearing
rights to net income.
It is further proposed to retain a total of €1,759,548,287 in earnings.
Rome, 20 March 2013
The Chairman
Franco Bassanini
****
For information on subsequent events, please see the notes to the financial statements, Part A.1., section 3.
9. Proposed allocation of net income for the
year
153
CDP - 2012 Annual Report
PROPOSED ALLOCATION OF NET INCOME
(euros)
Net income
2,852,617,356
Legal reserve
94,433,036
Distributable income
2,758,184,320
Dividend
998,636,033
Retained earnings
1,759,548,287
Dividend per share
3.42
Report on operations

CDP S.p.A.
Separate Financial Statements
2012 Annual Report

The separate financial statements at 31 December 2012 have been prepared in conformity with the ap-
plicable regulations and are composed of:
•
Balance sheet;
•
Income statement;
•
Statement of comprehensive income;
•
Statement of changes in equity;
•
Cash flow statement;
•
Notes to the separate financial statements.
The notes to the separate financial statements are composed of:
INTRODUCTION
PART A - Accounting policies
PART B - Information on the balance sheet
PART C - Information on the income statement
PART D - Comprehensive income
PART E - Information on risks and related hedging policies
PART F - Capital
PART H - Transactions with related parties
PART L - Operating segments
The section “Annexes”, which is an integral part of the separate financial statements, includes a list of
equity investments held by CDP and the separate schedules showing the contribution of the Separate
Account and the Ordinary Account to company results.
Form and content of the separate financial
statements at 31 December 2012
157
CDP - 2012 Annual Report
Separate Financial Statements

CDP S.p.A.
Separate Financial Statements
Balance sheet 
Income statement 
Statement of comprehensive income
Statement of changes in equity 
Cash flow statement 
2012 Annual Report

160
Balance sheet
(euros)
Assets
31/12/2012
31/12/2011
10. Cash and cash equivalents
4,061
2,237 
20. Financial assets held for trading
640,480,778
581,080,782 
40. Financial assets available for sale
4,975,191,408
2,714,382,743 
- of which securing covered bonds
-
200,479,303 
50. Financial assets held to maturity
16,730,803,183
9,289,252,925 
60. Loans to banks
13,178,302,664
19,404,824,607 
- of which securing covered bonds
575,161,865
5,138,958,155 
70. Loans to customers
238,305,758,261
220,537,662,851 
- of which securing covered bonds
2,102,395,438
- 
80. Hedging derivatives
371,592,827
359,793,786 
100. Equity investments
30,267,806,038
19,641,548,187 
110. Property, plant and equipment
206,844,583
199,727,962 
120. Intangible assets
7,142,943
4,574,652 
130. Tax assets
508,263,385
617,523,230 
a) current
359,110,010
399,759,826 
b) deferred
149,153,375
217,763,404 
150. Other assets
239,289,471
235,665,166 
Total assets
305,431,479,602
273,586,039,128

161
CDP - 2012 Annual Report
Separate Financial Statements
(euros)
Liabilities and equity
31/12/2012
31/12/2011
10. Due to banks
34,055,028,612
19,415,892,384 
20. Due to customers
242,303,149,301
227,042,396,990 
30. Securities issued
6,672,411,389
8,512,364,699 
- of which covered bonds
2,639,474,757
5,307,748,156 
40. Financial liabilities held for trading
477,087,678
471,815,234 
60. Hedging derivatives
2,575,862,638
2,621,250,529 
70. Adjustment of financial liabilities hedged generically (+/-)
56,412,601
60,440,182 
80. Tax liabilities
915,731,204
443,585,327 
a) current
818,196,453
356,236,426 
b) deferred
97,534,751
87,348,901 
100. Other liabilities
1,527,970,453
538,517,108 
110. Staff severance pay
750,996
732,560 
120. Provisions
11,789,925
9,681,415 
b) other provisions
11,789,925
9,681,415 
130. Valuation reserves
965,418,317
1,081,113,568 
160. Reserves
9,517,249,132
8,276,343,556 
180. Share capital
3,500,000,000
3,500,000,000 
200. Net income for the period (+/-)
2,852,617,356
1,611,905,576 
Total liabilities and equity
305,431,479,602
273,586,039,128

162
Income statement
(euros)
31/12/2012
31/12/2011
10.
Interest income and similar revenues
10,590,682,908
7,737,829,670
20.
Interest expense and similar charges
(7,068,867,902)
(5,408,988,524)
30.
Net interest income
3,521,815,006
2,328,841,146
40.
Commission income
38,348,222
15,704,980
50.
Commission expense
(1,650,123,072)
(1,504,737,356)
60.
Net commission income
(1,611,774,850)
(1,489,032,376)
70.
Dividends and similar revenues
1,206,749,144
1,229,134,522
80.
Net gain (loss) on trading activities
156,407,006
(17,238,205)
90.
Net gain (loss) on hedging activities
(10,120,204)
(27,825,910)
100.
Gains (losses) on disposal or repurchase of:
389,563,961
6,425,648
a) loans
19,469,378
6,074,385
b) financial assets available for sale
366,189,473
345,580
c) financial assets held to maturity
145,310
5,683
d) financial liabilities
3,759,800
- 
120.
Gross income
3,652,640,063
2,030,304,825
130.
Net impairment adjustments of:
(22,884,956)
(10,188,369)
a) loans
(22,097,331)
(7,565,679)
d) other financial transactions
(787,625)
(2,622,690)
140.
Financial income (expense), net
3,629,755,107
2,020,116,456
150.
Administrative expenses:
(103,285,487)
(85,168,357)
a) staff costs
(54,205,757)
(50,780,722)
b) other administrative expenses
(49,079,730)
(34,387,635)
160.
Net provisions
(2,058,191)
(350,298)
170.
Net adjustments of property, plant and equipment
(5,225,787)
(5,677,509)
180.
Net adjustments of intangible assets
(2,464,066)
(2,210,473)
190.
Other operating income (costs)
3,504,759
3,730,374
200.
Operating costs
(109,528,772)
(89,676,263)
210.
Gains (losses) on equity investments
147,334,875
(13,861,048)
240.
Gains (losses) on the disposal of investments
(107,901)
- 
250.
Income (loss) before tax from continuing operations
3,667,453,309
1,916,579,145
260.
Income tax for the period on continuing operations
(814,835,953)
(304,673,569)
270.
Income (loss) after tax on continuing operations
2,852,617,356
1,611,905,576
290.
Income (loss) for the period
2,852,617,356
1,611,905,576

163
CDP - 2012 Annual Report
Separate Financial Statements
Statement of comprehensive income
(euros)
31/12/2012
31/12/2011
10. Income (loss) for the period
2,852,617,356
1,611,905,576
Other comprehensive income net of taxes
20.
Financial assets available for sale
(139,907,692)
(171,364,227)
60.
Cash flow hedges
24,212,441
2,341,008
110. Total other comprehensive income net of taxes
(115,695,251)
(169,023,219)
120. Comprehensive income (items 10+110)
2,736,922,105
1,442,882,357

164
Special dividend distribution
Changes in equity instruments
Derivatives on own shares
Stock options
Share capital:
a) ordinary shares
2,450,000,000
2,450,000,000
2,450,000,000 
b) preference shares
1,050,000,000
1,050,000,000
1,050,000,000
Share premium reserve
Reserves:
a) income
8,276,343,556
8,276,343,556
1,240,905,576
9,517,249,132 
b) other
Valuation reserves:
a) available for sale
916,941,766
916,941,766
(139,907,692)
777,034,074 
b) cash flow hedges
(3,400,200)
(3,400,200)
24,212,441
20,812,241 
c)
other reserves
- revaluation of property
167,572,002
167,572,002
167,572,002 
Equity instruments
Treasury shares
Income (loss) for the period
1,611,905,576
1,611,905,576
(1,240,905,576)
(371,000,000)
2,852,617,356
2,852,617,356 
Equity
14,469,362,700
14,469,362,700
-
(371,000,000)
2,736,922,105 16,835,284,805 
Issues of new hares
Comprehensive income  
for 2012
Equity at 31/12/2012
Balance at 31/12/2011
Balance at 01/01/2012
Reserves
Allocation of net income
for previous year
Changes in opening balance
Dividens and other allocations
Changes in reserves
Purchase of own shares
Changes for the period
Equity transactions
Statement of changes in equity: current period
(euros)

165
CDP - 2012 Annual Report
Separate Financial Statements
Special dividend distribution
Changes in equity instruments
Derivatives on own shares
Stock options
Share capital:
a) ordinary shares
2,450,000,000
2,450,000,000
2,450,000,000 
b) preference shares
1,050,000,000
1,050,000,000
1,050,000,000 
Share premium reserve
Reserves:
a) income
6,233,823,643
6,233,823,643
2,042,519,913
8,276,343,556 
b) other
Valuation reserves:
a) available for sale
1,088,305,993
1,088,305,993
(171,364,227)
916,941,766 
b) cash flow hedges
(5,741,208)
(5,741,208)
2,341,008
(3,400,200) 
c)
other reserves
- revaluation of property
167,572,002
167,572,002
167,572,002 
Equity instruments
Treasury shares
Income (loss) for the period
2,742,519,913
2,742,519,913
(2,042,519,913)
(700,000,000)
1,611,905,576
1,611,905,576 
Equity
13,726,480,343
13,726,480,343
-
(700,000,000)
1,442,882,357 14,469,362,700 
Issues of new shares
Comprehensive income 
for 2011
Equity at 31/12/2011
Balance at 31/12/2010
Balance at 01/01/2011
Reserves
Allocation of net income
for previous year
Changes in opening balance
Dividends and other allocations
Changes in reserves
Purchase of own shares
Changes for the period
Equity transactions
Statement of changes in equity: previous period
(euros)

166
Cash flow statement (indirect method)
(euros)
A. OPERATING ACTIVITIES
31/12/2012
31/12/2011
1. Operations
(1,268,664,051)
4,407,689,471 
- net income for the year (+/-)
2,852,617,356
1,611,905,576 
- gains (losses) on financial assets held for trading 
and on financial assets/liabilities at fair value (-/+)
(137,571,535)
8,996,389 
- gains (losses) on hedging activities (-/+)
(200,183,695)
(189,561,628) 
- net impairment adjustments (+/-)
22,884,956
10,188,369 
- net value adjustments to property, plant and equipment and intangible assets (+/-)
7,689,853
7,887,982 
- net provisions and other costs/revenues (+/-)
7,428,900
7,050,418 
- unpaid taxes and duties (+)
814,835,953
304,673,569 
- net impairment adjustments of disposal groups held for sale 
net of tax effect (+/-)
-
- 
- writedowns/writebacks of equity investments (+/-)
-
13,861,048 
- other adjustments (+/-)
(4,636,365,839)
2,632,687,748 
2. Cash generated by/used in financial assets
(1,358,378,980)
(14,525,818,442) 
- financial assets held for trading
78,171,539
266,360,752 
- financial assets at fair value
-
- 
- financial assets available for sale
(2,030,319,043)
(669,973,585) 
- loans to banks: on demand
-
- 
- loans to banks: other
6,948,868,710
(10,121,091,617) 
- loans to customers
(6,374,480,471)
(4,060,860,800) 
- other assets
19,380,285
59,746,809 
3. Cash generated by/used in financial liabilities
34,558,471,140
18,405,402,883 
- due to banks: on demand
-
- 
- due to banks: other
14,456,286,818
11,561,064,716 
- due to customers
20,235,839,912
7,427,749,672 
- securities issued
(1,720,450,110)
795,615,500 
- financial liabilities held for trading
5,272,444
(468,218,474) 
- financial liabilities at fair value
-
- 
- other liabilities
1,581,522,076
(910,808,531) 
Cash generated by/used in operating activities
31,931,428,109
8,287,273,912 
B. INVESTING ACTIVITIES
1. Cash generated by
24,715,175,635
259,988,457 
- sale of equity investments
2,034,309,999
- 
- dividends from equity investments
-
- 
- sale of financial instruments held to maturity
22,680,756,000
259,988,457 
- sale of property, plant and equipment
109,636
- 
2. Cash used in
(42,581,105,251)
(7,589,857,643) 
- purchase of equity investments
(12,660,567,850)
(1,072,800,000) 
- purchase of financial assets held to maturity
(29,903,053,001)
(6,509,653,862) 
- purchase of property, plant and equipment
(12,452,043)
(5,592,908) 
- purchase of intangible assets
(5,032,357)
(1,810,872) 
Cash generated by/used in investing activities
(17,865,929,616)
(7,329,869,186) 
C. FINANCING ACTIVITIES
- dividend distribution and other allocations
(371,000,000)
(700,000,000) 
Cash generated by/used in financing activities
(371,000,000)
(700,000,000) 
CASH GENERATED/USED DURING THE YEAR
13,694,498,493
257,404,726 
Reconcilation
Items*
Cash and cash equivalents at beginning of year
124,035,182,663
123,777,777,937 
Total cash generated/used during the year
13,694,498,493
257,404,726 
Cash and cash equivalents: effects of changes in exchange rates
-
- 
Cash and cash equivalents at end of year
137,729,681,156
124,035,182,663 
* The cash and cash equivalents reported in the cash flow statement comprise the balance of item 10 “Cash and cash equivalents”, the balance on the current account
held with the Central Treasury, which is reported under item 70 “Loans to customers” and the positive balance of the bank current accounts reported under item 60
“Loans to banks” net of current accounts with a negative balance reported under item 10 “Due to banks” under liabilities.

CDP S.p.A.
Notes to the financial statements
2012 Annual Report

168
NOTES TO THE SEPARATE FINANCIAL STATEMENTS
Introduction
173
PART A - ACCOUNTING POLICIES
176
A.1 - General information
176
SECTION 1 - DECLARATION OF CONFORMITY WITH THE INTERNATIONAL ACCOUNTING STANDARDS
176
SECTION 2 - GENERAL PREPARATION PRINCIPLES
176
SECTION 3 - EVENTS SUBSEQUENT TO THE REPORTING DATE
177
SECTION 4 - OTHER ISSUES
178
A.2 - The main financial statement accounts
183
1 - FINANCIAL ASSETS HELD FOR TRADING
183
2 - FINANCIAL ASSETS AVAILABLE FOR SALE
184
3 - FINANCIAL ASSETS HELD TO MATURITY
185
4 - LOANS
186
6 - HEDGING TRANSACTIONS
188
7 - EQUITY INVESTMENTS
189
8 - PROPERTY, PLANT AND EQUIPMENT
189
9 - INTANGIBLE ASSETS
190
11 - CURRENT AND DEFERRED TAXATION
191
12 - PROVISIONS
191
13 - DEBT AND SECURITIES ISSUED
192
14 - FINANCIAL LIABILITIES HELD FOR TRADING
193
16 - FOREIGN CURRENCY TRANSACTIONS
194
17 - OTHER INFORMATION
194
A.3 - Disclosures on fair value measurement
197
A.3.2 Hierarchy of fair value inputs
197
A.3.2.1 Portfolios: breakdown by level of fair value inputs
197
A.3.2.2 Change for the year in financial assets at fair value (Level 3)
198
A.3.2.3 Change for the year in financial liabilities at fair value (Level 3)
199
A.3.3 Disclosures on “day one profit/loss”
199
PART B - INFORMATION ON THE BALANCE SHEET
200
Assets
200
SECTION 1 - CASH AND CASH EQUIVALENTS - ITEM 10
200
1.1 Cash and cash equivalents: composition
200
SECTION 2 - FINANCIAL ASSETS HELD FOR TRADING - ITEM 20
201
2.1 Financial assets held for trading: composition by type
201
2.2 Financial assets held for trading: composition by debtor/issuer
202
SECTION 4 - FINANCIAL ASSETS AVAILABLE FOR SALE - ITEM 40
203
4.1 Financial assets available for sale: composition by type
203

169
CDP - 2012 Annual Report
Separate Financial Statements
4.2 Financial assets available for sale: composition by debtor/issuer
203
4.4 Financial assets available for sale: change for the year
204
SECTION 5 - FINANCIAL ASSETS HELD TO MATURITY - ITEM 50
205
5.1 Financial assets held to maturity: composition by type
205
5.2 Financial assets held to maturity: composition by debtor/issuer
205
5.4 Financial assets held to maturity: change for the year
206
SECTION 6 - LOANS TO BANKS - ITEM 60
207
6.1 Loans to banks: composition by type
207
6.2 Loans to banks: assets hedged specifically
208
SECTION 7 - LOANS TO CUSTOMERS - ITEM 70
209
7.1 Loans to customers: composition by type
209
7.2 Loans to customers: composition by debtor/issuer
210
7.3 Loans to customers: assets hedged specifically
211
SECTION 8 - HEDGING DERIVATIVES - ITEM 80
212
8.1 Hedging derivatives: composition by type of hedge and level of inputs
212
8.2 Hedging derivatives: composition by hedged portfolio and type of hedge
212
SECTION 10 - EQUITY INVESTMENTS - ITEM 100
213
10.1 Equity investments in subsidiaries, joint ventures and companies subject 
to significant influence: information on investments
213
10.2 Equity investments in subsidiaries, joint ventures and companies subject
to significant influence: accounting data
214
10.3 Equity investments: change for the year
215
10.6 Commitments in respect of companies subject to significant influence
215
SECTION 11 - PROPERTY, PLANT AND EQUIPMENT - ITEM 110
216
11.1 Property, plant and equipment: composition of assets measured at cost
216
11.3 Operating property, plant and equipment: change for the year
217
SECTION 12 - INTANGIBLE ASSETS - ITEM 120
218
12.1 Intangible assets: composition by category
218
12.2 Intangible assets: change for the year
219
12.3 Other information
220
SECTION 13 - TAX ASSETS AND LIABILITIES - ITEM 130 OF ASSETS AND ITEM 80 OF LIABILITIES
220
13.1 Deferred tax assets: composition
220
13.2 Deferred tax liabilities: composition
220
13.3 Changes in deferred tax assets (recognised in income statement)
221
13.4 Changes in deferred tax liabilities (recognised in income statement)
221
13.5 Changes in deferred tax assets (recognised in equity)
222
13.6 Changes in deferred tax liabilities (recognised in equity)
222
13.7 Other information
223
SECTION 15 - OTHER ASSETS - ITEM 150
224
15.1 Other assets: composition
224
Liabilities
225
SECTION 1 - DUE TO BANKS - ITEM 10
225
1.1 Due to banks: composition by type
225

170
SECTION 2 - DUE TO CUSTOMERS - ITEM 20
226
2.1 Due to customers: composition by type
226
2.3 Breakdown of item 20 “Due to customers”: structured liabilities
226
2.4 Due to customers: liabilities hedged specifically
227
SECTION 3 - SECURITIES ISSUED - ITEM 30
228
3.1 Securities issued: composition by type
228
3.3 Securities issued: securities hedged specifically
228
SECTION 4 - FINANCIAL LIABILITIES HELD FOR TRADING - ITEM 40
229
4.1 Financial liabilities held for trading: composition by type
229
SECTION 6 - HEDGING DERIVATIVES - ITEM 60
230
6.1 Hedging derivatives: composition by type of hedge and level of inputs
230
6.2 Hedging derivatives: composition by hedged portfolio and type of hedge
230
SECTION 7 - VALUE ADJUSTMENTS OF LIABILITIES COVERED BY MACRO-HEDGES - ITEM 70
231
7.1 Value adjustments of hedged financial liabilities
231
7.2 Liabilities covered by macro-hedges against interest rate risk: composition
231
SECTION 8 - TAX LIABILITIES - ITEM 80
231
SECTION 10 - OTHER LIABILITIES - ITEM 100
232
10.1 Other liabilities: composition
232
SECTION 11 - STAFF SEVERANCE PAY - ITEM 110
232
11.1 Staff severance pay: change for the year
232
SECTION 12 - PROVISIONS - ITEM 120
233
12.1 Provisions: composition
233
12.2 Provisions: change for the year
233
12.4 Provisions - Other provisions
233
SECTION 14 - EQUITY - ITEMS 130, 150, 160, 170, 180, 190 AND 200
234
14.1 “Share capital” and “Treasury shares”: composition
234
14.2 Share capital - Number of shares: change for the year
235
14.4 Income reserves: additional information
236
OTHER INFORMATION
237
1. Guarantees issued and commitments
237
2. Assets pledged as collateral for own debts and commitments
237
4. Management and intermediation on behalf of third parties
238
PART C - INFORMATION ON THE INCOME STATEMENT
239
SECTION 1 - INTEREST - ITEMS 10 AND 20
239
1.1 Interest income and similar revenues: composition
239
1.4 Interest expense and similar charges: composition
240
1.5 Interest expense and similar charges: differences on hedging transactions
240
SECTION 2 - COMMISSIONS - ITEMS 40 AND 50
241
2.1 Commission income: composition
241
2.3 Commission expense: composition
242

171
SECTION 3 - DIVIDENDS AND SIMILAR REVENUES - ITEM 70
243
3.1 Dividends and similar revenues: composition
243
SECTION 4 - NET GAIN (LOSS) ON TRADING ACTIVITIES - ITEM 80
244
4.1 Net gain (loss) on trading activities: composition
244
SECTION 5 - NET GAIN (LOSS) ON HEDGING ACTIVITIES - ITEM 90
245
5.1 Net gain (loss) on hedging activities: composition
245
SECTION 6 - GAINS (LOSSES) ON DISPOSAL OR REPURCHASE - ITEM 100
246
6.1 Gains (losses) on disposal or repurchase: composition
246
SECTION 8 - NET IMPAIRMENT ADJUSTMENTS - ITEM 130
247
8.1 Net impairment adjustments of loans: composition
247
8.4 Net impairment adjustments of other financial transactions: composition
248
SECTION 9 - GENERAL AND ADMINISTRATIVE EXPENSES - ITEM 150
249
9.1 Staff costs: composition
249
9.2 Average number of employees by category
249
9.4 Other employee benefits
250
9.5 Other administrative expenses: composition
250
SECTION 10 - NET PROVISIONS - ITEM 160
251
10.1 Net provisions: composition
251
SECTION 11 - NET ADJUSTMENTS OF PROPERTY, PLANT AND EQUIPMENT - ITEM 170
251
11.1. Net adjustments of property, plant and equipment: composition
251
SECTION 12 - NET ADJUSTMENTS OF INTANGIBLE ASSETS - ITEM 180
251
12.1 Net adjustments of intangible assets: composition
251
SECTION 13 - OTHER OPERATING COSTS AND INCOME - ITEM 190
252
13.1 Other operating costs: composition
252
13.2 Other operating income: composition
252
SECTION 14 - GAINS (LOSSES) ON EQUITY INVESTMENTS - ITEM 210
252
14.1 Gains (losses) on equity investments: composition
252
SECTION 17- GAINS (LOSSES) ON THE DISPOSAL OF INVESTMENTS - ITEM 240
253
17.1 Gains (losses) on the disposal of investments: composition
253
SECTION 18 - INCOME TAX FOR THE PERIOD ON CONTINUING OPERATIONS - ITEM 260
253
18.1 Income tax for the period on continuing operations: composition
253
18.2 Reconciliation of theoretical tax liability and actual tax liability recognised
254
Part D - COMPREHENSIVE INCOME
255
PART E - INFORMATION ON RISKS AND RELATED HEDGING POLICIES
256
SECTION 1 - CREDIT RISK
257
SECTION 2 - MARKET RISKS
277
SECTION 3 - LIQUIDITY RISK
292
SECTION 4 - OPERATIONAL RISKS
295
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172
PART F - CAPITAL
299
PART H - TRANSACTIONS WITH RELATED PARTIES
300
1. Information on the compensation of key management personnel
300
2. Information on transactions with related parties
302
PART L - OPERATING SEGMENTS
307
ANNEXES
311
REPORT OF THE BOARD OF AUDITORS
319
REPORT OF THE INDEPENDENT AUDITORS
325
CERTIFICATION OF THE SEPARATE FINANCIAL STATEMENTS
329

STRUCTURE AND CONTENT OF THE FINANCIAL STATEMENTS
As in previous years, the CDP financial statements have been prepared in accordance with the regula-
tions of the Bank of Italy, which are set out in its circular concerning banking and financial service su-
pervision of 22 December 2005, updated to 18 November 2009, which set out the formats and rules for
compiling bank financial statements, incorporating the introduction of International Financial Reporting
Standards (IFRSs) for bank financial reporting.
With Regulation (EC) 1606/2002 of 19 July 2002, the European Union made it compulsory, as of the
2006 financial year, to adopt the IFRSs in preparing the financial statements of EU companies that issue
equity or debt securities on a regulated market in the European Union. 
Legislative Decree 38 of 20 February 2005 was then issued in Italy in order to govern the application of:
•
the International Financial Reporting Standards (IFRSs) issued by the International Accounting Stan-
dards Board (IASB); 
•
the International Accounting Standards (IASs) issued by the International Accounting Standards Com-
mittee (IASC); 
as well as the Implementation Guidance and Basis for Conclusions adopted by the International Finan-
cial Reporting Interpretations Committee (IFRIC, formerly the Standing Interpretations Committee, or
SIC) and by the IASB.
The financial statements are expressed in euros and include the balance sheet, the income statement,
the statement of comprehensive income, the statement of changes in equity, the cash flow statement
and these explanatory notes to the financial statements and related annexes, as well as the directors’ re-
port on operations. 
The financial statements present a clear, true and fair overview of the company’s financial performance
and standing.
The account balances correspond with the company’s accounting records and fully reflect the transac-
tions conducted during the year.
BASIS OF PRESENTATION
The balance sheet, the income statement and the other financial statements are expressed in euros,
whereas the tables in the notes to the financial statements are expressed in thousands of euros.
Accounts with zero balances for both the current and prior period have been excluded. In the income
statement, revenues are indicated without a sign, while costs are shown in parentheses.
Introduction
173
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174
The figures in the other financial statements and the tables of the notes to the financial statements have
been rounded to the nearest thousand, and the rounded totals for the various figures are obtained by
summing the rounded balances of the items making up such totals. 
The cash and cash equivalents reported in the cash flow statement comprise the balance of item 10
“Cash and cash equivalents” of the balance sheet, the balance on the current account held with the
Central State Treasury reported under item 70 “Loans to customers” and the positive balance on bank
accounts reported under item 60 “Loans to banks” net of current accounts with a negative balance re-
ported under item 10 “Due to banks” of liabilities.
COMPARISON AND DISCLOSURE
As detailed below, the notes to the financial statements provide all of the information required by law,
as well as any supplemental information deemed necessary in order to provide a true and fair presenta-
tion the company’s financial performance and standing. 
The tables and other details required by the Bank of Italy have been numbered in accordance with the
parts and sections specified in Annex “A” of the supervisory instructions issued by the Bank of Italy.
For the purposes of comparison, the tables in the notes to the financial statements present the figures
for both the 2012 and 2011 financial years. 
Tables with no amounts for either 2012 or 2011 have been omitted.
CDP SEGREGATED ASSET POOLS
CDP holds the covered bond segregate asset pool. This is not a segregated asset pool as defined by the
Italian Civil Code, but rather a separation related to certain CDP assets for which CDP has established
guarantees/liens on the cash flows for the holders of the covered bonds issued, which enables the bond
itself to have a higher rating than that of the issuer.
The separation initially regarded the future cash flows from the financial assets (loans), which con-
stituted the collateral of the related bond issue. Since November 2011, that collateral has been re-
placed with a tied cash deposit on a segregated account that can be invested in eligible securities
(rated AAA).
The assets are in the accounts with an “of which” indication on the financial statements.
AUDITING OF THE FINANCIAL STATEMENTS
The statutory audit of the CDP financial statements pursuant to Legislative Decree 39/2010 was per-
formed by PricewaterhouseCoopers S.p.A. in execution of the shareholder resolution of 25 May 2011,
which engaged this firm to audit the financial statements and accounts for the period 2011-2019.

175
ANNEXES
In order to enhance disclosure, a detailed list of the equity investments held by CDP is annexed to this
report.
Statements showing the contribution of the Separate Account and the Ordinary Account are also an-
nexed to this report.
CDP - 2012 Annual Report
Separate Financial Statements

A.1 - General information
SECTION 1 - DECLARATION OF CONFORMITY WITH THE INTERNATIONAL ACCOUNTING
STANDARDS
These financial statements have been prepared in accordance with the International Financial Reporting
Standards (IFRSs) issued by the IASB (and related IFRIC and SIC interpretations) endorsed by the Euro-
pean Commission and with the Bank of Italy circular no. 262 of 22 December 2005 updated to 18 No-
vember 2009, which establishes the required format of the financial statements and related methods of
preparation, as well as the content of the related notes.
SECTION 2 - GENERAL PREPARATION PRINCIPLES
The financial statements have been prepared in accordance with the IFRSs issued by the IASB (including
the SIC and IFRIC interpretations) endorsed by the European Commission pursuant to Regulation (EC)
1606 of 19 July 2002. 
For the purposes of interpretation and to provide support in applying these standards, the following
documents have also been considered, although they have not been endorsed by the European Com-
mission:
•
the Framework for the Preparation and Presentation of Financial Statements (issued by the Interna-
tional Accounting Standards Board in 2001);
•
Implementation Guidance, Basis for Conclusions, IFRIC interpretations, and any other documenta-
tion prepared by the IASB or IFRIC to supplement the IFRSs;
•
Interpretation documents concerning the application of the IFRSs in Italy, prepared by the Organis-
mo Italiano di Contabilità (Italian Accounting Board; OIC) and by the Italian Banking Association (ABI).
Where the information required by the IFRSs and the regulations of the Bank of Italy is deemed to be in-
adequate in presenting the company’s financial standing in a true and fair manner, the notes to the fi-
nancial statements also include supplemental information for such purpose. 
The financial statements have been prepared on an accruals and going-concern basis. The general prin-
ciples of the materiality and significance of information and the prevalence of substance over form have
also been taken into account.
PART A - ACCOUNTING POLICIES
176

177
Pursuant to the provisions of joint Bank of Italy/Consob/Isvap document no. 2 of 6 February 2009 con-
cerning disclosures on business continuity and in compliance with the requirements on the same issue
contained in IAS 1 Revised, CDP has conducted an assessment of its ability to continue to operate as a
going concern, considering all available information over a medium-term time horizon.
Based on an analysis of the information and the results achieved in previous years, CDP feels that it is
appropriate to prepare its financial statements on a going-concern basis.
No assets have been offset with liabilities, nor revenues with costs, unless expressly required or allowed
by the instructions of the Bank of Italy or by an accounting standard or a related interpretation.
Use of estimates
The application of international accounting standards in preparing the financial statements requires the
company to formulate estimates for certain balance sheet items that are considered reasonable and realis-
tic on the basis of the information available at the time the estimate is made. Such estimates impact the
carrying amount of the assets and liabilities and the disclosures on contingent assets and liabilities as of the
reporting date, as well as the amounts reported for revenues and costs for the period under review.
Changes in the conditions underpinning the judgements, assumptions and estimates used could also
have an impact on future results.
The main areas in which management is required to make subjective assessments are:
•
the quantification of impairment losses on loans, equity investments and, in general, other financial
assets; 
•
the use of valuation techniques to determine the fair value of financial instruments not quoted on
an active market;
•
the quantification of provisions for employees and provisions for liabilities and contingencies; 
•
the estimates and assumptions used in assessing the recoverability of deferred tax assets and inter-
pretive issues concerning accounting treatment; 
•
the statistical and financial assumptions used in estimating repayment flows on postal savings prod-
ucts.
The description of the accounting treatment used for the main financial statement items provides details
on the main assumptions and assessments used in preparing the financial statements.
SECTION 3 - EVENTS SUBSEQUENT TO THE REPORTING DATE
During the period between the reporting date for the financial statements and their approval by the
Board of Directors on 20 March 2013, no events occurred that would require an adjustment to the fig-
ures approved or the provision of additional information, other than the information provided in Section
14 of liabilities “Equity” concerning the conversion of preference shares.
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178
SECTION 4 - OTHER ISSUES
ACCOUNTING STANDARDS THAT WILL ENTER FORCE IN SUBSQUENT FINANCIAL YEARS 
As required under IAS 8 – Accounting policies, changes in accounting estimates and errors, the follow-
ing section briefly discusses new accounting standards and interpretations that have already been issued
but have not yet entered force or have not yet been endorsed by the European Union and are therefore
not applicable. 
Amendments to IFRS 1 - First time adoption of International Financial Reporting Standards
(Revised) 
The amendments to IFRS 1 eliminate the reference it contains to 1 January 2004 as the date of transi-
tion to the IFRSs and provide guidance on presentation of the financial statements in accordance with
the IFRSs after a period of hyperinflation. More specifically, the amendments specify that if an entity
should decide, upon transition to the IFRSs, to measure its assets and liabilities at fair value and to adopt
that fair value as deemed cost in their first IFRS financial statements, in cases of severe hyperinflation the
first IFRS financial statements shall disclose how, and why, it had, and then ceased to have, a function-
al currency with both of the following the characteristics: 
(a) a reliable general price index is not available to all entities with transactions and balances in the cur-
rency; 
(b) exchangeability between the currency and a relatively stable foreign currency does not exist.
The endorsement of the amendments, with Regulation (EC) 1255/2012 of 11 December 2012, estab-
lishes that the amendments will enter force for reporting periods beginning on or after 1 January 2013,
although the IASB had established an effective date of on or after 1 January 2012. 
Amendment to IAS 12 - Income taxes
The amendment of IAS 12 requires entities to measure deferred tax liabilities arising from an asset in re-
lation to the way the carrying amount of the asset will be recovered (through continuing use or through
a sale). Following the amendment, SIC 21 – Income taxes – Recovery of revalued non-depreciable assets
was withdrawn. 
The endorsement of the amendment, with Regulation (EC) 1255/2012 of 11 December 2012, estab-
lishes that the amendment will enter force for reporting periods beginning on or after 1 January 2013,
although the IASB had established an effective date of on or after 1 January 2012.
IFRS 9 - Financial instruments 
IFRS 9 represents the first of the three phases of the project to replace IAS 39 – Financial instruments:
Recognition and measurement, the main objective of which being reduce its complexity. 
The scope of application of IFRS 9 was narrowed to financial assets only: the classification and mea-
surement of financial liabilities remains governed by IAS 39 for now. 
The endorsement process for IFRS 9 has been suspended.

179
IFRS 10 - Consolidated financial statements 
IFRS 10 - Consolidated financial statements, replaces and supplements part of IAS 27 - Consolidated and
separate financial statements and SIC 12 - Consolidation - Special purpose entities. IFRS 10 provides a
single model for the consolidated financial statements under which control is the basis for consolidation
of all types of entity. The new standard also provides additional guidance on determining whether con-
trol exists in cases in which this is difficult to assess. 
The IASB had established an effective date for the standard of on or after 1 January 2013. However, the
European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 December 2012,
postponed its entry into force until reporting periods beginning on or after 1 January 2014. 
IFRS 11 - Joint arrangements 
IFRS 11 - Joint arrangements, replaces IAS 31 - Interests in joint ventures and SIC 13 - Jointly controlled
entities - Non-monetary contributions by venturers, and establishes accounting rules for entities who
are parties to joint arrangements. While the previous standards focused on the legal form of the
arrangement in dictating its accounting treatment, IFRS 11 focuses on the nature of the related rights
and obligations arising from the arrangement itself. In particular, the new standard does not permit
the proportionate consolidation of joint ventures, which must only be accounted for using the equi-
ty method. 
The IASB had established an effective date for the standard of on or after 1 January 2013. However, the
European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 December 2012,
postponed its entry into force until reporting periods beginning on or after 1 January 2014. 
IFRS 12 - Disclosure of interests in other entities 
IFRS 12 - Disclosure of interests in other entities, combines, strengthens and replaces the disclosure re-
quirements concerning interests in subsidiaries, joint arrangements, associates and unconsolidated struc-
tured entities. It sets out mandatory disclosures for all types of investment in other entities, including
subsidiaries, joint ventures, associates and special purpose entities. IFRS 12 replaces the provisions pre-
viously includes in IAS 27 - Separate financial statements, in IAS 28 - Investments in associates and IAS
31 - Interests in joint ventures. 
The IASB had established an effective date for the standard of on or after 1 January 2013. However, the
European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 December 2012,
postponed its entry into force until reporting periods beginning on or after 1 January 2014. 
IAS 27 - Separate financial statements (Revised) 
IAS 27 - Separate financial statements was revised after the issue of IFRS 10, which includes new provi-
sions concerning the consolidated financial statements that had previously been included in IAS 27. IAS
27 (Revised) retains its provisions concerning the accounting treatment of investments in subsidiaries, as-
sociates and joint ventures in the separate financial statements. 
The IASB had established an effective date for the new version of the standard of on or after 1 January
2013. However, the European Commission, in endorsing the standard with Regulation (EC) 1254/2012
CDP - 2012 Annual Report
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180
of 11 December 2012, postponed its entry into force until reporting periods beginning on or after 1 Jan-
uary 2014. 
IAS 28 - Investments in associates and joint ventures (Revised) 
IAS 28 - Investments in associates and joint ventures was revised in order to bring it into line with the
new provisions of IFRS 10 and IFRS 11. IAS 28 (Revised) includes new provisions concerning the ac-
counting treatment of joint ventures, which, as with associates, shall be accounted for using the equity
method. 
The IASB had established an effective date for the new version of the standard of on or after 1 January
2013. However, the European Commission, in endorsing the standard with Regulation (EC) 1254/2012
of 11 December 2012, postponed its entry into force until reporting periods beginning on or after 1 Jan-
uary 2014. 
IFRS 13 - Fair value measurement
IFRS 13 - Fair value measurement provides a precise definition of fair value and sets out, in a single stan-
dard, guidelines for measuring fair value and the disclosures concerning the valuation techniques adopt-
ed. The new standard represents a single IFRS framework to be used for the measurement of fair value
and offers full guidance on how to measure the fair value of financial and non-financial assets and lia-
bilities. It does not introduce significant changes in the use of fair value, but rather establishes how it
should be measured when its use is required or permitted. 
The standard forms part of a more general project for the convergence of international accounting stan-
dards and US GAAP. It will enter force for reporting periods beginning on or after 1 January 2013, and
was endorsed by the European Union with Regulation (EC) 1255/2012 of 11 December 2012. 
IAS 19 - Employee benefits (Revised) 
The revised version of IAS 19 - Employee benefits introduces significant changes and clarifications con-
cerning the accounting treatment of employee benefits. More specifically, it eliminates the option of de-
ferring recognition of part of actuarial gains and losses (the “corridor method”). “Remeasurements” of
the net liability for defined benefits, comprising actuarial gains and losses; the return on plan assets; and
changes in the effect of the asset ceiling are recognized under other comprehensive income. 
The amendments, which will enter force for reporting periods beginning on or after 1 January 2013,
were endorsed by the European Union with Regulation (EC) 475/2012 of 5 June 2012. 
Amendments to IAS 1 - Presentation of financial statements
The amendments of IAS 1 - Presentation of financial statements introduce changes in the aggregation
of items in the statement of other comprehensive income. More specifically, the amendments call for the
separate presentation of items of other comprehensive income (OCI) that can be reclassified to profit or
loss in the future and those that because of their nature will never be recycled. 
The amendments, which entered force for reporting periods beginning on or after 1 July 2012, were en-
dorsed by the European Union with Regulation (EC) 475/2012 of 5 June 2012.

181
Amendments to IFRS 10, IFRS 11 and IFRS 12 
The amendments govern the transition to the new accounting standards. The amendments will enter
force for reporting periods beginning on or after 1 January 2013 and have not yet been endorsed by the
European Union. In addition, the ARC has postponed the effective date by a year. 
Amendment of IFRS 1 - Government loans 
The amendment, issued on 13 March 2012, allows first-time adopters of the IFRS to not recognise
the benefit arising from government loans at a below-market interest rate as government assis-
tance. 
The amendment will enter force for reporting periods beginning on or after 1 January 2013 but has not
yet been endorsed by the European Union. 
Amendments to IFRS 7 and IAS 32: Offsetting financial assets and financial liabilities 
The amendments of IFRS 7 establish additional quantitative disclosures to enable users to compare and
reconcile disclosures made in application of the IFRS more effectively. The amendments modify both IFRS
7 and IAS 32. However, the European Commission, in endorsing the standard with Regulation (EC)
1256/2012 of 11 December 2012, established different effective dates: 
•
the amendments to IFRS 7 (paragraphs IN 89, 13A-13F, and B40-B53) will enter force for reporting
periods beginning on or after 1 January 2013; 
•
the amendments of IAS 32 will enter force for reporting periods will enter force for reporting peri-
ods beginning on or after 1 January 2014. 
IFRIC 20 - Stripping costs in the production phase of a surface mine 
The objective of IFRIC 20 is to provide guidance on the recognition of stripping costs in the production
phase as an asset and on initial and subsequent measurement of the asset arising out of stripping op-
erations in order to reduce differences in the practices used by entities in accounting for costs incurred
in the production phase of a surface mine. The interpretation will enter force for reporting periods be-
ginning on or after 1 January 2013 and was endorsed by the European Union with Regulation (EC)
1256/2012.
Other information
On 20 March 2013 the Board of Directors approved the draft financial statements for 2012 of CDP, which
will be published in accordance with the procedures provided for in the regulations applicable to CDP.
The consolidated taxation mechanism
For the period 2012-2014, CDP has opted, in its capacity as the consolidating entity, to adopt the “con-
solidated taxation mechanism” introduced with Legislative Decree 344 of 12 December 2003 together
with the subsidiaries Fondo Strategico Italiano S.p.A. and CDP GAS S.r.l.
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182
Bearing in mind the contractual agreements between the entities, the adoption of the mechanism had
a number of benefits with regard to the Group’s tax liability, including:
•
the immediate total or partial deductibility of tax losses for the period of the companies participat-
ing in the mechanism from the earnings of the other consolidated companies;
•
the introduction of a comprehensive and permanent mechanism for offsetting IRES (corporate in-
come taxes) receivables and payables between the companies participating in the mechanism.
On the basis of the analysis of the OIC, in its Interpretation no. 2 – Accounting treatment of consolida-
tion and fiscal transparency, paragraph 1.2.2, which states: 
•
“that it does not seem appropriate to allocate the (current and deferred) taxation to the income state-
ment of the consolidating entity in compliance with the principles of pertinence, accruals account-
ing and ability to pay of the parent company;
•
it would appear appropriate to treat those transfers as payables/receivables, recognising them in the
balance sheet of the consolidating entity, which in that way acts as a clearing house”,
the consolidating entity has recognized taxes pertaining to itself in its own income statement and rec-
ognized current tax payables/receivables in the balance sheet in respect of the positive/negative taxable
incomes transferred by the consolidated companies.

The following pages provide a description of the accounting policies adopted in preparing the financial
statements.
1 - FINANCIAL ASSETS HELD FOR TRADING
“Financial assets held for trading” (item 20) includes all financial assets, regardless of type (debt securi-
ties, equity, loans, derivatives, etc.), allocated to the trading portfolio and held for the purpose of gen-
erating profits over the short term as a result of changes in the price of such instruments, as well as the
derivative contracts operationally connected with financial liabilities measured at fair value (under the
fair value option) and derivatives with a positive value, including those resulting from the separation of
embedded derivatives, that are not deemed to be effective for hedging purposes. 
Financial assets held for trading meet the following prerequisites:
a) they are purchased with the intention of being sold in the short term;
b) they are a part of a portfolio of identified financial instruments that are managed together and for
which there is evidence of a recent actual pattern of short-term profit-taking;
c)
they are derivatives (with the exception of derivatives that are designated and effective hedging in-
struments).
Such financial assets are initially recognised at fair value, which generally equals the amount paid or re-
ceived net of transactions costs or income. Where the amount paid is different from the fair value, the
financial asset is recognised at fair value, and the difference between the two amounts is recognised
through profit or loss. Initial recognition is carried out at the subscription date for derivative contracts
and on the settlement date for debt and equity securities, with the exception of those for which deliv-
ery is governed by conventions on the market concerned, for which initial recognition is at the settle-
ment date.
Financial assets held for trading also include derivative contracts embedded in other financial instruments
or contracts and which have financial and risk characteristics that are not correlated with the host in-
strument or which meet the requirements to be classified themselves as derivative contracts, recognis-
ing them separately after separating the embedded derivative from the main contract, which is then
treated in accordance with the accounting rules for its own category. This is not done in cases in which
the compound instrument containing the derivative is measured at fair value through profit or loss. 
The financial instruments are measured subsequently at fair value based on the official prices as of the re-
porting date if they are listed on active markets. For financial instruments, including equity, not listed on
active markets, fair value is determined by using measurement techniques and information available on the
market, such as the price of similar instruments on an active market, discounted cash flows, option pricing
A.2 - The main financial statement accounts
183
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184
models and values registered in recent similar transactions. For equity securities and related derivative in-
struments, if the fair value obtained using such measurement techniques cannot be reliably determined,
the financial instruments are measured at cost and written down in the event of impairment losses.
If the fair value of a financial asset becomes negative, it is recognised as a financial liability held for trad-
ing.
Financial assets held for trading are derecognised when payment is received, when the contractual rights
to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third
party. Conversely, when a prevalent share of the risks and rewards associated with the financial asset is
retained, the asset remains on the balance sheet even if official title has been transferred.
The gains and losses on sale or redemption and unrealised gains and losses resulting from the fair value
measurement of the trading portfolio are reported under “Net gain (loss) on trading activities” (item 80).
The income components are recognised following the results of the measurement of the financial assets
held for trading.
2 - FINANCIAL ASSETS AVAILABLE FOR SALE
“Financial assets available for sale” (item 40) are non-derivative financial assets (debt securities, equity,
etc.) that are classified as being available for sale and not as (a) loans and receivables, (b) held-to-matu-
rity investments, or (c) financial assets at fair value through profit or loss.
Available-for-sale financial assets are initially recognised on the contract date for all financial assets, with
the exception of those for which delivery is governed by conventions on the market concerned, for which
initial recognition is carried out at the settlement date and on the disbursement date in the case of loans. 
The financial assets are initially recognised at fair value, which generally equals the amount paid or re-
ceived net of transactions costs or gains. Where the amount paid is different from the fair value, the fi-
nancial asset is recognised at fair value, and the difference between the two amounts is recognised
through profit or loss.
Unrealised gains or losses on available-for-sale securities are recorded in a specific equity reserve (other
comprehensive income – OCI), net of tax effects, until the investment is sold or written down.
In the event of a partial disposal, the valuation reserve is reversed to profit or loss on a FIFO basis.
Subsequent measurement is done at fair value based on the official prices as of the reporting date if the
financial instruments are listed on active markets. For financial instruments, including equity securities,
not listed on active markets, fair value is determined by using measurement techniques and information
available on the market, such as the price of similar instruments on an active market, discounted cash
flows, option pricing models and values registered in recent comparable transactions. If the fair value of
financial instruments not listed on active markets cannot be reliably determined, the financial instruments
are measured at cost and written down in the event of impairment losses.
Available-for-sale financial assets undergo impairment testing to determine whether there is objective
evidence of impairment. Where the decline in the fair value of an available-for-sale security with respect
to its initial cost value is significant or prolonged, an impairment is recognised through profit or loss. A

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decrease in fair value is deemed significant when is exceeds 40% of the initially recognised value and
prolonged when it continues for a period of more than 24 months.
Where an available-for-sale security is impaired, the cumulative, unrealised change in value recorded in
the equity reserve is recognised in the income statement under “Net impairment adjustments of finan-
cial assets available for sale” (item 130.b). The impairment is recognised when the purchase cost (net of
any amortisation and repayments of principal) of an available-for-sale financial asset exceeds its recov-
erable amount. The amount of this loss is measured using specific valuation techniques and models for
equity securities. Any writebacks of investments in equity instruments are not recognised in the income
statement but in an equity reserve, while any writebacks of investments in debt instruments go through
the income statement. The value of the instrument after the writeback shall in any event not exceed the
amortised cost that the instrument would have had in the absence of the prior adjustments.
Dividends on equity instruments that are available for sale are recognised as income when the right to
receive payment is established.
In addition to the recognition of impairment losses, the cumulative gains or losses in the equity reserve
are, as mentioned above, recognised in the income statement at the time of the sale of the asset. Ac-
cordingly, in the event of the disposal of an investment in available-for-sale securities, the related cu-
mulative, unrealised change in value recorded in equity is recognised in the income statement as “Gains
(losses) on the disposal or repurchase of financial assets available for sale” (item 100.b). 
Available-for-sale financial assets are derecognised when payment is received, when the contractual rights
to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third
party. Conversely, when a prevalent share of the risks and rewards associated with the financial asset is
retained, the asset remains on the balance sheet even if official title has been transferred.
3 - FINANCIAL ASSETS HELD TO MATURITY
Financial assets held to maturity include financial assets other than derivatives with fixed or determinable
payments and fixed maturity that an entity has the positive intention and ability to hold to maturity.
If, following a change in such intention or ability, it is no longer appropriate to continue to classify an in-
vestment as held to maturity, it is reclassified under financial assets available for sale.
Held-to-maturity financial assets are initially recognised at fair value, which is normally equal to the price
paid or received. In cases where the price differs from fair value, the asset is recognised at fair value and
the difference between the price and the fair value is taken to the income statement.
The value at which such assets are recognised includes incidental costs and revenues attributable to the
transaction.
Following initial recognition, financial assets held to maturity are measured at amortised cost and un-
dergo impairment testing. The amortised cost of a financial asset is equal to the amount at which it is
measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation
using the effective interest rate method of any difference between the initial amount and the maturity
amount, and minus any reduction (directly or through the use of an allowance account) for impairment
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or uncollectibility. Such assets are derecognised when the contractual rights to the cash flows from the
assets expire or when the assets are divested by transferring substantially all the risks and rewards of
ownership of the assets.
4 - LOANS
The term “loans” refers to a portfolio of financial instruments, including debt securities, that are not list-
ed on an active market and which IAS 39 refers to as “loans and receivables”, for which the company
has a right to receive future cash flows.
Loans are initially recognised at the disbursement date or, in the case of debt securities, at the settlement
date. 
Loans are recognised when the contract is executed, i.e. upon the unconditional acquisition of a right
to payment of the amounts agreed, and are initially measured at fair value, which equals the amount
disbursed including directly related transaction costs and commissions. Where the net amount disbursed
does not equal the loan’s fair value because the interest rate is lower than the market rate or the rate
normally applied for similar loans, initial measurement is effected by discounting the future cash flows
using an appropriate rate.
The loans made to public entities and public-law bodies under CDP’s Separate Account portfolio have a
number of features that distinguish them from loans granted by banks, which normally disburse the en-
tire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose
loans generally granted to public entities for public works and are disbursed to the beneficiaries only af-
ter verification of the progress of the works in question. Therefore, disbursements are intended to meet
the debts actually accumulated by the entities in respect of suppliers as the work is performed.
Upon signing the finance agreement, the debtor assumes the obligation to repay the entire principal
granted, and this amount is used to determine an amortisation schedule separately from the amount ac-
tually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimburse-
ment of the interest income earned by CDP on the non-disbursed portion. CDP’s special-purpose loans
normally have an initial grace period, during which, in the absence of disbursements on the loan grant-
ed, the loan does not bear interest. With certain exceptions, the loan repayment plan begins as from the
1 July or 1 January following the execution of the loan contract. CDP’s accounting policy for special-pur-
pose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement
and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the
entire amount granted only when repayment begins, regardless of the amount actually disbursed. 
Any disbursements requested by borrowers during the grace period effectively reduce the commitment
and result in a “short-term” receivable for the amount actually disbursed, with this amount accruing in-
terest at the rate agreed upon by contract. The short-term receivable for advances on loans in their grace
period is measured at cost in accordance with international accounting standards.
When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are
recognised for the same amount in respect of the party responsible for repaying the loan. In accordance

187
with the IASs/IFRSs, the receivable is measured at amortised cost (which, given the lack of transaction
costs on the loans granted and with certain exceptions, equals cost), and the payable is a demand lia-
bility that decreases as the amounts are actually disbursed.
Loans granted by CDP to borrowers other than public entities or public-law bodies are treated in a man-
ner analogous to that for loans granted by banks. 
The interest on loans and default interest is recognised as interest income and similar revenues on loans
to banks and customers and are recognised on an accruals basis. 
The carrying amount of loans is subject to periodic testing for impairment that could reduce their ex-
pected realisable value. This reduction becomes material when it is deemed probable that the amount
due will not be paid in full, based on the original terms of the agreement, or that an equivalent asset
will not be received.
Loans classified as bad debts, substandard or restructured are measured individually for positions that
exceed a given value threshold. The measurement of writedowns of loans is based on discounting the
expected future cash flows of principal and interest net of collection costs, taking account of any guar-
antees securing the positions and any advances received. The key to determining the value of the future
cash flows is in defining the estimated collections, the related timing, and the discount rate to be ap-
plied.
The impairment of problem loans is then written back only when the quality of the loan improves to the
point that there is a reasonable certainty of a greater recovery of principal and interest and/or greater re-
ceipts have been recorded than the previously recorded carrying amount of the loan. In any event, giv-
en the method used to measure impairment losses, as the due dates for credit collection approach with
the passing of time, the value of the loan is “written back”, given that there is a reduction in the implicit
finance costs previously recognised as a reduction in the value of the loans.
Recovery of all or a part of previously written down loans is recognised as a reduction to “Net impair-
ment adjustments of loans” (item 130.a).
Loans are derecognised when paid in full, when all of the related risks and rewards have been trans-
ferred, or when a loan is deemed to be definitively uncollectible. The amount of the loss is recognised
in the income statement net of previously recognised impairment losses.
Loans represented by positions with parties that are not classified under any of the risk categories listed
above, but which are more than 90-days past due, also undergo individual impairment testing.
Loans for which no evidence of individual impairment has been identified undergo collective impairment
testing. 
The method used for collective testing is based on the internal parameters used for pricing loans and
calculating (for internal purposes only) CDP’s capital adequacy with respect to the exposures it has as-
sumed. 
The estimate of the incurred loss for the portfolio is determined by applying a number of corrective pa-
rameters to the 1-year expected loss.
These corrective parameters are determined by considering the degree of concentration of the loan port-
folio (concentration adjustments) and the expected time between the default event and the emergence
of confirmation of default (loss confirmation period).
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“Loans to customers” include unlisted financial assets in respect of customers (loans, debt securities, op-
erating receivables, etc.) that are allocated to the “loans” portfolio. The item also reports the liquidity
represented by the balance on the current account held with the Central State Treasury.
It also includes receivables due from Italian post offices and variation margins with clearing houses in re-
spect of derivatives transactions.
“Loans to banks” include unlisted financial assets in respect of banks (current accounts, security deposits,
debt securities, operating receivables, etc.) that are allocated to the “loans” portfolio. This also includes
the amounts receivable from central banks other than free deposits (such as the reserve requirement).
6 - HEDGING TRANSACTIONS
In accordance with IAS 39, hedging instruments are designated derivatives or (limited to the hedging of
foreign currency risk) non-derivative financial assets or liabilities the fair value or cash flows of which are
expected to offset the changes in fair value or cash flows of a designated position (IAS 39, paragraphs
72-77 and Annex A, paragraph AG94). A hedged item is an asset, liability, firm commitment, a highly
probable forecast transaction, or a net investment in a foreign operation that (a) exposes the organisa-
tion to the risk of a change in fair value or future cash flows and (b) is designated as being hedged (para-
graphs 78-84 and Annex A, paragraphs AG98-AG101). The effectiveness of the hedge is the extent to
which the change in fair value or cash flows of the hedged position that is attributable to a hedged risk
are offset by the change in fair value or cash flows of the hedging instrument (Annex A, paragraphs
AG105-AG113).
When a financial instrument is classified as a hedging instrument, the following are to be formally doc-
umented:
1. the relationship between the hedging instrument and the position hedged, including the risk man-
agement objectives;
2. the hedging strategy, which must be in line with established risk management policies;
3. the methods to be used in order to verify the effectiveness of the hedge.
Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of
the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in
fair value of the hedged position.
A hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair
value of the hedged position or in the expected cash flows attributable to the risk being hedged are al-
most entirely offset by the changes in fair value of the hedging derivative, with the relationship of these
changes falling within a range of between 80% and 125%.
If the hedge is not effective as described above, the hedging instrument is reclassified under trading in-
struments, while the hedged item is measured in accordance with the criteria for its category and, in the
case of cash flow hedges, any reserve is reversed to profit or loss. Hedge accounting also ceases in the event
the hedging instrument expires, is sold or exercised or where the hedged item expires, is sold or is repaid.

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Asset item 80 and liability item 60 report hedging derivatives (when not considered guarantees received
in accordance with IAS 39), which at the reporting date have either a positive or negative value.
7 - EQUITY INVESTMENTS
The term “equity investments” refers to investments in subsidiaries (IAS 27), in joint ventures (IAS 31), and
associates (IAS 28) other than financial assets held for trading (item 20) and financial assets designated as at
fair value through profit or loss (item 30) in accordance with IAS 28, paragraph 1, and IAS 31, paragraph 1.
Subsidiaries are companies in which CDP holds, either directly or indirectly, more than half of the voting
rights for the purpose of appointing directors or, in any event, when CDP exercises the power to deter-
mine financial and operating policies. Joint ventures are companies in which control is shared with oth-
er parties by contract. Associates are companies in which CDP holds, either directly or indirectly, at least
20% of the voting rights or, independently of the proportion of voting rights, companies over which
CDP has significant influence, which is defined as the power to participate in determining financial and
operating policies, but without exercising either control or joint control. Other equity investments are
recognised as “Financial assets available for sale” (item 40) and are treated as described above.
In accordance with IAS 27, paragraph 37, equity investments are initially recognised and subsequently
carried at cost at the settlement date, including costs and revenues that are directly attributable to the
transaction.
Where there is evidence that the value of an equity investment can be impaired, its recoverable value is
determined, taking account of both its market value and the present value of future cash flows. If this
value is lower than the carrying amount, the difference is recognised in the income statement as an im-
pairment loss. This loss is only recognised when the loss in value is significant or prolonged. 
Impairment losses on investments listed on active markets, unless there are additional, specifically justi-
fied reasons, are recognised when the impairment is deemed to be significant or prolonged. The reduc-
tion in fair value is deemed significant when it exceeds 40% of the initially recognised value and pro-
longed when it continues for a period of more than 24 months.
In the absence of market prices or valuation models, the value of the equity investment is prudentially
written down by the amount of the loss reported in the financial statements of the investee where the
loss is considered to be a reliable indicator of impairment.
Equity investments are derecognised when the contractual rights to the cash flows of the business termi-
nate or when the financial asset is sold, transferring substantially all risks and rewards connected with it.
8 - PROPERTY, PLANT AND EQUIPMENT
“Property, plant and equipment” includes all non-current tangible assets used in operations governed
by IAS 16 and investment property (land and buildings) governed by IAS 40. These include assets under
finance leases (for the lessee) and operating leases (for the lessor), as well as leasehold improvement
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costs. In order to determine whether a contract contains a lease, the provisions of IFRIC 4 are applied.
Property, plant and equipment is recognised at purchase cost including incidental expenses and VAT, in-
creased by revaluations carried out under the provisions of specific laws.
The carrying amount represents the book value of the assets net of depreciation. The depreciation rates
used are felt to reflect the remaining useful economic lives of the assets.
Newly acquired assets are depreciated as from the period in which they enter service. 
Land and buildings are treated as separate assets for accounting purposes, even if purchased together.
Therefore, with the transition to the IFRSs, CDP separated the value of land from the value of buildings
based on appraisals that were previously used in 2005 for the purpose of revaluing company properties
that had been recognised in the 2004 financial statements, pursuant to the provisions of the 2006 Fi-
nance Act. Land is considered to have an indefinite life and, as such, is not depreciated.
Buildings are depreciated over a 33-year period, which is considered to be the useful life of the build-
ings themselves.
Assets whose use or nature classifies them as capital equipment are depreciated on a straight line basis
over their remaining useful lives. 
In the event an asset should suffer a lasting impairment of value, independently of depreciation, it is writ-
ten down. The original value is restored where the conditions that had prompted the writedown should
cease to obtain.
Maintenance and repair costs that do not increase the utility or useful lives of assets are charged direct-
ly to income for the year.
“Assets under construction and advances” are composed of advances or expenses incurred in respect of
assets and materials that have not been completed or are undergoing testing before entering service.
Since they have not yet entered the company’s production cycle, depreciation is suspended.
9 - INTANGIBLE ASSETS
“Intangible assets” include goodwill, governed by IFRS 3, and other intangibles, governed by IAS 38.
Intangible assets are recognised at purchase or development cost including incidental expenses and are
amortised over their estimated useful lives, which, at the end of each year, is subject to impairment test-
ing in order to verify the appropriateness of the estimates.
An intangible asset is only recognised under the following conditions:
(a) CDP can control the future economic benefits generated by the asset; 
(b) it is probable that the expected future economic benefits that are attributable to the asset will flow
to the company;
(c) the cost of the asset can be measured reliably.
Intangible assets are therefore derecognised when sold or when future economic benefits are no longer
expected.
CDP’s intangible assets essentially consist of software.

191
Costs incurred for the purchase and development of software by third parties are amortised, usually on
a straight-line basis, over the residual useful lives of the assets, which is no greater than 5 years.
Costs incurred for software development before the year in which the project is completed are capitalised
when the development/implementation of the project is likely to be successful and the utility of the prod-
uct extends over more than one year. In this case, the costs are amortised over a period of no more than
5 years. In the year in which the software is completed, the costs incurred and not yet amortised are im-
puted to the asset and the cost is amortised over 5 years.
If an impairment loss, independently of amortisation, is identified, the asset is written down, with the
original value being restored if the reasons for the writedown no longer obtain.
“Assets under development and advances” are composed of advances or expenses incurred in respect
of assets that have not been completed or are undergoing testing before entering service. Since they
have not yet entered the company’s production cycle, amortisation is suspended. 
11 - CURRENT AND DEFERRED TAXATION
Corporate income tax (IRES) and the regional tax on business activities (IRAP) are recognised on an
accruals basis using a realistic estimate of the negative and positive tax components for the year
and were calculated on the basis of the tax rates currently in force (27.5% for IRES and 5.57% for
IRAP). 
Deferred tax items regard the recognition of the effects of temporary differences between the valuation
of accounting items under tax regulations, which are used to determine taxable income, and that under
statutory reporting regulations (which seek to quantify the result for the year).
More specifically, “taxable temporary differences” between statutory and tax values are those that will
give rise to taxable amounts in future tax periods, while “deductible temporary differences” are those
that will give rise to deductible amounts in the future.
Deferred tax items are recognised in the tax provision where they represent liabilities, i.e. where they are
related to items that will become taxable in future tax periods. Where they represent assets, i.e. they are
related to items that will be deductible in future tax periods, they are recognised under “Deferred tax
assets” in the balance sheet.
If the deferred tax items regard operations that directly affected equity, they are recognised in equity.
12 - PROVISIONS
“Provisions” (item 120) are recognised solely under following conditions:
(a) there is a present (legal or constructive) obligation resulting from a past event;
(b) it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation;
(c) a reliable estimate can be made of the amount of the obligation.
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When the financial impact of the time factor is significant and the dates of payment of the obligation
can be estimated reliably, the provision is measured as the present value (discounted at market rates as
of the reporting date) of the charges that are expected to be incurred in order to settle the obligation. 
CDP has no “provisions for retirement and similar obligations”, while “other provisions” includes the
provisions for liabilities and contingencies established in observance of international accounting stan-
dards, with the exception of writedowns due to the impairment of guarantees issued and credit deriva-
tives treated as such in accordance with IAS 39, which, where applicable, are recognised under “other
liabilities”. The provisions are only used when the charges for which they were originally established are
incurred. When the outlay to fulfil the obligation is no longer deemed to be probable, the provision is
reversed through the income statement.
13 - DEBT AND SECURITIES ISSUED
“Amounts due to banks” (item 10) and “Amounts due to customers” (item 20) include all forms of in-
terbank and customer funding. In particular, these items include all debt of any kind (deposits, current
accounts, loans) other than “Financial liabilities held for trading” (item 40), “Financial liabilities at fair
value through profit or loss” (item 50), and debt securities under item 30 (“Securities issued”). This in-
cludes operating payables. In particular, CDP includes in these items the amounts still to be disbursed for
loans being repaid, as well as liabilities in respect of postal funding products.
Securities issued, both listed and unlisted, are measured at amortised cost. The item is reported net of
repurchased securities. It does not include the portion of the company’s own debt securities issued but
not yet placed with third parties.
These are initially measured at fair value including the costs incurred to issue the securities, which nor-
mally coincides with the issue price. Subsequent measurement is at amortised cost using the effective
interest rate method. The payables are eliminated when they mature or are extinguished.
Postal savings bonds issued by CDP are reported under “Due to banks” (item 10) and “Due to cus-
tomers” (item 20), including those that have matured but have not yet been redeemed at the report-
ing date. These instruments are zero-coupon securities (where the interest accrued is paid when the
principal is redeemed) with a step-up interest structure (the interest rate increases as the period for
which the bond is held increases) and with principal and interest redeemed in a single payment upon
maturity, although the bonds can be redeemed at any time prior to the bond’s contractual maturity,
with principal and interest paid in accordance with the period for which the bond was held. For fi-
nancial instruments such as postal savings bonds, IAS 39 calls for the adoption of the amortised cost
method and states that the effective interest rate to be used in calculating amortised cost must be
equal to the internal rate of return of the estimated (not contractual) cash flows throughout the ex-
pected (and not contractual) life of the instrument. Given the aforementioned option of early re-
demption, the expected life of postal savings bonds is, on average, less than their contractual life. CDP
has therefore developed a statistical model for forecasting early redemption of postal savings bonds
based on a time series of redemptions, which is used to price the new issues. The forecasting model

193
used at the time of the bond issue is also used to determine the initial estimated amortisation plan for
each series of postal savings bonds. Based on these estimated flows, the effective interest rate and
the amortised cost to be recognised in the balance sheet are then calculated. Differences between the
actual early redemptions and these estimates result in an adjustment to the remaining amortisation
schedule. In such cases, the IFRSs state that the amortised cost of the instrument being measured is
to be equal to the present value of the new estimated future cash flows using the unchanging effec-
tive interest rate calculated upon issuing each series of postal savings bonds as the discount rate. The
effective rate for floating-rate interest-bearing postal savings bonds is updated every time the esti-
mated cash flows are revised due to changes in the benchmark indices and the review of the flow of
redemptions.
14 - FINANCIAL LIABILITIES HELD FOR TRADING
This item includes all forms of financial liabilities (debt securities, loans, etc.) designated as being held
for trading purposes. It does not include the portion of the company’s own debt securities issued but not
yet placed with third parties.
The financial liabilities are initially recognised at fair value, which generally equals the amount received
net of transactions costs or revenues. In cases in which the amount paid differs from the fair value, the
financial liability is recognised at fair value, and the difference between the two amounts is recognised
through profit or loss. Initial recognition is effected at the contract date for derivative contracts and at
the trade date for debt securities, with the exception of those for which delivery is governed by con-
ventions on the market concerned, for which initial recognition is at the settlement date.
Financial liabilities held for trading also include derivative contracts embedded in other financial in-
struments or contracts and which have financial and risk characteristics that are not correlated with
the host instrument or which meet the requirements to be classified themselves as derivative con-
tracts, recognising them separately after separating the embedded derivative from the main contract,
which is then treated in accordance with the accounting rules for its own category. This is not done
in cases in which the compound instrument containing the derivative is measured at fair value through
profit or loss.
Subsequent measurement is at fair value. If the fair value of a financial liability becomes positive, it is
recognised as a financial asset held for trading.
Financial liabilities held for trading are derecognised when the contractual rights to the cash flows ex-
pire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely,
when a prevalent share of the risks and rewards associated with the financial liability are retained, the li-
ability remains on the balance sheet even if official title has been transferred.
The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in
the fair value of the trading portfolio are reported under “Net gain (loss) on trading activities” (item 80).
The income components are recognised following the results of the measurement of the financial liabil-
ity held for trading.
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16 - FOREIGN CURRENCY TRANSACTIONS
Transactions in a foreign currency are initially recognised in euros by translating the amount in the for-
eign currency into euros at the spot exchange rate prevailing on the date of the transaction.
In preparing the financial statements, assets denominated in a foreign currency are accounted for as fol-
lows:
•
in the case of monetary instruments, at the spot exchange rate prevailing at the preparation date of
the financial statements, recognising exchange rate differences under “Net gain (loss) on trading ac-
tivities” in the income statement;
•
in the case of non-monetary instruments, at cost using the exchange rate for the original transac-
tion;
•
in the case of non-monetary instruments measured at fair value, at the spot exchange rate prevail-
ing at the preparation date of the financial statements.
Exchange rate differences in respect of non-monetary items are treated using the same rules for gains
and losses on the original instruments.
17 - OTHER INFORMATION
Staff severance pay
Staff severance pay (TFR) covers the entire entitlement accrued by employees at the end of the financial
year, in conformity with the provisions of law (Article 2120 of the Italian Civil Code) and applicable em-
ployment contracts. In accordance with IAS 19, TFR is considered a defined-benefit plan and, therefore,
is recognised as the present value of the accumulating obligation (both the present value of the expect-
ed future payments related to benefits accrued during the current year and the present value of future
payments resulting from amounts accrued in previous years).
It should be noted that the provision for staff severance pay is negligible given that employees on staff
prior to the transformation of CDP into a joint-stock company maintained their participation the INPDAP
pension scheme after the transformation; therefore, contributions are paid to that institution. As such,
the amount shown for TFR is related solely to newly hired employees (under the INPS pension scheme)
for amounts accrued until 2006, given that the amounts accrued subsequently were not applied to this
fund, but to the supplemental pension fund or to INPS in accordance with the applicable legislation.
Therefore, the effects of the application of IAS 19 are not significant.
Interest income and expense
Interest income and expense is recognised in the income statement for all instruments based on amor-
tised cost using the effective interest method.

195
Interest also includes the net positive or negative balance of the differences and margins related to fi-
nancial hedging derivative.
Commissions
Commissions are recognised in the income statement on an accruals basis. This excludes commissions
considered when calculating amortised cost for the purpose of determining the effective interest rate,
which are recognised under interest.
Dividends
Dividends are recognised as income in the period in which they are approved for distribution.
Determining fair value
Fair value is the amount for which an asset (or liability) could be exchanged in an arm’s length transac-
tion between parties with a reasonable level of knowledge about market conditions and the material cir-
cumstances of the object of the exchange.
In the definition of fair value a key assumption is that an entity is fully operational and does not have the
need to liquidate or significantly reduce a position. Among other factors, the fair value of an instrument
reflects its credit quality as it incorporates the default risk associated with the counterparty or the issuer.
For financial instruments, fair value is determined in three possible ways:
•
in the case of instruments quoted on active markets, prices on financial markets are used (Level 1);
•
in the case of financial instruments not quoted on active markets, recourse is made, where possible,
to valuation techniques that use observable market parameters other than quoted prices for the in-
strument but connected with its fair value by non-arbitrage relationships (Level 2);
•
in other cases, recourse is made to internal valuation techniques that also use as inputs parameters
that are not observable on the market and thus are inevitably subjective to some degree (Level 3).
A market is considered active if prices are readily and regularly available on regulated markets, organ-
ised trading facilities, brokers, intermediaries, pricing services, etc. and if those prices can reasonably be
considered to be representative of actual and regular market transactions carried out close to the valu-
ation date.
In the case of financial instruments that are not quoted on active markets, valuation using Level 2 inputs
requires the use of valuation techniques that process market parameters at different levels of complexi-
ty. For example, valuation techniques may, in addition to interpolations and extrapolations, involve the
specification of stochastic processes that represent market dynamics and the use of simulations or oth-
er numerical techniques to determine the fair value of the instruments being measured.
In selecting the valuation techniques to be used in Level 2 measurements, CDP takes account of the fol-
lowing criteria:
CDP - 2012 Annual Report
Separate Financial Statements

196
•
simpler valuation techniques are preferred to more complex techniques, all other conditions being
equal and as long as they represents all of the relevant characteristics of the product, ensuring that
they are reasonably in line with the practices and results of other sector operators;
•
valuation techniques are applied consistently over time to uniform categories of instruments, unless
objective grounds for replacement emerge;
•
all other conditions being equal, preference is given to standard models whose mathematical struc-
ture and implementing procedures are familiar to practitioners and integrated into CDP’s corporate
systems.
Valuation techniques are validated by CDP’s Risk Management and Anti-Money Laundering area. The
development and validation of the techniques, and their application, are set out in specific process doc-
umentation.
The selection of market parameters as inputs for Level 2 valuations is carried out on the basis of non-ar-
bitrage relationships or comparative relationships that define the fair value of the financial instrument
being measured as the relative fair value compared with that of financial instruments quoted on active
markets.
For derivatives and bonds, CDP has developed a reference framework that comprises the valuation cri-
teria and models on which the valuation of each category of instrument is based.
The fair value of derivatives incorporates the counterparty credit risk and current and potential exposure
using a simplified credit value adjustment (CVA) methodology. Nevertheless, given the generalised use
of framework netting arrangements that provide for the exchange of collateral, as at 31 December 2012
such adjustments are confined to cases of limited importance. 
In some cases, in determining fair value it is necessary to have recourse to valuation techniques that call
for inputs that cannot be drawn directly from observable market variables, such as statistical or “expert-
based” estimates by the party performing the valuation (Level 3). 
More specifically, in the financial statements of CDP, the following measurements are classified as Level 3:
•
the valuation of options on equity indices embedded in certain categories of postal savings bonds,
which are separated and measured at fair value through profit or loss and require the use of para-
meters concerning the redemption behaviour of investors;
•
certain inflation-linked derivatives, which call for parameters determined using “expert-based” as-
sessments owing to the low liquidity of some market segments;
•
equity interests and other unquoted equity instruments that are measured using non-market para-
meters.
Here, too, valuation techniques are applied consistently over time to uniform categories of instruments,
unless objective grounds for replacement emerge. Similarly, parameters that cannot be drawn directly
from observable market variables are applied consistently over time.

A.3.2 HIERARCHY OF FAIR VALUE INPUTS
A.3.2.1 Portfolios: breakdown by level of fair value inputs
A.3 - Disclosures on fair value measurement
197
CDP - 2012 Annual Report
(thousands of euros)
Financial assets/liabilities 
31/12/2012
31/12/2011
at fair value
L1
L2
L3
L1
L2
L3
1. Financial assets held for trading
636,753
3,728
579,738
1,343
2. Financial assets at fair value
3. Financial assets available for sale
4,668,773
4,601
301,817
2,524,232
5,971
184,180
4. Hedging derivatives
368,910
2,683
357,457
2,337
Total
4,668,773
1,010,264
308,228
2,524,232
943,166
187,860
1. Financial liabilities held for trading
63,559
413,529
37,506
434,309
2. Financial liabilities at fair value
3. Hedging derivatives
2,562,811
13,052
2,612,712
8,539
Total
2,626,370
426,581
2,650,218
442,848
Key
L1 = Level 1
L2 = Level 2
L3 = Level 3
Separate Financial Statements

198
A.3.2.2 Change for the year in financial assets at fair value (Level 3)
(thousands of euros)
FINANCIAL ASSETS
held for 
at fair 
available 
hedging
trading
value
for sale
1.
Opening balance
1,343
184,180
2,337
2.
Increases
2,385
159,192
346
2.1
Purchases
2,385
158,886
2.2
Profits taken to:
306
346
2.2.1 Income statement
346
- of which: capital gains
2.2.2 Equity
x
x
306
2.3
Transfers from other levels
2.4
Other increases
3.
Decreases
41,555
3.1
Sales
1,050
3.2
Repayments
3.3
Losses taken to:
40,505
3.3.1 Income statement
- of which: capital losses
3.3.2 Equity
x
x
40,505
3.4
Transfers to other levels
3.5
Other decreases
4.
Closing balance
3,728
301,817
2,683

199
A.3.2.3 Change for the year in financial liabilities at fair value (Level 3)
A.3.3 DISCLOSURES ON “DAY ONE PROFIT/LOSS”
The carrying amount of financial instruments on recognition is equal to their fair value at the same date.
In the case of financial instruments other than those at fair value through profit or loss, the fair value at
the recognition date is normally assumed to be equal to the amount received or paid.
In the case of financial instruments at fair value through profit or loss classified as Level 3, any difference
with respect to the amount received or paid could in principle be recognised through profit or loss un-
der the appropriate items, generating a so-called “day one profit/loss”.
Such difference may only be recognised through profit or loss if it is generated by a change in the fac-
tors on which market participants base their valuations in determining prices (including the time effect). 
If the instrument has a specified maturity and a model that monitors changes in the factors on which
operators base prices is not immediately available, the day one profit/loss can be recognised through
profit or loss over the life of the financial instrument.
CDP has not recognised any “day one profit/loss” on financial instruments in accordance with the pro-
visions of paragraph 28 of IFRS 7 and other related provisions of the IASs/IFRSs.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
FINANCIAL LIABILITIES
held for 
at fair 
hedging
trading
value
1.
Opening balance
434,309
8,539
2.
Increases
28,884
7,681
2.1
Purchases
3,124
2.2
Losses taken to:
25,760
7,681
2.2.1 Income statement
25,760
- of which: capital losses
2.2.2 Equity
x
x
7,681
2.3
Transfers from other levels
2.4
Other increases
3.
Decreases
49,664
3,168
3.1
Sales
27,456
3.2
Repayments
3.3
Profits taken to:
22,208
3,168
3.3.1 Income statement
22,208
3,168
- of which: capital gains
3.3.2 Equity
x
x
3.4
Transfers to other levels
3.5
Other decreases
4.
Closing balance
413,529
13,052

Assets
SECTION 1 - CASH AND CASH EQUIVALENTS - ITEM 10
1.1 Cash and cash equivalents: composition
PART B - INFORMATION
ON THE BALANCE SHEET
200
(thousands of euros)
31/12/2012
31/12/2011
a) Cash
4
2
b) Free deposits with central banks
Total
4
2

201
CDP - 2012 Annual Report
SECTION 2 - FINANCIAL ASSETS HELD FOR TRADING - ITEM 20
2.1 Financial assets held for trading: composition by type
The financial derivatives set out in the table mainly regard options purchased to hedge the embedded
option component of bonds indexed to baskets of shares. This option component was separated from
the host instrument and was classified among financial liabilities held for trading.
(thousands of euros)
31/12/2012
31/12/2011
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
4.1 Repurchase agreements
4.2 Other
Total A
B. Derivatives
1. Financial derivatives
636,753
3,728
579,738
1,343
1.1 trading
1.2 associated with fair value option
1.3 other
636,753
3,728
579,738
1,343
2. Credit derivatives
2.1 trading
2.2 associated with fair value option
2.3 other
Total B
636,753
3,728
579,738
1,343
Total (A+B)
636,753
3,728
579,738
1,343
Key
L1 = Level 1
L2 = Level 2
L3 = Level 3
Separate Financial Statements

202
2.2 Financial assets held for trading: composition by debtor/issuer
(thousands of euros)
31/12/2012
31/12/2011
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
a) Governments and central banks
b) Other government agencies
c) Banks
d) Other
2. Equity securities
a) Banks
b) Other issuers
- insurance undertakings
- financial companies
- non-financial companies
- other
3. Units in collective investment undertakings
4. Loans
a) Governments and central banks
b) Other government agencies
c) Banks
d) Other
Total A
B. DERIVATIVES
a) Banks
640,481
581,081
- fair value
640,481
581,081
b) Customers
- fair value
Total B
640,481
581,081
Total (A+B)
640,481
581,081

203
SECTION 4 - FINANCIAL ASSETS AVAILABLE FOR SALE - ITEM 40
4.1 Financial assets available for sale: composition by type
4.2 Financial assets available for sale: composition by debtor/issuer
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
L1
L2
L3
L1
L2
L3
1. Debt securities
4,668,773
4,601
2,524,232
5,971
1.1 Structured securities
1.2 Other debt securities
4,668,773
4,601
2,524,232
5,971
2. Equity securities
10,960
10,572
2.1 At fair value
8,894
8,506
2.2 At cost
2,066
2,066
3. Units in collective investment undertakings
290,857
173,608
4. Loans
Total
4,668,773
4,601
301,817
2,524,232
5,971
184,180
(thousands of euros)
31/12/2012
31/12/2011
1. Debt securities
4,673,374
2,530,203
a) Governments and central banks
4,668,774
2,524,232
b) Other government agencies
4,600
5,971
c) Banks
d) Other
2. Equity securities
10,960
10,572
a) Banks
2,066
2,066
b) Other issuers
8,894
8,506
- insurance undertakings
- financial companies
8,894
8,506
- non financial companies
- other
3. Units in collective investment undertakings
290,857
173,608
4. Loans
a) Governments and central banks
b) Other government agencies
c) Banks
d) Other
Total
4,975,191
2,714,383

204
4.4 Financial assets available for sale: change for the year
(thousands of euros)
Debt 
Equity 
Units in 
Loans
Total  
securieties
securities
collective
investment
undertakings
A. Opening balance
2,530,203
10,572
173,608
2,714,383
B. Increases
15,269,461
388
158,805
15,428,654
B1. Purchases
14,929,382
81
158,805
15,088,268
B2. Fair value gains
340,079
307
340,386
B3. Writebacks
- recognised through income statement
- recognised through equity
B4. Transfers from other portfolios
B5. Other changes
C. Decreases
13,126,290
41,556
13,167,846
C1. Sales
100,000
1.050
101,050
C2. Repayments
12,956,899
12,956,899
C3. Fair value losses
1,275
40,506
41,781
C4. Writedowns for impairment
- recognised through income statement
- recognised through equity
C5. Transfers to other portfolios
C6. Other changes
68,116
68,116
D. Closing balance
4,673,374
10,960
290,857
4,975,191

205
SECTION 5 - FINANCIAL ASSETS HELD TO MATURITY - ITEM 50
5.1 Financial assets held to maturity: composition by type
The item includes fixed-rate government securities with a nominal value of €13,328.5 million, and in-
flation-linked government securities with a nominal value of €3,600 million, the latter held to hedge the
exposure to Italian inflation arising from to the issue of postal savings bonds indexed to inflation.
5.2 Financial assets held to maturity: composition by debtor/issuer
The increase over the previous year is attributable to the investment of a portion of liquidity in govern-
ment securities.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
FV
FV
CA 
Level 1 
Level 2 
Level 3 
CA
Level 1 
Level 2 
Level 3 
1. Debt securities
16,730,803
17,946,627
9,289,253
8,720,182 
- structured
- other
16,730,803
17,946,627
9,289,253
8,720,182 
2. Loans
Total
16,730,803 17,946,627
9,289,253
8,720,182 
Key
FV = fair value
CA = carrying amount
(thousands of euros)
31/12/2012
31/12/2011
1. Debt securities
16,730,803
9,289,253 
a) Governments and central banks
16,730,803
9,289,253 
b) Other government agencies 
c) Banks 
d) Other 
2. Loans 
a) Governments and central banks 
b) Other government agencies 
c) Banks 
d) Other 
Total
16,730,803
9,289,253

206
5.4 Financial assets held to maturity: change for the year
(thousands of euros)
Debt securities 
Loans
Total 
A. Opening balance
9,289,253
9,289,253
B. Increases
30,122,306
30,122,306
B1. Purchases
29,903,053
29,903,053
B2. Writebacks
B3. Transfers from other portfolios
B4. Other changes
219,253
219,253
C. Decreases
22,680,756
22,680,756
C1. Sales
1,100,000
1,100,000
C2. Repayments
21,580,756
21,580,756
C3. Writedowns
C4. Transfers to other portfolios
C5. Other changes
D. Closing balance
16,730,803
16,730,803

207
SECTION 6 - LOANS TO BANKS - ITEM 60
6.1 Loans to banks: composition by type
Loans to banks are primarily composed of:
•
loans amounting to about €8,817 million;
•
deposits in respect of Credit Support Annexes (cash collateral) at banks to hedge the counterparty
credit risk on derivatives of €2,354 million;
•
current account balances totalling €1,059 million;
•
debt securities amounting to about €500 million, acquired in order to serve as eligible (AAA rating)
collateral for the existing covered bond issues;
•
the balance on the management account for the reserve requirement of about €448 million.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A. Claims on central banks
447,906
4,437,508
1. Fixed-term deposits
2. Reserve requirement
447,906
4,437,508
3. Repurchase agreements
4. Other
B. Loans to banks
12,730,397
14,967,317
1. Current accounts and free deposits
1,059,024
285,786
2. Fixed-term deposits
2,354,373
1,865,942
3. Other financing
8,816,994
7,678,213
3.1 Repurchase agreements
3.2 Finance leasing
3.3 Other
8,816,994
7,678,213
4. Debt securities
500,006
5,137,376
4.1 Structured
4.2 Other debt securities
500,006
5,137,376
Total (carrying amount)
13,178,303
19,404,825
Total (fair value)
13,296,157
18,811,379

208
6.2 Loans to banks: assets hedged specifically
(thousands of euros)
31/12/2012
31/12/2011
1. Loans with specific fair value hedges:
131,429
141,932
a) interest rate risk
131,429
141,932
b) exchange rate risk
c) credit risk
d) multiple risks
2. Loans with specific cash flow hedges:
a) interest rate risk
b) exchange rate risk
c) other
Total
131,429
141,932

209
SECTION 7 - LOANS TO CUSTOMERS - ITEM 70
Loans to customers regard lending operations under the Separate Account and Ordinary Account of CDP.
They also include bonds subscribed as part of lending to customers and eligible securities (AAA rating)
held as collateral for outstanding issues of covered bonds. The item also reports liquidity held with the
Central State Treasury. The following table provides a breakdown of the positions by technical form.
Liquidity held with the Central State Treasury in current account no. 29814 in the name of “Cassa DP
SPA - Gestione Separata” comprises liquidity generated by Separate Account transactions performed by
CDP. As envisaged by Article 6.2 of the MEF decree of 5 December 2003, the Ministry for the Economy
and Finance pays semi-annual interest at a floating rate equal to the simple arithmetic mean between
the gross yield on 6-month Treasury bills and the monthly level of the Rendistato index. Interest accrued
on current account no. 29814 and credited after the reporting date amounted to about €4,015 million.
The difference between the fair value and carrying amount of loans to customers reflects the persistently
high premium for the sovereign risk of the Italian Republic in the market at the end of 2012. 
CDP - 2012 Annual Report
Separate Financial Statements
7.1 Loans to customers: composition by type
(thousands of euros)
31/12/2012
31/12/2011
Performing
Impaired
Performing
Impaired
Acquired Other
Acquired Other
1. Current accounts
186
95
1.1 Liquidity held with 
Central State Treasury
136,718,590
123,817,580
2. Repurchase agreements
3. Loans
93,826,109
76,006
94,483,732
46,253
4. Credit cards, personal loans and loans 
repaid by automatic deductions from wages
5. Finance leasing
6. Factoring
7. Other
3,548,543
135
634,035
179
8. Debt securities
4,136,189
1,555,789
8.1 Structured
8.2 Other debt securities
4,136,189
1,555,789
Total (carrying amount)
238,229,617
76,141
220,491,231
46,432
Total (fair value)
234,919,787
76,141
205,913,060
46,432

210
Differences of the opposite sign between fair values and carrying amounts could hypothetically be cal-
culated for postal savings bonds, with an offsetting impact. 
However, as discussed in Section 2 – Due to customers – Item 20 of liabilities, taking account of the op-
tion for bondholders to redeem postal bonds on demand and the considerable uncertainty about re-
demptions in the market conditions experienced at the end of 2012, it was decided for prudential rea-
sons that the best estimate of the fair value of postal savings bonds is their carrying amount.
7.2 Loans to customers: composition by debtor/issuer
(thousands of euros)
31/12/2012
31/12/2011
Performing
Impaired
Performing
Impaired
Acquired Other
Acquired Other
1. Debt securities:
4,136,189
1,555,789
a) Governments
899,767
407,397
b) Other government agencies
551,988
632,503
c) Other issuers
2,684,434
515,889
- non financial companies
210,798
87,019
- financial companies
2,473,636
428,870
- insurance undertakings
- other
2. Finanziamenti verso:
234,093,428
76,141
218,935,442
46,432
a) Governments
174,059,309
159,974,487
b) Other government agencies
49,796,812
5,380
50,550,743
3,168
c) Other issuers
10,237,307
70,761
8,410,212
43,264
- non financial companies
10,153,630
70,661
8,343,767
43,264
- financial companies
51,600
33,308
- insurance undertakings
- other
32,077
100
33,137
Total
238,229,617
76,141
220,491,231
46,432

211
7.3 Loans to customers: assets hedged specifically
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Loans with specific fair value hedges:
11,890,085
13,816,827
a) interest rate risk
11,890,085
13,816,827
b) exchange rate risk
c) credit risk
d) multiple risks
2. Loans with specific cash flow hedges:
a) interest rate risk
b) exchange rate risk
c) other
Total
11,890,085
13,816,827

212
SECTION 8 - HEDGING DERIVATIVES - ITEM 80
8.1 Hedging derivatives: composition by type of hedge and level of inputs
8.2 Hedging derivatives: composition by hedged portfolio and type of hedge
(thousands of euros)
Fair value 31/12/2012
NV 
Fair value 31/12/2011
NV 
L1
L2
L3
31/12/2012
L1
L2
L3
31/12/2011
A. Financial derivatives
368,910
2,683
6,678,853
357,457
2,337
7,742,022
1)Fair value
317,837
2,683
6,150,730
321,647
2,337
7,642,221
2)Cash flow
51,073
528,123
35,810
99,801
3)Investment in foreign
operation
B. Credit derivatives
1)Fair value
2)Cash flow
Total
368,910
2,683
6,678,853
357,457
2,337
7,742,022
Key
NV= notional value
L1 = Level 1
L2 = Level 2
L3 = Level 3
(thousands of euros)
Fair value
Cash flow
Specific
Generic
Specific
Generic
Interest
Exchange
Credit
Price
Multiple
Investment 
rate risk 
rate risk
risk
risk
risks
in foreign
operations
1. Financial assets available
for sale
x
x
x
2. Loans
x
x
51,073
x
x
3. Financial assets held 
to maturity
x
x
x
x
x
4. Portfolio
x
x
x
x
x
x
x
5. Other
x
x
Total assets
51,073
1. Financial liabilities
273,212
x
47,308
x
x
x
2. Portfolio
x
x
x
x
x
x
x
Total liabilities
273,212
47,308
1. Forecast transactions
x
x
x
x
x
x
x
x
2. Portfolio of financial 
assets and liabilities
x
x
x
x
x
x

213
SECTION 10 - EQUITY INVESTMENTS - ITEM 100
10.1 Equity investments in subsidiaries, joint ventures and companies subject to significant
influence: information on investments
CDP - 2012 Annual Report
Separate Financial Statements
Registered office
% holding
% of votes
A. Wholly-owned subsidiaries
1. Terna S.p.A.
Rome
29.85%
29.85%
2. CDP Investimenti SGR S.p.A.
Rome
70.00%
70.00%
3. Simest S.p.A.
Rome
76.00%
76.00%
4. Fondo Strategico Italiano S.p.A.
Milan
90.00%
90.00%
5. SACE S.p.A.
Rome
100.00%
100.00%
6. Fintecna S.p.A.
Rome
100.00%
100.00%
7. CDP GAS S.r.l.
Rome
100.00%
100.00%
8. CDP RETI S.r.l.
Rome
100.00%
100.00%
B. Joint ventures
C. Companies under significant influence
1. Eni S.p.A.
Rome
25.76%
25.76%
2. Galaxy S.àr.l. SICAR
Luxembourg
40.00%
40.00%
3. Europrogetti & Finanza S.p.A. in liquidazione
Rome
31.80%
31.80%

214
10.2 Equity investments in subsidiaries, joint ventures and companies subject to significant
influence: accounting data
(thousands of euros)
Total 
Total 
Net income 
Equity 
Carrying  
Fair 
assets
revenues
(loss)
amount
value (*)
A. Wholly-owned subsidiaries 31,481,874
3,637,879
892,795
16,072,985
14,983,826
1. Terna S.p.A. (1)
12,336,664
1,711,590
418,902
2,555,344
1,315,200
1,814,399
2. CDP Investimenti SGR S.p.A.
11,270
10,355
3,323
7,427
1,400
x
3. Simest S.p.A. (1)
393,874
49,365
12,185
239,764
232,500
x
4. Fondo Strategico Italiano S.p.A.
1,025,218
19,408
14,434
1,015,534
900,000
x
5. SACE S.p.A. (1)
8,522,045
1,445,547
183,963
5,713,206
6,050,000
x
6. Fintecna S.p.A. (1)
3,893,320
185,387
54,626
2,351,648
2,500,000
x
7. CDP GAS S.r.l.
797,441
108,984
103,806
571,147
467,366
x
8. CDP RETI S.r.l.
4,502,042
107,243
101,556
3,618,915
3,517,360
x
B. Joint ventures
-
-
-
-
-
C. Companies under 
significant influence
82,179,950
49,902,540
4,234,401
35,395,869
15,283,980
1. Eni S.p.A. (1)
82,021,346
49,876,149
4,212,687
35,254,999
15,281,632
17,169,532
2. Galaxy S.àr.l. SICAR (2)
151,741
25,608
22,176
146,507
2,348
x
3. Europrogetti & Finanza 
S.p.A. in liquidazione (3)
6,863
783
(462)
(5,637)
-
x
Total
113,661,824
53,540,419
5,127,196
51,468,854
30,267,806
(1) Figures from financial statements at 2011
(2) Figures from financial statements at 2011
(3) Figures from financial statements at 2009
(*) at 31/12/12

215
10.3 Equity investments: change for the year
The sub-item B.1 “Purchases” mainly relates to the acquisitions of 100% of SACE S.p.A. (€6,050 mil-
lion), 100% of Fintecna S.p.A. (€2,500 million), and 76% of Simest S.p.A. (€232.5 million) and capital
contributions made to CDP RETI S.r.l. formed in 2012 (€3,517.4 million) and to Fondo Strategico Ital-
iano S.p.A. (€360 million).
The sub-item C.1 “Sales” refers mainly to the sale of Eni S.p.A. shares (€1,958.8 million).
10.6 Commitments in respect of companies subject to significant influence
CDP is a shareholder of Galaxy S.àr.l. SICAR, a Luxembourg company that makes equity or quasi-equity
investments in projects and infrastructure in the transportation sector.
Under the shareholders’ agreement, as from the end of the investment period, which terminated on 9
July 2008, additional payments can be requested from the shareholders only for: (i) payment of the com-
pany’s running costs (such as, for example, operating expenses and management commissions) and (ii)
the completion of investments already approved.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A. Opening balance
19,641,548
18,582,609
B. Increases
12,660,568
1,072,800
B.1 Purchases
12,660,568
1,072,800
B.2 Writebacks
B.3 Revaluations
B.4 Other increases
C. Decreases
2,034,310
13,861
C.1 Sales
2,034,310
C.2 Writedowns
13,861
C.3 Other decreases
D. Closing balance
30,267,806
19,641,548
E. Total revaluations
F. Total writedowns
16,968
16,968

216
SECTION 11 - PROPERTY, PLANT AND EQUIPMENT - ITEM 110
11.1 Property, plant and equipment: composition of assets measured at cost
Property, plant and equipment includes all of the movable and immovable property of CDP, net of de-
preciation, and at period-end breaks down as follows:
(thousands of euros)
31/12/2012
31/12/2011
A. Operating assets
1.1owned
206,845
199,728
a) land
117,406
117,406
b) buildings
63,079
65,135
c) movables
2,043
2,548
d) electrical plant
1,288
1,239
e) other
23,029
13,400
1.2acquired under finance leases
a) land
b) buildings
c) movables
d) electrical plant
e) other
Total A
206,845
199,728
B. Investment property
2.1owned
a) land
b) buildings
2.2acquired under finance leases
a) land
b) buildings
Total B
-
-
Total (A+B)
206,845
199,728

217
11.3 Operating property, plant and equipment: change for the year
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Land 
Buildings
Movables
Electrical 
Other
Total  
plant
A. Opening gross balance
117,406
83,125
12,388
17,738
32,601
263,258
A.1 Total net writedowns
-
(17,990)
(9,840)
(16,499)
(19,201)
(63,530)
A.2 Opening net balance
117,406
65,135
2,548
1,239
13,400
199,728
B. Increases
-
448
194
828
11,262
12,732
B.1 Purchases
168
194
828
11,262
12,452
B.2 Capitalised improvement costs
B.3 Writebacks
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
B.7 Other changes
280
280
C. Decreases
-
2,504
699
779
1,633
5,615-
C.1 Sales
86
24
110
C.2 Depreciation
2,504
699
693
1,330
5,226-
C.3 Writedowns for impairment 
recognised in
a) equity
b) income statement
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
C.6 Transfers to
a) investment property
b) assets held for sale
C.7 Other changes
279
279
D. Closing net balance
117,406
63,079
2,043
1,288
23,029
206,845
D.1 Total net writedowns
-
(20,494)
(10,180)
(10,943)
(20,301)
(61,918)
D.2 Closing gross balance
117,406
83,573
12,223
12,231
43,330
268,763
E. Measurement at cost

218
SECTION 12 - INTANGIBLE ASSETS - ITEM 120
12.1 Intangible assets: composition by category
Intangible assets break down as follows:
(thousands of euros)
31/12/2012
31/12/2011
Definite life 
Indefinite life
Definite life 
Indefinite life
A.1 Goodwill
x
x
A.2 Other intangible assets
7,143
4,575
A.2.1 Assets carried at cost
7,143
4,575
a) internally-generated
intangible assets
b) other assets
7,143
4,575
A.2.2 Assets carried at fair value
a) internally-generated 
intangible assets
b) other assets
Total
7,143
4,575

219
12.2 Intangible assets: change for the year
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Other intangible assets:
Other intangible assets:
Goodwill 
internally generated
other
Total
DEF
INDEF
DEF
INDEF
A.
Opening gross balance
17,164
17,164
A.1
Total net writedowns
(12,589)
(12,589)
A.2
Opening net balance
4,575
4,575
B.
Increases
5,032
5,032
B.1
Purchases
5,032
5,032
B.2
Increases in internally-generated
intangible assets
x
B.3
Writebacks
x
B.4
Fair value gains
- equity
x
- income statement
x
B.5
Positive exchange rate differences
B.6
Other changes
C.
Decreases
2,464
2,464
C.1
Sales
C.2
Writedowns
2,464
2,464
- Amortisation
2,464
2,464
- Impairment
x
+ equity
+ income statement
x
C.3
Fair value losses
- equity
- income statement
x
C.4
Transfer to non-current 
assets held for sale
x
C.5
Negative exchange rate differences
C.6
Other changes
D.
Closing net balance
7,143
7,143
D.1
Total net writedowns
(15,053)
(15,053)
E.
Closing gross balance
22,196
22,196
F.
Measurement at cost
Key
DEF: definite life
INDEF: indefinite life

220
12.3 Other information
With regard to the disclosures required under international accounting standards, it should be noted
that:
a) intangible assets were not revalued;
b) no intangible assets acquired by way of government grants are held (IAS 38, paragraph 122, letter
c);
c)
no intangible assets are pledged as security for liabilities (IAS 38, paragraph 122, letter d);
d) there are no especially significant contractual commitments for the purchase of intangible assets (IAS
38, paragraph 122, letter e);
e) no intangible assets are the object of leasing transactions.
SECTION 13 - TAX ASSETS AND LIABILITIES - ITEM 130 OF ASSETS AND ITEM 80 OF
LIABILITIES
13.1 Deferred tax assets: composition
Deferred tax assets arise in respect of taxes calculated on temporary differences in the values reported
for tax purposes and those used for financial reporting that will become deductible in periods following
the period in which they are recognised. They mainly regard accruals to the provision for risks and the
provision for future employee expenses, depreciation/amortisation charges with deferred deductibility,
fair value measurement of available-for-sale financial assets and derivatives hedging cash flows in respect
of liabilities (cash flow hedges).
13.2 Deferred tax liabilities: composition
Conversely, deferred tax liabilities arise in respect of taxes calculated on temporary differences in the val-
ues reported for tax purposes and those used for financial reporting that will fall due in periods follow-
ing the period in which they are recognised. They regard the fair value measurement of available-for-sale
investments and securities and derivatives hedging cash flows in respect of financial liabilities (cash flow
hedges).

221
13.3 Changes in deferred tax assets (recognised in income statement)
13.4 Changes in deferred tax liabilities (recognised in income statement)
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
106,269
9,175
2. Increases
8,714
99,983
2.1 Deferred tax assets recognised during the year
8,714
99,879
a) in respect of previous periods
b) due to change in accounting policies
c) writebacks
d) other
8,714
99,879
2.2 New taxes or increases in tax rates
104
2.3 Other increases
3. Decreases
2,557
2,889
3.1 Deferred tax assets derecognised during the year
2,557
2,889
a) reversals
2,557
2,889
b) writedowns for supervening non-recoverability
c) due to change in accounting policies
d) other
3.2 Reduction in tax rates
3.3 Other decreases
a) transformation into tax credits under Law 214/2011
b) other
4. Closing balance
112,426
106,269
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
316
-
2. Increases
-
316
2.1 Deferred tax liabilities recognised during the year
316
a) in respect of previous periods
b) due to change in accounting policies
c) other
316
2.2 New taxes or increases in tax rates
2.3 Other increases
3. Decreases
316
-
3.1 Deferred tax liabilities derecognised during the year
316
a) reversals
316
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
3.3 Other decreases
4. Closing balance
-
316

222
13.5 Changes in deferred tax assets (recognised in equity)
13.6 Changes in deferred tax liabilities (recognised in equity)
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
111,494
28,996
2. Increases
28,906
85,389
2.1 Deferred tax assets recognised during the year
28,906
84,907
a) in respect of previous periods
b) due to change in accounting policies
c) other
28,906
84,907
2.2 New taxes or increases in tax rates
482
2.3 Other increases
3. Decreases
103,673
2,891
3.1 Deferred tax assets derecognised during the year
103,673
2,891
a) reversals
103,673
2,891
b) writedowns for supervening non-recoverability
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
3.3 Other decreases
4. Closing balance
36,727
111,494
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
87,033
78,224
2. Increases
38,205
9,432
2.1 Deferred tax liabilities recognised during the year
38,205
2,117
a) in respect of previous periods
b) due to change in accounting policies
c) other
38,205
2,117
2.2 New taxes or increases in tax rates
7,315
2.3 Other increases
3. Decreases
27,703
623
3.1 Deferred tax liabilities derecognised during the year
27,703
623
a) reversals
27,703
623
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
3.3 Other decreases
4. Closing balance
97,535
87,033

223
13.7 Other information
CDP - 2012 Annual Report
Separate Financial Statements
13.7.1 Deferred tax assets: composition
(thousands of euros)
31/12/2012
31/12/2011
Provisions for liabilities and contingencies
3,224
2,467
Depreciation and amortisation
3,714
3,708
Financial instruments
2,540
1,856
Payables
1,148
2,044
Financial assets available for sale
34,187
109,638
Other
104,340
98,050
Total
149,153
217,763
13.7.2 Deferred tax liabilities: composition
(thousands of euros)
31/12/2012
31/12/2011
Financial assets available for sale
25,390
2,194
Equity investments
59,322
84,664
Financial instruments
12,823
176
Other
315
Total
97,535
87,349

224
SECTION 15 - OTHER ASSETS - ITEM 150
15.1 Other assets: composition
The item reports assets not otherwise classified under the previous items.
The main items under this heading are:
•
“Payments on account for withholding tax on interest on passbook savings accounts”: the balance
at end-2012 regards payments on account of the withholding tax levied on interest accrued on pass-
book accounts;
•
“Trade receivables and advances to public entities”: this reports receivables in respect of accrued fees
or expenses paid in advance under agreements with ministries; 
•
“Receivables due from investees”: the balance at end-2012 regards receivables in respect of investees
for dividends, services rendered and expense reimbursements.
(thousands of euros)
31/12/2012
31/12/2011
1. Trade receivables and advances to public entities
14,166
20,903
2. Receivables due from investees
1,044
23,671
3. Payments on account for withholding tax on interest on postal passbook savings accounts
217,100
188,558
4. Other
6,979
2,533
Total
239,289
235,665

SECTION 1 - DUE TO BANKS - ITEM 10
1.1 Due to banks: composition by type
The item “Due to central banks” mainly refers to lines of credit extended by the ECB.
Fixed-term deposits refer to cash collateral under Credit Support Annexes securing the counterparty risk
on derivatives and the balance on passbook accounts and postal bonds held by banks.
Other payables regard loans from the EIB and amounts to be transferred to counterparties in a non-re-
course assignment of receivables.
Liabilities
225
CDP - 2012 Annual Report
(thousands of euros)
31/12/2012
31/12/2011
1. Due to central banks
27,518,037
7,836,132
2. Due to banks
6,536,992
11,579,760
2.1 Current accounts and demand deposits
2.2 Fixed-term deposits
2,134,256
1,007,869
2.3 Loans
4,402,736
10,571,891
2.3.1 Repurchase agreements
1,268,069
8,183,254
2.3.2 Other
3,134,667
2,388,637
2.4 Liabilities in respect of commitments to repurchase own equity instruments
2.5 Other payables
Total
34,055,029
19,415,892
Fair value
34,055,029
19,415,892
Separate Financial Statements

226
SECTION 2 - DUE TO CUSTOMERS - ITEM 20
2.1 Due to customers: composition by type
“Fixed-term deposits” mainly refers to the balance at the end of 2012 of passbook accounts and postal
bonds.
Other payables mainly regard amounts not yet disbursed at the end of the year on loans being repaid
granted by CDP to public entities and public-law bodies.
The fair value reported above is equal to the carrying amount. In theory, for postal savings bonds it would
be possible, using statistical models of redemptions, to apply valuation techniques that incorporate a
credit risk premium in line with that on medium/long-term government securities. 
This would produce an estimate at 31 December 2012 of the fair value of those liabilities that would be
less than the carrying amount. However, taking account of the demand redemption option for bond-
holders and the considerable uncertainty about redemption forecasts in the presence of the large and
volatile spreads that continued to be experienced at the end of 2012, it was decided for prudential rea-
sons that the best estimate of the fair value of postal savings bonds is their carrying amount.
2.3 Breakdown of item 20 “Due to customers”: structured liabilities
Structured liabilities at 31 December 2012 amounted to €9,117 million and include indexed postal sav-
ings bonds and the Premia bonds, for which the embedded derivative has been separated from the host
contract.
(thousands of euros)
31/12/2012
31/12/2011
1. Current accounts and demand deposits
1,580,717
458,553
2. Fixed-term deposits
232,217,230
217,933,852
3. Loans
3.1 Repurchase agreements
3.2 Other
4. Liabilities in respect of commitments to repurchase own equity instruments
5. Other payables
8,505,202
8,649,992
Total
242,303,149
227,042,397
Fair value
242,303,149
227,042,397

227
2.4 Due to customers: liabilities hedged specifically
Amounts due to customers covered by cash flow hedges refer to part of the inflation-linked postal sav-
ings bonds.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Liabilities covered specifically by fair value hedges:
-
-
a) interest rate risk
b) exchange rate risk
c) multiple risks
2. Liabilities covered specifically by cash flow hedges:
424,248
413,299
a) interest rate risk
424,248
413,299
b) exchange rate risk
c) other
Total
424,248
413,299

228
SECTION 3 - SECURITIES ISSUED - ITEM 30
3.1 Securities issued: composition by type
The item includes covered bonds in the amount of €2,639 million and bonds issued under the Euro Medi-
um-Term Notes programme totalling €4,033 million.
3.3 Securities issued: securities hedged specifically
(thousands of euros)
31/12/2012
31/12/2011
Carrying  
Fair value 
Carrying  
Fair value 
amount
Level 1 
Level 2 
Level 3 
amount
Level 1 
Level 2 
Level 3 
A.Securities
1. Bonds
6,672,411
5,998,748
409,904
8,512,365
7,505,619
491,303
1.1 structured
48,306
42,482
1.2 other
6,624,105
5,956,266
409,904
8,512,365
7,505,619
491,303
2. Other securities
2.1 structured
2.2 other
Total
6,672,411
5,998,748
409,904
8,512,365
7,505,619
491,303
(thousands of euros)
31/12/2012
31/12/2011
1. Securities covered by specific fair value hedges
6,478,492
8,117,340
a) interest rate risk
6,077,840
7,594,471
b) exchange rate risk
c) multiple risks
400,652
522,869
2. Securities covered by specific cash flow hedges
a) interest rate risk
b) exchange rate risk
c) other
Total
6,478,492
8,117,340

229
SECTION 4 - FINANCIAL LIABILITIES HELD FOR TRADING - ITEM 40
4.1 Financial liabilities held for trading: composition by type
The item includes the embedded option component of bonds indexed to baskets of shares that was sep-
arated from the host contract.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
NV 
FV
FV*
NV
FV  
FV* 
L1
L2
L3
L1
L2
L3
A.On-balance-
sheet liabilities
1. Due to banks
2. Due to customers
3. Debt securities
3.1 Bonds
3.1.1 Structured
x
x
3.1.2 Other
x
x
3.2 Other securities
3.2.1 Structured
x
x
3.2.2 Other
x
x
Total A
B.Derivatives
1. Financial derivatives
63,559
413,529
37,506
434,309
1.1 Trading
x
x
x
x
1.2 Associated with 
fair value option
x
x
x
x
1.3 Other
x
63,559
413,529
x
x
37,506
434,309
x
2. Credit derivatives
2.1 Trading
x
x
x
x
2.2 Associated with 
fair value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
63,559
413,529
x
x
37,506
434,309
x
Total (A+B)
x
63,559
413,529
x
x
37,506
434,309
x
Key
FV = fair value
FV* = fair value calculated excluding changes in value due to changes in the issuer’s creditworthiness since the issue date
NV = nominal or notional value
L1 = Level 1
L2 = Level 2
L3 = Level 3

230
SECTION 6 - HEDGING DERIVATIVES - ITEM 60
6.1 Hedging derivatives: composition by type of hedge and level of inputs
6.2 Hedging derivatives: composition by hedged portfolio and type of hedge
(thousands of euros)
Fair value 31/12/2012
NV
Fair value 31/12/2011
NV
L1
L2
L3
31/12/2012
L1
L2
L3
31/12/2011
A. Financial derivatives
2,562,811
13,052
9,902,943
2,612,712
8,539
12,098,781
1) Fair value
2,562,811
9,516,943
2,612,712
11,712,781
2) Cash flow
13,052
386,000
8,539
386,000
3) Investment in foreign
operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
2,562,811
13,052
9,902,943
2,612,712
8,539
12,098,781
Key
NV = notional value
L1 = Level 1
L2 = Level 2
L3 = Level 3
(thousands of euros)
Fair value
Flussi finanziari
Specific
Generic
Specific
Generic 
Investment
interest exchange
credit
price
multiple
in foreign 
rate risk
rate risk
risk
risk
risk  
operation
1. Financial assets 
available for sale
x
x
x
2. Loans
2,562,811
x
x
x
x
3. Financial assets 
held to maturity
x
x
x
x
x
4. Portfolio
x
x
x
x
x
x
x
5. Other
x
x
Total assets
2,562,811
1. Financial liabilities
x
x
13,052
x
x
2. Portfolio
x
x
x
x
x
x
x
Total liabilities
13,052
1. Forecast transactions
x
x
x
x
x
x
x
x
2. Portfolio of financial 
assets and liabilities
x
x
x
x
x
x

231
SECTION 7 - VALUE ADJUSTMENTS OF LIABILITIES COVERED
BY MACRO-HEDGES - ITEM 70
7.1 Value adjustments of hedged financial liabilities
7.2 Liabilities covered by macro-hedges against interest rate risk: composition
This item reports the net change in the value of the postal savings bonds portfolio hedged generically
against interest rate risk. The hedging relationship was interrupted in 2009 in view of the closure of the
derivative hedging instruments. The change in the fair value of the hedged bonds, determined up to the
date of the validity of the hedging relationship, was subsequently accounted for on the basis of the amor-
tised cost of the bonds.
SECTION 8 - TAX LIABILITIES - ITEM 80
For more information on this item please see Section 13 of assets.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Positive adjustments of financial liabilities
56,413
60,440
2. Negative adjustment of financial liabilities
Total
56,413
60,440

232
SECTION 10 - OTHER LIABILITIES - ITEM 100
10.1 Other liabilities: composition
The item reports liabilities not otherwise classified under the previous items.
The main items under this heading are:
•
the payable to Poste Italiane of about €940 million, relating to the portion of commissions due in
respect of the postal savings funding service not yet paid at the reporting date;
•
tax payables totalling about €518 million, mainly regarding the tax on interest paid on postal sav-
ings products;
•
other items, which are mainly composed of trade payables, sundry amounts due to employees, ad-
justments to guarantees issued and commitments to disburse funds and amounts due to the sub-
sidiaries Fondo Strategico Italiano S.p.A. and CDP GAS S.r.l. in respect of their participation in the
consolidated taxation mechanism.
SECTION 11 - STAFF SEVERANCE PAY - ITEM 110
11.1 Staff severance pay: change for the year
(thousands of euros)
31/12/2012
31/12/2011
1. Items being processed
10,681
4,445
2. Charges for postal funding service
939,615
129,050
3. Tax payables
517,641
384,946
4. Other
60,033
20,076
Total
1,527,970
538,517
(thousands of euros)
31/12/2012
31/12/2011
A. Opening balance
733
705
B. Increases
1,097
1,226
B.1 Provision for the year
1,097
1,226
B.2 Other increases
C. Decreases
1,079
1,198
C.1 Severance payments
C.2 Other decreases
1,079
1,198
D. Closing balance
751
733

233
SECTION 12 - PROVISIONS - ITEM 120
12.1 Provisions: composition
12.2 Provisions: change for the year
12.4 Provisions - Other provisions
Other provisions regard provisions accrued for litigation, charges in respect of employee bonuses and
likely tax liabilities. 
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Company pension plans
2. Other provisions
11,790
9,681
2.1 legal disputes
3,957
1,957
2.2 staff costs
6,438
6,091
2.3 other
1,395
1,633
Total
11,790
9,681
(thousands of euros)
Pension 
Other provisions 
Total 
A. Opening balance
9,681
9,681
B. Increases
8,390
8,390
B.1 Provision for the year
2,058
2,058
B.2 Changes due to passage of time
B.3 Changes due to changes in discount rate
B.4 Other increases
6,332
6,332
C. Decreases
6,281
6,281
C.1 Use during the year
6,281
6,281
C.2 Changes due to changes in discount rate
C.3 Other decreases
D. Closing balance
11,790
11,790

234
SECTION 14 - EQUITY - ITEMS 130, 150, 160, 170, 180, 190 AND 200
14.1 “Share capital” and “Treasury shares”: composition
The share capital of €3,500,000,000 is fully paid up and is composed of 245,000,000 ordinary shares
and 105,000,000 preference shares with a par value of €10 each.
The par value of preference shares is included under “Share capital” together with the par value of or-
dinary shares, taking account of the intentions and positions expressed by the shareholders in this re-
gard. 
Under the CDP articles of association, the preference shares will be automatically converted into ordi-
nary shares as from 1 April 2013, without prejudice to the right of preference shareholders to withdraw.
The right of withdrawal connected with the conversion of the preference shares was exercised by two
shareholders owning a total of 9,084,000 preference shares, representing about 2.60% of share capi-
tal. No preference share holder opted for conversion at par through payment of an adjustment, as pro-
vided for in the articles of association.
The 105,000,000 preference shares will therefore be automatically converted into 51,450,000 ordinary
shares, on the basis of the conversion ratio determined by the Board of Directors at its meeting of 29
January 2013 (49 ordinary shares for every 100 preference shares).
The shares of the withdrawing foundations, pursuant to Article 2437-quater of the Italian Civil Code,
were offered in pre-emption to the other shareholders and, after the offer period expired with no share-
holder exercising the option to buy, the Board of Directors decided to not place those shares with third
parties, requesting, in the agenda for the Ordinary Shareholders’ Meeting of 20 March 2013, authori-
sation to purchase own shares as part of the liquidation procedure referred to Article 2437-quater of the
Italian Civil Code.
The shares of the withdrawing foundations will be purchased with the use of available reserves at a price
of €6.299 per share, corresponding to the liquidation value determined by the Board of Directors at its
meeting of 29 January 2013, for a total of €57,220,116.00.
At 31 December 2012, the company did not hold treasury shares.

235
14.2 Share capital - Number of shares: change for the year
CDP - 2012 Annual Report
Separate Financial Statements
Ordinary
Other
A.
Shares at start of the year
245,000,000
105,000,000
- fully paid
245,000,000
105,000,000
- partly paid
A.1 Treasury shares (-)
A.2 Shares in circulation: opening balance
245,000,000
105,000,000
B.
Increases
B.1 New issues
- for consideration:
- business combinations
- conversion of bonds
- exercise of warrants
- other
- bonus issues:
- to employees
- to directors
- other
B.2 Sale of own shares
B.3 Other changes
C.
Decreases
C.1 Cancellation
C.2 Purchase of own shares
C.3 Disposal of companies
C.4 Other changes
D. Shares in circulation: closing balance
245,000,000
105,000,000
D.1 Treasury shares (+)
D.2 Shares at end of the year
245,000,000
105,000,000
- fully paid
245,000,000
105,000,000
- partly paid

236
14.4 Income reserves: additional information
We provide the following information required by Article 2427, point 7-bis, of the Italian Civil Code.
(thousands of euros)
31/12/2012
31/12/2011
Income reserves
9,517,249
8,276,344
Legal reserve
605,567
524,972
Other
8,911,682
7,751,372
(thousands of euros)
Balance at 31/12/2012
Possible 
Amount
uses (*)
available
Share capital
3,500,000
-
Reserves
9,517,249
- Legal reserve
605,567
B
605,567
- Other income reserves
8,911,682
A, B, C
8,911,682
Valuation reserves
965,418
- AFS reserve
777,034
- Property revaluation reserve
167,572
A, B
167,572
- CFH reserve
20,812
Total
13,982,667
9,684,821
(*) A = capital increase; B = loss coverage; C = distribution to shareholders

237
OTHER INFORMATION
1. Guarantees issued and commitments
2. Assets pledged as collateral for own debts and commitments
The assets pledged as collateral for own debts are mainly represented by receivables pledged as collat-
eral in refinancing operations with the ECB. The remainder are assets securing bond issues (covered
bonds), securities in repurchase agreements used for funding, and receivables pledged as security for
loans from the EIB.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. 
Financial guarantees issued
506,751
226,198
a) Banks
b) Customers
506,751
226,198
2. 
Commercial guarantees issued
a) Banks
b) Customers
3. 
Irrevocable commitments to disburse funds
15,291,176
13,630,974
a) Banks
1,967,874
124,171
i) certain use
1,967,874
124,171
ii) uncertain use
b) Customers
13,323,302
13,506,803
i) certain use
13,290,784
13,506,803
ii) uncertain use
32,518
4.
Commitments underlying credit derivatives: sales of protection
5.
Assets pledged as collateral for third-party debts
6.
Other commitments
1,817,628
1,986,433
Total
17,615,555
15,843,605
(thousands of euros)
31/12/2012
31/12/2011
1. Financial assets held for trading
2. Financial assets at fair value
3. Financial assets available for sale
3,747,330
2,391,219
4. Financial assets held to maturity
11,253,303
6,386,351
5. Loans to banks
575,162
5,138,958
6. Loans to customers
40,101,223
23,332,609
7. Property, plant and equipment

238
4. Management and intermediation on behalf of third parties
(thousands of euros)
31/12/2012
1. Order execution on behalf of customers
a) purchases
1. settled
2. not yet settled
b) sales
1. settled
2. not yet settled
2. Asset management
a) individual
b) collective
3. Custody and administration of securities
a) third-party securities held as part of depository bank services
(excluding asset management)
1. securities issued by the reporting bank
2. other securities
b) other third-party securities on deposit (excluding asset management)
3,966,523
1. securities issued by the reporting bank
2. other securities
3,966,523
c) third-party securities deposited with third parties
3,966,523
d) securities owned by bank deposited with third parties
4. Other transactions

SECTION 1 - INTEREST - ITEMS 10 AND 20
1.1 Interest income and similar revenues: composition
The item reports the remuneration of the activities of CDP with regard to:
•
loans to banks and customers:
–
interest income on loans by CDP amounted to about €4,335 million;
–
interest income on current account no. 29814, equal to about €5,184 million; 
–
interest income on current accounts, equal to about €31 million;
•
debt securities: interest income on debt securities amounted to about €1,040 million.
The item includes interest income accrued on impaired assets of about €1,973 thousand.
PART C - INFORMATION
ON THE INCOME STATEMENT
239
CDP - 2012 Annual Report
(thousands of euros)
Debt securities
Loans
Other
31/12/2012 31/12/2011
1. Financial assets held for trading
2. Financial assets available for sale
148,706
148,706
69,819
3. Financial assets held to maturity
804,001
804,001
201,829
4. Loans to banks
3,913
320,005
323,918
241,270
5. Loans to customers
83,411
9,230,647
9,314,058
7,224,912
6. Financial assets at fair value
7. Hedging derivatives
x
x
8. Other assets
x
x
Total
1,040,031
9,550,652
-
10,590,683
7,737,830
Separate Financial Statements

240
1.4 Interest expense and similar charges: composition
Interest expense on amounts due to central banks regards financing from the ECB.
Interest expense on amounts due to customers mainly regards interest on postal savings products (about
€6,126 million).
Interest on debt securities regarded bond issues in the amount of about €221 million. 
The negative differences on hedges amounted to about €250 million. 
1.5 Interest expense and similar charges: differences on hedging transactions
(thousands of euros)
Payable
Securities
Other 
31/12/2012
31/12/2011
1.  Due to central banks
209,417
x
209,417
22,834
2.  Due to banks
99,260
x
99,260
106,072
3.  Due to customers
6,287,948
x
6,287,948
4,699,033
4. Securities issued
x
221,334
221,334
252,032
5. Financial liabilities held for trading
6. Financial liabilities at fair value
7. Other liabilities and funds
x
x
555
555
2,220
8. Hedging derivatives
x
x
250,354
250,354
326,798
Total
6,596,625
221,334
250,909
7,068,868
5,408,989
(thousands of euros)
31/12/2012
31/12/2011
A. Positive differences on hedging transactions
96,289
114,060
B. Negatives differences on hedging transactions
346,643
440,858
C. Balance (A-B)
(250,354)
(326,798)

241
SECTION 2 - COMMISSIONS - ITEMS 40 AND 50
2.1 Commission income: composition
During the period, CDP earned commission income on lending operations amounting to about €28 mil-
lion, commission income of €3 million relating to the agreement signed with the Ministry for the Econ-
omy and Finance in respect of assets and liabilities transferred to the MEF pursuant to Article 3 of the
ministerial decree of 5 December 2003 and commission income of €4 million relating to the manage-
ment of the Kyoto Fund.
Commission income of around €3 million was accrued on guarantees given.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
a) guarantees issued
3,343
357
b) credit derivatives
c) management, intermediation and advisory services:
1. trading in financial instruments
2. foreign exchange
3. asset management
3.1. individual
3.2. collective
4. securities custody and administration
5. depository services
6. securities placement
7. order collection and transmission
8. advisory services
8.1. concerning investments
8.2. concerning financial structure
9. distribution of third-party services
9.1. asset management
9.1.1. individual
9.1.2. collective
9.2. insurance products
9.3. other
d) collection and payment services
e) servicing activities for securitisations
f) services for factoring transactions
g) tax collection services
h) management of multilateral trading systems
i) holding and management of current accounts
j) other services
35,005
15,348
Total
38,348
15,705

242
2.3 Commission expense: composition
Commission expense mainly regards the charge for the period, equal to about €1,649 million, of the re-
muneration paid to Poste Italiane S.p.A. for managing postal funding products.
The agreement signed between CDP and Poste Italiane for the 2011-2013 period sets the fee for place-
ment activities and no longer provides for a commission directly attributable to the issue of new postal
savings bonds, but rather a comprehensive fee for the activities involved in providing the service, that
starting from the financial statements for the year ended 31 December 2011, is fully expensed in the
year in which it accrues. The new fee structure is consistent with the developments in the service pro-
vided by Poste Italiane S.p.A., which now emphasises the overall management of postal savings rather
than merely providing placement services.
(thousands of euros)
31/12/2012
31/12/2011
a) guarantees received
b) credit derivatives
c) management and intermediation services:
1,649,115
1,504,050
1. trading in financial instruments
2. foreign exchange
3. asset management:
3.1 own portfolio
3.2 third-party portfolio
4. securities custody and administration
5. placement of financial instruments
1,649,115
1,504,050
6. off-premises distribution of securities, products and services
d) collection and payment services
906
586
e) other services
102
101
Total
1,650,123
1,504,737

243
SECTION 3 - DIVIDENDS AND SIMILAR REVENUES - ITEM 70
3.1 Dividends and similar revenues: composition
The balance consists of dividends and similar income authorised for distribution in the year from equity
investments in ENI (about €1,086 million), Terna (€120 million), CDPI SGR (€140 thousand) and the PPP
Italia fund (about €401 thousand).
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
dividends
income from units 
dividends
income from units 
in collective 
collective 
in investment 
investment 
undertakings
undertakings
A. Financial assets held for trading
B. Financial assets available for sale
401
2,642
221
C. Financial assets at fair value
D. Equity investments
1,206,348
x
1,226,272
x
Total
1,206,348
401
1,228,914
221

244
SECTION 4 - NET GAIN (LOSS) ON TRADING ACTIVITIES - ITEM 80
4.1 Net gain (loss) on trading activities: composition
The result of trading activities, equal to €156.4 million, is almost entirely attributable to the operational
hedges of the option component embedded in the Premia and indexed savings bonds established with
the purchase of options mirroring the exposure. 
The result in 2012 is the consequence of overhedging, already seen in 2011 but which was amplified
during the year by developments in early redemptions of equity linked bonds, combined with an increase
in stock indices at 31 December 2012 compared with a year earlier.
In any event, to limit the risk of volatility in profit or loss, in 2012 we continued to unwind explicit op-
tion positions used for operational hedging whose notional exceeded that of the hedged embedded op-
tions.
(thousands of euros)
Trading
Capital
Traiding 
Net result
Capital gains (A) 
profits (B) 
losses (C)
losses (D)
[(A+B) - (C+D)]
1. Financial assets held for trading
1.1 Debt securities
1.2 Equity securities
1.3 Units in collective investment undertakings
1.4 Loans
1.5 Other
2. Financial liabilities held for trading
2.1 Debt securities
2.2 Payables
2.3 Other
3. Other financial assets and liabilities: 
exchange rate differences
x
x
x
x
(2)
4. Derivatives
231,724
25,238
64,876
35,677
156,409
4.1 Financial derivatives
231,724
25,238
64,876
35,677
156,409
- on debt securities and interest rates
25,682
12,229
391
35,677
1,843
- on equity securities and equity indices
206,042
13,009
64,485
154,566
- on foreign currencies and gold
x
x
x
x
- other
4.2 Credit derivatives
Total
231,724
25,238
64,876
35,677
156,407

245
SECTION 5 - NET GAIN (LOSS) ON HEDGING ACTIVITIES - ITEM 90
5.1 Net gain (loss) on hedging activities: composition
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A. Income on:
A.1 Fair value hedges
98,370
72,146
A.2 Hedged financial assets (fair value)
811,344
1,483,219
A.3 Hedged financial liabilities (fair value)
47,387
95,512
A.4 Cash flow hedges
A.5 Assets and liabilities in foreign currencies
20,736
19,287
Total income on hedging activities (A)
977,837
1,670,164
B.
Expense on:
B.1 Fair value hedges
873,205
1,604,766
B.2 Hedged financial assets (fair value)
B.3 Hedged financial liabilities (fair value)
94,016
73,937
B.4 Cash flow hedges
B.5 Assets and liabilities in foreign currencies
20,736
19,287
Total expense on hedging activities (B)
987,957
1,697,990
C. Net gain (loss) on hedging activities (A-B)
(10,120)
(27,826)

246
SECTION 6 - GAINS (LOSSES) ON DISPOSAL OR REPURCHASE - ITEM 100
6.1 Gains (losses) on disposal or repurchase: composition
The balance mainly regards the sale of ENI shares and represents the release to profit or loss of the share
of the AFS valuation reserve at the time of the reclassification of the holding in ENI from item 40. ”Fi-
nancial assets available for sale” to item 100. ”Equity investments”, following the acquisition of an ad-
ditional interest as part of the share exchange with the MEF.
Prior to the exchange, CDP already held 400,288,338 shares of ENI, which were classified under “Fi-
nancial assets available for sale” and measured at fair value with changes recognised in equity.
Following the exchange, CDP’s stake in ENI rose from 9.9% to 26.37%, and as CDP exercised a signifi-
cant influence pursuant to paragraph 6 of IAS 28, the holding was reclassified under “Equity invest-
ments”.
At the time of the reclassification, the original interest in ENI was revalued on the basis of its market val-
ue, following which the valuation reserve amounted to €1,141 million, net of taxes.
The reserve, recognised among the valuation reserves, was partly reversed to profit or loss, on a FIFO ba-
sis, on the occasion of the sale of 120,000,000 ENI shares in 2012.
(thousands of euros)
31/12/2012
31/12/2011
Gains
Losses
Net gain 
Gains
Losses
Net gain 
(loss)
(loss)
Financial assets
1. Loans to banks
2. Loans to customers
23,727
(4,258)
19,469
8,907
(2,833)
6,074
3. Financial assets available for sale
366,190
366,190
346
346
3.1 Debt securities
982
982
346
346
3.2 Equity securities
365,208
365,208
3.3 Units in collective
investment undertakings
3.4 Loans
4. Financial assets held to maturity
145
145
6
6
Total assets
390,062
(4,258)
385,804
9,259
(2,833)
6,426
Financial liabilities
1. Due to banks
2. Due to customers
3. Securities issued
3,760
3,760
Total liabilities
3,760
3,760

247
SECTION 8 - NET IMPAIRMENT ADJUSTMENTS - ITEM 130
The balance, totalling €22.9 million, refers to the net balance between writedowns, both specific and
general, and writebacks. Writebacks from interest concern writebacks connected with the passage of
time, arising from the accrual of interest during the year based on the original effective interest rate used
in calculating the writedown.
8.1 Net impairment adjustments of loans: composition
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Writedowns
Writebacks
Specific
Portfolio
Specific
Portfolio
31/12/2012 31/12/2011
Writeoffs
Other
A
B
A
B
A. Loans to banks
(16,013)
(16,013)
- Loans
(16,013)
(16,013)
- Debt securities
B. Loans to customers
(7)
(5,213)
(1,328)
323
141
(6,084)
(7,566)
Purchased impaired
receivables
- Loans
X
X
- Debt securities
X
X
Other receivables
- Loans
(7)
(5,213)
(1,322)
323
141
(6,078)
(7,550)
- Debt securities
(6)
(6)
(16)
C. Total
(7)
(5,213)
(17,341)
323
141
(22,097)
(7,566)
Key
A = interest
B = other writebacks

248
8.4 Net impairment adjustments of other financial transactions: composition
(thousands of euros)
Writedowns
Writebacks
Specific
Portfolio
Specific
Portfolio
31/12/2012 31/12/2011
Writeoffs
Other
A
B
A
B
A. Guarantees issued
(162)
(162)
(123)
B. Credit derivatives
C. Commitments 
to disburse funds
(487)
(145)
6
(626)
(2,500)
D. Other transactions
E. Total
(487)
(307)
6
(788)
(2,623)
Key
A = interest
B = other writebacks

249
SECTION 9 - GENERAL AND ADMINISTRATIVE EXPENSES - ITEM 150
9.1 Staff costs: composition
9.2 Average number of employees by category
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1.
Employees
52,705
49,407
a) wages and salaries
38,612
35,728
b) social security contributions
165
124
c) severance pay
d) pensions
9,669
9,139
e) allocation to staff severance pay provision
1,098
1,226
f) allocation to provision for pensions and similar liabilities
- defined contribution
- defined benefit
g) payments to external pension funds
1,124
1,269
- defined contribution
1,124
1,269
- defined benefit
h) costs in respect of agreements to make 
payments in own equity instruments
i) other employee benefits
2,037
1,921
2.
Other personnel in service
16
38
3.
Board of Directors and Board of Auditors
1,512
1,671
4.
Retired personnel
5.
Recovery of expenses for employees 
seconded to other companies
(364)
(576)
6.
Reimbursement of expenses for third-party 
employees seconded to the company
337
241
Total
54,206
50,781
Employees
501
a) Senior management
46
b) Middle management
195
- of which: grade 3 and 4
129
c) Other employees
260
Other personnel
11

250
9.4 Other employee benefits
9.5 Other administrative expenses: composition
Pursuant to Article 149-duodecies of the Consob Issuers Regulation, the following table reports the fees
for 2012 paid for services provided by PricewaterhouseCoopers S.p.A., the external auditors.
The fees paid in 2012 to the audit firm PricewaterhouseCoopers S.p.A regard auditing of the annual sep-
arate and consolidated financial statements, auditing of the consolidated half-year financial statements,
and certification of the statements for the separated accounts.
(thousands of euros)
31/12/2012
31/12/2011
Lunch vouchers
772
726
Staff health insurance
1,040
1,036
Interest subsidies on loans
53
44
Other benefits
172
115
Total
2,037
1,921
(thousands of euros)
31/12/2012
31/12/2011
Professional and financial services
8,657
5,772
IT costs
19,206
10,751
General services
8,661
7,518
Advertising and marketing
2,918
2,033
- of which mandatory publicity
1,150
1,138
Information resources and databases
1,264
1,383
Utilities, duties and other expenses
6,908
5,451
Corporate bodies
445
434
Other personnel costs
1,021
1,046
Total
49,080
34,388
Fees for auditing and non-audit services
(thousands of euros)
Service 
Fees for
provider
the year
Auditing and financial statements
PricewaterhouseCoopers S.p.A.
402
Certification
PricewaterhouseCoopers S.p.A.
36
Total
438

251
SECTION 10 - NET PROVISIONS - ITEM 160
10.1 Net provisions: composition
SECTION 11 - NET ADJUSTMENTS OF PROPERTY, PLANT AND EQUIPMENT - ITEM 170
11.1. Net adjustments of property, plant and equipment: composition
SECTION 12 - NET ADJUSTMENTS OF INTANGIBLE ASSETS - ITEM 180
12.1 Net adjustments of intangible assets: composition 
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
Accruals
Reversal of
Total
Total
excess
Review of existing provision for litigation
(2,000)
(2,000)
(481)
Provision for tax liabilities
(58)
(58)
131
Total
(2,058)
-
(2,058)
(350)
(thousands of euros)
Deprecitacion
Writedowns for 
Writebacks
Net
impairment
adjustments
(a)
(b)
(c)
(a+b-c)
A. Property, plant and equipment
A.1 Owned
5,226
5,226
- Operating assets
5,226
5,226
- Investment property
A.2 Acquired under finance leases
- Operating assets
- Investment property
Total
5,226
5,226
(thousands of euros)
Amortisation
Writedown for
Writebacks 
Net 
impairment
adjustments
(a)
(b)
(c)
(a+b-c)
A. Intangible assets
A.1 Owned
2,464
2,464
- Internally generated
- Other
2,464
2,464
A.2 Acquired under finance leases
Total
2,464
2,464

SECTION 13 - OTHER OPERATING COSTS AND INCOME - ITEM 190
13.1 Other operating costs: composition
13.2 Other operating income: composition
SECTION 14 - GAINS (LOSSES) ON EQUITY INVESTMENTS - ITEM 210
14.1 Gains (losses) on equity investments: composition
The balance for 2012 regards the gain on the disposal of 120,000,000 ENI shares, equal to 3.3% of its
share capital.
252
(thousands of euros)
31/12/2012
31/12/2011
Operating costs in respect of supply chain
1
Charges from adjustment of asset items
18
Total
-
19
(thousands of euros)
31/12/2012
31/12/2011
Income from adjustment of liability items
55
Income for corporate offices paid to employees
282
248
Sundry reimbursements
1,504
2,632
Other income from services
1,719
814
Total
3,505
3,749
(thousands of euros)
31/12/2012
31/12/2011
A. Gains
147,335
-
1. Revaluations
2. Gains on disposals
147,335
3. Writebacks
4. Other
B. Losses
-
(13,861)
1. Writedowns
(13,861)
2. Impairments
3. Losses on disposals
4. Other
Net gain (loss) 
147,335
(13,861)

253
SECTION 17- GAINS (LOSSES) ON THE DISPOSAL OF INVESTMENTS - ITEM 240
17.1 Gains (losses) on the disposal of investments: composition
SECTION 18 - INCOME TAX FOR THE PERIOD ON CONTINUING OPERATIONS - ITEM 260
18.1 Income tax for the period on continuing operations: composition
Current taxation for 2012 regards IRES (corporate income tax) and IRAP (regional business tax) for the
year, calculated on the basis of the current tax rates of 27.5% and 5.57% respectively.
The change in current taxes with respect to previous years reflects the adjustment of the provision for
taxes, estimated in preparing the financial statements, to the actual tax liability due on the basis of the
tax return subsequently submitted to the Revenue Agency. 
Deferred tax assets for 2012 shows a substantial increase, essentially attributable to the allocations to
the risk provision and the provision for future employee costs.
As regards deferred tax liabilities, the decrease in 2012 regards the collection of receivables in respect of
dividends recognized on an accrual basis in 2011.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A. Property
- Gains from disposal
- Losses from disposal
B. Other assets
- Gains from disposal
3
- Losses from disposal
(111)
Net gain (loss)
(108)
(thousands of euros)
31/12/2012
31/12/2011
1. 
Current taxes (-)
(823,258)
(402,225)
2.
Change in current taxes from previous years (+/-)
1,949
773
3.
Reduction of current taxes for the year (+)
3.bis Reduction of current taxes for tax credits 
pursuant to Law 214/2011 (+)
4.
Change in deferred tax assets (+/-)
6,157
97,094
5.
Change in deferred tax liabilities (+/-)
316
(316)
6.
Taxes for the year (-) (-1+/-2+3+/-4+/-5)
(814,836)
(304,674)

254
18.2 Reconciliation of theoretical tax liability and actual tax liability recognised
(thousands of euros)
Tax rate
Income (loss) before taxes
3,667,453
IRES Theoretical tax liability (27.5% rate)
(1,008,550)
-27.5%
Permanent increases
- non-deductible interest expense
(77,758)
-2.1%
- non-deductible costs
(1,045)
n.s.
Temporary increases
- temporarily non-deductible costs
(8,147)
-0.2%
- temporarily non-taxable income
(316)
n.s.
Permanent decreases
- tax exempt dividends
315,263
8.6%
- participation exemption
133,902
3.7%
- other changes
2,815
0.1%
Temporary decreases
2,406
0.1%
IRES Actual tax liability
(641,430)
-17.5%
Taxable income for IRAP purposes
2,998,169
IRAP Theoretical tax liability (5.57% rate)
(166,998)
-5.57%
non-deductible interest 4%
(15,749)
-0.5%
deductible costs from prior years
151
n.s.
deductible costs in respect of staff
984
n.s.
other non-deductible costs
(216)
n.s.
IRAP Actual tax liability
(181,828)
-6.1%

Part D - COMPREHENSIVE INCOME
255
CDP - 2012 Annual Report
Detailed breakdown of comprehensive income
(thousands of euros)
Gross amount
Income taxes
Net amount
10. Net income (loss) for the period
3,667,453
(814,836)
2,852,617
Other comprehensive income
20. Financial assets available for sale:
(66,603)
(73,305)
(139,908)
a) fair value changes
298,605
(98,669)
199,936
b) reversal to income statement
(365,208)
25,364
(339,844)
- impairment adjustments
- gain/loss on realisation
(365,208)
25,364
(339,844)
c) other changes
30. Property, plant and equipment
40. Intangible assets
50. Hedging of investment in foreign operation:
a) fair value changes
b) reversal to income statement
c) other changes
60. Cash flow hedges:
36,176
(11,963)
24,213
a) fair value changes
36,176
(11,963)
24,213
b) reversal to income statement
c) other changes
70. Exchange rate differences:
a) change of value
b) reversal to income statement
c) other changes
80. Non-current assets held for sale:
a) change of value
b) reversal to income statement
c) other changes
90. Actuarial gains (losses) on defined benefit plans
100. Valuation reserves of equity investments accounted
for with equity method (pro rata)
a) fair value changes
b) reversal to income statement
- impairment adjustments
- gain/loss on realisation
c) other changes
110. Total other comprehensive income
(30,427)
(85,268)
(115,695)
120. Comprehensive income (items 10+110)
3,637,026
(900,104)
2,736,922
Separate Financial Statements

Within the CDP organisational structure, the head of Risk Management and Anti-Money Laundering
(RMA) and the units that report directly to that officer are charged with governing and monitoring all of
the forms of risk to which CDP is exposed in its operations, rendering transparent the CDP’s overall risk
profile and the capital requirements associated with each category of risk.
These risk categories are defined in the Risk Policy approved by the Board of Directors in 2010 and com-
prise market risks (which includes equity risk, interest rate risk, inflation risk and exchange rate risk), liq-
uidity risk, credit risk (which includes concentration risk and counterparty risk), operational risks and rep-
utational risk.
The RMA area is structured into four units:
1. Credit and Counterparty Risk, Financial Engineering and Fair Value Measurement; 
2. Market and Liquidity Risks (ALM);
3. Operational Risks; 
4. Anti-Money Laundering.
Staff qualified in managing in real estate risk, risk pertaining to equity investments and relationships with
rating agencies also report to the head of the RMA.
The Risk Committee, established in 2010, is a collegial body with responsibility for guidance and control
in risk management. 
The RMA verifies compliance with the limits set by the Board of Directors and the operational limits es-
tablished by the Chief Executive Officer, recommending correction actions to the Risk Committee that
might be necessary to ensure compliance with the Risk Policy and the risk profile chosen by CDP, moni-
toring the use of economic capital with respect to capital requirements and participating in capital man-
agement activities.
The Credit and Counterparty Risk, Financial Engineering and Fair Value Measurement unit is also re-
sponsible for providing the company with certified calculation models.
The guidelines governing CDP’s risk management policies are summarised in the Risk Management Rules
approved by the Board of Directors. 
They envisage:
•
the separation of roles and responsibilities in the assumption and control of risks;
•
organisational independence of risk control from the operational management of risks;
•
rigorous risk measurement and control systems.
PART E - INFORMATION ON RISKS
AND RELATED HEDGING POLICIES
256

QUALITATIVE DISCLOSURES
1. General aspects
Credit risk arises primarily in relation to lending activity – both under the Separate Account and the Or-
dinary Account – and on a secondary level in hedging operations involving derivatives and treasury ac-
tivities (in the form of counterparty risk).
The Separate Account, which easily has the largest stock of assets, is primarily exposed to central gov-
ernment and regional and local authorities. 
In the last three years, an increasingly important role is being played by exposures under the Separate
Account to the main banking groups operating in Italy, through which CDP channels various types of fi-
nancing, in particular loans to SMEs and for the reconstruction of areas hit by earthquakes.
Although still accounting for a minority share, exposures under the Separate Account to private-sector
parties involved in public interest projects promoted by public entities are also significant. Other expo-
sures include those in respect of the Revolving Fund for enterprises, which at present are essentially im-
munised for credit risk, and those assumed under “Export Bank” operations.
The Ordinary Account grants corporate and project financing for initiatives concerning the delivery of
public services, drawing on funding not guaranteed by the state, in competition with banks.
2. Credit risk management policies
2.1 Organisational aspects
The principles followed by CDP in its lending activities are set out in the Lending Rules, which also gov-
ern the lending process and the roles of the units involved.
The Lending department is responsible for reviewing loans and, among other things, for the assignment of
internal ratings and estimating loss given default, parameters that are used for management purposes and
are determined in accordance with the Risk Policy and the Rating and Recovery Rate Policy, a document ap-
proved by the CEO that sets out the methodologies used by CDP in assigning internal ratings to counter-
parties and in generating internal estimates of recovery rates for individual lending transactions.
As part of pre-lending assessments, the RMA focuses on risk-adjusted pricing, monitoring risk-adjusted
returns and identifying exposure concentrations. The RMA also monitors overall developments in the risk
level of the loan portfolio, partly with a view to identifying any necessary corrective actions to optimise
the risk/return profile.
Section 1 - Credit risk
257
CDP - 2012 Annual Report
Separate Financial Statements

258
The RMA’s responsibilities also include:
•
the development and/or validation of risk-adjusted credit pricing models;
•
the development and/or validation of models and methodologies for the assignment of ratings and
recovery rates;
•
the preparation and updating of the Rating and Recovery Rate Policy in accordance with the re-
quirements set out in CDP’s Risk Policy.
2.2 Management, measurement and control systems
As part of its credit risk management and control policies for the Separate Account, CDP adopts a sys-
tem for lending to regional and local governments, under which each loan is allocated to a uniform risk
category, defining the level of risk associated with individual authorities appropriately with the aid of spe-
cific quantitative parameters for each type and size of authority. 
The lending system makes it possible to identify cases in which a more extensive assessment of the bor-
rower’s creditworthiness is necessary, using qualitative and quantitative criteria.
For the Ordinary Account and lending for projects promoted by public entities pursuant to Decree Law
185 of 29 November 2008, CDP uses a validated proprietary model to calculate portfolio credit risk. With
the same system CDP also calculated the economic capital associated with the entire loan portfolio, with
the sole exception of positions associated with country risk.
The RMA regularly monitors the net current and contingent exposure to banks in respect of derivatives
transactions in order to prevent the emergence of concentrated exposures. The RMA also monitors the
compliance with minimum rating requirement for counterparties and limits based on the maximum no-
tional amounts of transactions and credit equivalents, by counterparty or groups of connected counter-
parties, established in the CDP’s Risk Policy. Similarly, the RMA provides for the monitoring of exposures
to counterparties in treasury activities, verifying compliance with the limits and criteria set out in the Risk
Policy.
2.3 Credit risk mitigation techniques
CDP mitigates the credit risk in respect of lending operations using techniques commonly adopted in the
banking industry.
CDP’s credit exposures under the Separate Account are largely accounted for by specific-purpose loans
secured by delegation of payment.
Financing under the Ordinary Account and that involving non-public entities under the Separate Account
can be secured by security interests in property or unsecured guarantees.

259
In addition to normal guarantee requirements, mainly in operations under the Ordinary Account and
those for non-public entities under the Separate Account, other options include contractual clauses re-
quiring borrowers to comply with financial covenants that make it possible to monitor credit risk more
closely over the life of an operation. 
As regards bank counterparties in transactions in hedging derivatives, in view of the ISDA contracts
signed, netting arrangements are also used. All the contracts are based on the 2002 ISDA agree-
ment. Credit Support Annexes, which involve the periodic exchange of collateral, are also used to strength-
en credit risk mitigation. 
The arrangement is based on the standard format recommended by ISDA.
CDP intends to use Global Master Repurchase Agreements (GMRA – ISMA 2000 version) for securities
financing transactions. In addition, CDP recently joined the Cassa di Compensazione e Garanzia (central
counterparty guarantee system), with a view to carrying out repurchase transactions backed by sound
counterparty risk protection mechanisms.
2.4 Impaired financial assets
Impaired financial assets are measured and classified in accordance with supervisory regulations issued
by the Bank of Italy for banks.
The main events monitored in analysing the financial soundness of counterparties and the consequent
valuation of the credit exposure in the financial statements regard failure to make payments (or other
contractual breaches), declarations of financial crisis by local authorities or the initiation of bankruptcy
proceedings for other borrowers.
The measurement of impaired positions is based on an estimate of the loan recovery plan, discounted
at the effective interest rate of the specific loan. In estimating the recovery plan and the consequent
writedown, account is taken of any collateral or unsecured guarantees received. These include amounts
granted but not yet disbursed on specific-purpose loans, which are disbursed on a state-of-completion
basis. Borrowers with substantial arrears are disqualified from accessing new CDP financing and any re-
maining amounts to be disbursed on problem loans are frozen.
The assessment is reviewed whenever new information is received on events that might modify the out-
look for recovery of the credit exposure. In order to ensure that such events are reflected promptly, the
information on the financial and economic situation of borrowers is monitored periodically and devel-
opments in any out-of-court arrangements being negotiated and the various stages of court proceed-
ings involving customers are tracked constantly.
Impaired assets are classified in order to identify – based on information about the counterparty’s finan-
cial position, the age of the past-due amounts, the materiality thresholds indicated by supervisory regu-
lations and any debt restructurings authorised by CDP – non-performing positions to be reported under
bad debts, substandard positions, restructured exposures and past-due/overlimit positions.
CDP - 2012 Annual Report
Separate Financial Statements

260
In the pre-litigation stage, impaired positions are monitored and managed by the Lending department
in coordination with the other organisational structures involved. Actions for the recovery of these ex-
posures aims to maximize the financial return, making use of out-of-court arrangements, including set-
tlements, where appropriate, in order to improve recovery times and minimise costs incurred.
The restoration of impaired exposures to performing status is subject to verification that the problem
conditions or insolvency have been eliminated and to the binding opinion, where envisaged, of the cred-
it monitoring unit.

261
QUANTITATIVE DISCLOSURES
A. Credit quality
A.1 Impaired and performing credit exposures: stocks, writedowns, changes and distribution
by sector and geographical area
CDP - 2012 Annual Report
Separate Financial Statements
A.1.1 Distribution of credit exposures by portfolio and credit quality
(carrying amount)
(thousands of euros)
Bad debts Substandard
Restructured 
Past due 
Other 
Total
loans
position
position
assets
1. Financial assets held for trading
640,481
640,481
2. Financial assets available for sale
4,673,374
4,673,374
3. Financial assets held to maturity
16,730,803
16,730,803
4. Loans to banks
13,178,303
13,178,303
5. Loans to customers
7,955
42,715
25,471
238,229,617
238,305,758
6. Financial assets at fair value
-
7. Financial assets being divested
-
8. Hedging derivatives
371,593
371,593
Total at 31/12/2012
7,955
42,715
-
25,471
273,824,171
273,900,312
Total at 31/12/2011
6,070
26,736
-
13,626
252,656,387
252,702,819

262
A.1.2 Distribution of credit exposures by portfolio and credit quality (gross and net values)
(thousands of euros)
Impaired assets
Performing
Total
Gross
Specific
Net
Gross
Portfolio
Net
(net
exposure
adjustments
exposure
exposure
adjustments
exposure
exposure)
1. Financial assets held for trading
x
x
640,481
640,481
2. Financial assets available for sale
4,673,374
4,673,374
4,673,374
3. Financial assets held to maturity
16,730,803
16,730,803
16,730,803
4. Loans to banks
13,194,316
(16,013)
13,178,303
13,178,303
5. Loans to customers
154,503
(78,362)
76,141 238,233,326
(3,709) 238,229,617
238,305,758
6. Financial assets at fair value
x
x
-
7. Financial assets being divested
-
8. Hedging derivatives
x
x
371,593
371,593
Total at 31/12/2012
154,503
(78,362)
76,141 272,831,819
(19,722) 273,824,171
273,900,312
Total at 31/12/2011
117,611
(71,179)
46,432 251,717,893
(2,381) 252,656,387
252,702,819
A.1.3 On-balance-sheet and off-balance-sheet credit exposures to banks: gross and net values
(thousands of euros)
Gross
Specific
Portfolio
Net
exposure
writedowns
writedowns
exposure
A. On-balance-sheet exposures
a) Bad debts
x
b) Substandard loans
x
c) Restructured positions
x
d) Past due positions
x
e) Other assets
13,194,316
x
(16,013)
13,178,303
TOTAL A
13,194,316
-
(16,013)
13,178,303
B. Off-balance-sheet exposures
a) Impaired
x
b) Other
1,968,018
x
(145)
1,967,873
TOTAL B
1,968,018
-
(145)
1,967,873
TOTAL A+B
15,162,334
-
(16,158)
15,146,176

263
CDP - 2012 Annual Report
Separate Financial Statements
A.1.6 On-balance-sheet and off-balance-sheet credit exposures to customers:
gross and net values
(thousands of euros)
Gross
Specific
Portfolio
Net
exposure
writedowns
writedowns
exposure
A. ON-BALANCE-SHEET EXPOSURES
a) Bad debts
47,264
(39,309)
x
7,955
b) Substandard loans
81,768
(39,053)
x
42,715
c) Restructured positions
x
d) Past due positions
25,471
x
25,471
e) Other assets
259,637,503
x
(3,709)
259,633,794
TOTAL A
259,792,006
(78,362)
(3,709)
259,709,935
B. OFF-BALANCE-SHEET EXPOSURES
a) Impaired
15,068
(1,455)
x
13,613
b) Other
13,818,251
x
(1,811)
13,816,440
TOTAL B
13,833,319
(1,455)
(1,811)
13,830,053
TOTAL A+B
273,625,325
(79,817)
(5,520)
273,539,988
A.1.7 On-balance-sheet exposures to customers: changes in gross impaired positions
(thousands of euros)
Bad debts
Substandard
Restructured
Past due
loans
positions
positions
A. Opening gross exposure
44,490
59,495
-
13,626
- of which: exposures assigned but not derecognised
B. Increases
3,344
28,281
-
36,789
B.1 transfers from performing positions
505
36,569
B.2 transfers from other categories of impaired positions
1,917
24,192
B.3 other increases
1,427
3,584
220
C. Decreases
570
6,008
-
24,944
C.1 to performing loans
1,870
50
C.2 writeoffs
367
C.3 collections
169
2,083
702
C.4 assignments
C.5 transfers to other categories of impaired positions
1,917
24,192
C.6 other decreases
34
138
D. Closing gross exposure
47,264
81,768
-
25,471
- of which: exposures assigned but not derecognised

264
A.1.8 On-balance-sheet credit exposures to customers: changes in total adjustments
(thousands of euros)
Bad debts
Substandard
Restructured
Past due
loans
positions
positions
A. Total opening adjustments
38,420
32,759
-
-
- of which: exposures assigned but not derecognised
B. Increases
1,581
6,440
-
-
B.1writedowns
878
4,335
B.1.bis losses on disposal
B.2 transfers from other categories of impaired positions
B.3 other increases
703
2,105
C. Decreases
692
146
-
-
C.1 writebacks from valuations
318
146
C.2 writebacks from collection
C.2.bis gains on disposal
C.3 writeoffs
367
C.4 transfers to other categories of impaired positions
C.5 other decreases
7
D. Total closing adjustments
39,309
39,053
-
-
- of which: exposures assigned but not derecognised

265
A.2 Classification of exposures on the basis of external and internal ratings
The following table maps the rating grades and the agency ratings used.
CDP - 2012 Annual Report
Separate Financial Statements
A.2.1 distribution of on-balance-sheet and off-balance-sheet exposures by external rating grades
(thousands of euros)
External rating grades
Not 
Total
class 1
class 2
class 3
class 4
class 5
class 6
rated
A. On-balance-sheet 
exposures
2,616,175
3,899,448 226,274,274
1,292,394
26,141
32,138
39,038,524
273,179,094
B. Derivatives
-
B.1 Financial derivatives
-
B.2 Credit derivatives
-
C. Guarantees issued
119,957
386,794
506,751
D. Commitments 
to disburse funds
19,694
10,617,803
566,166
101,836
3,985,677
15,291,176
E. Other
-
Total
2,616,175
3,919,142 237,012,034
1,858,560
127,977
32,138
43,410,995
288,977,021
Rating grades
ECAI
Moody’s
Fitch
Standard & Poor’s
Class 1
from Aaa to Aa3
from AAA to AA-
from AAA to AA-
Class 2
from A1 to A3
from A+ to A-
from A+ to A-
Class 3
from Baa1 to Baa3
from BBB+ to BBB-
from BBB+ to BBB-
Class 4
from Ba1 to Ba3
from BB+ to BB-
from BB+ to BB-
Class 5
from B1 to B3
from B+ to B-
from B+ to B-
Class 6
Caa1 and lower
CCC+ and lower
CCC+ and lower

266
A.3 Distribution of secured exposures by type of guarantee
A.3.1 Secured credit exposures to banks
(thousands of euros)
1. Secured on-balance-sheet 
credit exposures:
1.1 fully secured
1,522,331
951,129
551,740
19,779
1,522,648
- of which: impaired
1.2 partially secured
- of which: impaired
2. Secured off-balance-sheet 
credit exposures:
1.1 fully secured
2,965,200
2,488,762
220,107
256,476
2,965,345
- of which: impaired
1.2 partially secured
- of which: impaired
Unsecured guarantees (2)
Guarantees
Credit derivatives
Other derivatives
Land and
buildings
Collateral (1)
Net exposure
Mortgages
Securities
Finance lease
Other assets
Governments and central banks
Banks
Other
CLN
Other government agencies
Total
(1)+(2)
Governments and central banks
Other governments agencies
Banks
Other

267
CDP - 2012 Annual Report
Separate Financial Statements
A.3.2 Secured credit exposures to customers
(thousands of euros)
1. Secured on-balance-sheet 
credit exposures:
1.1 fully secured
6,439,382 192,374
212,048
414,237
3,061,234
346,552
31,247
2,151,118
6,408,810
- of which: impaired
62,593
62,609
62,609
1.2 partially secured
84,284,572
5,410
8,728 7,388,177
7,334
7,409,649
- of which: impaired
6,645
491
491
2. Secured off-balance-sheet 
credit exposures:
-
1.1 fully secured
2,657,737
7,904
73,764
250,837
691,186
105,526
1,528,520
2,657,737
- of which: impaired
13,614
13,614
13,614
1.2 partially secured
427,804
351
350,000
350,351
- of which: impaired
Unsecured guarantees (2)
Guarantees
Credit derivatives
Other derivatives
Land and 
buildings
Collateral (1)
Net exposure
Mortgages
Securities
Finance lease
Other assets
Governments and central banks
Banks
Other
CLN
Other government agencies
Total
(1)+(2)
Governments and central banks
Other governments agencies
Banks
Other

268
B. Distribution and concentration of credit exposures
B.1 On-balance-sheet and off-balance-sheet credit exposures to customers by sector
(carrying amount)
(thousands of euros)
A. On-balance-sheet
exposures
A.1 Bad debts
x
2,767
(3,474)
x
(2,456)
x
x
5,188
(33,379)
x
x
A.2 Substandard loans
x
(31,843)
x
x
x
42,615
(7,210)
x
100
x
A.3 Restructured positions
x
x
x
x
x
x
A.4 Past due positions
x
2,613
x
x
x
22,858
x
x
A.5 Other
196,358,652
x
50,353,400
x
2,525,236
x (6)
x
10,364,429
x
(3,703)
32,077
x
Total A
196,358,652
-
-
50,358,780 (35,317)
- 2,525,236 (2,456) (6) -
-
-
10,435,090 (40,589) (3,703)
32,177
-
-
B. Off-balance-sheet 
exposures
B.1 Bad debts
x
x
(1,455)
x
x
x
x
B.2 Substandard loans
x
x
x
x
5,848
x
x
B.3 Other impaired assets
x
x
x
x
7,765
x
x
B.4 Other
4,970,845
x
3,353,482
x
89,058
x
x
5,400,911
x
(1,811)
2,144
x
Total B
4,970,845
-
-
3,353,482
-
-
89,058 (1,455)
- -
-
-
5,414,524
- (1,811)
2,144
-
-
Total (A+B) 
at 31/12/2012
201,329,497
-
-
53,712,262 (35,317)
- 2,614,294 (3,911) (6) -
-
-
15,849,614 (40,589) (5,514)
34,321
-
-
Total (A+B) 
at 31/12/2011
178,059,342
-
-
55,237,927 (34,630)
-
527,821 (2,837)
- -
-
-
12,278,928 (34,679) (4,036)
35,281
-
-
Net exposure
Net exposure
Specific writedowns
Net exposition
Net exposure
Specific writedowns
Net exposure
Specific writedowns
Specific writedowns
Portfolio writedowns
Portfolio writedowns
Portfolio writedowns
Portfolio writedowns
Specific writedowns
Portfolio writedowns
Specific writedowns
Portfolio writedowns
Net exposure
Governments
Other government agencies
Financial companies
Insurance
undertaking
Non financial companies
Other

269
B.2 On-balance-sheet and off-balance-sheet credit exposures to customers by geographical
area (carrying amount) 
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Italy
Other European countries
Americas
Asia
Rest of the world
A.
A. On-balance-sheet exposures
A.1 Bad debts
7,955
(39,309)
A.2 Substandard loans
42,715
(39,053)
A.3 Restructured positions
A.4 Past due positions
25,471
A.5 Other
257,523,730
(3,709)
2,110,064
Total A
257,599,871
(82,071)
2,110,064
-
-
-
-
-
-
-
B. Off-balance-sheet exposures
B.1 Bad debts
(1,455)
B.2 Substandard loans
5,849
B.3 Other impaired assets
7,765
B.4 Other
13,008,439
(1,811)
808,000
Total B
13,022,053
(3,266)
-
- 808,000
-
-
-
-
-
Total (A+B) at 31/12/2012
270,621,924
(85,337)
2,110,064
- 808,000
-
-
-
-
-
Total (A+B) at 31/12/2011
245,881,594
(76,182)
208,527
-
49,178
-
-
-
-
-
Net
exposure
Net
exposure
Total
writedowns
Net
exposure
Total
writedowns
Total
writedowns
Net
exposure
Net
exposure
Total
writedowns
Total
writedowns

270
B.3 On-balance-sheet and off-balance-sheet credit exposures to banks by geographical
area (carrying amount)
C. Securitisations and asset disposals
C.1 Securitisations
QUALITATIVE DISCLOSURES
At the end of 2002, CDP, then a public entity, carried out a securitisation with the assignment without
recourse of six portfolios of claims on customers in respect of loans to the following types of borrowers:
1. special corporations or consortiums operated by local authorities, consortiums of local authorities,
and public or private limited companies operating public services (portfolio extinguished);
2. departments of the state, the regions, the autonomous provinces or local authorities;
3. A2A S.p.A.;
4. Acea Distribuzione S.p.A. (portfolio extinguished);
5. RFI S.p.A.;
6. Poste Italiane S.p.A. (portfolio extinguished).
(thousands of euros)
Italy
Other European countries
Americas
Asia
Rest of the world
A.
A. On-balance-sheet exposures
A.1 Bad debts
A.2 Substandard loans
A.3 Restructured positions
A.4 Past due positions
A.5 Other
10,304,145
(16,013)
2,854,379
19,779
Total A
10,304,145
(16,013)
2,854,379
-
-
-
19,779
-
-
-
B. Off-balance-sheet exposures
B.1 Bad debts
B.2 Substandard loans
B.3 Other impaired assets
B.4 Other
1,708,326
(145)
3,071
256,476
Total B
1,708,326
(145)
3,071
-
-
- 256,476
-
-
-
Total (A+B) at 31/12/2012
12,012,471
(16,158)
2,857,450
-
-
- 276,255
-
-
-
Total (A+B) at 31/12/2011
12,584,332
-
7,836,360
-
-
-
-
-
-
-
Net
exposure
Net
exposure
Total
writedowns
Net
exposure
Total
writedowns
Total
writedowns
Net
exposure
Net
exposure
Total
writedowns
Total
writedowns

271
As regard the obligations of CDP, which are defined in the assignment contract, under which CDP has
made certain representations and guarantees to CPG, taking on specified costs, expenses and liabilities
associated with the portfolios, please note that the operation and the flows linked to all the securitised
portfolios are proceeding regularly.
The loans underlying the transaction were fully derecognised, since CDP applied the provisions of para-
graph 27 of IFRS 1, which requires first-time adopters to apply the derecognition rules for financial as-
sets prospectively for transactions carried out as from 1 January 2004.
QUANTITATIVE DISCLOSURES
CDP - 2012 Annual Report
Separate Financial Statements
C.1.1 exposures in respect of securitisations by quality of securitised assets
(thousands of euros)
A. With own underlying 
assets:
7,083
7,083
a) Impaired
b) Other
7,083
7,083
B. With third-party 
underlying assets:
a) Impaired
b) Other
On-balance-sheet exposures
Guarantees issued
Credit lines
Senior
Mezzanine
Junior
Senior Mezzanine Junior Senior Mezzanine Junior
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure

C.1.2 Exposures in respect of main own securitisations by type of securitised assets
and type of exposure
(thousands of euros)
A. Fully derecognised
7,083
A.1 CPG - Società di 
cartolarizzazione a r.l.
- Long-term loans
7,083
B. Partially derecognised
C. Not derecognised
On-balance-sheet exposures
Guarantees issued
Credit lines
Senior
Mezzanine
Junior
Senior Mezzanine Junior Senior Mezzanine Junior
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
Carrying amount
Writedowns/writebacks
C.1.4 Exposures in respect of securitisations by portfolio and type
(thousands of euros)
Financial
Financial
Financial
Financial
assets held
assets
assets
assets
Loans
31/12/2012
31/12/2011
for
(fair value
available
held to
trading
option)
for sale
maturity
1. On-balance-sheet exposures
7,083
7,083
14,726
- senior
7,083
7,083
14,726
- mezzanine
- junior
2. Off-balance-sheet exposures
- senior
- mezzanine
- junior
C.1.7 Servicer activities - collections on securitised assets and redemption of securities
issued by vehicle
(thousands of euros)
CPG - Società di cartolarizzazione a r.l.
130,950
72,153
Impaired
Performing
Impaired
Performing
Impaired assets
Performing assets
Impaired assets
performing assets
Impaired assets
Performing assets
Securitised assets
Collections in the
% of securities redeemed
(end-period figure)
year
(end-period figure)
Senior
Mezzanine
Junior
272

273
C.2 Asset disposals
A. Financial assets assigned but not derecognised 
QUALITATIVE DISCLOSURES
Financial assets assigned but not derecognised regard government securities classified as “Financial as-
sets available for sale” and “Financial assets held to maturity” involved in repurchase agreements used
for funding with banks.
QUANTITATIVE DISCLOSURES
C.2.1 Financial assets assigned but not derecognised: carrying amount and total value
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Financial 
Financial 
Financial
Financial
Loans
Loans
Total 
assets
assets 
assets 
assets 
to 
to 
held for
at fair
avaible
held to
banks
customers
trading
value
for
maturity
sale
A
B
C
A
B
C
A
B C
A
B
C
A
B
C
A
B
C 31/12/2012 31/12/2011
A.
On-balance-sheet
assets
303,445
964,382
1,267,827
8,577,091
1. Debt securities
303,445
964,382
1,267,827
8,577,091
2. Equity securities
x
x
x
x
x
x
x
x
x
3. Units in collective 
investment 
undertakings
x
x
x
x
x
x
x
x
x
4. Loans
B.
Derivatives
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Total 31/12/2012
303,445
964,382
1,267,827
x
of which: impaired
x
Total 31/12/2011
2,190,740
6,386,351
x
8,577,091
of which: impaired
x
Key
A = Assigned financial assets fully recognised (carrying amount)
B = Assigned financial assets partially recognised (carrying amount)
C = Assigned financial assets partially recognised (total value)

274
C.2.2 Financial liabilities in respect of financial assets assigned but not derecognised:
carrying amount
(thousands of euros)
Financial
financial
Financial
Financial
assets
assets
assets
assets
Loans
Loans
Total
held for
at
avaible
held to
to banks
to customers
trading
fair value
for sale
maturity
1. Due to customers
a) In respect of assets 
fully recognised
b) In respect of assets 
partially recognised
2. Due to banks
295,849
972,220
1,268,069
a) In respect of assets 
fully recognised
295,849
972,220
1,268,069
b) In respect of assets 
partially recognised
Total 31/12/2012
295,849
972,220
1,268,069
Total 31/12/2011
2,142,539
6,040,715
8,183,254

275
B. Financial assets assigned and derecognised with recognition of continuing involve-
ment
QUALITATIVE DISCLOSURES
CDP does not have any transactions classified in the portfolio of financial assets assigned and derecog-
nised with recognition of continuing involvement.
CDP - 2012 Annual Report
Separate Financial Statements
C.2.3  Disposals with liabilities with recourse only on divested assets: fair value
(thousands of euros)
Financial 
Financial 
Financial
Financial
Loans
Loans
Total 
assets
assets 
assets 
assets 
to
to
held for
at fair
available
held to
banks
customers
trading
value
for
maturity
(fair value)(fair value)
sale
(fair value)
A
B
A
B
A
B
A
B
A
B
A
B
31/12/2012 31/12/2011
A.
On-balance-sheet
assets
303,445
986,679
1,290,124
8,311,466
1. Debt securities
303,445
986,679
1,290,124
8,311,466
2. Equity securities
x
x
x
x
x
x
3. Units in collective 
investment 
undertakings
x
x
x
x
x
x
4. Loans
B.
Derivatives
x
x
x
x
x
x
x
x
x
x
Total assets
303,445
986,679
1,290,124
8,311,466
C.
Associated liabilities
x
x
1. Due to customers
x
x
2. Due to banks
295,849
972,220
x
x
Total liabilities
295,849
972,220
1,268,069
8,183,254
Net value 31/12/2012
7,596
14,459
22,055
x
Net value 31/12/2011
41,183
87,029
x
128,212
Key
A = Assigned financial assets fully recognised
B = Assigned financial assets partially recognised

276
C.3 Covered bond transactions
To fund its lending activities under the Separate Account, in 2004 CDP launched a programme for the
issue of up to €20 billion in covered bonds secured by assets consisting of CDP loans to or guaranteed
by Italian regional and local governments. The operation was conducted on the basis of Article 5.18 of
Decree Law 269/2003, pursuant to which CDP “may pledge its assets and legal relationships to satisfy
the rights of the holders of securities it issues”.
Since the start of the programme, four public issues have been carried out with a total overall value of
€8 billion (following redemptions the nominal amount of securities in circulation at 31 December 2012
was about €2.6 billion) as well as a privately-placed yen-denominated issue equal to about €64 million
(redeemed in full in 2012).
Since 2007, issues under the programme were suspended as there appeared to be no market opportu-
nities that would counsel additional issues of covered bonds.
In October 2011, in accordance with the procedures provided for in the contracts governing the covered
bond programme, the downgrade of CDP’s rating triggered the obligation to exchange the collateral for
liquidity to be held in a Segregation Collection Account at a contractually eligible bank (AAA rating),
with the option of investing this liquidity in “eligible” securities (AAA rating).
In the same month, the Board of Directors approved the termination of the covered bond programme
and in November 2011 the desegregation of the portfolio of loans in the segregated pool designated to
secure the covered bond programme was completed.
During 2012, the following issues were partially repurchased and fully redeemed at maturity:
•
Issue (Series no. 4) of 8 September 2006, nominal amount of €2 billion, maturing on 31 January
2013;
•
Issue (Series no. 5) of 15 March 2007, nominal amount of ¥10 billion (about €63.7 million), matur-
ing on 31 January 2017.
With the redemption at maturity on 31 January 2013 of Issue (Series no. 2) of 20 October 2005, nomi-
nal amount of €3 billion, whose residual balance following acceptances of the repurchase offer was
equal to €2.6 billion, all covered bond issues were fully extinguished.

2.1 Interest rate and price risk - supervisory trading book
QUALITATIVE DISCLOSURES
A. General aspects
CDP did not undertake any transactions qualifying for allocation to the supervisory trading book.
2.2 Interest rate and price risk - banking book
QUALITATIVE DISCLOSURES
A. General aspects, management and measurement of interest rate risk and
price risk
As part of its activities, CDP is exposed to interest rate risk in all its forms: repricing, yield curve, basis and
optionality. CDP also monitors inflation risk within the same conceptual and analytical framework as in-
terest rate risk on the banking book.
These risks can affect the profits and economic value of CDP.
CDP faces a substantial level of interest rate risk due to the presence of large unhedged volumes of as-
sets and liabilities predating its transformation into a joint-stock company and to the structure of assets
and liabilities: a considerable portion of CDP’s balance sheet consists of funding through ordinary fixed-
rate bonds with an early redemption option, while the stock of loans is mainly fixed rate. Other types of
postal bonds also include an early redemption option whose value is significantly affected by interest
rates and inflation. 
CDP’s basic approach to measuring and managing interest rate risk is an “economic value perspective”,
which complements the “profitability perspective”. The economic value perspective corresponds to the
long-term representation of the profitability perspective, as economic value is essentially equal to the dis-
counted sequence of future net income. 
From this perspective, CDP analyses its exposure and risk profile by assessing balance sheet items
that are sensitive to interest rates, quantifying their reaction to small changes (sensitivity analysis)
Section 2 - Market risks
277
CDP - 2012 Annual Report
Separate Financial Statements

278
and major shocks (stress testing) to the risk factors. The transition from exposure metrics (derived
from the sensitivity analyses and stress testing) to risk metrics is carried out by assigning a proba-
bility to possible market scenarios. This gives a statistical distribution of the value of the balance
sheet items and composite indicators representing the economic capital necessary for the risks in-
volved.
This monitoring structure is translated into the calculation of value at risk (VaR), at a 99% confidence
level and a time horizon of one day and ten days. CDP uses a historical simulation method to calculate
VaR.
VaR summarises in a single figure the results of the simulation of many scenarios generated in accor-
dance with the statistical characteristics of the risk factors. While aware of the limits of any composite
metric based on historical scenarios, VaR also has two significant strengths:
•
it captures the consequences of complex characteristics of the markets and products (volatility, cor-
relation, optionality and asymmetry) in a single value;
•
it makes it possible, by way of backtesting, to check the hypotheses underpinning the calculations
and simulations.
CDP’s Risk Policy sets specific limits to managed the exposure to interest rate and inflation risk. More
specifically, limits have been established on the impact on the economic value of parallel movements (+/-
100 basis points) in the yield curve and the inflation curve.
CDP also assesses the impact of interest rate risk on income for shorter horizons using internal planning
and ALM systems, specifically quantifying the impact of parallel movements in the yield curve on net in-
terest income.
CDP’s ALM approach seeks to minimise the volume of hedging derivatives by exploiting “opera-
tional hedges” between fixed-rate assets and liabilities. Hedging therefore regards subsets of those
items, depending on the sign of the net exposure, with a view to containing the overall risk ex-
posure.
Operational responsibility for managing interest rate risk lies with the Finance unit.
The measurement and the monitoring of interest rate risk are performed by the RMA and are discussed
within the Risk Committee. The Board of Directors approves risk management policies and the associat-
ed monitoring methods and received periodic reports on the results achieved.
Price (or equity) risk regards the possibility that the net economic value, profitability or the book equity
of CDP could be adversely affected by variables associated with shares, in particular the market prices of
such securities and related derivatives, or changes in the current and future profitability of the invest-
ment in such instruments. For these purposes, investments in units of investment funds, including real
estate funds, are treated like shares by CDP. As regards real estate risk, CDP provides risk management
services on an outsourcing basis to CDPI SGR, the company that runs the Fondo Investimenti per l’Abitare
and the Fondo Investimenti per la Valorizzazione (FIV Plus).

279
In line with the net economic value approach, equity risk is quantified in terms of VaR with a one-year
time horizon. VaR provides a proxy of the risk that liquid, listed securities – including those not recog-
nised at fair value – will not recover any impairment losses over time. It is calculated on the basis of hy-
potheses about the statistical distribution of the prices of shares, the related derivatives (where present)
and the fair value of unlisted securities. Risk is quantified by assuming continuity in the business model
of CDP, which expects to hold most of its stock investments for the long term.
An additional source of price risk lies in CDP’s funding operations, namely the issue of indexed postal
bonds and Premia bonds, whose yield is linked to developments in the Dow Jones EUROSTOXX 50 in-
dex. The RMA monitors the net exposure to such risk.
B. Fair value hedges
The strategies underlying fair value hedging are aimed at reducing interest rate and inflation risk met-
rics and differ in part for the two Accounts.
The Ordinary Account is normally hedged against interest rate risk at the origination stage. 
On the liability side of the Ordinary Account, this immunization involves specific hedges of fixed-rate and/or
structured issues, carried out using IRSs indexed to 6-month Euribor plus a spread. As regards assets, fixed-rate
loans are generally hedged using amortising IRSs in which CDP pays fixed and receives floating. In this case,
the hedge may regard a homogeneous aggregate of loans. The hedges are classified as micro fair value hedges.
The Separate Account adopts a different hedging approach, due to the very large volumes of liabilities
incorporating the early redemption option. As result of the sensitivity profile for these options, CDP’s
overall exposure to interest rate risk under the Separate Account undergoes significant fluctuations in
relation to the level of interest rates. When the exposure reaches levels deemed excessive, it is necessary
to activate the mechanisms available, such as entering into new derivative contracts, early termination
of existing derivatives, and the purchase of fixed-rate government securities.
As regards financial liabilities, in 2005, with a negative exposure to a reduction in interest rates, CDP hedged
(classified as macro fair value hedge) the interest rate risk on a portfolio of ordinary postal savings bonds, us-
ing roller-coaster IRSs in which CDP received fixed and paid 12-month Euribor plus a spread. CDP terminat-
ed the hedge positions early at the end of 2009 as part of its strategy for managing the overall exposure.
The issues of fixed-rate covered bonds in euros that were systematically transformed into floating rates
using IRSs at the origination stage matured on 31 January 2013.
As regard financial assets, at the start of 2006, following the renegotiation of fixed-rate loans charged
to the state, CDP had a negative exposure to a rate increase. CDP responded with a programme of mi-
cro-hedges of the interest rate risk on portfolios of loans with uniform rate and maturity features. 
CDP - 2012 Annual Report
Separate Financial Statements

280
The programme was implemented using plain vanilla amortising IRSs in which CDP pays fixed and re-
ceives 6-month Euribor plus a spread.
Subsequently, CDP continued to hedge part of its new fixed-rate loans, using one-to-one hedges. 
Part of the hedges on fixed-rate assets were terminated early in 2010, following the renegotiation of
fixed-rate loans. A number of other hedges on fixed-rate assets were terminated early in 2011 and in
2012 to contain the total exposure to the yield curve.
The price risk associated with issues of indexed savings bonds and the Premia series is systematically
hedged using options that match those embedded in the bonds. These transactions are not subject to
hedge accounting: the embedded options sold and the options purchased are both recognised at fair
value and qualify as operational hedges.
The notional of the options purchased for each issue is calculated using estimates on the basis of the
proprietary model of customer redemption behaviour.
C. Cash flow hedges
During 2010 CDP launched a hedging programme for postal bonds indexed to the consumer price in-
dex for blue-collar and office worker households, a leading source of exposure to inflation that is only
partially mitigated by the operational hedge against loans with the same type of indexing. The hedges,
which are classified as cash flow hedges, are implemented using zero-coupon inflation swaps with the
notional determined on a conservative basis, estimating the nominal amount that CDP expects to reach
at maturity for each series of hedged bond. In most of the transactions in this category, CDP retains the
basis risk in respect of any differences between European and Italian inflation.
CDP has also used derivatives to hedge exchange rate risk, which were designated as cash flow hedg-
ing relationships:
•
until March 2012, the fixed-rate covered bond in yen was hedged with a cross currency swap to
counter the uncertainty concerning cash flows due to possible exchange rate variations. The hedge
converted the original exposure into a fixed rate in euros; the hedge was terminated early as a result
of the repurchase of the security by CDP;
•
since March 2012, two hedges were established with cross currency swaps with which CDP trans-
forms the cash flows of two floating-rate securities in yen (issued by the Republic of Italy) into fixed-
rate securities in euros.

281
QUANTITATIVE DISCLOSURES
1. Banking book: distribution of financial assets and liabilities by residual maturity (re-
pricing date)
The following figure shows an analysis of interest rate risk sensitivity developed on the basis of internal
models.
Sensitivity to euro zero-coupon rates by maturity
Market data at 31 December 2012
2.3 Exchange rate risk
QUALITATIVE DISCLOSURES
A. General aspects, management and measurement of exchange rate risk
Exchange rate risk is the risk that changes in exchange rates might have a negative impact on the net
income or economic value of CDP.
CDP - 2012 Annual Report
Separate Financial Statements
205,414
-302,026
-192,110
-200,181
228,937
1,294,573
-1,715,350
953,769
1,520,424
-155,579
2,440,926
79,018
15,449,410
18,276,718
710,186
-12,008,570
-7,132,951
-1,692,904
20,000,000
15,000,000
10,000,000
5,000,000
-
-5,000,000
-10.000.000
-15,000,000

282
Certain activities of CDP can generate exchange rate risk. CDP undertakes such activities only if covered
by appropriate exchange rate hedges.
The activities of CDP that can engender such exposure are normally associated with the issue of bonds
denominated in foreign currencies, equity investments the value of which can be exposed to changes in
exchange rates, the purchase of bonds denominated in foreign currencies and possibly the granting of
loans denominated in currencies other than the euro under the “Export Bank” system.
B. Hedging exchange rate risk
The exchange rate risk in respect of foreign-currency issues (currently two issues under the EMTN pro-
gramme) was hedged with cross currency swaps, which transform CDP’s cash flows into those equiva-
lent to an issue in euros. The exchange rate risk associated with the purchase of bonds denominated in
foreign currencies (currently two securities in yen issued by the Republic of Italy) is hedged with cross
currency swaps that transform CDP’s cash flows into the equivalent of fixed-rate securities in euros.

283
QUANTITATIVE DISCLOSURES
1. Distribution by currency of assets, liabilities and derivatives
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Currency
US
Pound sterling
Yen
Canadian
Swiss
Other
dollar
dollar
franc
A. Financial assets
455,183
A.1 Debt securities
455,183
A.2 Equity securities
A.3 Loans to banks
A.4 Loans to customers
A.5 Other financial assets
B. Other assets
C. Financial liabilities
284,760
115,892
C.1 Due to banks
C.2 Due to customers
C.3 Debt securities
284,760
115,892
C.4 Other financial liabilities
D. Other liabilities
E. Financial derivatives:
- Options
+ long positions
284,760
115,892
+ short positions
455,183
- Other derivatives
+ long positions
+ short positions
Total assets
284,760
571,075
Total liabilities
284,760
571,075
Difference (+/-)
-
-

284
2.4 Derivatives
A. Financial derivatives
A 2. Banking book: end-period and average notional values
A.2.1 Hedging
(thousands of euros)
1. Debt securities and interest rates
15,653,890
19,320,282
a) Options
b) Swaps
15,653,890
19,320,282
c) Forwards
d) Futures
e) Other
2. Equity securities and equity indices
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
3. Foreign currencies and gold
927,906
520,522
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
927,906
520,522
4. Commodities
5. Other underlyings
Total
16,581,796
19,840,804
Average values
18,211,300
20,564,195
31/12/2012
Over the counter
Central counterparties
Over the counter
Central counterparties
31/12/2011

285
CDP - 2012 Annual Report
Separate Financial Statements
A.2.2 Other derivatives
(thousands of euros)
1. Debt securities and interest rates
1,785,727
899,080
a) Options
b) Swaps
1,705,727
899,080
c) Forwards
d) Futures
e) Other
80,000
2. Equity securities and equity indices
69,203,695
91,997,294
a) Options
69,203,695
91,997,294
b) Swaps
c) Forwards
d) Futures
e) Other
3. Foreign currencies and gold
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
4. Commodities
5. Other underlyings
Total
70,989,422
92,896,374
Average values
81,942,898
93,042,190
31/12/2012
Over the counter
Central counterparties
Over the counter
Central counterparties
31/12/2011

286
A.3 Financial derivatives: gross positive fair value - breakdown by product
(thousands of euros)
A. Supervisory trading book
a) Options
b) Interest rate swaps
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
B. Banking book - hedging
371,593
359,794
a) Options
b) Interest rate swaps
273,212
261,159
c) Cross currency swaps
98,381
98,635
d) Equity swaps
e) Forwards
f) Futures
g) Other
C. Banking book - other derivatives
640,481
581,081
a) Options
575,767
543,806
b) Interest rate swaps
60,320
37,275
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
4,394
Total
1,012,074
940,875
31/12/2012
Over the counter
Central counterparties
Over the counter
Central counterparties
31/12/2011

287
CDP - 2012 Annual Report
Separate Financial Statements
A.4 Financial derivatives: gross negative fair value - breakdown by product
(thousands of euros)
A. Supervisory trading book
a) Options
b) Interest rate swaps
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
B. Banking book - hedging
2,575,863
2,621,251
a) Options
b) Interest rate swaps
2,575,863
2,621,251
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
C. Banking book - other derivatives
477,088
471,815
a) Options
417,451
434,311
b) Interest rate swaps
55,243
37,504
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
4,394
Total
3,052,951
3,093,066
31/12/2012
Over the counter
Central counterparties
Over the counter
Central counterparties
31/12/2011

288
A.7 Over-the-counter financial derivatives - banking book: notional values, gross positive and
negative fair values by counterparty - contracts not covered by netting arrangements
(thousands of euros)
1. Debt securities and interest rates
- notional value
40,000
- positive fair value
4,394
- negative fair value
- future exposure
2. Equity securities and equity indices
- notional value
29,746,095
- positive fair value
- negative fair value
413,529
- future exposure
3.
Foreign currencies and gold
- notional value
- positive fair value
- negative fair value
- future exposure
4.
Other
- notional value
- positive fair value
- negative fair value
- future exposure
Governments and central banks
Other government agencies
Banks
Financial companies
Insurance undertakings
Non-financial companies
Other

289
CDP - 2012 Annual Report
Separate Financial Statements
A.8 Over-the-counter financial derivatives - banking book: notional values, gross positive
and negative fair values by counterparty - contracts covered by netting arrangements
(thousands of euros)
1. Debt securities and interest rates
- notional value
16,803,253
596,364
- positive fair value
318,787
14,746
- negative fair value
2,630,481
5,020
2. Equity securities and equity indices
- notional value
39,457,600
- positive fair value
575,767
- negative fair value
3,921
3. Foreign currencies and gold
- notional value
927,906
- positive fair value
98,380
- negative fair value
4. Other
- notional value
- positive fair value
- negative fair value
Governments and central banks
Other government agencies
Banks
Financial companies
Insurance undertakings
Non-financial companies
Other

290
A.9 Residual life of over-the-counter financial derivatives: notional values
(thousands of euros)
To 1 year
From 1 to 5
More than 5
Total
years
years
A. Supervisory trading book
A.1 Financial derivatives on debt securities and interest rates
A.2 Financial derivatives on equity securities and equity indices
A.3 Financial derivatives on exchange rates and gold
A.4 Financial derivatives on other assets
B. Banking book
20,947,306
53,141,967
13,481,945
87,571,218
B.1 Financial derivatives on debt securities and interest rates
2,562,800
3,571,252
11,305,565
17,439,617
B.2 Financial derivatives on equity securities and equity indices
18,384,506
49,170,931
1,648,258
69,203,695
B.3 Financial derivatives on exchange rates and gold
399,784
528,122
927,906
B.4 Financial derivatives on other assets
Total at 31/12/2012
20,947,306
53,141,967
13,481,945
87,571,218
Total at 31/12/2011
18,198,494
72,961,083
21,577,601 112,737,178

291
C. Financial and credit derivatives
CDP - 2012 Annual Report
Separate Financial Statements
C.1 Over-the-counter financial and credit derivatives: net fair value and future exposure
by counterparty
(thousands of euros)
1. Bilateral financial derivatives
agreements
- positive fair value
992,933
14,746
- negative fair value
2,634,401
5,020
- future exposure
430,837
316
- net counterparty risk
405,884
251
2. Bilateral credit derivatives 
agreements
- notional value
- positive fair value
- negative fair value
- future exposure
- net counterparty risk
3. Cross product agreements
- notional value
- positive fair value
- negative fair value
- future exposure
- net counterparty risk
Governments and central banks
Other government agencies
Banks
Financial companies
Insurance undertakings
Non-financial companies
Other

QUALITATIVE DISCLOSURES
A. General aspects, management and measurement of liquidity risk
CDP’s exposure to liquidity risk in the form of asset liquidity risk is limited as it does not engage in
trading.
For CDP, liquidity risk becomes significant mainly in the form of funding liquidity risk, in view of the dom-
inant weight of demand deposits (passbook savings accounts) and bonds redeemable on demand (postal
savings bonds) in the liabilities of the Separate Account.
In order to ensure that any scenario of uncontrolled redemptions remains remote, CDP benefits from the
mitigating effect of the state guarantee on postal savings. In addition to the key function of that guar-
antee, the ability of CDP to ensure that such a scenario does in fact remain remote is based on its capi-
tal strength, on the protection and promotion of the reputation of postal savings with the public, on
safeguarding CDP’s reputation in the market and on liquidity management. With regard to the latter,
CDP adopts a series of specific measures to prevent the emergence of unexpected funding requirements
and to be able to meet them if it should prove necessary.
To this end, a lower limit on the stock of liquid assets has been established, which is monitored by the
RMA, together with a number of aggregates that represent CDP’s capacity to cope with potential crisis
situations.
As regards the Ordinary Account, CDP raises funds through the market or the EIB, adopting approach-
es, opportunities and constraints more similar to those of ordinary banks.
CDP prevents the emergence of unexpected liquidity requirements by developing effective loan dis-
bursement forecasting systems, setting structural limits on maturity transformation, monitoring the short-
term liquidity position, carried out on a continuous basis by the Finance area, and monitoring liquidity
gaps at short, medium and long term, which is performed by the RMA.
Management of treasury activities by Finance enables CDP to raise funds using repos, for both the Sep-
arate and Ordinary Accounts. 
CDP can also take part in European Central Bank refinancing operations, as it holds a significant stock
of eligible negotiable and non-negotiable assets.
Section 3 - Liquidity risk
292

293
QUANTITATIVE DISCLOSURES
CDP - 2012 Annual Report
Separate Financial Statements
1. Distribution of financial assets and liabilities by residual maturity - currency: eur
(thousands of euros)
On demand More than
More than
More than
More than
More than More than More than
More than
Indefinite
1 day
7 days 
15 days 
1 month to 3 months to 6 months 
1 year to 
5 years
life
to 7 days
to 15 days
to 1 month
3 months
6 months
to 1 year
5 years
On-balance-sheet assets
1,916,063
504,250
236,038
2,482,516
521,331
5,720,967
7,491,602 33,753,706 80,811,454
447,906
A.1 Government securities
4,250
232,250
350,000
268,718
881,556
885,042
8,996,158
11,529,712
A.2 Other debt securities
500,000
3,788
2,102,400
5,131
90,299
365,561
595,969
A.3 Units in collective investment 
undertakings
290,857
A.4 Loans
1,625,206
30,116
252,613
4,834,280
6,516,261
24,391,987
68,685,773
447,906
- banks
1,087,415
783,888
1,320,082
4,563,966
2,375,959
447,906
- customers
537,791
30,116
252,613
4,050,392
5,196,179
19,828,021
66,309,814
On-balance-sheet liabilities
215,894,830
187,462
146,668
3,021,734
71,679
576,540
305,957 31,293,917
5,914,198
7,413,510
B.1 Deposits
215,813,142
10,018
23,010
34,677
61,926
132,929
1,117,137
2,286,237
- banks
1,492,894
10,018
15,014
- customers
214,320,248
7,996
34,677
61,926
132,929
1,117,137
2,286,237
B.2 Debt securities
2,639,713
25,371
14,920
52,468
2,300,500
1,193,000
B.3 Other liabilities
81,688
187,462
136,650
359,011
11,631
499,694
120,560
27,876,280
2,434,961
7,413,510
Off-balance-sheet transactions
C.1 Financial derivatives with exchange 
of principal
- long positions
3,573
20,821
18,865
25,996
7,222
560,451
578,565
- short positions
643
15,459
17,312
16,357
1,025
710,945
12,345
C.2 Financial derivatives without exchange
of principal
- long positions
10,857
- short positions
397
179,375
201,587
1,171,946
2,861,040
C.3 Deposits and loans to receive
- long positions
- short positions
C.4 Irrevocable commitments 
to disburse funds
- long positions
15,261,783
- short positions
15,261,783
C.5 Financial guarantees issued
C.6 Financial guarantees received
C.7 Credit derivatives with exchange 
of principal
- long positions
- short positions
C.8 Credit derivatives without exchange 
of principal
- long positions
- short positions

294
1. Distribution of financial assets and liabilities by residual maturity - currency: other
(thousands of euros)
On demand More than
More than
More than
More than
More than More than
months
months
Indefinite
1 dat
7 days 
15 days 
1 month to 3 months to 6 months 
1 year to 
5 years
life
to 7 days
to 15 days
to 1 month
3 months
6 months
to 1 year
5 years
On-balance-sheet transactions
528,123
A.1 Government securities
528,123
A.2 Other debt securities
A.3 Units in collective investment 
undertakings
A.4 Loans
- banks
- customers
On-balance-sheet liabilities
532
633
659
1,808
399,784
B.1 Deposits
- banks
- customers
B.2 Debt securities
532
633
659
1,808
399,784
B.3 Other liabilities
Off-balance-sheet transactions
C.1 Financial derivatives with exchange 
of principal
- long positions
532
633
659
1,808
399,784
- short positions
394
364
629
1,034
8,258
531,723
C.2 Financial derivatives without exchange 
of principal
- long positions
- short positions
C.3 Deposits and loans to receive
- long positions
- short positions
C.4 Irrevocable commitments 
to disburse funds
- long positions
- short positions
C.5 Financial guarantees issued
C.6 Financial guarantees received
C.7 Credit derivatives with exchange 
of principal
- long positions
- short positions
C.8 Credit derivatives without exchange 
of principal
- long positions
- short positions

QUALITATIVE DISCLOSURES
A. General aspects, management and measurement of operational risks
System for managing operational risks
CDP has adopted the guidelines established by the Basel Committee for the banking industry and in-
corporated by the Bank of Italy in circular no. 263 of 27 December 2006 as the benchmark for manag-
ing operational risk.
Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and
systems or from external events. Such risk includes losses resulting from internal or external fraud, hu-
man error, employment relationships and workplace safety, business disruption, system unavailability,
breach of contract, process management, damage to company assets and natural disasters.
Operational risk includes legal risk but not strategic or reputational risk.
Legal risk is the risk of losses resulting from violations of laws or regulations or self-governance rules (e.g.
bylaws, codes of conduct, corporate governance rules), from liability in contract or tort or other disputes. 
Taking best banking practices as a reference, in particular the supervisory regulations applicable to
banks, CDP has initiated the formalisation and implementation of a methodological and organisa-
tional framework in terms of structures, processes, strategies and policies for managing operational
risk related to the products/processes of CDP and CDP Investimenti SGR S.p.A. The goal is to be able
to manage and monitor operational risks, laying the groundwork for mitigation measures and for a
more accurate quantification of the associated economic capital, now estimated using the Basic Indi-
cator Approach.
The operational risk management system is a structured set of processes, functions and resources, which
begins with the identification of the risk and continues with measurement, monitoring, reporting and
control/mitigation actions. 
The methodology involves the supplementation of information on operational losses classified accord-
ing to specified loss event types (i.e. a model of loss events), loss effect types (i.e. a model of types of
losses) and risk factors (i.e. a model for the classification of risk factors).
This information comprises:
•
internal data on operational losses (loss data collection);
•
data on potential losses (self-assessment, scenario analysis);
•
factors representing the business environment and internal control systems;
•
system loss data (external data).
Section 4 - Operational risks
295
CDP - 2012 Annual Report
Separate Financial Statements

296
Loss data collection
CDP has adopted a framework for loss data collection on operational losses incurred by the company
and recognised through the income statement. The framework uses the “event guide” approach sug-
gested by the Basel II Committee and adopted by the Italian Banking Association (ABI) in designing the
Italian Operational Loss Database (DIPO).
The primary loss data collection actions performed by CDP were:
•
finding information sources and identifying a contact person for the operational risks regarding that
source (information source means the organisational unit that can provide information concerning
the main features of each loss event recorded and its associated effects);
•
determining the roles and responsibilities of the actors involved and the procedures for collecting and
validating survey data;
•
collecting significant data and related supporting documentation;
•
filing the data collected in the operational loss database.
Specific criteria were established for date of occurrence and amount thresholds for inclusion of loss events.
Assessment of level of exposure to operational risks
CDP has also developed a qualitative methodology for assessing the company’s exposure to operational
risks. The objective is to use subjective assessments provided by internal resources (process owners and
experts) to create a set of information that can be used to identify and assess those risks and obtain op-
erational guidance for any appropriate mitigation actions.
The aim is to build a qualitative model to assess operational risks, based on past loss experience and
prospective analysis. 
The methodology adopted by CDP makes it possible to estimate:
•
the absolute exposure to each risk identified in processes (inherent risk), i.e. the risk that would ex-
ist if the company had no internal controls;
•
the residual exposure to each risk identified in processes (residual risk), i.e. the risk remaining fol-
lowing the implementation of controls;
•
the effectiveness of controls in place.
The preparatory work for the assessment of the level of exposure to operational risks consists in map-
ping adverse events (risk mapping) that could impact corporate processes, including risks associated with
the introduction of new products, processes and systems. 
The risk mapping of processes, which involves obtaining subjective estimates from process owners (self-
assessment), is consequence of the need to understand the origin of potential losses associated with op-
erational risks – identifying the events and causes that might generate them – and assessing the advis-
ability of taking targeted monitoring, control, prevention and mitigation actions. 
The risk mapping process is structured into the following three sub-processes:
•
identification of the potential types of operational risk events on the basis of the event types pro-
posed by the Basel Committee;

297
•
classification of the risk factors and loss event types in accordance with the models in the method-
ological framework;
•
maintenance of the risk maps, with continuous updating in order to capture any changes in the com-
pany’s operational context.
As regards the adverse events to be mapped, the risk map focuses special attention on compliance risk,
on the risk of commission of the criminal offences referred to in Legislative Decree 231 of 8 June 2001
(Rules governing the administrative liability of legal persons, companies and associations, including en-
tities without legal personality, pursuant to Article 11 of Law 300 of 29 September 2000, published in
Gazzetta Ufficiale no. 140 of 19 June 2001, arising in respect of criminal offenses committed by natur-
al persons connected with the legal person in an employment relationships and who act in its interest),
on the risk governed by Legislative Decree 231 of 21 November 2007 (Implementation of Directive
2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering
and terrorist financing as well as Directive 2006/70/EC laying down implementing measures for Direc-
tive 2005/60/EC) and on outsourcing risk. 
For the self-assessment phase, connected with the identification of operational risks that could po-
tentially produce unexpected losses for the company, interviews were conducted with CDP person-
nel in order to gain an understanding of their activities and the configuration of the internal envi-
ronment. 
The risk mapping process is based on two dimensions: 
•
corporate processes (broken down into sub-processes, phases and activities), that serve as guides in
identifying adverse events that could generate material financial losses; 
•
the loss event types proposed by the Basel Committee. 
The intersection of the two dimensions forms the basis for constructing, in collaboration with the units
involved, a “risk-process” matrix, in which each cell specifies the potential risks to be assessed. 
At CDP, the main actors involved in assessing the exposure to operational risks are:
1. the Operational Risk unit:
•
recommends the methodologies and procedures for identifying risks;
•
controls and ensures correct application of the methodologies and procedures;
•
provides methodological and technical support for identifying risks;
•
ensures the uniformity of the information collected through analysis of the quality and congruity
of the data acquired in the survey;
2. the process owners and experts:
•
identify and assess the main risks in the processes for which they are responsible;
•
regulatory monitor the evolution of those risks and the emergence of new risks;
3. the Compliance unit: 
•
identifies compliance risk for internal and external regulations, validating and, if necessary, com-
pleting the identification of the risks performed by the owner (for adverse events that could gen-
erate compliance risk);
CDP - 2012 Annual Report
Separate Financial Statements

298
4. the Internal Auditing area: 
•
as part of its third-level controls, assesses the methodological framework of the risk mapping
process, carrying out controls of the correct application of that framework;
•
recommends the mapping of all risks that – while not identified by owners and experts – have
been identified in corporate processes during audit activities;
•
assesses the risk of commission of the criminal offenses referred to in Legislative Decree 231 of
8 June 2001.
The assessment of the exposure to operational risks enables the supplementation of historical loss data
collection with subjective estimates whenever loss data – for specific processes – are not reliable and/or
sufficiently abundant to be able to support the decision-making of top management concerning specif-
ic activities within the company’s core business.
At the end of the assessment process, interventions are prioritised on the basis of the problem areas that
have emerged and the “qualitative” rating assigned to each risk identified:
•
“low” residual risk: optimal situation, low risk of operational losses;
•
“medium” residual risk: signs of a potential adverse events with non-negligible operational losses;
•
“high” residual risk: problem situation. More extensive investigation is necessary – including through
additional risk mapping – in order to assess potential mitigation actions and the possibility of imple-
menting new controls;
•
“very high” residual risk: very high risk situation calling for prompt mitigation action.
Once estimated, the residual risk for each activity is monitored by the Operational Risk unit with the co-
operation of the organisational units involved. More specifically, in order to monitor the exposure to the
most significant operational risks, the Operational Risk unit only considers activities for which residual
risk has been rated “very high”, “high” or “medium” and, if necessary and in cooperation with the or-
ganizational units involved, develops mitigation recommendations to restructure or supplement existing
procedures and controls.
A report is prepared for each procedure, consisting of three documents: 
•
a summary document presenting selected summary data;
•
a detailed document, which reports all of the results of the analysis (the risks identified and the as-
sociated assessment of inherent risk, controls and residual risk) for each phase/activity in the process;
•
a controls chart, which summarises all controls, both those incorporated in procedures and those that
form part of operational practices.

Section 1 - Capital
QUALITATIVE DISCLOSURES
Pending the issuance of specific measures in this area by the Bank of Italy, CDP is subject to “informa-
tional” supervision only.
Accordingly, in 2012, in agreement with the Bank of Italy, CDP did not calculate supervisory capital or
the related supervisory capital requirements.
PART F - CAPITAL
299
CDP - 2012 Annual Report
Separate Financial Statements

1. Information on the compensation of key management personnel
Remuneration of Board of Directors and Board of Auditors
(thousands of euros)
31/12/2012
a) Board of Directors
1,393
b) Board of Auditors
119
Total
1,512
Remuneration of other key management personnel
(thousands of euros)
31/12/2012
a) short-term benefits
5,637
b) post-employment benefits
336
c) other long-term benefits
d) severance benefits
e) share-based payments
Total
5,973
PART H - TRANSACTIONS WITH RELATED
PARTIES
300

301
CDP - 2012 Annual Report
Separate Financial Statements
Remuneration paid to Board of Directors and Board of Auditors
(thousands of euros)
Name
Position
Period in office
End of
Compensation
term*
and bonuses
Directors
Franco Bassanini
Chairman
01/01/12 - 31/12/12
2012
280
Giovanni Gorno Tempini
Chief Executive Officer
01/01/12 - 31/12/12
2012
1,035
Cristian Chizzoli
Director
01/01/12 - 31/12/12
2012
35
Cristiana Coppola
Director
01/01/12 - 05/07/12
2012
18
Piero Gastaldo
Director
01/01/12 - 31/12/12
2012
***
Ettore Gotti Tedeschi
Director
01/01/12 - 31/12/12
2012
35
Nunzio Guglielmino
Director
01/01/12 - 31/12/12
2012
35
Mario Nuzzo
Director
01/01/12 - 31/12/12
2012
35
Vincenzo La Via
Director
30/05/12 - 31/12/12
2012
**
Supplementary members for administration of Separate Account (Article 5.8, Decree Law 269/2003)
Giovanni De Simone
Director(1)
01/01/12 - 31/12/12
2012
35
Maria Cannata
Director(2)
01/01/12 - 31/12/12
2012
**
Giuseppe Pericu
Director
01/01/12 - 31/12/12
2012
35
Romano Colozzi
Director
01/01/12 - 31/12/12
2012
35
Guido Podestà
Director
01/01/12 - 31/12/12
2012
35
Board of Auditors  
Angelo Provasoli
Chairman
01/01/12 - 31/12/12
2012
27
Paolo Fumagalli
Auditor
01/01/12 - 11/09/12
2012
14
Piergiuseppe Dolcini
Auditor
12/09/12 - 31/12/12
2012
6
Biagio Mazzotta
Auditor
01/01/12 - 31/12/12
2012
**
Gianfranco Romanelli
Auditor
01/01/12 - 26/04/12
2012
7
Francesco Bilotti
Alternate auditor
27/04/12 - 29/05/12
2012
1
Gerhard Brandstätter
Auditor
30/05/12 - 31/12/12
2012
12
Giuseppe Vincenzo Suppa
Auditor
01/01/12 - 31/12/12
2012
**
*
Date of Shareholders’ Meeting called to approve financial statements for the year
**
The remuneration is paid to the Ministry for the Economy and Finance
*** The remuneration is paid to the Compagnia di San Paolo
(1)
Delegate of State Accountant General
(2)
Delegate of Director General of the Treasury

302
2. Information on transactions with related parties
Certain transactions between CDP and related parties, notably those with the Ministry for the Economy
and Finance and Poste Italiane S.p.A., arise as a result of legislative provisions. In any event, CDP did not
carry out any atypical or unusual transactions with related parties whose size could have an impact on
the assets and liabilities or performance of the company. All transactions with related parties were car-
ried out on an arm’s length basis and form part of CDP’s ordinary operations.
At the end of 2012 CDP had the following transactions with the parent, subsidiaries and associates.
Transactions with the Ministry for the Economy and Finance
The main transactions conducted with the Ministry for the Economy and Finance regarded the liquidity
held on the treasury account and lending transactions.
Specifically, CDP’s liquidity is deposited on the interest-bearing account no. 29814 at the State Treasury
and earns interest, as envisaged by Article 6.1 of the decree of the Minister for the Economy and Finance
of 5 December 2003, at a floating 6-month rate equal to the simple arithmetic mean between the gross
yield on 6-month Treasury bills and the monthly level of the Rendistato index. 
As regards receivables in respect of loans, it should be noted that more than 30% of CDP’s portfolio is
repaid by the state.
CDP also manages loans and postal savings products owned by the MEF, for which it receives a fee es-
tablished in a specific contract.
Outstanding transactions and the related financial effects at year-end were as follows:
(thousands of euros)
Transaction with Ministry for the Economy and Finance
31/12/2012
Financial assets available for sale
4,668,774
Financial assets held to maturity
16,730,803
Loans to customers
175,067,224
of which liquidity held with Treasury
136,718,591
Other assets
14,166
Due to customers
2,696,312
Other liabilities
93
Interest income and similar revenues
7,759,854
Interest expense and similar charges
(55,818)
Commission income
7,672
Commitments for loans to be disbursed
5,261,091

Transactions with subsidiaries
Transactions with Terna S.p.A.
In 2011, CDP provided financing of €500 million to Terna S.p.A.
Outstanding transactions and the related financial effects at the end of 2012 were as follows:
Transactions with CDP Investimenti SGR S.p.A.
Transactions with the subsidiary CDPI SGR regarded a guarantee issued by CDP, CDP’s payable to CDPI
SGR for amounts deposited by CDPI SGR in a passbook savings account, the provision of ancillary ser-
vices on an outsourcing basis and the reimbursement of CDP for costs in respect of personnel second-
ed to CDPI SGR.
Outstanding transactions and the related financial effects at the end of 2012 were as follows:
Transactions with Fondo Strategico Italiano S.p.A.
Transactions with the subsidiary FSI regarded the provision of ancillary services on an outsourcing basis,
the reimbursement of expenses incurred by CDP on behalf of FSI and deposits by FSI with CDP and the
related accrued interest.
Outstanding transactions and the related financial effects at the end of 2012 were as follows:
CDP - 2012 Annual Report
(thousands of euros)
Transactions with Terna S.p.A.
31/12/2012
Loans to customers
501,137
Interest income and similar revenues
10,405
(thousands of euros)
Transactions with CDP Investimenti SGR S.p.A.
31/12/2012
Loans to customers
2,732
Other assets
479
Commission income
4
Interest expense and similar charges
(40)
Administrative expenses (reimbursement expenses - seconded personnel)
159
Other operating revenues
517
Guarantees issued
1,923
(thousands of euros)
Transactions with Fondo Strategico Italiano S.p.A.
31/12/2012
Other assets
497
Due to customers
740,684
Other liabilities
3,658
Other operating revenues
641
Interest expense and similar charges
(19,408)
303
Separate Financial Statements

304
Transactions with CDP GAS S.r.l.
Transactions with the subsidiary CDP GAS S.r.l. mainly regarded receivables for loans disbursed and com-
mitments assumed for loans to be disbursed. CDP GAS S.r.l. also has deposits held with CDP.
Outstanding transactions and the related financial effects at the end of 2012 were as follows:
Transactions with CDP RETI S.r.l.
Transactions with the subsidiary CDP RETI S.r.l. mainly regarded deposits with CDP and the related ac-
crued interest.
Outstanding transactions and the related financial effects at year-end were as follows:
Transactions with SACE S.p.A.
Transactions with the subsidiary SACE S.p.A. regard Euro Medium Term Notes issued by CDP and held
by SACE S.p.A.
(thousands of euros)
Transactions with CDP GAS S.r.l.
31/12/2012
Loans to customers
225,067
Other assets
162
Due to customers
9,552
Other liabilities
2,867
Interest income and similar revenues
6,148
Interest expense and similar charges
(52)
Other operating revenues
134
Commitments for loans to be disbursed
75,733
(thousands of euros)
Transactions with CDP RETI S.r.l.
31/12/2012
Due to customers
981,710
Other assets
6
Interest expense and similar charges
(5,881)
Other operating revenues
3
(thousands of euros)
Transactions with SACE S.p.A.
31/12/2012
Securities issued
118,275

305
Transactions with associates
Transactions with Eni S.p.A.
Receivables from customers include a loan granted to ENI under the Revolving Fund to support enter-
prises and investment in research.
During the year, the subsidiary CDP RETI S.r.l. acquired a 30% less one share stake in the voting capital
of Snam S.p.A. from ENI at a price of €3,517 million. 
Outstanding transactions and the related financial effects at year-end were as follows:
Transactions with Europrogetti & Finanza S.p.A. in liquidazione
During the year CDP signed a commitment to disburse additional financing of about €1 million, bring-
ing the total to up to €3.9 million, of which about €2.5 million had been disbursed as at the end of
2012. The exposures to Europrogetti & Finanza S.p.A. in liquidazione have been fully written down.
The impact of that transaction on the CDP’s financial statements is summarised below:
Transactions with other related parties
Transactions with Poste Italiane S.p.A.
Transactions with Poste Italiane S.p.A. regard the funding service for postal savings products and loans
granted by CDP.
The service provided by Poste Italiane S.p.A. is remunerated with an annual commission set in a specif-
ic agreement between the parties.
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Transactions with Eni S.p.A.
31/12/2012
Loans to customers
612
Interest income and similar revenues
4
Commitments for loans to be disbursed
479
Acquisition of interest in Snam S.p.A. through CDP RETI S.r.l.
3,520,230
(thousands of euros)
Transactions with Europrogetti & Finanza S.p.A.  
31/12/2012
in liquidazione
Gross exposure
Writedowns
Net exposure
Loans to customers
2,456
(2,456)
-
Commitments for loans to be disbursed
1,455
(1,455)
-
Income statement
Writedowns for impairment of financial assets
(1,074)

306
Outstanding transactions and the related financial effects at the end of 2012 were as follows:
Transactions with Snam S.p.A.
Transactions with Snam S.p.A., in which the subsidiary CDP RETI S.r.l. holds 30.0258% of the voting cap-
ital (30.00000002% of issued share capital) regard loans granted by CDP.
Outstanding transactions and the related financial effects at the end of 2012 were as follows:
Transactions with Fincantieri Cantieri Navali Italiani S.p.A.
Transactions with Fincantieri Cantieri Navali Italiani S.p.A., a company in which the subsidiary Fintecna
S.p.A. holds a 99.36% interest, regard loans granted and residual commitments for loans to be disbursed.
Outstanding transactions and the related financial effects at the end of 2012 were as follows:
(thousands of euros)
Transaction with Snam S.p.A.
31/12/2012
Loans to customers
402,634
Commission income
100
Interest income and similar revenues
2,634
(thousands of euros)
Transactions with Poste Italiane S.p.A.
31/12/2012
Loans to customers
3,068,502
Other liabilities
939,615
Interest income and similar revenues
37,802
Commission expense
(1,649,115)
Securities deposited with third parties
2,952,032
(thousands of euros)
Transactions with Fincantieri Cantieri Navali Italiani S.p.A.
31/12/2012
Loans to customers
2,291
Interest income and similar revenues
15
Commitments for loans to be disbursed
19,623

This section of the notes to the financial statements has been drafted in compliance with IFRS 8 - Oper-
ating Segments, in force since 1 January 2009 in replacement of IAS 14 - Segment Information.
As regards the organisational structure of CDP, the contribution of the main areas to the formation of
the income statement and the balance sheet is specified below. 
Finance 
Treasury operations and funding activities are managed by the Finance area, which is responsible for
meeting the CDP’s funding needs. It is also responsible for sourcing, investing and monitoring liquidity.
The area also structures products and funding and lending operations, setting the financial terms and
conditions and ensuring the balance of the cost of funding and yields on lending. It also contributes to
strategic Asset Liability Management and manages financial risk at the operational level, including through
access to the market and use of hedging instruments.
Public Entities
Lending to public entities and public-law bodies is mainly conducted by the Public Entities area using
standardised products, offered in compliance with the principles of accessibility, uniformity in treatment,
pre-specification of terms and non-discrimination, in implementation of the statutory mission of the CDP’s
Separate Account. 
Other areas 
This aggregate comprises:
•
the Public Interest Lending area, which intervenes directly in general public interest projects spon-
sored by public entities or public-law bodies for which the financial sustainability has been veri-
fied;
•
the Financing area, which is involved in lending (using funding not guaranteed by the state or with
EIB funds), on a project or corporate finance basis, for investments in works, plant, infrastructure and
networks to be used to deliver public services or in reclamation projects (energy, multi-utilities, local
public transport, health care);
PART L - OPERATING SEGMENTS
307
CDP - 2012 Annual Report
Separate Financial Statements

308
•
the Facilitated Credit and Economic Support area, which is responsible for managing subsidised cred-
it instruments established by specific legislation and economic support instruments;
•
equity investments, as well as the costs of other functions and costs and revenues not otherwise at-
tributable.
Under the provision of IFRS 8, CDP has not given a separate breakdown of the results of its other areas
as they do not meet the materiality thresholds provided for such reporting.
Construction of the balance sheet by area
The balance sheet aggregates were constructed on the basis of the items directly attributable to the in-
dividual areas, with which the related revenues and expenses are correlated.
More specifically, the aggregates for “loans to customers and banks” (for amounts disbursed or being
repaid), “cash and cash equivalents and other treasury investments” and “equity investments and shares”
represent the stock of assets related to the specific operating activities of each area. The other aggre-
gates of interest-bearing assets or liabilities pertain exclusively to the Finance area.
Notional funding between CDP areas is not reported separately in the detailed schedules as it is elimi-
nated between areas.
Construction of the income statement by area
The operating result of the business areas was constructed on the basis of the following criteria. 
As regards net interest income, the contribution of each area is calculated on the basis of internal trans-
fer rates (“ITRs”) differentiated by product and maturity. In determining the ITRs, it is assumed that each
lending transaction is funded using a hypothetical market transaction with the same financial charac-
teristics but the opposite sign. This system is based on the CDP’s organisational model, which has a spe-
cific structure (Finance) devoted to treasury management and funding.
For the other aggregates of the income statement, each area is allocated any directly attributable rev-
enues and expenses. In addition, a share of indirect costs is allocated to each area on the basis of their
actual use of resources or services. 
For more information on developments in the operations of the individual business units, please see the
report on operations.

309
CDP - 2012 Annual Report
Separate Financial Statements
Reclassified balance sheet
(thousands of euros)
Finance
Public
Other
Total 
Entities
areas
CDP
Cash and cash equivalents
139,029,087
-
32,525
139,061,612
Loans to customers and banks
1,500,520
83,953,251
15,054,167
100,507,938
Debt securities
24,346,908
-
-
24,346,908
Equity investments and shares
-
-
30,569,623
30,569,623
Funding
252,877,592
-
29,457,638
282,335,231
- of which: postal funding
205,917,207
-
27,713,576
233,630,783
- of which: funding from banks
32,242,210
-
-
32,242,210
- of which: funding from customers
9,147,245
-
908,019
10,055,264
- of which: funding from bonds
5,570,930
-
836,044
6,406,974
Reclassified income statement
( thousands of euros)
Finance
Public
Other
Total 
Entities
areas
CDP
Net interest income
3,586,865
354,528
(419,578)
3,521,815
Dividends
-
-
1,206,749
1,206,749
Net commissions
(1,526,365)
3,133
(88,542)
(1,611,775)
Other net revenues
170,479
-
365,371
535,851
Gross income
2,230,979
357,661
1,064,000
3,652,640
Net writedowns
-
(192)
(22,693)
(22,885)
Overheads
(7,571)
(5,900)
(97,206)
(110,677)
Operating income
2,223,408
351,900
954,666
3,529,974

CDP S.p.A.
Annexes
Annex 1
List of equity investments
Annex 2
Accounting separation statements
2012 Annual Report

Annex 1
313
CDP - 2012 Annual Report
LIST OF EQUITY INVESTMENTS
(thousands of euros)
Registered office
% holding
Carrying amount
A. Listed companies
1. Eni S.p.A.
Rome
25.76%
15,281,632
2. Terna S.p.A.
Rome
29.85%
1,315,200
B. Unlisted companies
1. SACE S.p.A.
Rome
100.00%
6,050,000
2. CDP RETI S.r.l.
Rome
100.00%
3,517,360
3. Fintecna S.p.A.
Rome
100.00%
2,500,000
4. Fondo Strategico Italiano S.p.A.
Milan
90.00%
900,000
5. CDP GAS S.r.l.
Rome
100.00%
467,366
6. Simest S.p.A.
Rome
76.00%
232,500
7. Inframed Infrastructure société par actions simplifiée 
à capital variable (Inframed Fund)
Paris
38.93%
51,573
8. 2020 European Fund for Energy, Climate Change
and Infrastructure SICAV-FIS Sa (Marguerite Fund)
Luxembourg
14.08%
18,590
9. Sinloc S.p.A.
Turin
11.29%
5,983
10. Galaxy S.àr.l. SICAR
Luxembourg
40.00%
2,348
11. F2i SGR S.p.A.
Milan
16.52%
2,137
12. Istituto per il Credito Sportivo
Rome
21.62%
2,066
13. CDP Investimenti SGR S.p.A.
Rome
70.00%
1,400
14. Fondo Italiano d’Investimento SGR S.p.A.
Milan
12.50%
774
15. European Energy Efficiency Fund SA SICAV-SIF (EEEF Fund)
Luxembourg
- A units
5.95%
210
- C units
4.53%
80
16. Europrogetti & Finanza S.p.A. in liquidazione
Rome
31.80%
-
Separate Financial Statements

SEPARATION OF ACCOUNTS
CDP is subject to a system of organizational and accounting separation under Article 5.8 of Decree Law
269 of 30 September 2003, ratified with amendments by Law 326 of 24 November 2003.
In order to create an accounting separation system, the organisational structure of the company was
therefore divided into three operating units called, respectively, Separate Account, Ordinary Account and
Joint Services, within which CDP’s existing organisational units have been re-grouped. 
Separate Account
The role of the Separate Account is to pursue the mission of general economic interest entrusted to CDP
by law.
The articles of association of CDP, in accordance with law, allocate the following activities to the Sepa-
rate Account:
•
financing in any form, including the acquisition of trade receivables, for the state, regional govern-
ments, local authorities, public bodies and public-law entities using repayable funds raised from postal
savings bonds and passbook savings accounts that benefit from state guarantees and are distributed
through Poste Italiane S.p.A. or its subsidiaries, and funds raised from the issue of securities, bor-
rowing and other financial operations with state guarantees. As part of this activity, the company
may also carry out transactions in financial derivatives on own account in compliance with applica-
ble law; 
•
financing in any form, including the acquisition of trade receivables, the issue of guarantees, the ac-
quisition of equity capital or debt capital, the subscription of investment fund units. Each of the above
financial transactions shall be entered into with the entities referred to in the previous point or used
for public interest operations promoted by the latter, in accordance with the criteria established in
the decree of the Minister for the Economy and Finance adopted pursuant to Article 5.11, letter e)
of the Decree Law or directed at the public-interest initiatives provided for in Article 8 of Decree Law
78 of 1 July 2009, ratified with amendments by Law 102 of 3 August 2009, as amended, to support
the international expansion of enterprises when such initiatives are secured by guarantees or insur-
ance from SACE, or carried out in favour of small and medium-sized enterprises for the purpose of
supporting the economy. The financial transactions shall be carried out using the funds referred to
in the previous point and can be conducted either directly or through the banking system, with the
exception of operations in favour of small and medium-sized enterprises, which may only be con-
Annex 2
314

315
ducted through the banking system or the subscription of investment funds managed by an asset
management company as referred to in Article 33 of Legislative Decree 58 of 24 February 1998, as
amended, whose corporate purpose achieves one of the institutional missions of Cassa Depositi e
Prestiti S.p.A. Direct financial transactions must involve an amount equal to or greater than €25 mil-
lion. Financial transactions carried out for operations promoted by the entities referred to in the pre-
vious point or directed at the public-interest initiatives provided for in Article 8 of Decree Law 78 of
1 July 2009, ratified with amendments by Law 102 of 3 August 2009, as amended, to support the
international expansion of enterprises when such initiatives are secured by guarantees or insurance
from SACE, can be carried out in favour of public or private entities, with the exclusion of natural
persons, having legal personality. As part of this activity, the company may also carry out transactions
in financial derivatives on own account in compliance with applicable law;
•
acquiring equity investments in companies of major national interest, having a stable financial posi-
tion and performance and adequate profit-generating prospects, that satisfy the requirements set
out in the decree of the Minister for the Economy and Finance to be issued pursuant to Article 5.8-
bis of the decree law. These equity investments can be acquired through corporate vehicles or in-
vestment funds in which CDP, possibly with other private or state-owned companies or public enti-
ties, holds an interest. Equity investments acquired using postal funding resources are recognized un-
der the Separate Account;
•
the management, where assigned by the Minister for the Economy and Finance, of the functions,
assets and liabilities of CDP, prior to its transformation, transferred to the MEF pursuant to Article
5.3, a) of Decree Law 269; the management of any other public function and activities of general in-
terest assigned by act of law, administrative regulations or contract;
•
the acquisition of equity investments transferred or contributed to CDP by a decree of the Minister
for the Economy and Finance pursuant to Article 5.3, b) of Decree Law 269, the management of
which complies with the criteria provided for in the decree of the Minister for the Economy and Fi-
nance referred to in Article 5.11, d) of Decree Law 269, as well as any increase in the equity invest-
ments transferred during the transformation of CDP into a joint-stock company;
•
the provision of assistance and consulting to the parties listed in the first point or to support the op-
erations or the parties listed in the second point.
As regards the organisational structure of CDP, the Separate Account includes the following areas: Pub-
lic Entities, Operational Innovation Project, Facilitated Credit and Economic Support, Public Interest Lend-
ing, Real Estate, Relationship Management, the Parliamentary Supervisory Committee and the postal sav-
ings activities of the Finance unit.
Ordinary Account
All CDP’s other business activities that are not specifically attributed to the Separate Account are carried
out by the Ordinary Account. While not specifically cited in Article 5 of Decree Law 269, the latter rep-
CDP - 2012 Annual Report
Separate Financial Statements

316
resents the range of activities carried out by CDP that are not assigned under statute to the Separate Ac-
count. 
Specifically, pursuant to Article 5.7, b) of Decree Law 269, CDP’s articles of association include among
the activities designed to achieve its mission that are not assigned to the Separate Account:
•
financing in any form, including the acquisition of trade receivables, of works, plant, networks,
and other infrastructures intended for the delivery of public services and for reclamation projects
using funds raised through the issue of securities, borrowing and other financial operations, with-
out state guarantees and excluding demand funding and with funding exclusively from institu-
tional investors. For this purpose, CDP may issue securities of any kind and may obtain financing
from shareholders or third parties. CDP also obtains funding using grants provided in any form
by the state, public or private entities or international bodies and any other of its own resources
and financial revenues compatible with its mission. As part of this activity, the company may al-
so carry out transactions in financial derivatives on own account in compliance with applicable
law;
•
providing consulting services and conducting studies, research and analysis of economic and finan-
cial matters.
From an organisational standpoint, the activities of the Financing area are included in the Ordinary Ac-
count.
Joint Services
Joint Services include the service areas and areas with support, guidance and control functions, the cor-
porate bodies and bodies provided for in the articles of association (except for the Parliamentary Super-
visory Committee, which regards the Separate Account), the offices of the Chairman, the Chief Execu-
tive Officer and the Director General, where the latter position is filled. With regard to the Equity In-
vestments area and the Finance area, for the purposes of accounting separation, their costs and revenues
are broken down into Separate Account, Ordinary Account and Joint Services depending on the specif-
ic activity to which they refer (with the exception of the postal savings activities performed within the Fi-
nance unit, which belong exclusively to the Separate Account, as noted above). 
For more information on CDP’s system of accounting separation, please refer to the report on opera-
tions.

317
Reclassified balance sheet
Reclassified income statement
CDP - 2012 Annual Report
Separate Financial Statements
(thousands of euros)
Separate
Ordinary
Joint
Total
Account
Account
Services
CDP
Cash and cash equivalents and other treasury investments
135,996,823
3,065,346
(557)
139,061,612
Loans to customers and banks
94,825,301
5,682,638
-
100,507,938
Debt securities
23,061,977
1,284,931
-
24,346,908
Equity investments and shares
29,422,383
607,240
540,000
30,569,623
Funding
273,847,775
8,487,455
-
282,335,231
- of which: postal funding
233,630,783
-
-
233,630,783
- of which: funding from banks
27,608,965
4,633,245
-
32,242,210
- of which: funding from customers
10,045,712
9,552
-
10,055,264
- of which: funding from bonds
2,562,315
3,844,659
-
6,406,974
(thousands of euros)
Separate
Ordinary
Joint
Total
Account
Account
Services
CDP
Net interest income
3,481,968
40,382
(534)
3,521,815
Dividends
1,206,208
541
-
1,206,749
Net commissions
(1,621,602)
10,393
(566)
(1,611,775)
Other net revenues
528,912
6,939
-
535,851
Gross income
3,595,486
58,254
(1,100)
3,652,640
Net writebacks (writedowns)
(16,957)
(5,928)
-
(22,885)
Overheads
(15,973)
(3,094)
(91,909)
(110,975)
Operating income
3,562,893
50,275
(83,194)
3,529,974

CDP S.p.A.
Report of the Board of Auditors
2012 Annual Report

320
Shareholders, 
In the course of the financial year ending 31 December 2012, we carried out our statutory supervisory
activity in accordance with the standards recommended by the National Council of the Italian account-
ing profession, taking account of the recommendations of Consob in its communications, to the extent
compatible with the status of CDP S.p.A.
We preface our remarks as follows:
A. the financial statements for 2012 have been prepared in accordance with the international accounting
standards, adopted with Regulation (EC) no. 1606 on 19 July 2002, and transposed into Italian leg-
islation with Legislative Decree 38 of 28 February 2005. The preparation of the financial statements
complies with the provisions concerning bank financial statements in Bank of Italy circular no. 262
of 22 December 2005 as amended;
B. the accurate recognition of operational events in the accounts and their representation in the finan-
cial statements in accordance with the IASs/IFRSs have been examined by PricewaterhouseCoopers
S.p.A. (PWC) in the performance of its statutory auditing activities;
C. the financial statements include both the activity of the Ordinary Account and that of the Separate Ac-
count, although the cash flows of the two accounts and their recognition are separate. The separation
of these two accounts, pursuant to Article 16.5 and 6, of the decree of the Ministry for the Economy
and Finance (MEF) of 6 October 2004, involves the preparation of separate accounting statements for
the use of the MEF and the Bank of Italy. At the end of the year, shared costs incurred by the Separate
Account are computed and subsequently reimbursed on a pro-rated basis by the Ordinary Account. The
separate accounting statements are presented as an annex to the separate financial statements;
D. the financial statements for 2012 report net income of €2,853 million and equity of €16,835 million.
Given the foregoing, the Board of Auditors reports, in accordance with the provisions of Legislative De-
cree 39 of 27 January 2010, with regard to the issues within the scope of our responsibilities, that we:
-
monitored the operation of the internal control and administrative-accounting systems with a
view to assessing their appropriateness to company needs, as well as their reliability in repre-
senting events;
-
participated in the Shareholders’ Meetings, as well as all meetings of the Board of Directors held
to date, and received periodic information from the directors on the activities carried out and
the most significant operations conducted by the company;
-
continued monitoring the activities undertaken by CDP S.p.A., which, in addition to attending
the meetings of the Board of Directors, also included periodic meetings with the heads of the
main company departments, as well as the exchange of information with the financial report-
ing manager and with the auditors responsible for statutory auditing, PWC;
-
monitoring risk management control processes with meeting with the head of the risk man-
agement department;
-
monitored compliance with the law and the articles of association, conformity with the prin-
ciples of sound administration and in particular the appropriateness of the organisational, ad-

321
ministrative and accounting arrangements adopted by the company and their effective oper-
ation; 
-
verified compliance with statutory requirements concerning the preparation of the financial state-
ments and the report on operations, also obtaining information from the audit firm;
-
monitored the adequacy of the internal control system through meetings with the head of In-
ternal Auditing, who reported on the exchange of information with the parties involved in the
design (second level controls) and monitoring (third level controls) of the internal control sys-
tem. The examinations performed found no issues or problems to report;
-
met with the Supervisory Body for the reciprocal exchange of information, noting that pursuant
to Legislative Decree 231/2001 the company has adopted an appropriate compliance model. 
In addition, with reference to the Consob recommendations cited earlier, we report the following infor-
mation:
1. during the course of the year, a number of transactions were carried out, notably those involving the
portfolio of equity investments, that had a significant impact on the performance or the financial po-
sition of CDP, as well as a number of events that, while less significant in terms of their impact on re-
sults, did affect the financial statements for 2012. The Board of Auditors was kept appropriately in-
formed of these transactions. More specifically:
•  Gain on sale of ENI shares: during 2012 CDP sold a total of 120,000,000 ENI shares, equal to about
3.3% of share capital, for a total of more than €2,106 million. The transaction, which was car-
ried out as part of the acquisition of 30% less one share of Snam S.p.A., generated a non-recur-
ring post-tax gain of €485.1 million;.
•  Acquisition of equity investments:
•  during the year, CDP acquired 100% of SACE S.p.A. and 100% or Fintecna S.p.A. from the MEF
and about 76% of Simest S.p.A. owned by the Ministry for Economic Development, after exer-
cising the option to purchase pursuant to Decree Law 95 of 6 July 2012. The prices for the in-
vestments, as specified in the decree of the Minister for the Economy and Finance of 28 De-
cember 2012, amounted to €6,050 million for SACE and €232.5 million for Simest; for Fin-
tecna, €1,592 million were paid as a provisional price, equal to 60% of the book equity value
of the Group at 31 December 2011. The balance will be paid during 2013 after a further de-
cree of the Minister for the Economy and Finance that will establish the final price. The compa-
ny has therefore recognised the equity investment assuming a definitive price of €2.5 billion,
on the basis of the best possible estimated of that final price. The acquisition of the controlling
interests indicated above gave rise to a significant change in the scope of consolidation of the
CDP Group. As regards their contribution to the consolidated financial statements for 2012, on-
ly the balance sheets of the acquirees will be consolidated, in view of the fact that the opera-
tion was completed close to the end of the year and considering the structure of the transac-
tion, which involved the transfer of the shares before the determination of the final price. Their
contribution to the performance of the CDP Group will therefore not be taken into considera-
tion as it is felt that the final price was calculated using an approach that reflects the results of
CDP - 2012 Annual Report
Separate Financial Statements

322
the companies in the period between the transfer of control and the date of the decree that set
the final price. 
•  in October, the acquisition of 30% less one share of the voting capital of Snam S.p.A. from Eni
S.p.A. was closed at a price of about €3,517 million, equal to the weighted average official price
of SNAM shares between 26 April and 25 May 2012, increased by 3%. The equity investment
is accounted for as an associated company, pending determination of whether CDP exercises
de facto control over the company.
•  Net gain on trading and hedging activities: the net gain on trading activities amounted to €156.4
million in 2012, almost entirely attributable to the valuation of operational hedges of the option
component embedded in the Premia and indexed savings bonds established with the purchase of
options mirroring the exposure. The price risk associated with issues of indexed savings bonds and
the Premia series is systematically hedged using options that match those embedded in the bonds.
In consideration of the early redemption option granted to investors, the notional amount of the
options purchased for each issue is determined using estimates based a on proprietary model of
customer redemption behaviour. The use of such estimates means that situations of under/over-
hedging may occur. The balance for 2012 is the product of a situation of overhedging, already
seen in 2011 but which was amplified increased during the year by developments in early re-
demptions of equity linked bonds. The net result on hedging activities showed a loss of €10.1 mil-
lion (0.06% of the notional value of the hedging derivatives), mainly generated by the early ter-
mination of a number of hedging IRSs, for ALM purposes, during the first half of 2012.
•  Agreement with Poste Italiane: after the signing, on 3 August 2011, of the new agreement be-
tween CDP and Poste Italiane for 2011-2013, as amended by the supplemental agreements reached
in 2011, during 2012 additional supplemental accords were signed in order to improve, expand
and innovate the postal savings funding service. More specifically, the agreements provide for a
number of initiatives to enhance the promotion of postal savings products and improve services
connected with the issue and placement of those products. In addition, the amount and timing of
payment of the commission for the year were adjusted. At the same time, a review of the targets
set in the agreement was conducted. In view of the foregoing and of the results achieved, the ac-
crued commission expense in respect of the postal savings services provided by Poste Italiane for
2012 amounted to €1,649 million.
•  Specific and collective impairment of loans: following the impairment testing conducted at the end
of 2012, total writedowns amounted to about €5.7 million while writebacks amounted to about
€334 thousand, with a total loss for 2012 of €5.4 million before taxes. The company also recog-
nised impairment losses from the collective assessment of performing exposures to private-sector
parties, which from this year also include exposures to banks. The net writedown before taxes from
collective assessment came to about €17.5 million (of which €16.2 in respect of exposures to
banks), while the overall provision for collective impairment at 31 December amounted to €21.7
million (of which €16.2 million in respect of banks).
•  Conversion of preference shares: The share capital of €3,500,000,000 is fully paid up and is com-
posed of 245,000,000 ordinary shares and 105,000,000 preference shares with a par value of €10

323
each. Under the CDP articles of association, the preference shares will be automatically converted in-
to ordinary shares as from 1 April 2013, without prejudice to the right of preference shareholders to
withdraw. The 105,000,000 preference shares will therefore be automatically converted into 51,450,000
ordinary shares, on the basis of the conversion ratio determined by the Board of Directors at its meet-
ing of 29 January 2013 (49 ordinary shares for every 100 preference shares). At the end of 2012, the
right of withdrawal connected with the conversion of the preference shares was exercised by two
shareholders owning a total of 9,084,000 preference shares, representing about 2.60% of share cap-
ital. The shares of the withdrawing foundations, pursuant to Article 2437-quater of the Italian Civil
Code, were offered in pre-emption to the other shareholders and, after the offer period expired with
no shareholder exercising the option to buy, the Board of Directors decided to not place those shares
with third parties, requesting, in the agenda for the Ordinary Shareholders’ Meeting of 20 March
2013, authorisation to purchase own shares as part of the liquidation procedure referred to Article
2437-quater of the Italian Civil Code. The Shareholders’ Meeting of 20 March 2013 authorised the
company to purchase the 9,084,000 preference shares as part of the liquidation procedure referred
to Article 2437-quater of the Civil Code. The shares of the withdrawing foundations will be pur-
chased with the use of available reserves at a price of €6.299 per share, corresponding to the liqui-
dation value determined by the Board of Directors at its meeting of 29 January 2013, for a total of
€57,220,116.00. The Board of Directors determined the liquidation value in compliance with Arti-
cle 36.3-septies, of Decree Law 179 of 18 October 2012 and Article 9.3, of the articles of associa-
tion. At 31 December 2012, the company did not hold any treasury shares.
2. In the notes to the financial statements for 2012, and more specifically in Part H – Transactions with
related parties, the directors report the main transactions carried out during the year with related
parties. Please refer to that section for more information on the type of transactions conducted and
their impact on the income statement and the balance sheet. 
3. The information provided by the directors in their report on operations is felt to be adequate.
4. PWC, charged with the statutory audit of the accounts, has not made any specific observations that
might be reflected in comments or qualifications in the their report, nor did any material issues emerge
in the periodic exchange of information between the Board and the audit firm.
5. The Board of Auditors received no complaints pursuant to Article 2408 of the Italian Civil Code.
6. The Board of Auditors received no reports or complaints of alleged irregularities.
7. The audit firm PWC, pursuant to Article 17.9, a), of Legislative Decree 39/2010 confirmed to the
Board of Auditors that it did not find itself in any situations that would have compromised its inde-
pendence or any circumstances that would give rise to incompatibility pursuant to Article 10 of that
legislative decree.
8. In 2012, there were a total of 12 meetings of the Board of Directors and 4 Shareholders’ Meetings,
all of which were attended by the Board of Auditors. The Board of Auditors held 13 meetings, to
which the judge designated by the State Audit Court was always invited. During the meetings, the
Board, inter alia, examined and took due account of the minutes prepared by the Support Commit-
tee, while also preparing our own minutes, which were sent to the Chairman of the company, the
MEF, and the State Audit Court. 
CDP - 2012 Annual Report
Separate Financial Statements

324
9. The administrative/accounting system appears adequate to provide an accurate and prompt repre-
sentation of operational events, a finding also borne out by information received from the audit firm. 
10. In a context of continuous improvement of the internal control system, initiatives planned by the
company to upgrade information technology systems are under way. In addition, in view of the ex-
pansion of the group, instruments supporting the consolidation process will be strengthened.
11. Within the scope of our supervisory activities, we did not find any omissions, censurable facts or ir-
regularities. 
The Board of Auditors took due note of the information provided by the Financial Reporting Manager
on the findings of the control activities performed, which found no material issues that would prevent
the issue of the certification pursuant to Article 154-bis of the Consolidated Law on Financial Interme-
diation. 
Therefore, there are no impediments to approving the financial statements for the 2012 financial year
together with the report on operations submitted by the Board of Directors and the proposed allocation
of net income for the year.
The Board of Auditors also notes that with the approval of the financial statements for 2012 its three-
year term will expire and the Shareholders’ Meeting is therefore called upon to take appropriate action
in this regard.
Rome, 20 March 2013 
THE BOARD OF AUDITORS
/signature/Angelo Provasoli 
Chairman
/signature/Gerhard Brandstätter
Auditor
/signature/Biagio Mazzotta 
Auditor
/signature/Piergiuseppe Dolcini
Auditor
/signature/Giuseppe Vincenzo Suppa
Auditor

CDP S.p.A.
Report of the independent auditors
2012 Annual Report

326

327
CDP - 2012 Annual Report
Separate Financial Statements

CDP S.p.A.
Certification
of the separate financial statements
pursuant to Article 154-bis Legislative Decree 58/1998
2012 Annual Report

331
Certification of the separate financial statements pursuant to Article
81-ter of Consob Regulation no. 11971 of 14 May 1999 as amended
1. The undersigned Giovanni Gorno Tempini, in his capacity as Chief Executive Officer, and Andrea Nov-
elli, in his capacity as the manager responsible for the preparation of the financial reports of Cassa De-
positi e Prestiti S.p.A., hereby certify, taking account of the provisions of Article 154-bis.3 and 4, of Leg-
islative Decree 58 of 24 February 1998:
•
the appropriateness with respect to the characteristics of the company and
•
the effective adoption 
of the administrative and accounting procedures for the preparation of the separate financial statements
in 2012.
2. In this regard:
2.1 the assessment of the appropriateness of the administrative and accounting procedures followed in
preparing the separate financial statements at 31 December 2012 was based on a process developed by
Cassa Depositi e Prestiti S.p.A. in line with the Internal Control – Integrated Framework issued by the
Committee of Sponsoring Organisations of the Treadway Commission, which is a generally accepted
framework at the international level;
2.2 in 2012 the manager responsible for the preparation of the financial reports of Cassa Depositi e
Prestiti S.p.A. assessed the adequacy and effective adoption of existing administrative and accounting
procedures, with reference to the internal control system for financial reporting. Work also continued on
the process to upgrade information technology procedures, which requires further activities for its com-
pletion.
3. In addition, we certify that:
3.1 the separate financial statements:
a) have been prepared in compliance with the international accounting standards adopted in the Euro-
pean Union pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council
of 19 July 2002;
b) correspond to the information in the books and other accounting records;
c) provide a true and fair representation of the performance and financial position of the issuer;
3.2 the report on operations contains a reliable analysis of operations and performance, as well as the
situation of the issuer, together with a description of the main risks and uncertainties to which it is ex-
posed.
Rome, 27 March 2013
Chief Executive Officer
Financial Reporting Manager 
/signature/Giovanni Gorno Tempini
/signature/Andrea Novelli
CDP - 2012 Annual Report
Separate Financial Statements

CDP S.p.A.
Consolidated Financial Statements
2012 Annual Report

The consolidated financial statements at 31 December 2012 have been prepared in conformity with the
applicable regulations and are composed of:
•
Consolidated balance sheet;
•
Consolidated income statement;
•
Statement of consolidated comprehensive income;
•
Statement of changes in consolidated equity;
•
Consolidated cash flow statement;
•
Notes to the consolidated financial statements.
The notes to the consolidated financial statements are composed of:
INTRODUCTION
PART A - Accounting policies
PART B - Information on the consolidated balance sheet
PART C - Information on the consolidated income statement
PART D - Consolidated comprehensive income
PART E - Information on risks and related hedging policies
PART G - Business combinations
PART H - Transactions with related parties
PART I
- Share-based payments
PART L - Operating segments
Form and content of the consolidated
financial statements at 31 December 2012
335
CDP - 2012 Annual Report
Consolidated Financial Statements

CDP S.p.A.
Consolidated financial statements
Consolidated balance sheet 
Consolidated income statement 
Statement of consolidated comprehensive income
Statement of changes in consolidated equity 
Consolidated cash flow statement 
2012 Annual Report

338
Consolidated balance sheet
(thousands of euros)
Assets
31/12/2012
31/12/2011
10. Cash and cash equivalents
350
701
20. Financial assets held for trading
4,656,129
581,081
40. Financial assets available for sale
5,287,839
2,715,044
- of which securing covered bonds
-
200,479
50. Financial assets held to maturity
19,215,105
9,289,691
60. Loans to banks
18,502,789
20,681,933
- of which securing covered bonds
575,162
5,138,958
70. Loans to customers
240,752,149
220,035,532
- of which securing covered bonds
2,102,395
-
80. Hedging derivatives
1,190,984
931,313
100. Equity investments
20,770,242
18,774,671
110. Reinsurers’ share of technical provisions
106,305
-
120. Property, plant and equipment
12,157,413
10,771,247
130. Intangible assets
823,833
771,196
- of which:
- goodwill
485,897
485,897
140. Tax assets
1,019,669
633,613
a) current
590,833
415,582
b) deferred
428,836
218,031
160. Other assets
4,068,477
1,957,136
Total assets
328,551,284
287,143,158

339
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Liabilities and equity
31/12/2012
31/12/2011
10. Due to banks
36,450,013
21,420,820
20. Due to customers
241,672,774
226,440,121
30. Securities issued
13,218,183
12,886,745
- of which covered bonds
2,639,475
5,307,748
40. Financial liabilities held for trading
522,596
498,355
60. Hedging derivatives
2,699,921
2,712,621
70. Adjustment of financial liabilities hedged generically (+/-)
56,413
60,440
80. Tax liabilities
2,323,410
1,625,477
a) current
1,130,156
495,146
b) deferred
1,193,254
1,130,331
100. Other liabilities
6,111,219
2,825,384
110. Staff severance pay
153,289
65,231
120. Provisions
1,716,812
259,030
a) post-employment benefits
1,992
-
b) other provisions
1,714,820
259,030
130. Technical provisions
2,569,657
-
140. Valuation reserves
312,810
292,111
170. Reserves
11,440,320
9,559,258
180. Share premium reserve
5,988
5,988
190. Share capital
3,500,000
3,500,000
210. Non-controlling interests (+/-)
2,873,962
2,824,163
220. Net income (loss) for the year
2,923,917
2,167,414
Total liabilities and equity
328,551,284
287,143,158

340
Consolidated income statement 
(thousands of euros)
31/12/2012
31/12/2011
10. Interest income and similar revenues
10,661,134
7,764,322
20. Interest expense and similar charges
(7,212,610)
(5,550,742)
30. Net interest income
3,448,524
2,213,580
40. Commission income
48,411
23,448
50. Commission expense
(1,651,321)
(1,506,161)
60. Net commission income
(1,602,910)
(1,482,713)
70. Dividends and similar revenues
401
2,862
80. Net gain (loss) on trading activities
143,951
(47,758)
90. Net gain (loss) on hedging activities
(7,969)
(27,469)
100. Gains (losses) on disposal or repurchase of:
29,499
6,426
a) loans
19,469
6,074
b) financial assets available for sale
6,125
346
c) financial assets held to maturity
145
6
d) financial liabilities
3,760
-
120. Gross income
2,011,496
664,928
130. Net impairment adjustments of:
(22,885)
(10,189)
a) loans
(22,097)
(7,566)
d) other financial transactions
(788)
(2,623)
140. Financial income (expense), net
1,988,611
654,739
180. Administrative expenses
(523,673)
(488,167)
a) staff costs
(262,662)
(267,763)
b) other administrative expenses
(261,011)
(220,404)
190. Net provisions
(12,530)
(9,030)
200. Net adjustments of property, plant and equipment
(416,626)
(396,159)
210. Net adjustments of intangible assets
(56,879)
(53,035)
220. Other operating income (costs)
1,798,132
1,632,809
230. Operating costs
788,424
686,418
240. Gains (losses) on equity investments
1,627,959
1,711,002
270. Gains (losses) on disposal of investments
5,745
3,604
280. Income (loss) before tax from continuing operations
4,410,739
3,055,763
290. Income tax for the period on continuing operations
(1,178,903)
(823,686)
300. Income (loss) after tax on continuing operations
3,231,836
2,232,077
310. Income (loss) after tax on disposal groups held for sale
(23)
112,704
320. Net income (loss) for the year
3,231,813
2,344,781
330. Net income (loss) for the year pertaining to non-controlling interests
307,896
177,367
340. Net income (loss) for the year pertaining 
to shareholders of the parent company
2,923,917
2,167,414

341
CDP - 2012 Annual Report
Consolidated Financial Statements
Statement of consolidated comprehensive income 
(thousands of euros)
31/12/2012
31/12/2011
10. Net income (loss) for the period
3,231,813
2,344,781
Other comprehensive income net of taxes
20. Financial assets available for sale
199,937
(164,055)
60. Cash flow hedges
8,401
(31,830)
100. Share of valuation reserves of equity investments accounted
for using equity method
(198,730)
360,640
110. Total other comprehensive income net of taxes
9,608
164,755
120. Comprehensive income (items 10+110)
3,241,421
2,509,536
130. Consolidated comprehensive income pertaining 
to non-controlling interests
296,805
153,397
140. Consolidated comprehensive income pertaining
to shareholders of the parent company
2,944,616
2,356,139

342
Special dividend distribution
Changes in equity instruments
Derivatives on own shares
Stock options
Share capital:)
a) ordinary shares
2,450,000
2,450,000
2,450,000
373,350
b) preference shares
1,050,000
1,050,000
1,050,000
Share premium reserve
5,988
5,988
5,988
14,489)
Reserves:
a) income
9,402,439
9,402,439
1,796,414
84,648
11,283,501 1,653,505
b) other
156,819
156,819
156,819
573,205
Valuation reserves
292,111
292,111
20,699
312,810
(48,479)
Equity instruments
-
Treasury shares
Net income (loss) for the year
2,167,414
2,167,414
(1,796,414)
(371,000)
2,923,917 2,923,917
307,892
Equity - Group
15,524,771
15,524,771
(371,000)
84,648
2,944,616 18,183,035
Equity - Non-controlling interests
2,824,163
2,824,163
(282,129)
35,123
296,805
2,873,962
Issue of new shares
Comprehensive income 
for 2012
Equity at al 31/12/2012
- Group
Balance at 31/12/2011
Balance at 01/01/2012
Reserves
Allocation of net income
for previous year
Changes in opening balance
Dividends and other allocations
Changes in reserves
Purchase of own shares
Equity at 31/12/2012
Non-controllling interests
Changes for the period
Equity transactions
Statement of changes in consolidated equity: current period
(thousands of euros)

343
CDP - 2012 Annual Report
Consolidated Financial Statements
Special dividend distribution
Changes in equity instruments
Derivatives on own shares
Stock options
Share capital:
a) ordinary shares
2,450,000
2,450,000
2,450,000
370,798
b) preference shares
1,050,000
1,050,000
1,050,000
Share premium reserve
2,601
2,601
(7)
3,394
5,988
14,073
Reserves:
a) income
7,766,169
4,245
7,770,414
1,643,556
(11,531)
9,402,439 1,976,704
b) other
196,770
196,770
(39,650)
(301)
156,819
322,849
Valuation reserves
103,386
103,386
188,725
292,111
(37,628)
Equity instruments
Treasury shares
Net income (loss) for the year
2,344,028
(472)
2,343,556
(1,643,556)
(700,000)
2,167,414 2,167,414
177,367
Equity - Group
13,912,954
3,773
13,916,727
(700,000)
(51,188) 3,394
(301)2,356,139 15,524,771
Equity - Non-controlling interests
2,887,391
8,831
2,896,222
(296,100)
62,510 8,842
(707) 153,397
2,824,163
Issue of new shares
Comprehensive income 
for 2011
Equity at 31/12/2011
- Group
Balance at 31/12/2010
Balance at 01/01/2011
Reserves
Allocation of new income
for previous year
Changes in opening balance
Dividends and other allocations
Changes in reserves
Purchase of own shares
Equity at 31/12/2011
Non-controlling interests
Changes for the period
Equity transactions
Statement of changes in consolidated  equity: previous period
(thousands of euros)

344
Consolidated cash flow statement (indirect method)
(thousands of euros)
A. OPERATING ACTIVITIES
31/12/2012
31/12/2011
1. Operations
3,271,751
4,172,460
- net income for the year (+/-)
3,231,813
2,344,781
- gains (losses) on financial assets held for trading and on financial assets/liabilities at fair value (-/+)
(162,940)
34,356
- gains (losses) on hedging activities (-/+)
7,969
(189,919)
- net impairment adjustments (+/-)
22,885
10,188
- net value adjustments to property, plant and equipment and intangible assets (+/-)
473,505
449,195
- net provisions and other costs/revenues (+/-)
12,530
89,931
- unpaid taxes and duties (+)
(103,247)
434,673
- writedowns/writebacks of equity investments (+/-)
(1,564,813)
(1,703,631)
- other adjustments (+/-)
1,354,049
2,702,886
2. Cash generated by/used in financial assets
(11,015,237)
(15,344,767)
- financial assets held for trading
(3,912,108)
266,361
- financial assets available for sale
(1,457,703)
(670,074)
- loans to banks: on demand
-
(1,124,702)
- loans to banks: other
5,979,752
(10,121,092)
- loans to customers
(7,821,578)
(3,556,636)
- other assets
(3,803,600)
(138,624)
3. Cash generated by/used in financial liabilities
38,596,185
19,309,603
- due to banks: other
14,888,842
11,513,843
- due to customers
15,232,653
6,322,894
- securities issued
53,933
2,371,295
- financial liabilities held for trading
24,241
(468,218)
- other liabilities
8,396,516
(430,211)
Cash generated by/used in operating activities
30,852,699
8,137,296
B. INVESTING ACTIVITIES
1. Cash generated by
25,989,851
1,377,280
- sale of equity investments
1,968,105
-
- dividends from equity investments
1,290,364
1,100,272
- sale of financial assets held to maturity
22,680,756
259,988
- sale of property plant and equipment
50,473
17,020
- sale of intangibles
153
2. Cash used in
(38,274,467)
(8,316,963)
- purchase of equity investments
(3,884,059)
(570,344)
- purchase of financial assets held to maturity
(32,386,816)
(6,510,089)
- purchase of property, plant and equipment
(1,893,923)
(1,183,603)
- purchase of intangible assets
(109,669)
(52,927)
Cash generated by/used in investing activities
(12,284,616)
(6,939,683)
C. FINANCING ACTIVITIES
- issue/purchase of capital instruments
-
61,200
- dividend distribution and other allocations
(653,129)
(996,100)
Cash generated by/used in financing activities
(653,129)
(934,900)
CASH GENERATED/USED DURING THE YEAR
17,914,954
262,713
Reconciliation
Items*
Cash and cash equivalents at beginning of year
124,043,263
123,780,550
Total cash generated/used during the year
17,914,954
262,713
Cash and cash equivalents at end of year
141,958,217
124,043,263
* The cash and cash equivalents reported in the cash flow statement comprise the balance of item 10 “Cash and cash equivalents”, the balance on the current account
held with the Central Treasury, which is reported under item 70 “Loans to customers” and the positive balance of the bank current accounts reported under item 60
“Loans to banks” net of current accounts with a negative balance reported under item 10 “Due to banks” under liabilities.

CDP S.p.A.
Notes to the
consolidated financial statements
2012 Annual Report

346
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
Introduction
351
PART A - ACCOUNTING POLICIES
353
A.1 - General information
353
SECTION 1 - DECLARATION OF CONFORMITY WITH THE INTERNATIONAL ACCOUNTING STANDARDS
353
SECTION 2 - GENERAL PREPARATION PRINCIPLES
353
SECTION 3 - SCOPE AND METHODS OF CONSOLIDATION
355
SECTION 4 - EVENTS SUBSEQUENT TO THE REPORTING DATE
358
SECTION 5 - OTHER ISSUES
359
A.2 - The main financial statement accounts
363
1 - FINANCIAL ASSETS HELD FOR TRADING
363
2 - FINANCIAL ASSETS AVAILABLE FOR SALE
364
3 - FINANCIAL ASSETS HELD TO MATURITY
365
4 - LOANS
366
6 - HEDGING TRANSACTIONS
368
7 - EQUITY INVESTMENTS
369
8 - PROPERTY, PLANT AND EQUIPMENT
370
9 - INTANGIBLE ASSETS
371
10 - NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE
372
11 - CURRENT AND DEFERRED TAXATION
373
12 - PROVISIONS
373
13 - DEBT AND SECURITIES ISSUED
374
14 - FINANCIAL LIABILITIES HELD FOR TRADING
374
16 - FOREIGN CURRENCY TRANSACTIONS
375
17 - INSURANCE ASSETS AND LIABILITIES
376
18 - OTHER INFORMATION
376
A.3 - Disclosures on fair value measurement
383
A.3.2 Hierarchy of fair value inputs
383
A.3.2.1 Portfolios: breakdown by level of fair value inputs
383
A.3.2.2 Change for the year in financial assets at fair value
384
A.3.2.3 Change for the year in financial liabilities at fair value
385
A.3.3 Disclosures on “day one profit/loss”
386
PART B - INFORMATION ON THE CONSOLIDATED BALANCE SHEET
387
Assets
387
SECTION 1 - CASH AND CASH EQUIVALENTS - ITEM 10
387
1.1 Cash and cash equivalents: composition
387
SECTION 2 - FINANCIAL ASSETS HELD FOR TRADING - ITEM 20
388
2.1 Financial assets held for trading: composition by type
388

347
CDP - 2012 Annual Report
2.2 Financial assets held for trading: composition by debtor/issuer
391
2.3 On-balance-sheet financial assets held for trading: change for the year
392
SECTION 4 - FINANCIAL ASSETS AVAILABLE FOR SALE - ITEM 40
393
4.1 Financial assets available for sale: composition by type
393
4.2 Financial assets available for sale: composition by debtor/issuer
393
4.4 Financial assets available for sale: change for the year
394
SECTION 5 - FINANCIAL ASSETS HELD TO MATURITY - ITEM 50
395
5.1 Financial assets held to maturity: composition by type
395
5.2 Financial assets held to maturity: debtor/issuer
397
5.4 Financial assets held to maturity: change for the year
397
SECTION 6 - LOANS TO BANKS - ITEM 60
398
6.1 Loans to banks: composition by type
398
6.2 Loans to banks: assets hedged specifically
399
SECTION 7 - LOANS TO CUSTOMERS - ITEM 70
400
7.1 Loans to customers: composition by type
400
7.2 Loans to customers: composition by debtor/issuer
401
7.3 Loans to customers: assets hedged specifically
402
SECTION 8 - HEDGING DERIVATIVES - ITEM 80
403
8.1 Hedging derivatives: composition by type of hedge and level of inputs
403
8.2 Hedging derivatives: composition by hedged portfolio and type of hedge
(carrying amount)
403
SECTION 10 - EQUITY INVESTMENTS - ITEM 100
404
10.1 Equity investments in joint ventures (accounted for with equity method) 
and in companies subject to significant influence: information on investments
404
10.2 Equity investments in joint ventures and in companies subject 
to significant influence: accounting data
406
10.3 Equity investments: change for the year
407
10.4 Obligations relating to joint ventures
408
10.5 Obligations relating to companies subject to significant influence
408
SECTION 11 - REINSURERS’ SHARE OF TECHNICAL PROVISIONS - ITEM 110
409
11.1 Reinsurers’ share of technical provisions: composition
409
SECTION 12 - PROPERTY, PLANT AND EQUIPMENT - ITEM 120
410
12.1 Property, plant and equipment: composition of assets measured at cost
410
12.3 Operating property, plant and equipment: change for the year
411
12.4 Investment property: change for the year
414
12.5 Commitments to purchase property, plant and equipment
414
SECTION 13 - INTANGIBLE ASSETS - ITEM 130
415
13.1 Intangible assets: composition by category
415
13.2 Intangible assets: change for the year
416
SECTION 14 - TAX ASSETS AND LIABILITIES - ITEM 140 OF ASSETS AND ITEM 80 OF LIABILITIES
420
14.1 Deferred tax assets: composition
420
14.2 Deferred tax liabilities: composition
421
Consolidated Financial Statements

348
14.3 Changes in deferred tax assets (recognised in income statement)
422
14.4 Changes in deferred tax liabilities (recognised in income statement)
423
14.5 Changes in deferred tax assets (recognised in equity)
424
14.6 Changes in deferred tax liabilities (recognised in equity)
425
SECTION 16 - OTHER ASSETS - ITEM 160
426
16.1 Other assets: composition
426
Liabilities
427
SECTION 1 - DUE TO BANKS - ITEM 10
427
1.1 Due to banks: composition by type
427
1.4 Due to banks: liabilities hedged specifically
427
SECTION 2 - DUE TO CUSTOMERS - ITEM 20
428
2.1 Due to customers: composition by type
428
2.3 Breakdown of item 20 “Due to customers”: structured liabilities
428
2.4 Due to customers: liabilities hedged specifically
429
2.5 Liabilities in respect of finance leases
429
SECTION 3 - SECURITIES ISSUED - ITEM 30
430
3.1 Securities issued: composition by type
430
3.3 Breakdown of item 30 “Securities issued”: securities hedged specifically
431
SECTION 4 - FINANCIAL LIABILITIES HELD FOR TRADING - ITEM 40
432
4.1 Financial liabilities held for trading: composition by type
432
SECTION 6 - HEDGING DERIVATIVES- ITEM 60
433
6.1 Hedging derivatives: composition by type of hedge and level of inputs
433
6.2 Hedging derivatives: composition by hedged portfolio and type of hedge
433
SECTION 7 - VALUE ADJUSTMENTS OF LIABILITIES COVERED BY MACRO-HEDGES - ITEM 70
434
7.1 Value adjustments of hedged financial liabilities
434
7.2 Liabilities covered by macro-hedges against interest rate risk: composition
434
SECTION 8 - TAX LIABILITIES - ITEM 80
434
SECTION 10 - OTHER LIABILITIES - ITEM 100
435
10.1 Other liabilities: composition
435
SECTION 11 - STAFF SEVERANCE PAY - ITEM 110
436
11.1 Staff severance pay: change for the year
436
SECTION 12 - PROVISIONS - ITEM 120
436
12.1 Provisions: composition
436
12.2 Provisions: change for the year
437
12.4 Provisions - Other provisions
437
SECTION 13 - TECHNICAL PROVISIONS - ITEM 130
438
13.1 Technical provisions: composition
438
SECTION 15 - GROUP EQUITY - ITEMS 140, 170, 180, 190, 210 AND 220
439
15.1 “Share capital” and “Treasury shares”: composition
439

349
15.2 Share capital - Number of shares of the parent company: change for the year
440
15.4 Income reserves: additional information
441
SECTION 16 - NON-CONTROLLING INTERESTS - ITEM 210
441
16.1 Equity instruments: composition and change for the year
441
OTHER INFORMATION
442
1. Guarantees issued and commitments
442
2. Assets pledged as collateral for own debts and commitments
443
3. Information on operating leases
443
5. Management and intermediation services
444
PART C - INFORMATION ON THE CONSOLIDATED INCOME STATEMENT
445
SECTION 1 - INTEREST - ITEMS 10 AND 20
445
1.1 Interest income and similar revenues: composition
445
1.4 Interest expense and similar charges: composition
446
1.5 Interest expense and similar charges: differences on hedging transactions
446
SECTION 2 - COMMISSIONS - ITEMS 40 AND 50
447
2.1 Commission income: composition
447
2.2 Commission expense: composition
448
SECTION 3 - DIVIDENDS AND SIMILAR REVENUES - ITEM 70
449
3.1 Dividends and similar revenues: composition
449
SECTION 4 - NET GAIN (LOSS) ON TRADING ACTIVITIES - ITEM 80
450
4.1 Net gain (loss) on trading activities: composition
450
SECTION 5 - NET GAIN (LOSS) ON HEDGING ACTIVITIES - ITEM 90
451
5.1 Net gain (loss) on hedging activities: composition
451
SECTION 6 - GAINS (LOSSES) ON DISPOSAL OR REPURCHASE - ITEM 100
452
6.1 Gains (losses) on disposal or repurchase: composition
452
SECTION 8 - NET IMPAIRMENT ADJUSTMENTS - ITEM 130
453
8.1 Net impairment adjustments of loans: composition
453
8.4 Net impairment adjustments of other financial transactions: composition
454
SECTION 11 - GENERAL AND ADMINISTRATIVE EXPENSES - ITEM 180
455
11.1 Staff costs: composition
455
11.2 Average number of employees by category
455
11.3 Defined-benefit company pension plans: total costs
456
11.4 Other employee benefits
456
11.5 Other administrative expenses: composition
457
SECTION 12 - NET PROVISIONS - ITEM 190
458
12.1 Net provisions: composition
458
SECTION 13 - NET ADJUSTMENTS OF PROPERTY, PLANT AND EQUIPMENT - ITEM 200
459
13.1. Net adjustments of property, plant and equipment: composition
459
CDP - 2012 Annual Report
Consolidated Financial Statements

350
SECTION 14 - NET ADJUSTMENTS OF INTANGIBLE ASSETS - ITEM 210
460
14.1 Net adjustments of intangible assets: composition
460
SECTION 15 - OTHER OPERATING COSTS AND INCOME - ITEM 220
461
15.1 Other operating costs: composition
461
15.2 Other operating income: composition
461
SECTION 16 - GAINS (LOSSES) ON EQUITY INVESTMENTS - ITEM 240
462
16.1 Gains (losses) on equity investments: composition
462
SECTION 19 - GAINS (LOSSES) ON DISPOSAL OF INVESTMENTS - ITEM 270
463
19.1 Gains (losses) on disposal of investments: composition
463
SECTION 20 - INCOME TAX FOR THE PERIOD ON CONTINUING OPERATIONS - ITEM 290
463
20.1 Income tax for the period on continuing operations: composition
463
20.2 Reconciliation of theoretical tax liability and actual tax liability recognised
464
SECTION 21 - INCOME (LOSS) AFTER TAX OF DISPOSAL GROUPS HELD FOR SALE - ITEM 310
465
21.1 Income (loss) after tax on disposal groups need for sale: composition
465
21.2 Breakdown of income taxes on disposal groups held for sale
465
SECTION 22 - NET INCOME (LOSS) PERTAINING TO NON-CONTROLLING INTERESTS - ITEM 330
465
22.1 Breakdown of item 330 “Net income (loss) pertaining 
to non-controlling interests”
465
PART D - CONSOLIDATED COMPREHENSIVE INCOME
466
PART E - INFORMATION ON RISKS AND RELATED HEDGING POLICIES
467
SECTION 1 - THE RISKS OF THE BANKING GROUP
468
SECTION 2 - THE RISKS OF INSURANCE UNDERTAKINGS
511
SECTION 3 - THE RISKS OF OTHER ENTITIES
516
PART F - CONSOLIDATED CAPITAL
529
PART G - BUSINESS COMBINATIONS
530
PART H - TRANSACTIONS WITH RELATED PARTIES
532
PART I - SHARE-BASED PAYMENTS
534
PART L - OPERATING SEGMENTS
535
ANNEXES
539
REPORT OF THE INDEPENDENT AUDITORS
543
CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
547

STRUCTURE AND CONTENT OF THE FINANCIAL STATEMENTS
As in previous years, the Cassa Depositi e Prestiti Group (CDP) financial statements have been prepared
in accordance with the regulations of the Bank of Italy, which are set out in its circular concerning bank-
ing and financial service supervision of 22 December 2005, updated to 18 November 2009, which set
out the formats and rules for compiling bank financial statements, incorporating the introduction of In-
ternational Financial Reporting Standards (IFRSs) for bank financial reporting.
With Regulation (EC) 1606/2002 of 19 July 2002, the European Union made it compulsory, as of the
2005 financial year, to adopt the IFRSs in preparing the financial statements of EU companies that issue
equity or debt securities on a regulated market in the European Union. 
Legislative Decree 38 of 20 February 2005 was then issued in Italy in order to govern the application of:
•
the International Financial Reporting Standards (IFRSs) issued by the International Accounting Stan-
dards Board (IASB); 
•
the International Accounting Standards (IASs) issued by the International Accounting Standards Com-
mittee (IASC); 
as well as the Implementation Guidance and Basis for Conclusions adopted by the International Finan-
cial Reporting Interpretations Committee (IFRIC, formerly the Standing Interpretations Committee, or
SIC) and by the IASB.
The consolidated financial statements are expressed in euros and include the consolidated balance sheet,
the consolidated income statement, the statement of consolidated comprehensive income, the state-
ment of changes in consolidated equity, the consolidated cash flow statement and these explanatory
notes to the financial statements, as well as the directors’ report on operations. 
The consolidated financial statements present a clear, true and fair overview of the company’s financial
performance and standing.
BASIS OF PRESENTATION
In line with the rules issued by the Bank of Italy, the financial statements and the tables in the notes to
the financial statements are expressed, unless otherwise specified, in thousands of euros.
Accounts with zero balances for both the current and prior period have been excluded. 
The figures in the tables of the notes to the financial statements have been rounded to the nearest thou-
sand, and the rounded totals for the various figures are obtained by summing the rounded balances of
the items making up such totals.
The cash and cash equivalents reported in the cash flow statement comprise the balance of item 10
“Cash and cash equivalents” of the balance sheet, the balances on the current account held with the
Introduction
351
CDP - 2012 Annual Report
Consolidated Financial Statements

352
Central State Treasury reported under item 70 “Loans to customers” and the positive balance on bank
accounts reported under item 60 “Loans to banks” net of current accounts with a negative balance re-
ported under item 10 “Due to banks” of liabilities.
The parts of the notes to the financial statements provided for in the Bank of Italy circular of 22 De-
cember 2005 that have not been reported regard issues that do not apply to the CDP Group.
COMPARISON AND DISCLOSURE
As detailed below, the notes to the financial statements provide all of the information required by law,
as well as any supplemental information deemed necessary in order to provide a true and fair presenta-
tion the company’s financial performance and standing. 
The tables and other details required by the Bank of Italy have been numbered in accordance with the
parts and sections specified in Annex “B” of the supervisory instructions issued by the Bank of Italy.
Tables with no amounts for both 2012 and 2011 have been omitted.
COMPARISON WITH 2011
As discussed more extensively in the report on operations, the scope of consolidation of the Group ex-
panded considerably as a result of CDP’s acquisition of interests in Fintecna, SACE and SIMEST. In the
light of the comments in Part G, Section 1, the income statement of those companies have not been
consolidated, while their balance sheets have been included. 
CDP SEGREGATED ASSET POOLS
The parent company, CDP, holds the covered bond segregate asset pool. This is not a segregated asset
pool as defined by the Italian Civil Code, but rather a separation related to certain CDP assets for which
CDP has established guarantees/liens on the cash flows for the holders of the covered bonds issued,
which enables the bond itself to have a higher rating than that of the issuer.
The separation initially regarded the future cash flows from the financial assets (loans), which constitut-
ed the collateral of the related bond issue. Since November 2011, that collateral has been replaced with
a tied cash deposit on a segregated account that can be invested in eligible securities (rated AAA).
The assets are in the accounts with an “of which” indication on the financial statements.
AUDITING OF THE FINANCIAL STATEMENTS
The audit of the CDP Group consolidated financial statements was performed by PricewaterhouseC-
oopers S.p.A., in execution of the shareholder resolution of 25 May 2011 which engaged this firm to
audit the financial statements and accounts for the period 2011-2019.

A.1 - General information
SECTION 1 - DECLARATION OF CONFORMITY WITH THE INTERNATIONAL ACCOUNTING
STANDARDS
These financial statements have been prepared in accordance with the International Financial Reporting
Standards (IFRSs) issued by the IASB (and related IFRIC and SIC interpretations) endorsed by the Euro-
pean Commission and with the Bank of Italy circular of 22 December 2005 updated to 18 November
2009, which establishes the required format of the financial statements and related methods of prepa-
ration, as well as the content of the related notes.
SECTION 2 - GENERAL PREPARATION PRINCIPLES
The financial statements have been prepared in accordance with the IFRSs issued by the IASB (including
the SIC and IFRIC interpretations) endorsed by the European Commission pursuant to Regulation (EC)
1606 of 19 July 2002. 
For the purposes of interpretation and to provide support in applying these standards, the following doc-
uments have also been considered, although they have not been endorsed by the European Commission:
•
the Framework for the Preparation and Presentation of Financial Statements (issued by the Interna-
tional Accounting Standards Board in 2001);
•
Implementation Guidance, Basis for Conclusions, IFRIC interpretations, and any other documenta-
tion prepared by the IASB or IFRIC to supplement the IFRSs;
•
Interpretation documents concerning the application of the IFRSs in Italy, prepared by the Organis-
mo Italiano di Contabilità (Italian Accounting Board; OIC) and by the Italian Banking Association (ABI).
Where the information required by the IFRSs and the regulations of the Bank of Italy is deemed to be in-
adequate in presenting the company’s financial standing in a true and fair manner, the notes to the fi-
nancial statements also include supplemental information for such purpose. 
The financial statements have been prepared on an accruals and going-concern basis. The general prin-
ciples of the materiality and significance of information and the prevalence of substance over form have
also been taken into account.
PART A - ACCOUNTING POLICIES
353
CDP - 2012 Annual Report
Consolidated Financial Statements

354
No assets have been offset with liabilities, nor revenues with costs, unless expressly required or allowed
by the instructions of the Bank of Italy or by an accounting standard or a related interpretation.
In the tables of the notes to the financial statements, the contribution of companies that do not belong
to the banking group to the various line items is reported only if significant.
Use of estimates
The application of international accounting standards in preparing the consolidated financial statements
requires the CDP Group to formulate estimates for certain balance sheet items that are considered rea-
sonable and realistic on the basis of the information available at the time the estimate is made. Such es-
timates impact the carrying amount of the assets and liabilities and the disclosures on contingent assets
and liabilities as of the reporting date, as well as the amounts reported for revenues and costs for the
period under review.
Changes in the conditions underpinning the judgements, assumptions and estimates used could also
have an impact on future results.
The main areas in which management is required to make subjective assessments are:
•
the quantification of impairment losses on loans, equity investments and, in general, other financial
assets; 
•
the use of valuation techniques to determine the fair value of financial instruments not quoted on
an active market;
•
the quantification of provisions for employees and provisions for liabilities and contingencies; 
•
the estimates and assumptions used in assessing the recoverability of deferred tax assets and inter-
pretive issues concerning accounting treatment; 
•
the statistical and financial assumptions used in estimating repayment flows on postal savings prod-
ucts;
•
the technical provisions of insurance undertakings. 
The description of the accounting treatment used for the main financial statement items provides details
on the main assumptions and assessments used in preparing the consolidated financial statements.

355
SECTION 3 – SCOPE AND METHODS OF CONSOLIDATION
Subsidiaries are consolidated on a line-by-line basis, while companies subject to joint control or signifi-
cant influence are accounted for using the equity method. An exception is made for a number of con-
trolling interests in companies in liquidation or subsidiaries in the start-up phase without assets and lia-
bilities, whose contribution to the consolidated financial statements is immaterial.
The financial statements of the subsidiaries used for line-by-line consolidation are those at 31 December
2012, as approved by their competent corporate bodies, adjusted as necessary to harmonise them with
the Group accounting policies and reclassified on the basis of the formats established by the Bank of
Italy in circular no. 262 of 22 December 2005, updated to 18 November 2009.
The following table reports the companies included in the scope of consolidation on a full line-by-line
basis.
CDP - 2012 Annual Report
Consolidated Financial Statements

356
Equity investments in subsidiaries and joint ventures (consolidated proportionately)
Type of
Equity investment
% of
Name
Registered 
relationship
Investor
%
votes
office
(1)
holding
(2)
A. Enterprises
A.1 Consolidated on a line-by-line basis
1. Terna S.p.A.
Rome
2
CDP S.p.A.
29.85%
29.85%
2. CDP Investimenti SGR S.p.A.
Rome
1
CDP S.p.A.
70.00%
70.00%
3. Fondo Strategico Italiano S.p.A
Milan
1
CDP S.p.A.
90.00%
90.00%
Fintecna S.p.A.
10.00%
10.00%
4. CDP GAS S.r.l.
Rome
1
CDP S.p.A.
100.00%
100.00%
5. SunTergrid S.p.A.
Rome
1
Terna S.p.A.
100.00%
100.00%
6. Terna Rete Italia S.p.A.
Rome
1
Terna S.p.A.
100.00%
100.00%
7. Terna Rete Italia S.r.l.
Rome
1
Terna S.p.A.
100.00%
100.00%
8. Terna Crna Gora
Podgorica
1
Terna S.p.A.
100.00%
100.00%
9. Rete Solare S.r.l
Rome
1
SunTergrid S.p.A.
100.00%
100.00%
10. Terna Plus S.r.l
Rome
1
Terna S.p.A.
100.00%
100.00%
11. Terna Storage
Rome
1
Terna Plus S.r.l.
100.00%
100.00%
12. CDP RETI S.r.l.
Rome
1
CDP S.p.A.
100.00%
100.00%
13. SACE S.p.A.
Rome
1
CDP S.p.A.
100.00%
100.00%
14. SACE BT S.p.A.
Rome
1
SACE S.p.A.
100.00%
100.00%
15. SACE Fct S.p.A.
Rome
1
SACE S.p.A.
100.00%
100.00%
16. SACE SRV S.r.L.
Rome
1
SACE BT S.p.A.
100.00%
100.00%
17. Fintecna S.p.A.
Rome
1
CDP S.p.A.
100.00%
100.00%
18. Fincantieri S.p.A
Trieste
1
Fintecna S.p.A.
99.36%
99.36%
19. Quadrante S.p.A.
Rome
1
Fintecna S.p.A.
100.00%
100.00%
20. Fintecna Immobiliare S.r.l.
Rome
1
Fintecna S.p.A.
100.00%
100.00%
21. Ace Marine LLC
Wisconsin - WI - USA
1
Fincantieri Marine Group LLC
100.00%
100.00%
22. Bacini di Palermo S.p.A.
Palermo
1
Fincantieri S.p.A.
100.00%
100.00%
23. Centro per gli Studi di Tecnica Navale CETENA S.p.A.
Genoa
1
Fincantieri S.p.A.
71.10%
71.10%
24. Delfi S.r.l.
Follo (SP)
1
Fincantieri S.p.A.
51.00%
51.00%
25. FMSNA YK
Sasebo-Nagasaki-Japan
1
Fincantieri Marine Systems North America Inc.
100.00%
100.00%
26. Fincantieri do Brasil Participações S.A.
Brazil
1
Fincantieri S.p.A.
80.00%
80.00%
27. Fincantieri Holding B.V.
Amsterdam - NL
1
Fincantieri S.p.A.
100.00%
100.00%
28. Fincantieri Marine Group Holdings Inc.
Green Bay - WI - USA
1
Fincantieri USA Inc.
87.44%
87.44%
29. Fincantieri Marine Group LLC
Marinette - WI - USA
1
Fincantieri Marine Group Holdings Inc.
100.00%
100.00%
30. Fincantieri Marine Systems North America Inc.
Chesapeake - VI - USA
1
Fincantieri Holding B.V.
100.00%
100.00%
31. Fincantieri Oil & Gas S.p.A.
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
32. Fincantieri USA Inc.
Wilmington - DE - USA
1
Fincantieri S.p.A.
86.02%
86.02%
33. Gestione Bacini La Spezia S.p.A.
Muggiano (SP)
1
Fincantieri S.p.A.
99.89%
99.89%
34. Giardino Tiburtino S.p.A.
Rome
1
Fintecna Immobiliare S.r.l
100.00%
100.00%
35. Isotta Fraschini Motori S.p.A.
Bari
1
Fincantieri S.p.A.
100.00%
100.00%
36. Marinette Marine Corporation LLC
Wisconsin - WI - USA
1
Fincantieri Marine Group LLC
100.00%
100.00%
37. Quadrifoglio Palermo S.r.l.
Rome
1
Fintecna Immobiliare S.r.l
100.00%
100.00%
38. Quadrifoglio R.E. S.r.l.
Rome
1
Fintecna Immobiliare S.r.l
100.00%
100.00%
39. Società per l’esercizio di attività finanziarie SEAF S.p.A.
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
40. Seastema S.p.A.
Genoa
1
Fincantieri S.p.A.
50.00%
50.00%
41. Valcomp Uno S.r.l.
Rome
1
Fintecna Immobiliare S.r.l
100.00%
100.00%
42. XXI Aprile S.r.l.
Rome
1
Fintecna S.p.A.
100.00%
100.00%
43. SIMEST SpA
Rome
1
CDP S.p.A.
76.005%
76.005%
A.2
Consolidated proportionately
Key
(1) Type of relationship
1 = Majority of voting rights in ordinary shareholdersí meeting
2 = Dominant influence in ordinary shareholdersí meeting
3 = Agreements with other shareholders
4 = Other form of control
5 = Unitary management pursuant to Article 26.1 of Legislative Decree 87/92
6 = Unitary management pursuant to Article 26.2 of Legislative Decree 87/92
7 = Joint control
(2) Actual percentage of votes in ordinary shareholdersí meeting, distinguishing between effective and potential votes

357
Compared with 31 December 2011, the greatest changes in the scope of full consolidation are repre-
sented by the entry of Fintecna, SACE and SIMEST and their respective subsidiaries and associates.
Full line-by-line consolidation
Full consolidation involves the line-by-line incorporation of the aggregates of the balance sheets and in-
come statements of subsidiaries. After the allocation to non-controlling interests, reported as a separate
item, of their share of equity and net income, the value of the equity investment is cancelled against the
residual value of the equity of the subsidiary.
Assets, liabilities, revenues and costs in respect of intercompany transactions between the consoldiated
companies are eliminated entirely.
Acquisitions of companies are accounted for using the “acquisition method” provided for under IFRS 3,
as modified by Regulation 495/2009, under which the identifiable assets acquired and the identfiable
assets assumed (including contingent liabilities) are recognised at their respective fair values at the ac-
quisition date. 
For the newly acquired companies, the difference between the purchase price and the equity is provisional-
ly allocated to goodwill if positive or to liabilities under item 100 “Other liabilities” if negative, net of any
goodwill in the balance sheets of the acquirees. In accordance with IFRS 3, paragraph 45 et seq., the differ-
ence resulting from the tranaction must be allocated definitively within 12 months of the acquisition date. If
positive, the difference is recognised – after any allocation to the elements of the assets and liabilities of the
subsidiary – as goodwill under intangible assets. If negative, it is recognised as a gain through profit or loss.
The acquisition method is applied as from the moment in which control of the acquiree is effectively ac-
quired.
With regard to the companies that entered the scope of consolidation in 2012, in view of the fact that
the operation was completed close to the end of the year and considering the structure of the transac-
tion, which involved the transfer of the shares before the determination of the final price, only the bal-
ance sheets of the acquirees were consolidated as at 31 December 2012.
It is felt that the final prices of the SACE Group and SIMEST were calculated, or will be calculated in the
case of the Fintecna Group, using an approach that reflects the results of the companies in the period
between the transfer of control and the date of the MEF decrees that set, or will set, the final prices.
Accordingly, in the 2012 consolidated financial statements the new companies make no contribution to
the overall performance of the CDP Group. 
Accounting for companies using the equity method
Associates and joint ventures are accounted for using the equity method.
CDP - 2012 Annual Report
Consolidated Financial Statements

358
For joint ventures, CDP opted to use the equity method instead of proportionate consolidation, as per-
mitted under IAS 31.
The equity method involves initial recogntion of the equity interest at cost, which is subsequently ad-
justed on the basis of the share held in the equity of the investee.
The difference between the value of the equity interest and the share held of the equity of the investee
is included in the carrying amount of the investee.
The share of profit or loss of the investee is recognised in a specific item of the consolidated income state-
ment.
If there is evidence of impairment of the value of an equity invesment, the recoverably value of the in-
terest is estimated, calculating the present value of the future cash flows that the investment could gen-
erate, including the final disposal value of the interest. If the recoverable value is less than the carrying
amount, the difference is recognised through profit or loss.
The consolidation of joint ventures and investments in associates was based on the most recent finan-
cial statements (annual or interim) approved by the companies.
The investments in Kedrion Group S.p.A. and Metroweb Italia S.p.A., both of which are under joint con-
trol, were recognised at 31 December 2012 at their purchase price, taking account of the completion of
the transactions in the second half of 2012. 
As provided for under IFRS 3, paragraph 45, the purchase price allocation process will be completed with-
in twelve months of the acquisition.
SECTION 4 - EVENTS SUBSEQUENT TO THE REPORTING DATE
During the period between the reporting date for the consolidated financial statements and their ap-
proval by the Board of Directors on 20 March 2013, no events occurred that would require an adjust-
ment to the figures approved or the provision of additional information other than that reported here
below. 
As regards the major transactions carried out in that period: 
•
please see the comments in Part B, Section 15 of liabilities – Group equity with regard to the con-
version of the preference shares of the parent company;
•
please see Part G, Section 2 – Business combinations carried out after the close of the year for more
information on the acquisition of 50.75% of STX OSV by the subsidiary Fincantieri; on 1 March
2013, in compliance with the joint venture agreement signed the previous 3 February, the subsidiary
Fondo Strategico Italiano (FSI) and Qatar Holding LLC (QH), with a 50% interest, incorporated “IQ
Made in Italy Investment Company S.p.A.”. The agreements provide for initial capital of €300 mil-
lion and additional capital increases totalling €2 billion following approval of specific investments
by FSI and QH.

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SECTION 5 - OTHER ISSUES
Accounting standards that will enter force in subsequent financial years
As required under IAS 8 – Accounting policies, changes in accounting estimates and errors, the follow-
ing section briefly discusses new accounting standards and related interpretations that have already been
issued but have not yet entered force or have not yet been endorsed by the European Union and are
therefore not applicable. 
Amendments to IFRS 1 - First time adoption of International Financial Reporting Standards
(Revised) 
The amendments to IFRS 1 eliminate the reference it contains to 1 January 2004 as the date of transi-
tion to the IFRSs and provide guidance on presentation of the financial statements in accordance with
the IFRSs after a period of hyperinflation. More specifically, the amendments specify that if an entity
should decide, upon transition to the IFRSs, to measure its assets and liabilities at fair value and to adopt
that fair value as deemed cost in their first IFRS financial statements, in cases of severe hyperinflation the
first IFRS financial statements shall disclose how, and why, it had, and then ceased to have, a function-
al currency with both of the following the characteristics: 
(a) a reliable general price index is not available to all entities with transactions and balances in the currency; 
(b) exchangeability between the currency and a relatively stable foreign currency does not exist.
The endorsement of the amendments, with Regulation (EC) 1255/2012 of 11 December 2012, estab-
lishes that the amendments will enter force for reporting periods beginning on or after 1 January 2013,
although the IASB had established an effective date of on or after 1 January 2012. 
Amendment to IAS 12 - Income taxes 
The amendment of IAS 12 requires entities to measure deferred tax liabilities arising from an asset in re-
lation to the way the carrying amount of the asset will be recovered (through continuing use or through
a sale). Following the amendment, SIC 21 – Income taxes – Recovery of revalued non-depreciable assets
was withdrawn. 
The endorsement of the amendment, with Regulation (EC) 1255/2012 of 11 December 2012, estab-
lishes that the amendment will enter force for reporting periods beginning on or after 1 January 2013,
although the IASB had established an effective date of on or after 1 January 2012.
IFRS 9 - Financial instruments 
IFRS 9 represents the first of the three phases of the project to replace IAS 39 – Financial instruments:
Recognition and measurement, the main objective of which being reduce its complexity. 
The scope of application of IFRS 9 was narrowed to financial assets only: the classification and mea-
surement of financial liabilities remains governed by IAS 39 for now. 
The endorsement process for IFRS 9 has been suspended. 
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IFRS 10 - Consolidated financial statements 
IFRS 10 – Consolidated financial statements, replaces and supplements part of IAS 27 – Consolidated
and separate financial statements and SIC 12 – Consolidation – Special purpose entities. IFRS 10 pro-
vides a single model for the consolidated financial statements under which control is the basis for con-
solidation of all types of entity. The new standard also provides additional guidance on determining
whether control exists in cases in which this is difficult to assess. 
The IASB had established an effective date for the standard of on or after 1 January 2013. However, the
European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 December 2012,
postponed its entry into force until reporting periods beginning on or after 1 January 2014. 
IFRS 11 - Joint arrangements 
IFRS 11 – Joint arrangements, replaces IAS 31 – Interests in joint ventures and SIC 13 – Jointly controlled
entities – Non-monetary contributions by venturers, and establishes accounting rules for entities who are
parties to joint arrangements. While the previous standards focused on the legal form of the arrange-
ment in dictating its accounting treatment, IFRS 11 focuses on the nature of the related rights and oblig-
ations arising from the arrangement itself. In particular, the new standard does not permit the propor-
tionate consolidation of joint ventures, which must only be accounted for using the equity method. 
The IASB had established an effective date for the standard of on or after 1 January 2013. However, the
European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 December 2012,
postponed its entry into force until reporting periods beginning on or after 1 January 2014. 
IFRS 12 - Disclosure of interests in other entities 
IFRS 12 – Disclosure of interests in other entities, combines, strengthens and replaces the disclosure re-
quirements concerning interests in subsidiaries, joint arrangements, associates and unconsolidated struc-
tured entities. It sets out mandatory disclosures for all types of investment in other entities, including
subsidiaries, joint ventures, associates and special purpose entities. IFRS 12 replaces the provisions pre-
viously includes in IAS 27 – Separate financial statements, in IAS 28 – Investments in associates and IAS
31 – Interests in joint ventures. 
The IASB had established an effective date for the standard of on or after 1 January 2013. However, the
European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 December 2012,
postponed its entry into force until reporting periods beginning on or after 1 January 2014. 
IAS 27 - Separate financial statements (Revised) 
IAS 27 – Separate financial statements was revised after the issue of IFRS 10, which includes new provi-
sions concerning the consolidated financial statements that had previously been included in IAS 27. IAS
27 (Revised) retains its provisions concerning the accounting treatment of investments in subsidiaries, as-
sociates and joint ventures in the separate financial statements. 
The IASB had established an effective date for the new version of the standard of on or after 1 January 2013.
However, the European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 De-
cember 2012, postponed its entry into force until reporting periods beginning on or after 1 January 2014.

361
IAS 28 - Investments in associates and joint ventures (Revised) 
IAS 28 – Investments in associates and joint ventures was revised in order to bring it into line with the new
provisions of IFRS 10 and IFRS 11. IAS 28 (Revised) includes new provisions concerning the accounting treat-
ment of joint ventures, which, as with associates, shall be accounted for using the equity method. 
The IASB had established an effective date for the new version of the standard of on or after 1 January 2013.
However, the European Commission, in endorsing the standard with Regulation (EC) 1254/2012 of 11 De-
cember 2012, postponed its entry into force until reporting periods beginning on or after 1 January 2014. 
IFRS 13 - Fair value measurement
IFRS 13 – Fair value measurement provides a precise definition of fair value and sets out, in a single stan-
dard, guidelines for measuring fair value and the disclosures concerning the valuation techniques adopt-
ed. The new standard represents a single IFRS framework to be used for the measurement of fair value
and offers full guidance on how to measure the fair value of financial and non-financial assets and lia-
bilities. It does not introduce significant changes in the use of fair value, but rather establishes how it
should be measured when its use is required or permitted. 
The standard forms part of a more general project for the convergence of international accounting stan-
dards and US GAAP. It will enter force for reporting periods beginning on or after 1 January 2013, and
was endorsed by the European Union with Regulation (EC) 1255/2012 of 11 December 2012. 
IAS 19 - Employee benefits (Revised) 
The revised version of IAS 19 – Employee benefits introduces significant changes and clarifications con-
cerning the accounting treatment of employee benefits. More specifically, it eliminates the option of de-
ferring recognition of part of actuarial gains and losses (the “corridor method”). “Remeasurements” of
the net liability for defined benefits, comprising actuarial gains and losses; the return on plan assets; and
changes in the effect of the asset ceiling are recognized under other comprehensive income. 
The amendments, which will enter force for reporting periods beginning on or after 1 January 2013,
were endorsed by the European Union with Regulation (EC) 475/2012 of 5 June 2012. 
Amendments to IAS 1 - Presentation of financial statements
The amendments of IAS 1 – Presentation of financial statements introduce changes in the aggregation
of items in the statement of other comprehensive income. More specifically, the amendments call for the
separate presentation of items of other comprehensive income (OCI) that can be reclassified to profit or
loss in the future and those that because of their nature will never be recycled. 
The amendments, which entered force for reporting periods beginning on or after 1 July 2012, were en-
dorsed by the European Union with Regulation (EC) 475/2012 of 5 June 2012. 
Amendments to IFRS 10, IFRS 11 and IFRS 12 
The amendments govern the transition to the new accounting standards. The amendments will enter
force for reporting periods beginning on or after 1 January 2013 and have not yet been endorsed by the
European Union. In addition, the ARC has postponed the effective date by a year. 
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Amendment of IFRS 1 – Government loans 
The amendment, issued on 13 March 2012, allows first-time adopters of the IFRS to not recognise the
benefit arising from government loans at a below-market interest rate as government assistance. 
The amendment will enter force for reporting periods beginning on or after 1 January 2013 but has not
yet been endorsed by the European Union. 
Amendments to IFRS 7 and IAS 32: Offsetting financial assets and financial liabilities 
The amendments of IFRS 7 establish additional quantitative disclosures to enable users to compare and
reconcile disclosures made in application of the IFRS more effectively. The amendments modify both IFRS
7 and IAS 32. However, the European Commission, in endorsing the standard with Regulation (EC)
1256/2012 of 11 December 2012, established different effective dates: 
•
the amendments to IFRS 7 (paragraphs IN 89, 13A-13F, and B40-B53) will enter force for reporting
periods beginning on or after 1 January 2013; 
•
the amendments of IAS 32 will enter force for reporting periods will enter force for reporting peri-
ods beginning on or after 1 January 2014. 
Other information
The Board of Directors approve the consolidated financial statements of CDP, which will be published in
accordance with the procedures provided for in the regulations applicable to CDP.
The consolidated taxation mechanism
For the period 2012-2014, the parent company has opted, in its capacity as the consolidating entity, to
adopt the “consolidated taxation mechanism” introduced with Legislative Decree 344 of 12 December
2003 together with the subsidiaries Fondo Strategico Italiano S.p.A. and CDP GAS S.r.l.

The following pages provide a description of the accounting policies adopted in preparing the financial
statements.
1 - FINANCIAL ASSETS HELD FOR TRADING
“Financial assets held for trading” (item 20) includes all financial assets, regardless of type (debt securi-
ties, equity, loans, derivatives, etc.), allocated to the trading portfolio and held for the purpose of gen-
erating profits over the short term as a result of changes in the price of such instruments, as well as the
derivative contracts operationally connected with financial liabilities measured at fair value (under the
fair value option) and derivatives with a positive value, including those resulting from the separation of
embedded derivatives, that are not deemed to be effective for hedging purposes. 
Financial assets held for trading meet the following prerequisites:
•
they are purchased with the intention of being sold in the short term;
•
they are a part of a portfolio of identified financial instruments that are managed together and for
which there is evidence of a recent actual pattern of short-term profit-taking;
•
they are derivatives (with the exception of derivatives that are designated and effective hedging in-
struments).
Such financial assets are initially recognised at fair value, which generally equals the amount paid or re-
ceived net of transactions costs or income. Where the amount paid is different from the fair value, the
financial asset is recognised at fair value, and the difference between the two amounts is recognised
through profit or loss. Initial recognition is carried out at the subscription date for derivative contracts
and on the settlement date for debt and equity securities, with the exception of those for which deliv-
ery is governed by conventions on the market concerned, for which initial recognition is at the settle-
ment date.
Financial assets held for trading also include derivative contracts embedded in other financial instruments
or contracts and which have financial and risk characteristics that are not correlated with the host in-
strument or which meet the requirements to be classified themselves as derivative contracts, recognis-
ing them separately after separating the embedded derivative from the main contract, which is then
treated in accordance with the accounting rules for its own category. This is not done in cases in which
the compound instrument containing the derivative is measured at fair value through profit or loss. 
The financial instruments are measured subsequently at fair value based on the official prices as of the re-
porting date if they are listed on active markets. For financial instruments, including equity, not listed on
active markets, fair value is determined by using measurement techniques and information available on the
A.2 - The main financial statement accounts
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364
market, such as the price of similar instruments on an active market, discounted cash flows, option pricing
models and values registered in recent similar transactions. For equity securities and related derivative in-
struments, if the fair value obtained using such measurement techniques cannot be reliably determined,
the financial instruments are measured at cost and written down in the event of impairment losses.
If the fair value of a financial asset becomes negative, it is recognised as a financial liability held for trad-
ing.
Financial assets held for trading are derecognised when payment is received, when the contractual rights
to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third
party. Conversely, when a prevalent share of the risks and rewards associated with the financial asset is
retained, the asset remains on the balance sheet even if official title has been transferred.
The gains and losses on sale or redemption and unrealised gains and losses resulting from the fair value
measurement of the trading portfolio are reported under “Net gain (loss) on trading activities” (item 80).
The income components are recognised following the results of the measurement of the financial assets
held for trading.
2 - FINANCIAL ASSETS AVAILABLE FOR SALE
“Financial assets available for sale” (item 40) are non-derivative financial assets (debt securities, equity,
etc.) that are classified as being available for sale and not as (a) loans and receivables, (b) held-to-matu-
rity investments, or (c) financial assets at fair value through profit or loss.
Available-for-sale financial assets are initially recognised on the contract date for all financial assets, with
the exception of those for which delivery is governed by conventions on the market concerned, for which
initial recognition is carried out at the settlement date and on the disbursement date in the case of loans. 
The financial assets are initially recognised at fair value, which generally equals the amount paid or re-
ceived net of transactions costs or gains. Where the amount paid is different from the fair value, the fi-
nancial asset is recognised at fair value, and the difference between the two amounts is recognised
through profit or loss.
Following initial recognition, assets available for sale are measured at fair value, with the recognition of
the amortized cost through profit or loss, while gains or losses associated with a change in fair value are
recognised in other comprehensive income (OCI) in equity, net of tax effects, until the financial asset is
either derecognised or an impairment loss is recognised. At the time of the disposal or the recognition
of the impairment loss the accumulated gains or losses are reversed in whole or in part to profit or loss.
In the case of a partial disposal, the recycling of the valuation reserve to the income statement is carried
out on a FIFO basis.
Investments in equity instruments that are not listed on an active market and for which it is not possible
to measure fair value reliably, as well as derivatives connected to such instruments and/or that must be
settled with the delivery of such instruments, are measured at cost.
Subsequent measurement is done at fair value based on the official prices as of the reporting date if the
financial instruments are listed on active markets. For financial instruments, including equity securities,

365
not listed on active markets, fair value is determined by using measurement techniques and information
available on the market, such as the price of similar instruments on an active market, discounted cash
flows, option pricing models and values registered in recent comparable transactions. For equity securi-
ties and related derivative instruments, if the fair value obtained using such measurement techniques
cannot be reliably determined, the financial instruments are measured at cost and written down in the
event of impairment losses.
Available-for-sale financial assets undergo impairment testing to determine whether there is objective
evidence of impairment. Where the decline in the fair value of an available-for-sale security with respect
to its initial cost value is significant or prolonged, an impairment is recognised through profit or loss. A
decrease in fair value is deemed significant when is exceeds 40% of the initially recognised value and
prolonged when it continues for a period of more than 24 months. In the case of impairment of an avail-
able-for-sale security, the cumulative, unrealised change in value recorded in the equity reserve is recog-
nised in the income statement under “Net impairment adjustments of financial assets available for sale”
(item 130.b). The impairment is recognised when the purchase cost (net of any amortisation and repay-
ments of principal) of an available-for-sale financial asset exceeds its recoverable amount. The amount
of this loss is measured using specific valuation techniques and models for equity securities. Any write-
backs of investments in equity instruments are not recognised in the income statement but in an equity
reserve, while any writebacks of investments in debt instruments go through the income statement. The
value of the instrument after the writeback shall in any event not exceed the value that the instrument
would have had in the absence of the prior adjustments.
Dividends on equity instruments that are available for sale are recognised as income when the right to
receive payment is established.
In addition to the recognition of impairment losses, the cumulative gains or losses in the equity re-
serve are, as mentioned above, recognised in the income statement at the time of the sale of the as-
set. Accordingly, in the event of the disposal of an investment in available-for-sale securities, the re-
lated cumulative, unrealised change in value recorded in equity is recognised in the income state-
ment as “Gains (losses) on the disposal or repurchase of financial assets available for sale” (item
100.b). 
Available-for-sale financial assets are derecognised when payment is received, when the contractual rights
to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third
party. Conversely, when a prevalent share of the risks and rewards associated with the financial asset is
retained, the asset remains on the balance sheet even if official title has been transferred.
3 - FINANCIAL ASSETS HELD TO MATURITY
Financial assets held to maturity include financial assets other than derivatives with fixed or determinable
payments and fixed maturity that an entity has the positive intention and ability to hold to maturity.
If, following a change in such intention or ability, it is no longer appropriate to continue to classify an in-
vestment as held to maturity, it is reclassified under financial assets available for sale.
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Held-to-maturity financial assets are initially recognised at fair value, which is normally equal to the price
paid or received. In cases where the price differs from fair value, the asset is recognised at fair value and
the difference between the price and the fair value is taken to the income statement.
The value at which such assets are recognised includes incidental costs and revenues attributable to the
transaction.
Following initial recognition, financial assets held to maturity are measured at amortised cost and un-
dergo impairment testing. The amortised cost of a financial asset is equal to the amount at which it is
measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation
using the effective interest rate method of any difference between the initial amount and the maturity
amount, and minus any reduction (directly or through the use of an allowance account) for impairment
or uncollectibility. Such assets are derecognised when the contractual rights to the cash flows from the
assets expire or when the assets are divested by transferring substantially all the risks and rewards of
ownership of the assets.
4 - LOANS
The term “loans” refers to a portfolio of financial instruments, including debt securities, that are not list-
ed on an active market and which IAS 39 refers to as “loans and receivables”, for which the company
has a right to receive future cash flows.
Loans are recognised when the contract is executed, i.e. upon the unconditional acquisition of a right
to payment of the amounts agreed, and are initially measured at fair value, which equals the amount
disbursed including directly related transaction costs and commissions. Where the net amount disbursed
does not equal the loan’s fair value because the interest rate is lower than the market rate or the rate
normally applied for similar loans, initial measurement is effected by discounting the future cash flows
using an appropriate rate.
The loans made by the CDP Group to public entities and public-law bodies under the Separate Account
portfolio have a number of features that distinguish them from loans granted by banks, which normal-
ly disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans
are special-purpose loans generally granted to local authorities for public works and are disbursed to the
beneficiaries only after verification of the progress of the works in question. Therefore, disbursements
are intended to meet the debts actually accumulated by the authority as the work is performed by the
various contractors involved.
Upon signing the finance agreement, the debtor assumes the obligation to repay the entire principal
granted, and this amount is used to determine an amortisation schedule separately from the amount ac-
tually disbursed. Amounts still to be disbursed by the CDP Group earn interest that can be treated as a
reimbursement of the interest income earned by the CDP Group on the non-disbursed portion. The CDP
Group’s special-purpose loans normally have an initial grace period, during which, in the absence of dis-
bursements on the loan granted, the loan does not bear interest. The repayment plan for the amount
granted begins, with certain exceptions, the year following the signing of the related contract. The CDP

367
Group’s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums
granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in
the disbursement commitments) for the entire amount granted only when repayment begins. 
Any disbursements requested by borrowers during the grace period effectively reduce the commitment
and result in a “short-term” receivable for the amount actually disbursed, with this amount accruing in-
terest at the rate agreed upon by contract. The short-term receivable for advances on loans in their grace
period is measured at cost in accordance with international accounting standards.
When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are
recognised for the same amount in respect of the party responsible for repaying the loan. In accordance
with the IASs/IFRSs, the receivable is measured at amortised cost (which, given the lack of transaction
costs on the loans granted and with certain exceptions, equals cost), and the payable is a demand lia-
bility that decreases as the amounts are actually disbursed.
Loans granted by the CDP Group to borrowers other than public entities or public-law bodies are treat-
ed in a manner analogous to that for loans granted by banks. 
The interest on loans and default interest is recognised as interest income and similar revenues on loans
to banks and customers and are recognised on an accruals basis. 
The carrying amount of loans is subject to periodic testing for impairment that could reduce their ex-
pected realisable value. This reduction becomes material when it is deemed probable that the amount
due will not be paid in full, based on the original terms of the agreement, or that an equivalent asset
will not be received. 
Loans classified as bad debts, substandard or restructured are measured individually for positions that ex-
ceed a given value threshold. The measurement of writedowns of loans is based on discounting the ex-
pected future cash flows of principal and interest net of collection costs, taking account of any guarantees
securing the positions and any advances received. The key to determining the value of the future cash flows
is in defining the estimated collections, the related timing, and the discount rate to be applied.
The impairment of problem loans is then written back only when the quality of the loan improves to the
point that there is a reasonable certainty of a greater recovery of principal and interest and/or greater re-
ceipts have been recorded than the previously recorded carrying amount of the loan. In any event, giv-
en the method used to measure impairment losses, as the due dates for credit collection approach with
the passing of time, the value of the loan is “written back”, given that there is a reduction in the implicit
finance costs previously recognised as a reduction in the value of the loans.
Recovery of all or a part of previously written down loans is recognised as a reduction to “Net impair-
ment adjustments of loans” (item 130.a).
Loans are derecognised when paid in full, when all of the related risks and rewards have been trans-
ferred, or when a loan is deemed to be definitively uncollectible. The amount of the loss is recognised
in the income statement net of previously recognised impairment losses.
Loans represented by positions with parties that are not classified under any of the risk categories listed
above, but which are more than 90-days past due, also undergo individual impairment testing.
Loans for which no evidence of individual impairment has been identified undergo collective impairment
testing. 
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The method used for collective testing is based on the parameters used for pricing loans and calculating
(for internal purposes only) CDP’s capital adequacy with respect to the exposures it has assumed. 
The estimate of the incurred loss for the portfolio is determined by applying a number of corrective pa-
rameters to the 1-year expected loss.
These corrective parameters are determined by considering the degree of concentration of the loan port-
folio (concentration adjustments) and the expected time between the default event and the emergence
of confirmation of default (loss confirmation period).
“Loans to customers” include unlisted financial assets in respect of customers (loans, debt securities, op-
erating receivables, etc.) that are allocated to the “loans” portfolio. The item also reports the liquidity
represented by the balance on the current account held with the Central State Treasury.
This also includes receivables from Italian post offices and variation margins with clearing bodies for de-
rivatives transactions.
“Loans to banks” include unlisted financial assets in respect of banks (current accounts, security deposits,
debt securities, operating receivables, etc.) that are allocated to the “loans” portfolio. This also includes
the amounts receivable from central banks other than free deposits (such as the reserve requirement).
6 - HEDGING TRANSACTIONS
In accordance with the IAS definition, hedging instruments are designated derivatives or (limited to the hedg-
ing of foreign currency risk) non-derivative financial assets or liabilities the fair value or cash flows of which
are expected to offset the changes in fair value or cash flows of a designated position (IAS 39, paragraphs
72-77 and Annex A, paragraph AG94). A hedged item is an asset, liability, firm commitment, a highly prob-
able forecast transaction, or a net investment in a foreign operation that (a) exposes the organisation to the
risk of a change in fair value or future cash flows and (b) is designated as being hedged (paragraphs 78-84
and Annex A, paragraphs AG98-AG101). The effectiveness of the hedge is the extent to which the change
in fair value or cash flows of the hedged position that is attributable to a hedged risk are offset by the change
in fair value or cash flows of the hedging instrument (Annex A, paragraphs AG105-AG113).
When a financial instrument is classified as a hedging instrument, the following are to be formally doc-
umented:
•
the relationship between the hedging instrument and the position hedged, including the risk man-
agement objectives;
•
the hedging strategy, which must be in line with established risk management policies;
•
the methods to be used in order to verify the effectiveness of the hedge.
Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of
the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in
fair value of the hedged position.
A hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair
value of the hedged position or in the expected cash flows attributable to the risk being hedged are al-

369
most entirely offset by the changes in fair value of the hedging derivative, with the relationship of these
changes falling within a range of between 80% and 125%.
If the hedge is not effective as described above, the hedging instrument is reclassified under trading in-
struments, while the hedged item is measured in accordance with the criteria for its category. Hedge ac-
counting also ceases in the event the hedging instrument expires, is sold or exercised or where the hedged
item expires, is sold or is repaid.
In the case of hedges to neutralise the risk of changes in future cash flows generated by the execution
of a forecast transaction considered highly probable at the balance-sheet date (cash flow hedge), the ef-
fective portion of changes in the fair value of the derivative subsequent to initial recognition are recog-
nised under “reserves” in shareholders’ equity. When the financial effects originated by the hedged item
become manifest, the reserve is reclassified to profit or loss under operating components. If the hedge
is not perfectly effective, the ineffective portion of the change in the fair value of the hedging instru-
ment is recognised immediately in profit or loss.
If during the life of a derivative instrument, the hedged expected cash flows are no longer considered to
be highly probable, the “reserves” associated with that instrument are immediately reversed to profit or
loss for the year. Conversely, if the derivative instrument is transferred or no longer qualifies as an ef-
fective hedge, the “reserves” representing the changes in the fair value of the instrument recognised up
to that point are retained in equity and reversed to profit or loss in accordance with the classification cri-
terion described above, in conjunction with the manifestation of the financial effects of the transaction
originally hedged. If the hedged transaction is no longer considered probable, the unrealised gains or
losses recognised in equity are recognised immediately in profit or loss.
Asset item 80 and liability item 60 report hedging derivatives (when not considered guarantees received
in accordance with IAS 39), which at the reporting date have either a positive or negative value.
7 - EQUITY INVESTMENTS
The item includes equity interests in joint ventures (IAS 31) and associates subject to significant influence
(IAS 28).
Joint ventures are companies in which control is shared with other parties, including on the basis of con-
tractual agreements. 
Associates are companies in which CDP holds, either directly or indirectly, at least 20% of the voting
rights or, independently of the proportion of voting rights, companies over which CDP has significant in-
fluence, which is defined as the power to participate in determining financial and operating policies, but
without exercising either control or joint control. Minority holdings are recognised as financial assets
available for sale (item 40) and are treated as described above.
Equity investments are initially recognised at cost at the settlement date. They are subsequently accounted
for using the equity method. Acquisitions are treated in the same manner as business combinations. Ac-
cordingly, the difference with the price paid (difference between the purchase price and the fraction of
equity acquired) is allocated on the basis of the fair value of the net identifiable assets of the associate.
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Any excess not allocated represents goodwill. The allocated excess is not reported separately but is in-
stead included in the carrying amount of the equity investment (synthetic consolidation). 
Any positive difference between the value of the share of equity in the investee and the cost of the in-
vestment is recognised as income.
In applying the equity method, account is also taken of treasury shares held by the investee.
Where there is evidence that the value of an equity investment can be impaired, its recoverable value is
determined, taking account of both its market value and the present value of future cash flows. 
If this value is lower than the carrying amount, the difference is recognised in the income statement as
an impairment loss. This loss is only recognised when the loss in value is significant and prolonged. The
reduction in fair value is deemed significant when it exceeds 40% of the initially recognised value and
prolonged when it continues for a period of more than 24 months.
8 - PROPERTY, PLANT AND EQUIPMENT
“Property, plant and equipment” includes all non-current tangible assets used in operations governed
by IAS 16 and investment property (land and buildings) governed by IAS 40. These include assets under
finance leases (for the lessee) and operating leases (for the lessor), as well as leasehold improvement
costs.
Property, plant and equipment is recognised at purchase cost including incidental expenses and non-de-
ductible VAT, increased by revaluations carried out under the provisions of specific laws.
The carrying amount represents the book value of the assets net of depreciation. The depreciation rates
used are felt to reflect the remaining useful economic lives of the assets.
Newly acquired assets are depreciated as from the period in which they enter service. 
Property, plant and equipment held under finance leases that transfer to the Group substantially all the
risks and rewards of ownership are recognized as assets at their fair value or, if lower, at the present val-
ue of the minimum lease payments due, including any amount payable to exercise the bargain purchase
option. The corresponding liability to lessor is recognised under financial debt. The assets are depreciat-
ed using the same criteria as those used for assets owned.
Leases in which the lessor retains substantially all the risks and rewards of ownership of the assets are
classified as operating leases. Costs in respect of operating leases are recognised on a straight-line basis
over the term of the lease.
Property, plant and equipment leased to others under finance lease agreements (or agreements treated
in the same manner as finance leases), under which substantially all the risks and rewards of ownership
of the asset have been transferred to the user of the asset, are recognised as financial receivables in the
balance sheet. At the time of transfer of the asset to the user, the selling profit on the sale of the leased
asset is recognised. That profit is determined as the difference between: i) the fair value of the asset at
the inception of the lease or, if lower, the present value of the minimum payments due under the lease
that pertain to the Group, calculated at a market interest rate; and ii) the cost of producing the leased
asset increased by legal costs and internal costs directly attributable to the negotiation and arranging of

371
the lease contract. Subsequent to recognition of the financial receivable, financial income is recognised
in an amount reflecting the constant periodic rate of return on the receivable allocated over the term of
the lease on a systematic and rational basis.
Assets to be relinquished free of charge are recognised at cost, including any disposal and removal costs
that will be incurred under contractual obligations to restore the assets to their original condition, net of
depreciation calculated over the lesser of the estimated useful life of the asset and the term of the con-
cession, net of dismantling and removal costs.
Land and buildings are treated as separate assets for accounting purposes, even if purchased together.
Land is considered to have an indefinite life and, as such, is not depreciated.
Assets whose use or nature classifies them as capital equipment are depreciated on a straight line basis
over their remaining useful lives. 
In the event an asset should suffer a lasting impairment of value, independently of depreciation, it is writ-
ten down. The original value is restored where the conditions that had prompted the writedown should
cease to obtain.
Maintenance and repair costs that do not increase the utility or useful lives of assets are charged direct-
ly to income for the year.
Financial expense directly attributable to the acquisition, construction or production of an asset that qual-
ifies for capitalisation under IAS 23 (revised in 2007) is capitalised in the carrying amount of the asset as
part of its cost.
“Assets under construction and advances” are composed of advances or expenses incurred in respect of
assets and materials that have not been completed or are undergoing testing before entering service.
Since they have not yet entered the company’s production cycle, depreciation is suspended.
9 - INTANGIBLE ASSETS
“Intangible assets” include goodwill, governed by IFRS 3, and other intangibles, governed by IAS 38,
and primarily include concessions, licenses and brands, customer contracts, R&D costs and industrial
patents and intellectual property rights.
Concessions, licenses, brands and similar rights arising from an acquisition are recognised at fair value
as of the date of the acquisition and are amortised over their expected life. More specifically, brands are
not amortised but undergo impairment testing on an annual basis or more frequently if specific events
or changes in circumstances suggest that they can be impaired.
Customer contracts arising from an acquisition are recognised at fair value as of the date of the acqui-
sition. Contractual rights are amortised over the expected life of the relationship.
Research costs are expensed in the period in which they are incurred. Costs for the development of new
products and production processes are capitalised and recognised under intangible assets only if all of
the following conditions are met:
•
the project is clearly identifiable and the costs associated with it are identifiable and can be measured
reliably;
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•
the technical feasibility of the project has been demonstrated;
•
the intention to complete the project and sell the intangible assets generated by the project has been
demonstrated;
•
there is a potential market or, in the case of internal use, the usefulness of the intangible asset has
been demonstrated;
•
adequate technical and financial resources to complete the project are available.
The amortization of any development costs recognised under intangible assets begins as from the date
on which the result of the project is ready for sale and is carried out on a straight-line basis.
Costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on
a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and
the term of the associated contracts, as from the time the right acquired can be exercised. 
Intangible assets are recognised at purchase or development cost including incidental expenses and are
amortised over their estimated useful lives, which, at the end of each year, is subject to impairment test-
ing in order to verify the appropriateness of the estimates.
An intangible asset is only recognised under the following conditions:
(a) future economic benefits from the asset are expected to flow to the entity;
(b) the cost of the asset can be measured reliably.
Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit
(CGU). Following initial recognition, goodwill is not amortised but is reduced for any impairment losses. The
estimate of the recoverable value of goodwill recognised uses a discounted cash flow model, which deter-
mines value in use on the basis of an estimation of future cash flows and an appropriate discount rate.
If an impairment loss, independently of amortisation, is identified, the asset is written down, with the
original value being restored if the reasons for the writedown no longer obtain.
Goodwill in respect of investments in associated companies and companies subject to joint control is in-
cluded in the carrying amount of such companies. Negative goodwill is taken to the income statement
at the time of the acquisition.
10 - NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE
Non-current assets (or disposal groups) whose carrying amount will be recovered principally through
a sale rather than through continuing use are classified as held for sale and reported separately from
other assets and liabilities in the balance sheet. Non-current assets (or disposal groups) classified as
held for sale are first measured in conformity with the IFRS/IAS applicable to each asset and liability
and subsequently are measured at the lower of their carrying amount and fair value less costs to sell.
The carrying amounts of each asset and liability that are not governed by the measurement rules set
out in IFRS 5 but are held for sale are remeasured on the basis of the applicable IFRS before the fair
value less costs to sell is redetermined. The individual assets of the companies classified as held for

373
sale are not depreciated/amortised, whereas financial expense and other expenses attributable to lia-
bilities held for sale continue to be recognised. Any subsequent impairment losses are recognised di-
rectly as an adjustment to the carrying amount of the non-current assets (or disposal groups) classi-
fied as held for sale through profit or loss. The corresponding balance sheet values for the previous
year are not reclassified. A discontinued operation is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
•
represents a separate major line of business or geographical area of operations;
•
is part of a single co-ordinated plan to dispose of a separate major line of business or geographical
area of operations; or
•
is an operation acquired exclusively with a view to resale.
11 - CURRENT AND DEFERRED TAXATION
Corporate income tax (IRES) and the regional tax on business activities (IRAP) are recognised on an ac-
cruals basis using a realistic estimate of the negative and positive tax components for the period under
applicable tax law.
Deferred tax items regard the recognition of the effects of differences between the valuation of ac-
counting items under tax regulations, which are used to determine taxable income, and that under
statutory reporting regulations (which seek to quantify the result for the year). “Taxable temporary
differences” between statutory and tax values are those that will give rise to taxable amounts in fu-
ture tax periods, while “deductible temporary differences” are those that will give rise to deductible
amounts in the future. Deferred tax assets are recognised if the conditions for their recovery ob-
tain.
Deferred tax liabilities – which are correlated with the amount of income that will become taxable in future
years – calculated on the basis of the tax rates established by current regulations, are recognised in the tax
provision without offsetting against deferred tax assets, which are recognised in the balance sheet under
“Other assets”.
If the deferred tax items regard developments that directly affect equity, they are recognised in equity.
As regards the consolidated tax mechanism, from an administrative standpoint tax positions pertaining
to CDP and those originated by the other companies participating in the mechanism are treated sepa-
rately. The tax positions of the companies included in the consolidated tax mechanism are recognised by
those companies, on an accruals basis and in consideration of the scope of the mechanism limited to
the settlement of current tax positions.
12 - PROVISIONS
“Provisions” (item 120) are recognised solely under following conditions:
•
there is a present (legal or constructive) obligation resulting from a past event;
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•
it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation;
•
a reliable estimate can be made of the amount of the obligation.
When the financial impact of the time factor is significant and the dates of payment of the obligation
can be estimated reliably, the provision is measured as the present value (discounted at market rates
as of the reporting date) of the charges that are expected to be incurred in order to settle the oblig-
ation. 
The provisions are only used when the charges for which they were originally established are incurred.
When the outlay to fulfil the obligation is no longer deemed to be probable, the provision is reversed
through the income statement.
13 - DEBT AND SECURITIES ISSUED
“Amounts due to banks” (item 10) and “Amounts due to customers” (item 20) include all forms of in-
terbank and customer funding. In particular, these items include all debt of any kind (deposits, current
accounts, loans) other than “Financial liabilities held for trading” (item 40), “Financial liabilities at fair
value through profit or loss” (item 50), and debt securities under item 30 (“Securities issued”). This in-
cludes operating payables. Securities issued, both listed and unlisted, are measured at amortised cost.
The item is reported net of repurchased securities. It also includes securities which, as of the balance
sheet date, have matured but have not yet been redeemed. It does not include the portion of the com-
pany’s own debt securities issued but not yet placed with third parties.
These are initially measured at fair value including the costs incurred to issue the securities. Subsequent
measurement is at amortised cost. The payables are eliminated when they mature or are extinguished.
14 - FINANCIAL LIABILITIES HELD FOR TRADING
This item includes all forms of financial liabilities (debt securities, loans, etc.) designated as being held
for trading purposes. It does not include the portion of the company’s own debt securities issued but not
yet placed with third parties.
The financial liabilities are initially recognised at fair value, which generally equals the amount received
net of transactions costs or revenues. In cases in which the amount paid differs from the fair value, the
financial liability is recognised at fair value, and the difference between the two amounts is recognised
through profit or loss. Initial recognition is effected at the signing date for derivative contracts and at the
settlement date for debt and equity securities, with the exception of those for which delivery is governed
by conventions on the market concerned, for which initial recognition is at the settlement date.
Financial liabilities held for trading also include derivative contracts embedded in other financial in-
struments or contracts and which have financial and risk characteristics that are not correlated with

375
the host instrument or which meet the requirements to be classified themselves as derivative con-
tracts, recognising them separately after separating the embedded derivative from the main contract,
which is then treated in accordance with the accounting rules for its own category. This is not done
in cases in which the compound instrument containing the derivative is measured at fair value through
profit or loss.
Subsequent measurement is at fair value. If the fair value of a financial liability becomes positive, it is
recognised as a financial asset held for trading.
Financial liabilities held for trading are derecognised when the contractual rights to the cash flows ex-
pire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely,
when a prevalent share of the risks and rewards associated with the financial liability are retained, the li-
ability remains on the balance sheet even if official title has been transferred.
The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in
the fair value of the trading portfolio are reported under “Net gain (loss) on trading activities” (item 80).
The income components are recognised following the results of the measurement of the financial liabil-
ity held for trading.
16 - FOREIGN CURRENCY TRANSACTIONS
Transactions in a foreign currency are initially recognised in euros by translating the amount in the for-
eign currency into euros at the spot exchange rate prevailing on the date of the transaction.
In preparing the financial statements, assets denominated in a foreign currency are accounted for as fol-
lows:
•
in the case of monetary instruments, at the spot exchange rate prevailing at the preparation date of
the financial statements, recognising exchange rate differences under “Net gain (loss) on trading ac-
tivities” in the income statement;
•
in the case of non-monetary instruments, at cost using the exchange rate for the original transac-
tion;
•
in the case of non-monetary instruments measured at fair value, at the spot exchange rate prevail-
ing at the preparation date of the financial statements.
Exchange rate differences in respect of non-monetary items are treated using the same rules for gains
and losses on the original instruments.
The effects of foreign exchange differences related to the equity of investments measured using the eq-
uity method are recognised in an equity reserve.
The financial statements of companies denominated in currencies other than the euro are translated in
accordance with the following rules:
•
assets and liabilities are converted using the exchange rates prevailing at the balance-sheet date;
•
costs and revenues are converted using the average exchange rate for the period;
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376
•
the “translation reserve” comprises exchange rate differences generated by the conversion of fi-
nancial variables at a different rate from the closing rate and those generated by the translation of
opening shareholders’ equity at a different rate from the closing rate of the reporting period;
•
goodwill and fair value adjustments associated with the acquisition of a foreign entity are treated as
assets and liabilities of the foreign entity and are translated at the closing exchange rate for the pe-
riod.
17 - INSURANCE ASSETS AND LIABILITIES
Insurance assets include amounts in respect of risks ceded to reinsurers under contracts governed by IFRS
4. Reinsurers’ share of technical provisions are determined on the basis of the existing contracts/treaties,
in accordance with the same criteria used for quantifying the technical provisions, unless a different val-
uation is deemed appropriate in consideration of the recoverability of the receivable.
Insurance liabilities represented by technical provisions, under the provisions of IFRS 4, may continue to
be accounted for using local GAAP. A review of the contracts written by the Group insurance undertak-
ings found that they all qualify as insurance contracts. Technical provisions also include any provisions
that made necessary by the liability adequacy test. Claims provisions do not include compensation and
equalisation provisions as they are not permitted under the IFRS. The provisions are recognised in ac-
cordance with the accounting standards adopted before the IFRS, as all of the policies fall within the
scope of IFRS 4 (Insurance contracts). Specifically, this item includes:
•
the provision for unearned premiums, which comprises two items: the provision for premium instal-
ments determined on a pro rata temporis basis, as required by Article 45 of Legislative Decree 173
of 26 May 1997 and the provision for unexpired risks comprising amounts to be allocated to cover
claims payments and expenses that exceed the provision for premium instalments on outstanding
contracts and are not subject to claim at the year-end, while meeting the requirements of IFRS 4 for
the liability adequacy test;
•
the provision for claims outstanding, which includes provisions for claims reported but not yet paid
on the basis of the forecast cost of the claim, including settlement and management expenses. Claims
provisions are determined on the basis of an estimate of the ultimate cost of covering charges relat-
ing to the indemnity paid, direct costs and payment for each individual claim.
18 - OTHER INFORMATION
Staff severance pay
The liability in respect of employee benefits to be paid at the time of or subsequent to termination of the
employment relationship under defined benefit and other long-term benefit plans is recognised net of any
plan assets. It is determined separately for each plan on the basis of actuarial assumptions, estimating the

377
amount of future benefits accrued by employees at the reference date. The liability is recognised over the
period in which the entitlement accrues. The liability is estimated by independent actuaries.
It should be noted that a number of Group companies with a small number of employees and a small
overall severance pay liability continued to report that liability as calculated on the basis of Italian statu-
tory provisions (Article 2120 of the Italian Civil Code), given the immateriality of the effects of adopting
IAS 19.
Interest income and expense
Interest income and expense is recognised in the income statement for all instruments based on amor-
tised cost using the effective interest method. 
Interest also includes the net positive or negative balance of the differences and margins related to fi-
nancial derivative contracts.
Commissions 
Commissions are recognised in the income statement on an accruals basis. This excludes commissions
considered when calculating amortised cost for the purpose of determining the effective interest rate,
which are recognised under interest.
Dividends
Dividends are recognised as income in the period in which they are approved for distribution.
Dividends form equity investments accounted for using the equity method are deducted from the car-
rying amount of the investments.
Contract work in progress (construction contracts)
When the profit or loss of a contract can be reliably estimated, the related contract costs and revenues
are recognised separately in profit or loss on a percentage of completion basis. Progress is measured
based on the work carried out and measured proportionally to the costs of contracts incurred up to the
reporting date and estimated costs of the total contract. Differences between the value of completed
contracts and payments on account received are recognised under balance sheet assets or liabilities, con-
sidering any impairment losses on the work carried out so as to take into account the risks of customers’
refusal to recognise the work performed. Expected contract losses are taken immediately to profit or loss
under contract costs.
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Contract costs include all those costs that relate directly to the specific contract, as well as fixed and vari-
able costs incurred by Group companies as part of normal operations.
Share-based payments
The cost of employee service remunerated through stock option plans is measured at the fair value of
the options granted to employees at the grant date. The fair value of options granted is recognised un-
der staff costs over the vesting period, with a corresponding increase in equity, considering the best pos-
sible estimate of the number of options that employees will be able to exercise. Such estimate is reviewed
where subsequent information indicates that the expected number of equity instruments that will vest
differs from the estimate previously carried out, independently of market conditions.
The measurement method used to calculate fair value considers all the characteristics of the options
(term, price and conditions, etc.), as well as the value of the underlying security at the grant date, volatil-
ity and the yield curve at the grant date, in line with the duration of the plan.
At maturity, the estimate is revised and recognised in the income statement to register the amount cor-
responding to the number of equity instruments that have effectively vested, independently of market
conditions.
Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that qual-
ify for capitalisation are capitalised as part of the cost of the asset. The qualifying assets (property, plant
and equipment and intangible assets) involved are those that require at least one year before being ready
for use. The directly attributable borrowing cost is that which would not have been incurred if the ex-
penditure for the asset had not been incurred. 
Where funds are borrowed specifically, costs eligible for capitalisation are the actual costs incurred
less any income earned on the temporary investment of such borrowings. Where funds are part of
a general pool, the eligible amount is determined by applying a capitalisation rate to the expendi-
ture on that asset. The capitalisation rate will be the weighted average of the borrowing costs ap-
plicable to the general pool, excluding any specifically borrowed funds. The amount of borrowing
costs capitalised during a year shall in any case not exceed the amount of borrowing costs incurred
during that year.
Capitalisation commences as from the date all the following conditions have been met: (a) expenditures
have been incurred for the asset; (b) borrowing costs are being incurred; and (c) activities to prepare the
asset for its intended use or sale are in progress.
Capitalisation ceases when the activities necessary to prepare the asset for its intended use or sale are
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379
Grants
The revenues are recognised when it is probable that the economic benefits of the operation will flow
to the entity. However, where the recoverability of an amount already included in the revenues is un-
certain, the unrecoverable amount or the amount whose recovery is no longer probable is recognised as
a cost.
Grants received in relation to specific assets whose value is recognised under non-current assets are, for
plants already in operation before 31 December 2002, recognised under other liabilities and taken to
the income statement over the depreciation period of the related assets. Since 2003, grants for new
plants entering service are recognised as a direct reduction of the value of the related asset.
Grants for operating expenses are recognised in full in the income statement when the conditions for
recognition are satisfied.
Revenues
Depending on the type of transaction, revenues are recognised on the basis of the following specific cri-
teria:
•
revenues from the sale of goods are recognised when the significant risks and rewards of ownership
of the goods have been transferred to the buyer;
•
revenues from services are recognised with reference to the stage of completion of the service. If rev-
enues cannot be reliably measured, they are recognised to the extent of recoverable costs;
•
revenues from fees for the use of the National Transmission Grid (NTG) are determined on the basis
of the rates set by the Authority for Electricity and Gas.
Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as
fees recognised for the balancing of the national electrical energy system, which do not increase equity,
are shown net of the related costs. 
Determining fair value
Fair value is the amount for which an asset (or liability) could be exchanged in an arm’s length transac-
tion between parties with a reasonable level of knowledge about market conditions and the material cir-
cumstances of the object of the exchange. 
In the definition of fair value a key assumption is that an entity is fully operational and does not have the
need to liquidate or significantly reduce a position. Among other factors, the fair value of an instrument
reflects its credit quality as it incorporates the default risk associated with the counterparty or the issuer.
For financial instruments, fair value is determined in three possible ways:
•
in the case of instruments quoted on active markets, prices on financial markets are used (Level 1);
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380
•
in the case of financial instruments not quoted on active markets, recourse is made, where possible,
to valuation techniques that use observable market parameters other than quoted prices for the in-
strument but connected with its fair value by non-arbitrage relationships (Level 2);
•
in other cases, recourse is made to internal valuation techniques that also use as inputs parameters
that are not observable on the market and thus are inevitably subjective to some degree (Level 3).
A market is considered active if prices are readily and regularly available on regulated markets, organ-
ised trading facilities, brokers, intermediaries, pricing services, etc. and if those prices can reasonably be
considered to be representative of actual and regular market transactions carried out close to the valu-
ation date.
In the case of financial instruments that are not quoted on active markets, valuation using Level 2
inputs requires the use of valuation techniques that process market parameters at different levels of
complexity. For example, valuation techniques may, in addition to interpolations and extrapolations,
involve the specification of stochastic processes that represent market dynamics and the use of sim-
ulations or other numerical techniques to determine the fair value of the instruments being mea-
sured.
In selecting the valuation techniques to be used in Level 2 measurements, the Group takes account of
the following criteria:
•
simpler valuation techniques are preferred to more complex techniques, all other conditions being
equal and as long as they represents all of the relevant characteristics of the product, ensuring that
they are reasonably in line with the practices and results of other sector operators;
•
valuation techniques are applied consistently over time to uniform categories of instruments, unless
objective grounds for replacement emerge;
•
all other conditions being equal, preference is given to standard models whose mathematical struc-
ture and implementing procedures are familiar to practitioners and integrated into the Group’s cor-
porate systems.
The selection of market parameters as inputs for Level 2 valuations is carried out on the basis of non-ar-
bitrage relationships or comparative relationships that define the fair value of the financial instrument
being measured as the relative fair value compared with that of financial instruments quoted on active
markets.
For derivatives and bonds, the Group has developed a reference framework that comprises the valua-
tion criteria and models on which the valuation of each category of instrument is based.
The fair value of derivatives incorporates the counterparty credit risk and current and potential exposure
using a simplified credit value adjustment (CVA) methodology. Nevertheless, given the generalised use
of framework netting arrangements that provide for the exchange of collateral, as at 31 December 2012
such adjustments are confined to cases of limited importance. 
In some cases, in determining fair value it is necessary to have recourse to valuation techniques that call
for inputs that cannot be drawn directly from observable market variables, such as statistical or “expert-
based” estimates by the party performing the valuation (Level 3).

381
More specifically, in the financial statements of the Group, the following measurements are classified as
Level 3:
•
the valuation of options on equity indices embedded in certain categories of postal savings bonds,
which are separated and measured at fair value through profit or loss and require the use of para-
meters concerning the redemption behaviour of investors;
•
certain inflation-linked derivatives, which call for parameters determined using “expert-based” as-
sessments owing to the low liquidity of some market segments;
•
equity interests, other equity instruments and unlisted debt instruments that are measured using non-
market parameters.
Here, too, valuation techniques are applied consistently over time to uniform categories of instruments,
unless objective grounds for replacement emerge. Similarly, parameters that cannot be drawn directly
from observable market variables are applied consistently over time.
Business combinations
Business combinations are recognised using the acquisition method. Under that method, the consider-
ation transferred in a business combination is measured at fair value, calculated as the sum of the ac-
quisition-date fair values of the assets transferred and the liabilities assumed and equity instruments is-
sued by the acquirer in exchange for control of the acquiree. Transaction costs are generally recognised
in profit or loss at the time they are incurred. 
For the newly acquired companies, the difference between the purchase price and the equity is provi-
sionally allocated to goodwill if positive or to liabilities under item 100 “Other liabilities” if negative, net
of any goodwill in the balance sheets of the acquirees. In accordance with IFRS 3, paragraph 45 et seq.,
within 12 months of the acquisition date, the difference resulting from the transaction must be allocat-
ed definitively, recognising the acquisition-date fair value of the identifiable assets acquired and liabili-
ties assumed. The following items are exceptions, being measured as provided for in the relevant stan-
dard governing their treatment:
•
deferred tax assets and liabilities;
•
assets and liabilities in respect of employee benefits;
•
liabilities or equity instruments related to share-based payment transactions involving shares of the
acquiree or share-based payment transactions involving shares of the Group issued in replacement
of contracts of the acquiree;
•
assets held for sale and discontinued operations.
Goodwill is determined as the excess of the aggregate of the consideration transferred in the business
combination, the amount of any non-controlling interest in the acquiree and the fair value of the any
equity interest previously held by the acquirer in the acquiree over the acquisition-date fair value of the
net assets acquired and liabilities assumed. If the acquisition-date fair value of the net assets acquired
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382
and liabilities assumed exceeds the aggregate of the consideration transferred in the business combina-
tion, the amount of any non-controlling interest in the acquiree and the fair value of the any equity in-
terest previously held by the acquirer in the acquiree, the excess is recognised in profit or loss as a gain
from the transaction.
Non-controlling interests can be measured at fair value or as a proportionate share in the recognised
amounts of the acquiree’s identifiable net assets at the acquisition date. The choice of which measure-
ment method to use is decided on a case-by-case basis.
Any contingent consideration provided for in the business combination agreement is measured at its ac-
quisition-date fair value and included in the consideration transferred for the acquiree for the purposes
of determining goodwill. Any subsequent changes in that fair value that can be considered as adjust-
ments occurring during the measurement period shall be reflected retrospectively in goodwill. Changes
in fair value that can be considered as measurement-period adjustments are those prompted by new in-
formation about facts and circumstances that existed as of the acquisition date that has been obtained
during the measurement period (which may not exceed one year from the acquisition date).
In the case of business combinations achieved in stages, the equity interest previously held by the Group
in the acquiree is revalued at the fair value as of the date of acquisition of control and any resulting gain
or loss is recognised through profit or loss. Any changes in the value of the previously held equity inter-
est that had been recognised in other comprehensive income are reclassified to the income statement
as if the equity interest had been sold.
If the initial accounting for a business combination is incomplete by the end of the reporting period in
which the combination occurs, the Group reports in its financial statements provision amounts for the
item for which the accounting is incomplete. During the measurement period, the provisional amounts
are adjusted to reflect new information obtained about facts and circumstances that existed as of the
acquisition date and, if known, would have affected the measurement of the assets and liabilities recog-
nised as of that date.
Disposals of non-controlling interests in a subsidiary by way of a sale or dilution that do not result in the
loss of control are accounted for as equity transactions (i.e. transactions with owners in their capacity as
owners). In these circumstances, the carrying amounts of the controlling and non-controlling interests
shall be adjusted to reflect the changes in their interests in the subsidiary. Any difference between the
amount of the adjustment of non-controlling interests and the fair value of the consideration received
shall be recognised directly in equity.

A.3.2 HIERARCHY OF FAIR VALUE INPUTS
A.3.2.1 Portfolios: breakdown by level of fair value inputs 
A.3 - Disclosures on fair value measurement
383
CDP - 2012 Annual Report
(thousands of euros)
31/12/2012
31/12/2011
Level  1
Level  2
Level  3
Level  1
Level  2
Level  3
1.
Financial assets held for trading
3,041,719
720,213
894,197
579,738
1,343
2.
Financial assets at fair value
3.
Financial assets available for sale
4,965,439
11,736
310,664
2,524,232
5,971
184,841
4.
Hedging derivatives
1,188,301
2,683
928,976
2,337
Total
8,007,158
1,920,250
1,207,544
2,524,232
1,514,685
188,521
1.
Financial liabilities held for trading
106,090
416,506
64,046
434,309
2.
Financial liabilities at fair value
3.
Hedging derivatives
2,686,869
13,052
2,704,082
8,539
Total
-
2,792,959
429,558
-
2,768,128
442,848
Consolidated Financial Statements

384
A.3.2.2 Change for the year in financial assets at fair value (Level 3)
(thousands of euros)
FINANCIAL ASSETS
held for  
at 
available
trading
fair value
for sale
hedging
1.
Opening balance
1,343
-
184,841
2,337
2.
Increases
892,854
-
167,378
346
2.1
Purchases
892,854
167,072
- of which business combinations
890,469
7,986
2.2
Profits taken to:
306
346
2.2.1 Income statement
346
- of which: capital gains
2.2.2 Equity
x
x
306
2.3
Transfers from other levels
2.4
Other increases
3.
Decreases
-
-
41,555
-
3.1
Sales
1,050
3.2
Repayments
3.3
Losses taken to:
40,505
3.3.1 Income statement
- of which: capital losses
3.3.2 Equity
x
x
40,505
3.4
Transfers to other levels
3.5
Other decreases
4.
Closing balance
894,197
-
310,664
2,683

385
A.3.2.3 Change for the year in financial liabilities at fair value (Level 3)
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
FINANCIAL LIABILITIES
held for 
at 
hedging 
trading
fair value
1.
Opening balance
434,309
-
8,539
2.
Increases
31,861
7,681
2.1
Issues
6,101
2.2
Losses taken to:
25,760
7,681
2.2.1
Income statement
25,760
- of which: capital losses
2.2.2 Equity
x
x
7,681
2.3
Transfers from other levels
2.4
Other increases
3.
Decreases
49,664
-
3,168
3.1
Sales
3.2
Repayments
27,456
3.3
Profits taken to:
22,208
3,168
3.3.1 Income statement
22,208
3,168
- of which: capital gains
3.3.2 Equity
x
x
3.4
Transfers to other levels
3.5
Other decreases
4.
Closing balance
416,506
-
13,052

386
A.3.3 DISCLOSURES ON “DAY ONE PROFIT/LOSS”
The carrying amount of financial instruments on recognition is equal to their fair value at the same date.
In the case of financial instruments other than those at fair value through profit or loss, the fair value at
the recognition date is normally assumed to be equal to the amount received or paid.
In the case of financial instruments at fair value through profit or loss classified as Level 3, any difference
with respect to the amount received or paid could in principle be recognised through profit or loss un-
der the appropriate items, generating a so-called “day one profit/loss”.
Such difference may only be recognised through profit or loss if it is generated by a change in the fac-
tors on which market participants base their valuations in determining prices (including the time effect). 
If the instrument has a specified maturity and a model that monitors changes in the factors on which
operators base prices is not immediately available, the day one profit/loss can be recognised through
profit or loss over the life of the financial instrument.
The CDP Group has not recognised any “day one profit/loss” on financial instruments in accordance with
the provisions of paragraph 28 of IFRS 7 and other related provisions of the IAS/IFRS.

Assets
SECTION 1 - CASH AND CASH EQUIVALENTS - ITEM 10
1.1 Cash and cash equivalents: composition
PART B - INFORMATION 
ON THE CONSOLIDATED
BALANCE SHEET
387
CDP - 2012 Annual Report
(thousands of euros)
31/12/2012
31/12/2011
a) Cash
350
701
b) Free deposits with central banks
Total
350
701
Consolidated Financial Statements

388
SECTION 2 - FINANCIAL ASSETS HELD FOR TRADING - ITEM 20
2.1 Financial assets held for trading: composition by type
The financial derivatives set out in the table mainly regard options purchased to hedge the embedded
option component of bonds indexed to baskets of equities. This option component was separated from
the host instrument and was classified among financial liabilities held for trading.
(thousands of euros)
31/12/2012
31/12/2011
Level  1
Level  2
Level  3
Level  1
Level  2
Level  3
A. On-balance-sheet assets
1. Debt securities
2,433,262
890,469
1.1 Structured securities
1.2 Other debt securities
2,433,262
890,469
2. Equity securities
40,347
197
3. Units in collective investment undertakings
568,110
53,837
4. Loans
4.1 Repurchase agreements
4.2 Other
Total A
3,041,719
54,034
890,469
B. Derivatives
1. Financial derivatives
666,179
3,728
579,738
1,343
1.1 trading
29,426
1.2 associated with fair value option
1.3 other
636,753
3,728
579,738
1,343
2. Credit derivatives
2.1 trading
2.2 associated with fair value option
2.3 other
Total B
666,179
3,728
579,738
1,343
Total (A+B)
3,041,719
720,213
894,197
579,738
1,343

389
2.1 of which: pertaining to the Banking Group
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
Level  1
Level  2
Level  3
Level  1
Level  2
Level  3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
4.1 Repurchase agreements
4.2 Other
Total A
B. Derivatives
1. Financial derivatives
647,496
3,728
579,738
1,343
1.1 trading
10,743
1.2 associated with fair value option
1.3 other
636,753
3,728
579,738
1,343
2. Credit derivatives
2.1 trading
2.2 associated with fair value option
2.3 other
Total B
647,496
3,728
579,738
1,343
Total (A+B)
647,496
3,728
579,738
1,343

390
2.1 of which: pertaining to the Insurance Group
(thousands of euros)
31/12/2012
31/12/2011
Level  1
Level  2
Level  3
Level  1
Level  2
Level  3
A. On-balance-sheet assets
1. Debt securities
2,433,262
890,469
1.1 Structured securities
1.2 Other debt securities
2,433,262
890,469
2. Equity securities
40,347
197
3. Units in collective investment undertakings
568,110
53,837
4. Loans
4.1 Repurchase agreements
4.2 Other
Total A
3,041,719
54,034
890,469
B. Derivatives
1. Financial derivatives
18,624
1.1 trading
18,624
1.2 associated with fair value option
1.3 other
2. Credit derivatives
2.1 trading
2.2 associated with fair value option
2.3 other
Total B
18,624
Total (A+B)
3,041,719
72,658
890,469

391
2.2 Financial assets held for trading: composition by debtor/issuer
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking
Insurance
Other 
31/12/2012
31/12/2011
group
group
entities
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
3,323,731
3,323,731
a) Governments and central banks
2,076,484
2,076,484
b) Other government agencies
2,375
2,375
c) Banks
280,143
280,143
d) Other
964,729
964,729
2. Equity securities
40,544
40,544
a) Banks
b) Other issuers:
40,544
40,544
- insurance undertakings
- financial companies
197
197
- non-financial companies
40,347
40,347
- other
3. Units in collective investment undertakings
621,947
621,947
4. Loans
a) Governments and central banks
b) Other government agencies
c) Banks
d) Other
Total A
3,986,222
3,986,222
B. DERIVATIVES
a) Banks
651,224
18,624
59
669,907
581,081
- fair value
651,224
18,624
59
669,907
581,081
b) Customers
- fair value
Total B
651,224
18,624
59
669,907
581,081
Total (A+B)
651,224
4,004,846
59
4,656,129
581,081

392
2.3 On-balance-sheet financial assets held for trading: change for the year
(thousands of euros)
Debt 
Equity 
Units in 
Loans
Total 
securities
securities
collective 
investment 
undertakings
A. Opening balance
-
-
-
-
-
B. Increases
3,323,731
40,544
621,947
3,986,222
B1. Purchases
3,323,731
40,544
621,947
3,986,222
- of which business operations
3,323,731
40,544
621,947
3,986,222
B2. Fair value gains
B3. Other increases
C. Decreases
C1. Sales
- of which business combinations
C2. Repayments
C3. Fair value losse
C4. Transfer to other portfolios
C5. Other decreases
D. Closing balance
3,323,731
40,544
621,947
-
3,986,222

393
SECTION 4 - FINANCIAL ASSETS AVAILABLE FOR SALE - ITEM 40
4.1 Financial assets available for sale: composition by type
4.2 Financial assets available for sale: composition by debtor/issuer
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Debt securities
4,917,891
4,601
2,524,232
5,971
1.1 Structured securities
1.2 Other debt securities
4,917,891
4,601
2,524,232
5,971
2. Equity securities
47,548
18,731
11,233
2.1 At fair value
47,548
8,894
8,506
2.2 At cost
9,837
2,727
3. Units in collective investment undertakings
7,135
290,857
173,608
4. Loans
1,076
Total
4,965,439
11,736
310,664
2,524,232
5,971
184,841
(thousands of euros)
31/12/2012
31/12/2011
1. Debt securities
4,922,492
2,530,203
a) Governments and central banks
4,917,892
2,524,232
b) Other government agencies
4,600
5,971
c) Banks
d) Other
2. Equity securities
66,279
11,233
a) Banks
2,066
2,066
b) Other issuers
64,213
9,167
- insurance undertakings
- financial companies
8,940
8,552
- non-financial companies
54,458
615
- other
815
3. Units in collective investment undertakings
297,992
173,608
4. Loans
1,076
a) Governments and central banks
b) Other government agencies
c) Banks
d) Other
1,076
Total
5,287,839
2,715,044

394
4.4 Financial assets available for sale: change for the year
(thousands of euros)
Debt 
Equity 
Units in 
Loans
Total 
securities
securities
collective 
investment 
undertakings
A. Opening balance
2,530,203
11,233
173,608
2,715,044
B. Increases
16,583,802
55,046
165,940
1,076
16,805,864
B1. Purchases
16,223,350
54,739
165,940
1,076
16,445,105
- of which business combinations
249,118
54,458
7,135
1,076
311,787
B2. Fair value gains
345,222
307
345,529
B3. Writebacks
- recognised through income statement
X
- recognised through equity
B4. Transfers from other portfolios
B5. Other changes
15,230
15,230
C. Decreases
14,191,513
41,556
14,233,069
C1. Sales
1,160,080
1,050
1,161,130
C2. Repayments
12,956,899
12,956,899
C3. Fair value losses
6,418
40,506
46,924
C4. Writedowns for impairment
- recognised through income statement
- recognised through equity
C5. Transfers to other portfolios
C6. Other changes
68,116
68,116
D. Closing balance
4,922,492
66,279
297,992
1,076
5,287,839

395
SECTION 5 - FINANCIAL ASSETS HELD TO MATURITY - ITEM 50
5.1 Financial assets held to maturity: composition by type
5.1 of which: pertaining to the Banking Group
A regards the banking group, the item includes fixed-rate government securities with a nominal value
of €13,328.5 million and inflation-linked government securities with a nominal value of €3,600 million.
The latter are held to naturally hedge the exposure to Italian inflation of the inflation-linked postal sav-
ings bonds.
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
CA
FV
CA
FV
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3 
1.
Debt securities
19,215,105
20,428,451
9,289,691
8,720,642
- structured
- other
19,215,105
20,428,451
9,289,691
8,720,642
2.
Loans
Total
19,215,105 20,428,451
9,289,691 8,720,642
Key
FV = fair value
CA = carrying amount
(thousands of euros)
31/12/2012
31/12/2011
CA
FV
CA
FV
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3 
1.
Debt securities
16,736,842
17,952,825
9,289,691
8,720,642
- structured
- other
16,736,842
17,952,825
9,289,691
8,720,642
2.
Loans
Total
16,736,842 17,952,825
9,289,691 8,720,642
Key
FV = fair value
CA = carrying amount

396
5.1 of which: pertaining to the Insurance Group
5.1 of which: pertaining to Other Entities
(thousands of euros)
31/12/2012
31/12/2011
CA
FV
CA
FV
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3 
1.
Debt securities
1,542,789
1,517,076
- structured
- other
1,542,789
1,517,076
2.
Loans
Total
1,542,789
1,517,076
Key
FV = fair value
CA = carrying amount
(thousands of euros)
31/12/2012
31/12/2011
CA
FV
CA
FV
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3 
1.
Debt securities
935,474
958,550
- structured
- other
935,474
958,550
2.
Loans
Total
935,474
958,550
Key
FV = fair value
CA = carrying amount

397
5.2 Financial assets held to maturity: debtor/issuer
5.4 Financial assets held to maturity: change for the year
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking
Insurance
Other
31/12/2012
31/12/2011
group
group
entities
1. Debt securities
16,736,842
1,542,789
935,474
19,215,105
9,289,691
a) Governments and central banks
16,736,842
1,498,445
935,474
19,170,761
9,289,691
b) Other government agencies
53
53
c) Banks
44,291
44,291
d) Other
2. Loans
a) Governments and central banks
b) Other government agencies
c) Banks
d) Other
Total
16,736,842
1,542,789
935,474
19,215,105
9,289,691
Total (fair value)
17,952,825
1,517,076
958,550
20,428,451
8,720,642
(thousands of euros)
Debt securities
Loans
Total 
A. Opening balance
9,289,691
9,289,691
B. Increases
32,606,244
32,606,244
B1. Purchases
32,386,816
32,386,816
- of which business combinations
2,478,263
2,478,263
B2. Writebacks
B3. Transfers from other portfolios
B4. Other changes
219,428
219,428
C. Decreases
22,680,830
22,680,830
C1. Sales
1,100,000
1,100,000
C2. Repayments
21,580,756
21,580,756
C3. Writedowns
C4. Transfers to other portfolios
C5. Other changes
74
74
D. Closing balance
19,215,105
19,215,105

398
SECTION 6 - LOANS TO BANKS - ITEM 60
6.1 Loans to banks: composition by type
Loans to banks are primarily composed of:
•
the balance on the management account for the reserve requirement of about €448 million;
•
loans amounting to about €8,820 million, mainly attributable to loans by the parent company to
banks as part of SME support initiatives;
•
debt securities amounting to about €863 million, of which €500 million held as eligible (AAA rat-
ing) collateral for the outstanding covered bond issues;
•
restricted deposits, mainly in respect of Credit Support Annexes (cash collateral) entered into by the
parent company to hedge the counterparty credit risk on derivatives;
•
current account balances totalling about €5,380 million.
(thousands of euros)
Banking 
Insurance 
Other 
31/12/2012
31/12/2011 
group
group
entities
A. Claims on central banks
447,906
447,906
4,437,508
1. Fixed-term deposits
2. Reserve requirement
447,906
447,906
4,437,508
3. Repurchase agreements
4. Other
B. Loans to banks
12,729,518
1,138,983
4,186,382
18,054,883
16,244,425
1. Current accounts and free deposits
1,059,238
497,843
3,822,434
5,379,515
1,562,894
2. Fixed-term deposits
2,354,373
638,634
100
2,993,107
1,865,942
3. Other financing
8,815,901
2,506
1,194
8,819,601
7,678,213
3.1 Repurchase agreements
3.2 Finance leasing
3.3 Other
8,815,901
2,506
1,194
8,819,601
7,678,213
4. Debt securities
500,006
362,654
862,660
5,137,376
4.1 Structured
4.2 Other debt securities
500,006
362,654
862,660
5,137,376
Total (carrying amount)
13,177,424
1,138,983
4,186,382
18,502,789
20,681,933
Total (fair value)
13,295,279
1,138,983
4,182,963
18,617,225
20,088,487

399
6.2 Loans to banks: assets hedged specifically 
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Loans with specific fair value hedges:
131,429
141,932
a) interest rate risk
131,429
141,932
b) exchange rate risk
c) credit risk
d) multiple risks
2. Loans with specific cash flow hedges:
a) interest rate risk
b) exchange rate risk
c) other
Total
131,429
141,932

400
SECTION 7 - LOANS TO CUSTOMERS - ITEM 70
Loans to customers mainly regard lending operations under the Separate Account and Ordinary Account
of CDP and also include bonds subscribed as part of financing transactions with customers and eligible
(AAA rating) securities held as collateral for outstanding covered bond issues. The item also reports liq-
uidity held with the Central State Treasury. The following table provides a breakdown of the positions by
technical form.
7.1 Loans to customers: composition by type
Liquidity held with the Central State Treasury in current account no. 29814 in the name of “Cassa DP
SPA - Gestione Separata” comprises liquidity generated by Separate Account transactions performed by
the parent company. As envisaged by Article 6.2 of the MEF decree of 5 December 2003, the Ministry
for the Economy and Finance pays semi-annual interest at a floating rate equal to the simple arithmetic
mean between the gross yield on 6-month Treasury bills and the monthly level of the Rendistato index.
Interest accrued on current account no. 29814 which will be credited after the reporting date amount-
ed to about €4,015 million.
(thousands of euros)
31/12/2012
31/12/2011
Performing
Impaired
Performing
Impaired
Acquired Other
Acquired Other
1. Current accounts
267,655
95
1.1 Liquidity held with Central State Treasury
136,718,703
123,817,580
2. Repurchase agreements
3. Loans
93,327,848
76,006
93,981,362
46,253
4. Credit cards, personal loans and loans repaid 
by automatic deductions from wages
495
5. Finance leasing
6. Factoring
975,527
141,491
7. Other
5,094,018
14,217
634,274
179
8. Debt securities
4,136,189
1,555,789
8.1 Structured
8.2 Other debt securities
4,136,189
1,555,789
Total (carrying amount)
240,520,435
231,714
219,989,100
46,432
Total (fair value)
237,217,660
231,714
205,506,147
46,432

401
Current accounts mainly regard the positive balance on correspondent accounts held by Fintecna with
associates.
Factoring receivables, which total €1,117 million, regard loans granted by the subsidiary SACE Fct.
The difference between the fair value and carrying amount of loans to customers reflects the very high
premium for the sovereign risk of the Italian Republic in the market at the end of 2012. 
Differences of the opposite sign between fair values and carrying amounts could hypothetically be cal-
culated for postal savings bonds issued by the parent company, with an offsetting impact. 
However, as discussed in Section 2 – Due to customers – Item 20 of liabilities, taking account of the op-
tion for bondholders to redeem postal bonds on demand and the considerable uncertainty about re-
demptions in the market conditions experienced at the end of 2012, it was decided for prudential rea-
sons that the best estimate of the fair value of postal savings bonds is their carrying amount.
7.2 Loans to customers: composition by debtor/issuer
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
Performing
Impaired
Performing
Impaired
Acquired Other
Acquired Other
1. Debt securities: 
4,136,189 
1,555,789 
a) Governments 
899,767 
407,397 
b) Other government agencies 
551,988 
632,503 
c) Other issuers 
2,684,434 
515,889 
- non-financial companies 
210,798 
87,019 
- financial companies 
2,473,636 
428,870 
- insurance undertakings 
- other 
2. Loans to: 
236,384,246 
231,714 
218,433,311 
46,432 
a) Governments 
175,119,657 
21,805 
159,974,487 
b) Other government agencies 
50,209,732 
24,334 
50,550,743 
3,168 
c) Other 
11,054,857 
185,575 
7,908,081 
43,264 
- non-financial companies 
10,121,352 
173,737 
7,841,397 
43,264 
- financial companies 
869,478 
8,784 
33,308 
- insurance undertakings 
536 
- other 
63,491 
3,054 
33,376 
Total 
240,520,435 
231,714 
219,989,100 
46,432

402
7.3 Loans to customers: assets hedged specifically
(thousands of euros)
31/12/2012
31/12/2011
1. Loans with specific fair value hedges:
11,890,085
13,816,827
a) interest rate risk
11,890,085
13,816,827
b) exchange rate risk
c) credit risk
d) multiple risks
2. Loans with specific cash flow hedges:
a) interest rate risk
b) exchange rate risk
c) other
Total
11,890,085
13,816,827

SECTION 8 - HEDGING DERIVATIVES - ITEM 80
8.1 Hedging derivatives: composition by type of hedge and level of inputs
8.2 Hedging derivatives: composition by hedged portfolio and type of hedge
(carrying amount)
CDP - 2012 Annual Report
(thousands of euros)
Fair value 31/12/2012
NV
Fair value 31/12/2011
NV 
L1
L2
L3
31/12/2012
L1
L2
L3
31/12/2011
A. Financial derivatives: 
1,188,301 2,683 
10,878,158 
928,976 2,337 
11,492,022 
1) Fair value 
1,123,768 
2,683 
9,793,730 
893,166 
2,337 
11,392,221 
2) Cash flow 
64,533 
1,084,428 
35,810 
99,801 
3) Investment in foreign operation 
B. Credit derivatives 
1) Fair value 
2) Cash flow 
Total 
1,188,301 2,683 
10,878,158 
928,976 2,337 
11,492,022 
Key
NV = notional value
L1 = Level 1
L2 = Level 2
L3 = Level 3
(thousands of euros)
Fair value
Cash flow
Investment 
Specific
Generic
Specific
Generic
in foreign
operation
interest 
exchange 
credit 
price 
multiple 
rate risk
rate risk
risk
risk
risks
1. Financial assets available
for sale 
x 
x 
x 
2. Loans  
x 
x 
51,073 
x 
x 
3. Financial assets held 
to maturity 
x 
x 
x 
x 
x 
4. Portfolio 
x 
x 
x 
x 
x 
x 
x 
5. Other 
x 
103 
x 
Total assets 
51,176 
1. Financial liabilities 
1,079,143 
x 
47,308 
x 
x 
x 
2. Portfolio 
x 
x 
x 
x 
x 
x 
x 
Total liabilities 
1,079,143 
47,308 
1. Forecast transactions 
x 
x 
x 
x 
x 
x 
13,357 
x 
x 
2. Portfolio of financial assets 
and liabilities 
x 
x 
x 
x 
x 
x 
403
Consolidated Financial Statements

404
SECTION 10 - EQUITY INVESTMENTS - ITEM 100
10.1 Equity investments in joint ventures (accounted for with equity method) 
and in companies subject to significant influence: information on investments
Equity investment
Registered
Type of
Investor
%
%
office
relationship (1)
holding
of votes (2)
A.1 Companies under joint control 
1. ELMED ETUDES S.àr.l.
Tunis (TN) 
7
Terna S.p.A. 
50.00%
50.00%
2. Etihad Ship Building LLC
Abu Dhabi (UAE) 
7
Fincantieri S.p.A. 
35.00%
35.00%
3. Orizzonte Sistemi Navali S.p.A.
Genoa 
7
Fincantieri S.p.A. 
51.00%
51.00%
4. Alfiere S.p.A. 
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
5. Bonafous S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
6. Cinque Cerchi S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
7. Italia Turismo S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
42.00%
42.00%
8. Manifatture Milano S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
9. MT - Manifattura Tabacchi S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
10. Pentagramma Perugia S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
11. Pentagramma Piemonte S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
12. Pentagramma Romagna S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
13. Quadrifoglio Brescia S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
14. Quadrifoglio Genova S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
15. Quadrifoglio Modena S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
16. Quadrifoglio Piacenza S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
17. Quadrifoglio Verona S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
18. Residenziale Immobiliare 2004 S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
19. Valcomp Tre S.p.A.
Rome 
7
Fintecna Immobiliare S.r.l 
50.00%
50.00%
20. Kedrion Group SpA
Castelvecchio Pascoli (LU) 
7
FSI S.p.A 
18.63%
18.63%
21. Metroweb Italia SpA
Milan 
7
FSI S.p.A 
46.17%
46.17%
22. Trans Austria Gasleitung GmbH (4)
Vienna (A) 
7
CDP GAS S.r.l. 
89.00%
50.00%
A.2 Companies under significant influence 
1. Eni S.p.A. 
Rome 
4
CDP S.p.A. 
25.76%
25.76%
2. Galaxy S.àr.l. SICAR 
Luxembourg 
4
CDP S.p.A. 
40.00%
40.00%
3. Europrogetti & Finanza S.p.A. in liquidazione 
Rome 
4
CDP S.p.A. 
31.80%
31.80%
4. CESI S.p.A.
Milan 
4
Terna S.p.A. 
42.70%
42.70%
5. CrnoGorski Elektroprenosni AD (”CGES“)
Podgorica (MME) 
4
Terna S.p.A. 
22.09%
22.09%
6. CORESO S.A.
Brussels 
4
Terna S.p.A. 
22.49%
22.49%
7. ATI (African Trade Insurance Agency)
Nairobi 
4
SACE S.p.A. 
6.41%
6.41%
8. Consorzio CONDIF in liquidazione
Rome 
4
Fintecna Immobiliare S.r.l 
33.33%
33.33%
9. Soc. Svil.Tur. Cult. Golfo di Napoli S.c.a r.l.
Naples 
4
Fintecna Immobiliare S.r.l 
25.00%
25.00%

405
CDP - 2012 Annual Report
Consolidated Financial Statements
10. Altiforni e Ferriere di Servola S.p.A. in A.C.
Udine 
4
Fintecna S.p.A. 
47.62%
47.62%
11. Consorzio Edinca in liquidazione
Naples 
4
Fintecna S.p.A. 
38.80%
38.80%
12. Consorzio Edinsud in liquidazione
Naples 
4
Fintecna S.p.A. 
50.00%
50.00%
13. Fonderit Etruria S.r.l. in fallimento
Campiglia M. (LI) 
4
Fintecna S.p.A. 
36.25%
36.25%
14. OMSAV S.p.A. in fallimento
Savona 
4
Fintecna S.p.A. 
30.00%
30.00%
15. Consorzio Incomir
Mercogliano (AV) 
4
Fintecna S.p.A. 
45.46%
45.46%
16. Edilmagliana 89 S.c.a r.l. in liquidazione
Rome 
4
Fintecna S.p.A. 
50.00%
50.00%
17. S.P.S. S.c.p.a. in fallimento
Rome 
4
Fintecna S.p.A. 
20.40%
20.40%
18. Ligestra Due S.r.l. (5)
Rome 
1
Fintecna S.p.A. 
100.00%
100.00%
19. Ligestra S.r.l. (5)
Rome 
1
Fintecna S.p.A. 
100.00%
100.00%
20. Ligestra Tre S.r.l. (5)
Rome 
1
Fintecna S.p.A. 
100.00%
100.00%
21. Snam S.p.A.
San Donato Milanese (MI) 
4
CDP RETI S.r.l. 
30.00%
30.00%
A.3 Unconsolidated subsidiaries (3)
1. Consorzio G1 Aste individuali
Rome 
1
Fintecna Immobiliare S.r.l 
99.99%
99.99%
2. Consorzio Codelsa in liquidazione
Rome 
1
Fintecna S.p.A. 
100.00%
100.00%
3. Consorzio I.MA.FI.D. in liquidazione
Naples 
1
Fintecna S.p.A. 
56.85%
56.85%
4. Consorzio MED.IN. in liquidazione
Rome 
1
Fintecna S.p.A. 
85.00%
85.00%
5. Ligestra Quattro S.r.l.
Rome 
1
Fintecna S.p.A. 
100.00%
100.00%
6. WPG Ltd in liquidazione
Bangkok (T) 
1
Fintecna S.p.A. 
99.45%
99.45%
7. Consorzio Aerest in liquidazione
Rome 
1
Fintecna S.p.A. 
97.38%
97.38%
8. Consorzio Italtecnasud in liquidazione
Rome 
1
Fintecna S.p.A. 
60.00%
60.00%
9. Alitalia Servizi S.p.A. in A.S.
Fiumicino (RM) 
1
Fintecna S.p.A. 
49.36%
49.36%
10. Cagliari 89 S.c.a r.l. in liquidazione
Cagliari 
1
Fintecna S.p.A. 
51.00%
51.00%
11. Coedam S.c.a r.l. in liquidazione
Rome 
1
Fintecna S.p.A. 
60.00%
60.00%
12. Tirrenia di Navigazione S.p.A. in A.S.
Naples 
1
Fintecna S.p.A. 
100.00%
100.00%
13. SACE Do Brasil
São Paulo (BR) 
1
SACE S.p.A. 
90.00%
90.00%
SACE Do Brasil
São Paulo (BR) 
1
SACE Servizi 
10.00%
10.00%
Key
(1) Type of relationship 
1 = Majority of voting rights in ordinary shareholders’ meeting 
2 = Dominant influence in ordinary shareholders’ meeting 
3 = Agreements with other shareholders 
4 = Other form of control 
5 = Unitary management pursuant to Article 26.1 of Legislative Decree 87/92 
6 = Unitary management pursuant to Article 26.2 of Legislative Decree 87/92 
7 = Joint control 
(2) Actual percentage of votes in ordinary shareholders’ meeting, distinguishing between effective and potential votes 
(3) Companies in liquidation or subsidiaries in the start-up phase without assets and liabilities. 
(4) Participation in financial rights is equal to 94% 
(5) It concerns companies estabilished to run some separate accounts whose revenues belong, for their majority, to Ministry for the Economy and Finance. For this reason these companies, even if are
totally owned, are consolidated with the equity method
Equity investment
Registered
Type of
Investor
%
%
office
relationship (1)
holding
of votes (2)

406
10.2 Equity investments in joint ventures and in companies subject to significant
influence: accounting data
(thousands of euros)
Total
Total
Net income
Equity
Carrying
Fair
assets
revenues
(loss)
amount
value
A.
Companies accounted for with equity method 
A.1 under joint control 
1. ELMED ETUDES S.àr.l. (1)
2,621 
(119) 
2,501 
2. Etihad Ship Building LLC
272 
1,042 
(10) 
171 
178 
3. Orizzonte Sistemi Navali S.p.A.
2,048,807 
531,484 
1,858 
29,053 
14,798 
4. Alfiere S.p.A. 
183,461 
1 
(27,463) 
5,523 
5. Bonafous S.p.A.
20,782 
282 
(509) 
3,683 
6. Cinque Cerchi S.p.A.
125,666 
12,032 
(4,890) 
15,980 
7. Italia Turismo S.p.A.
293,735 
8,910 
(5,826) 
134,415 
52,575 
8. Manifatture Milano S.p.A.
101,060 
4,907 
(8,716) 
2,394 
9. MT - Manifattura Tabacchi S.p.A.
91,674 
9 
(4,954) 
15,088 
10. Pentagramma Perugia S.p.A.
10,447 
205 
(345) 
2,098 
333 
11. Pentagramma Piemonte S.p.A.
55,316 
1,381 
(2,171) 
4,997 
12. Pentagramma Romagna S.p.A.
50,263 
1,508 
(993) 
7,225 
13. Quadrifoglio Brescia S.p.A.
26,331 
81 
(3,662) 
2,536 
14. Quadrifoglio Genova S.p.A.
17,404 
663 
(558) 
1,062 
65 
15. Quadrifoglio Modena S.p.A.
55,666 
13,450 
(938) 
3,984 
16. Quadrifoglio Piacenza S.p.A.
19,118 
782 
(430) 
2,996 
17. Quadrifoglio Verona S.p.A.
21,134 
32 
(2,486) 
938 
18. Residenziale Immobiliare 2004 S.p.A.
466,400 
37,082 
(12,713) 
29,111 
19. Valcomp Tre S.p.A.
110,208 
10,340 
(2,288) 
5,682 
20. Kedrion Group SpA (4)
752,778 
112,391 
4,628 
404,626 
77,969 
21. Metroweb Italia SpA (5)
519,528 
29,080 
1,565 
168,024 
200,000 
22. Trans Austria Gasleitung GmbH 
688,858 
286,091 
77,163 
203,353 
495,067 
A.2 under significant influence 
1. Eni S.p.A. (1)
82,021,346 
49,876,149 
4,212,687 
35,254,999 
16,332,779 
17,169,532 
2. Galaxy S.àr.l. SICAR  (2)
151,741 
25,608 
22,176 
146,507 
2,348 
3. Europrogetti & Finanza S.p.A. in liquidazione (3)
6,863 
783 
(462) 
(5,637) 
4. CESI S.p.A. (1)
138,338 
91,452 
14,384 
73,392 
36,802 
5. CGES A.D.
197,879 
28,687 
6,026 
164,456 
36,327 
6. CORESO S.A.
2,527 
5,327 
171 
1,408 
317 
7. Ligestra Due S.r.l.
186,828 
8,030 
45 
127 
172 
8. Ligestra S.r.l.
471,845 
32,582 
781 
6,212 
555 
9. Ligestra Tre S.r.l.
99,569 
38,371 
3,331 
10,027 
13,358 
10. ATI (African Trade Insurance Agency)
136,699 
3,380 
(4,797) 
116,814 
7,488 
11. Snam S.p.A.
22,584,000 
4,008,000 
779,000 
5,930,000 
3,498,736 
3,564,923 
12. Consorzio CONDIF in liquidazione
-  
-  
-  
-  
13. Soc. Svil. Tur. Cult. Golfo di Napoli S.c.a r.l.
-  
-  
-  
-  
14. Altiforni e Ferriere di Servola S.p.A. in A.C.
-  
-  
-  
-  
15. Consorzio Edinca in liquidazione
-  
-  
-  
-  
16. Consorzio Edinsud in liquidazione
-  
-  
-  
-  
17. Fonderit Etruria S.r.l. in fallimento
-  
-  
-  
-  
18. OMSAV S.p.A. in fallimento
-  
-  
-  
-  
19. Consorzio Incomir
-  
-  
-  
-  
20. Edilmagliana 89 S.c.a r.l. in liquidazione
-  
-  
-  
-  
21. S.P.S. S.c.p.a. in fallimento
-  
-  
-  
-  
Total 
20,769,867 
Other minor equity investments 
375 
Total 
20,770,242 
(1) As at 31 December 2011
(2) As at 30 June 2011
(3) As at 31 December 2009
(4) Consolidated data as at 30 September 2012 of Kedrion Group S.p.A.
(5) Consolidated data (IT GAAP) as at 31 December 2011 of F2i Reti TLC SpA renamed Metroweb Italia S.p.A. on 24 December 2012

407
10.3 Equity investments: change for the year
The sub-item B.1 “Purchases” reports the acquisitions of interests:
•
in Snam S.p.A., for a stake of 30.00000002%, in the amount of €3,520 million. That percentage
holding, in the absence of facts that demonstrate the existence of power to determine the financial
and operational policies of the investee, gives rise to a presumption of the exercise of a significant
influence, making the company an associate;
•
in Kedrion Group S.p.A. and Metroweb Italia S.p.A. for €274 million, by the subsidiary FSI;
•
in associates (subject to significant influence) or joint ventures by SACE and Fintecna, which were ac-
quired in turn in 2012, totalling about €90 million;
•
in Terna Storage, established in 2012, and an increase in the holding in CESI, totalling €0.3 million.
The sub-item B.3 “Revaluations” reports the share of net income pertaining to the Group of companies
measured using the equity method.
Item C.1 “Sales” mainly regards the sale of Eni S.p.A. shares. 
The sub-item C.3 “Other decreases” mainly reports dividends received from associated companies and
deducted from the value of those companies.
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A. Opening balance
18,774,671
17,273,669
B. Increases
5,453,141
2,601,274
B.1 Purchases
3,884,059
570,344
- of which: business combinations
89,897
B.2 Writebacks
15,912
B.3 Revaluations
1,564,813
1,695,090
B.4 Other increases
4,269
319,928
C. Decreases
3,457,570
1,100,272
C.1 Sales
1,968,105
of which: business combinations
C.2 Writedowns
C.3 Other decreases
1,489,465
1,100,272
D. Closing balance
20,770,242
18,774,671
E. Total revaluations
3,259,903
1,695,090
F. Total writedowns
3,107
3,107

408
10.4 Obligations relating to joint ventures 
The most significant commitments in respect of joint ventures comprise:
•
the acquisition of Edicima S.p.A. for €10.2 million;
•
the commitment to grant Kedrion Group S.p.A. a loan of €75 million, on market terms and condi-
tions, repayable or, in the case of non-repayment, convertible into shares;
•
the option to sell to the partner F2i (at the initiative of either of the parties) the entire interest held
in Metroweb Italia S.p.A. on the terms and conditions set out in the related agreements.
10.5 Obligations relating to companies subject to significant influence 
CDP is a shareholder of Galaxy S.àr.l. SICAR, a Luxembourg company that makes equity or quasi-equity
investments in projects and infrastructure in the transportation sector.
Under the shareholders agreement, as from the end of the investment period, which terminated on 9
July 2008, additional payments can be requested from the shareholders only for: (i) payment of the com-
pany’s running costs (such as, for example, operating expenses and management commissions) and (ii)
the completion of investments already improved.

409
SECTION 11 - REINSURERS’ SHARE OF TECHNICAL PROVISIONS - ITEM 110
11.1 Reinsurers’ share of technical provisions: composition
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A. Non-life insurance
106,305
A1. Provision for unearned premiums
41,247
A2. Provision for claims outstanding
64,751
A3. Other
307
B. Life insurance
B1. Mathematical reserves
B2. Provision for claims outstanding
B3. Other
C. Technical provisions where the investment risk 
is borne by the insured
C1. Reserves for contracts whose benefits are linked 
to investment funds and market indices
C2. Reserves from the operation of pension funds
D. Total reinsurers’ share of technical provisions
106,305

410
SECTION 12 - PROPERTY, PLANT AND EQUIPMENT - ITEM 120
12.1 Property, plant and equipment: composition of assets measured at cost
(thousands of euros)
Banking 
Insurance 
Other 
31/12/2012 31/12/2011
group
group
entities
A. Operating assets
1.1 owned
206,929
69,744
11,804,504
12,081,177
10,771,247
a) land
117,406
58,584
97,122
273,112
211,158
b) buildings
63,079
8,005
1,096,727
1,167,811
871,265
c) movables
2,045
2,811
7,103
11,959
9,219
d) electrical plant
1,288
295
169,923
171,506
16,277
e) other
23,111
49
10,433,629
10,456,789
9,663,328
1.2 acquired under finance leases
14,916
14,916
a) land
b) buildings
14,916
14,916
c) movables
d) electrical plant
e) other
Total A
206,929
69,744
11,819,420
12,096,093
10,771,247
B. Investment property
2.1 owned
20,949
40,371
61,320
a) land
10,267
1,093
11,360
b) buildings
10,682
39,278
49,960
2.2 acquired under finance leases
a) land
b) buildings
Total B
-
20,949
40,371
61,320
-
Total (A+B)
206,929
90,693
11,859,791
12,157,413
10,771,247

411
12.3 Operating property, plant and equipment: change for the year
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Land
Buildings
Movables
Electrical
Other
Total
plant
A. Opening gross balance  
211,158 
1,200,420 
20,787 
57,625 15,385,686 16,875,676
A.1  Total net writedowns 
(329,155)
(11,568)
(41,348)
(5,722,358)
(6,104,429)
A.2 Opening net balance   
211,158 
871,265 
9,219 
16,277 
9,663,328 10,771,247
B. Increases 
61,965 
342,178 
3,948 
161,757 
1,369,960 
1,939,808
B.1 Purchases 
58,600 
243,498 
3,948 
156,597 
1,369,960 
1,832,603
- of which: business combinations
58,584 
225,250 
3,274 
155,767 
196,060 
638,935
B.2 Capitalized improvement costs 
B.3 Writebacks 
B.4 Fair value gains recognised in 
a) equity 
b) income statement 
B.5 Positive exchange rate differences 
B.6 Transfers from investment property 
B.7 Other changes 
3,365 
98,680 
5,160 
107,205 
C. Decreases 
11 
30,716 
1,208 
6,528 
576,499 
614,962 
C.1 Sales 
11 
41 
86 
50,335 
50,473 
C.2 Depreciation 
30,646 
1,207 
6,442 
378,228 
416,523
C.3 Writedowns for impairment 
recognised in 
103 
103 
a) equity 
-   
-  
b) income statement 
103 
103
C.4 Fair value losses recognised in 
a) equity 
b) income statement 
C.5 Negative exchange rate differences 
C.6 Transfers to 
a) investment property 
b) assets held for sale 
C.7 Other changes 
29 
1 
147,833 
147,863 
D. Closing net balance 
273,112 
1,182,727 
11,959 
171,506 10,456,789 12,096,093
D.1 Total net writedowns 
(359,801)
(12,775)
(47,790)
(6,100,689)
(6,521,055)
D.2  Closing gross balance 
273,112 
1,542,528 
24,734 
219,296 16,557,478 18,617,148
E. Measurement at cost

412
12.3 of which: pertaining to the Banking Group
(thousands of euros)
Land
Buildings
Movables
Electrical
Other
Total
plant
A. Opening gross balance
117,406
83,126
12,390
17,739
32,602
263,263
A.1 Total net writedowns
(17,991)
(9,839)
(16,500)
(19,200)
(63,530)
A.2 Opening net balance
117,406
65,135
2,551
1,239
13,402
199,733
B. Increases
448
194
828
11,341
12,811
B.1 Purchases
168
194
828
11,341
12,531
B.2 Capitalized improvement costs
B.3 Writebacks
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
B.7 Other changes
280
280
C. Decreases
2,504
700
779
1,632
5,615
C.1 Sales
86
24
110
C.2 Depreciation
2,504
700
693
1,331
5,228
C.3 Writedowns for impairment 
recognised in
a) equity
b) income statement
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
C.6 Transfers to
a) investment property
b) assets held for sale
C.7 Other changes
277
277
D. Closing net balance
117,406
63,079
2,045
1,288
23,111
206,929
D.1 Total net writedowns
(20,495)
(10,539)
(17,193)
(20,531)
(68,758)
D.2 Closing gross balance
117,406
83,574
12,584
18,481
43,642
275,687
E. Measurement at cost

413
12.3 of which: pertaining to Other Entities
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Land
Buildings
Movables
Electrical
Other
Total
plant
A. Opening gross balance
93,752
1,117,294
8,397
39,886
15,353,084 16,612,413
A.1 Total net writedowns
(311,164)
(1,729)
(24,848)
(5,703,158)
(6,040,899)
A.2 Opening net balance
93,752
806,130
6,668
15,038
9,649,926 10,571,514
B. Increases
3,381
333,725
943
160,634
1,358,569
1,857,252
B.1 Purchases
16
235,325
943
155,474
1,358,569
1,750,327
- of which: business combinations
217,245
463
155,472
196,010
569,190
B.2 Capitalized improvement costs
B.3 Writebacks
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
B.7 Other changes
3,365
98,400
5,160
106,925
C. Decreases
11
28,212
508
5,749
574,866
609,346
C.1 Sales
11
41
50,311
50,363
C.2 Depreciation
28,142
507
5,749
376,897
411,295
C.3 Writedowns for impairment 
recognised in
103
103
a) equity
b) income statement
103
103
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
C.6 Transfers to
a) investment property
b) assets held for sale
C.7 Other changes
29
1
147,555
147,585
D. Closing net balance
97,122
1,111,643
7,103
169,923
10,433,629 11,819,420
D.1 Total net writedowns
(339,306)
(2,236)
(30,597)
(6,080,158)
(6,452,297)
D.2 Closing gross balance
97,122
1,450,949
9,339
200,520
16,513,787 18,271,717
E. Measurement at cost

414
12.4 Investment property: change for the year
12.5 Commitments to purchase property, plant and equipment
The Group’s commitments to suppliers amount to about €2,464.6 million and regard purchase com-
mitments connected with the normal operating cycle for the period 2013-2018 of the companies re-
ported under “Other entities”.
(thousands of euros)
Total
Land
Buildings
A. Opening balance
-
-
B. Increases
11,360
49,960
B.1 Purchases
11,360
49,960
- of which: business combinations
11,360
49,960
B.2 Increases in internally-generated intangible assets
B.3 Fair value gains
B.4 Writebacks
B.5 Positive exchange rate differences
B.6 Transfers from operating property
B.7 Other changes
C. Decreases
C.1 Sales
- of which: business combinations
C.2 Depreciation
C.3 Fair value losses
C.4 Writedowns for impairment
C.5 Negative exchange rate differences
C.6 Transfers to
a) operating property
b) assets held for sale
C.7 Other changes
D. Closing balance
11,360
49,960
E. Measurement at cost
11,360
49,960

415
SECTION 13 - INTANGIBLE ASSETS - ITEM 130
13.1 Intangible assets: composition by category
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking group
Insurance
Other
31/12/2012
31/12/2011
group
entities
Definite
Indefinite
Definite
Indefinite
Definite
Indefinite
Definite
Indefinite
Definite
Indefinite
life
life
life
life
life
life
life
life
life
life
A.1 Goodwill
x
x
x
485,897
x
485,897
x
485,897
A.1.1 pertaining to Group
x
x
x
352,454
x
352,454
x
352,454
A.1.2 non-controlling interests
x
x
x
133,443
x
133,443
x
133,443
A.2 Other intangible assets
7,177
6,945
323,814
337,936
285,299
A.2.1 Assets carried at cost
7,177
6,945
323,814
337,936
285,299
a) internally-generated
intangible assets
6,037
27,990
34,027
30,621
b) other assets
7,177
908
295,824
303,909
254,678
A.2.2 Assets carried at fair value
a) internally-generated
intangible assets
b) other assets
Total
7,177
6,945
323,814
485,897
337,936 485,897
285,299 485,897

416
13.2 Intangible assets: change for the year
(thousands of euros)
Other intangible 
Other intangible
assets: internally
assets: other
Goodwill
generated
Total
DEF
INDEF
DEF
INDEF
A. Opening gross balance
485,897
121,681
463,195
1,070,773
A.1 Total net writedowns
(91,060)
(208,517)
(299,577)
A.2 Opening net balance
485,897
30,621
254,678
771,196
B. Increases
22,011
87,658
109,669
B.1 Purchases
22,011
87,658
109,669
- of which: business combinations
6,037
44,485
50,522
B.2 Increases in internally-generated 
intangible assets
x
B.3 Writebacks
x
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate differences
B.6 Other changes
C. Decreases
18,605
38,427
57,032
C.1 Sales
10
143
153
C.2 Writedowns
18,595
38,284
56,879
- Amortisation
x
18,595
38,284
56,879
- Impairment
+ equity
x
+ income statement
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
held for sale
C.5 Negative exchange rate differences
C.6 Other changes
D. Closing net balance
485,897
34,027
303,909
823,833
D.1 Total net writedowns
(109,655)
(246,801)
(356,456)
E. Closing gross balance
485,897
143,682
550,710
1,180,289
F. Measurement at cost
Key
DEF: definite life
INDEF: indefinite life

417
13.2 of which: pertaining to the Banking Group
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Other intangible 
Other intangible
assets: internally
assets: other
Goodwill
generated
Total
DEF
INDEF
DEF
INDEF
A. Opening gross balance
17,213
17,213
A.1 Total net writedowns
(12,592)
(12,592)
A.2 Opening net balance
4,621
4,621
B. Increases
5,038
5,038
B.1 Purchases
5,038
5,038
- of which: business combinations
B.2 Increases in internally-generated 
intangible assets
x
B.3 Writebacks
x
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate differences
B.6 Other changes
C. Decreases
2,482
2,482
C.1 Sales
C.2 Writedowns
2,482
2,482
- Amortisation
x
2,482
2,482
- Impairment
+ equity
x
+ income statement
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets 
held for sale
C.5 Negative exchange rate differences
C.6 Other changes
D. Closing net balance
7,177
7,177
D.1 Total net writedowns
(15,074)
(15,074)
E. Closing gross balance
22,251
22,251
F. Measurement at cost
Key
DEF: definite life
INDEF: indefinite life

418
13.2 of which: pertaining to Other Entities
(thousands of euros)
Other intangible 
Other intangible
assets: internally
assets: other
Goodwill
generated
Total
DEF
INDEF
DEF
INDEF
A. Opening gross balance
485,897
121,681
445,982
1,053,560
A.1 Total net writedowns
(91,060)
(195,925)
(286,985)
A.2 Opening net balance
485,897
30,621
250,057
766,575
B. Increases
15,974
81,712
97,686
B.1 Purchases
15,974
81,712
97,686
- of which: business combinations
43,577
43,577
B.2 Increases in internally-generated 
intangible assets
x
B.3 Writebacks
x
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate differences
B.6 Other changes
C. Decreases
18,605
35,945
54,550
C.1 Sales
10
143
153
C.2 Writedowns
18,595
35,802
54,397
- Amortisation
x
18,595
35,802
54,397
- Impairment
+ equity
x
+ income statement
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets 
held for sale
C.5 Negative exchange rate differences
C.6 Other changes
D. Closing net balance
485,897
27,990
295,824
809,711
D.1 Total net writedowns
(109,655)
(231,727)
(341,382)
E. Closing gross balance
485,897
137,645
527,551
1,151,093
F. Measurement at cost
Key
DEF: definite life
INDEF: indefinite life

419
Impairment testing of goodwill
The goodwill recognised in the balance sheet, totalling €486 million, of which €352 million pertaining
to the Group, regards the subsidiary Terna.
Pursuant to the provision of IAS 36, goodwill is tested annually for impairment. 
To that end, it is necessary to identify the cash generating unit to which the goodwill is to be allocated.
Within the CDP Group, the cash generating units correspond to the assets and liabilities of the subsidiary
itself.
The impairment testing of goodwill is based on recoverable value, which in this case is equal to fair val-
ue. The latter is defined as Terna’s average stock market price in the previous 24 months. 
Despite the adverse economic conditions associated with the on-going crisis, no evidence of impairment
was found. In fact, fair value in the reference period was well above the subsidiary’s carrying amount in
the consolidated accounts.
CDP - 2012 Annual Report
Consolidated Financial Statements

420
SECTION 14 - TAX ASSETS AND LIABILITIES - ITEM 140 OF ASSETS AND ITEM 80 OF
LIABILITIES
14.1 Deferred tax assets: composition
(thousands of euros)
Banking 
Insurance 
Other 
31/12/2012
31/12/2011 
group
group
entities
Deferred tax assets recognised 
in income statement
112,636
164,330
114,006
390,972
106,537
- losses carried forward
33,135
33,135
- grants
- sundry writedowns
45,330
57,751
103,081
- depreciation and amortisation
3,714
712
4,426
3,708
- financial instruments
- debts
1,148
192
1,340
2,044
- dismantling and site restoration
- provisions for risks and charges
3,406
6,451
5,806
15,663
2,735
- other temporary differences
104,368
111,645
17,314
233,327
98,050
Deferred tax assets recognised 
in equity
36,727
1,137
37,864
111,494
- assets available for sale
36,727
660
37,387
109,638
- exchange rate differences
- cash flow hedges
477
477
- other assets
1,856
Total
149,363
164,330
115,143
428,836
218,031

421
14.2 Deferred tax liabilities: composition
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking 
Insurance 
Other 
31/12/2012
31/12/2011 
group
group
entities
Deferred tax liabilities recognised 
in income statement
89,852
1,079,904
1,169,756
1,091,583
- capital gains taxed in instalments
188
188
- severance pay
10
4,281
4,291
- leasing
- property, plant and equipment
2,451
1,114,122
1,116,573
1,153,871
- own securities portfolio
14,777
14,777
2,194
- equity investments
59,503
59,503
97,346
- other financial instruments
40
40
176
- other
72,386
32,642
105,028
17,471
- offsetting against deferred tax assets
(130,644)
(130,644)
(179,475)
Deferred tax liabilities recognised 
in equity
72,171
(48,673)
23,498
38,748
- assets available for sale
26
1,080
1,106
- reserve L. 169/83
- reserve L. 213/98
- other reserves
12,823
1,044
13,867
- other liabilities
59,322
(50,797)
8,525
38,748
Total
72,171
89,852
1,031,231
1,193,254
1,130,331

422
14.3 Changes in deferred tax assets (recognised in income statement)
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
106,537
9,306
2. Increases
287,214
100,209
2.1 Deferred tax assets recognised during the year
9,387
100,105
a) in respect of previous periods
b) due to change in accounting policies
c) writebacks
d) other
9,387
100,105
2.2 New taxes or increases in tax rates
104
2.3 Other increases
2.4 Business combinations
277,827
3. Decreases
2,779
2,978
3.1 Deferred tax assets derecognised during the year
2,779
2,978
a) reversals
2,779
2,978
b) writedowns for supervening non-recoverability
c) due to change in accounting policies
d) other
3.2 Reduction in tax rates
3.3 Other decreases
a) transformation in tax credits under Law 214/2011
b) other
3.4 Business combinations
4. Closing balance
390,972
106,537

423
14.4 Changes in deferred tax liabilities (recognised in income statement)
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
1,091,583
965,083
2. Increases
200,112
179,691
2.1 Deferred tax liabilities recognised during the year
25,300
316
a) in respect of previous periods
b) due to change in accounting policies
c) other
25,300
316
2.2 New taxes or increases in tax rates
93,278
2.3 Other increases
52,209
86,097
2.4 Business combinations
122,603
3. Decreases
121,939
53,191
3.1 Deferred tax liabilities derecognised during the year
121,939
53,191
a) reversals
121,939
53,191
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
3.3 Other decreases
3.4 Business combinations
4. Closing balance
1,169,756
1,091,583

424
14.5 Changes in deferred tax assets (recognised in equity)
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
111,494
28,996
2. Increases
30,043
85,389
2.1 Deferred tax assets recognised during the year
28,906
84,907
a) in respect of previous periods
b) due to change in accounting policies
c) other
28,906
84,907
2.2 New taxes or increases in tax rates
482
2.3 Other increases
2.4 Business combinations
1,137
3. Decreases
103,673
2,891
3.1 Deferred tax assets derecognised during the year
103,673
2,891
a) reversals
103,673
2,891
b) writedowns for supervening non-recoverability
c) due to changes in accounting policies
d) other
3.2 Reduction in tax rates
3.3 Other decreases
3.4 Business combinations
4. Closing balance
37,864
111,494

425
14.6 Changes in deferred tax liabilities (recognised in equity)
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Opening balance
38,748
69,403
2. Increases
49,132
9,432
2.1 Deferred tax liabilities recognised during the year
38,280
2,117
a) in respect of previous periods
b) due to change in accounting policies
c) other
38,280
2,117
2.2 New taxes or increases in tax rates
7,315
2.3 Other increases
2.4 Business combinations
10,852
3. Decreases
64,382
40,087
3.1 Deferred tax liabilities derecognised during the year
39,018
40,087
a) reversals
39,018
623
b) due to change in accounting policies
c) other
39,464
3.2 Reduction in tax rates
3.3 Other decreases
25,364
3.4 Business combinations
4. Closing balance
23,498
38,748

426
SECTION 16 - OTHER ASSETS - ITEM 160
16.1 Other assets: composition
The item reports assets not otherwise classified under the previous items.
The main items under this heading are:
•
advance payments in respect of withholding tax on interest earned on postal passbook savings ac-
counts in the amount of €217 million: the balance at the end of December 2012 represents the ex-
cess of payments on account to tax authorities over withholding tax levied in 2012 on interest ac-
crued on postal passbook savings accounts;
•
the trade receivables of the Terna Group (€1,882 million);
•
construction contracts (€522 million), mainly regarding the shipbuilding activities of Fincantieri;
•
inventories of semifinished goods and products being manufactured in the amount of €525 million.
The item also includes assets (IAS 2) represented by land and buildings in the amount of about €360
million held by the Group companies that operate in the real estate sector.
(thousands of euros)
Banking 
Insurance 
Other 
31/12/2012
31/12/2011 
Group
Group
entities
Payments on account for withholding 
tax on postal passbooks
217,100
217,100
188,558
Other tax receivables
6,769
40,052
46,821
Receivables due from investees
522
53,426
53,948
22,969
Trade receivables and advances to public entities
13,718
77,085
2,303,017
2,393,820
1,711,123
Construction contracts
521,583
521,583
Advances to suppliers
12
440
116,156
116,608
Inventories
15
525,420
525,435
Advances to personnel
3
414
6,722
7,139
6,282
Other items
6,936
11,134
131,383
149,453
28,204
Accrued income and prepaid expenses
8
931
35,631
36,570
Total
238,299
96,788
3,733,390
4,068,477
1,957,136

SECTION 1 - DUE TO BANKS - ITEM 10
1.1 Due to banks: composition by type
The item “Due to central banks” essentially regards refinancing from the ECB.
Fixed-term deposits refer to cash collateral under Credit Support Annexes securing the counterparty risk
on derivatives (cash collateral) and the balance on postal passbook accounts and postal bonds held by
banks.
For the parent company, loans comprise repurchase agreements (about €1.3 billion) and loans from the
EIB (about €3 billion). The remainder is composed of bank loans to the other Group companies.
1.4 Due to banks: liabilities hedged specifically 
Amounts due to banks hedged specifically amounted to €1,938,449 thousand.
Liabilities
427
CDP - 2012 Annual Report
(thousands of euros)
31/12/2012
31/12/2011
1. Due to central banks
27,518,037
7,836,132
2. Due to banks
8,931,976
13,584,688
2.1 Current accounts and demand deposits
140,351
2.2 Fixed-term deposits
2,134,256
1,007,869
2.3 Loans
6,652,072
12,576,819
2.3.1 Repurchase agreements
1,268,069
8,183,254
2.3.2 Other
5,384,003
4,393,565
2.4 Liabilities in respect of commitments to repurchase own equity instruments
2.6 Other payables
5,297
Total
36,450,013
21,420,820
Fair value
36,461,226
21,420,820
Consolidated Financial Statements

428
SECTION 2 - DUE TO CUSTOMERS - ITEM 20
2.1 Due to customers: composition by type
“Fixed-term deposits” mainly regard the balance at the end of 2012 of postal passbook accounts and
postal bonds issued by the parent company.
Other payables mainly regard amounts not yet disbursed at the end of the year on loans being repaid
granted by CDP to public entities and public-law bodies.
The fair value reported above is essentially equal to the carrying amount. In theory, for postal savings
bonds issued by CDP it would be possible, using statistical models of redemptions, to apply valuation
techniques that incorporate a credit risk premium in line with that on medium/long-term government
securities. 
This would produce an estimate at 31 December 2012 of the fair value of those liabilities that would be
less than the carrying amount. However, taking account of the option for bondholders to redeem postal
bonds on demand and the considerable uncertainty about redemptions in view of the persistence of
large and volatile spreads at the end of 2012, it was decided for prudential reasons that the best esti-
mate of the fair value of postal savings bonds is their carrying amount.
2.3 Breakdown of item 20 “Due to customers”: structured liabilities
Structured liabilities at 31 December 2012 amounted to €9,117 million and include indexed postal sav-
ings bonds and the Premia bonds, for which the embedded derivative has been separated from the host
contract.
(thousands of euros)
31/12/2012
31/12/2011
1. Current accounts and demand deposits
127,261
458,553
2. Fixed-term deposits
232,063,269
217,782,623
3. Loans
51,868
3.1 Repurchase agreements
3.2 Other
51,868
4. Liabilities in respect of commitments to repurchase own equity instruments
5. Other payables
9,430,376
8,198,945
Total
241,672,774
226,440,121
Fair value
241,673,269
226,440,121

429
2.4 Due to customers: liabilities hedged specifically
Amounts due to customers covered by cash flow hedges refer to inflation-linked postal savings bonds.
2.5 Liabilities in respect of finance leases 
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
1. Liabilities covered by specific fair value hedges:
a) interest rate risk
b) exchange rate risk
c) multiple risks
2. Liabilities covered by specific cash flow hedges:
424,248
413,299
a) interest rate risk
424,248
413,299
b) exchange rate risk
c) other
Total
424,248
413,299
(thousands of euros)
Minimum 
Present value 
payments
of minimum payments
Up to 3 months
From 3 months to 1 year
1,173
1,086
From 1 year to 5 years
875
782
More than 5 years
Present value of gross/net minimum payments
2,048
1,868
Time factor
(180)
X
Present value of liabilities for minimum lease payments
1,868
1,868

430
SECTION 3 - SECURITIES ISSUED - ITEM 30
3.1 Securities issued: composition by type
3.1 of which: pertaining to the Banking Group
For the banking group, the item includes covered bonds in the amount of €2,636 million and bonds is-
sued under the Euro Medium Term Notes programme totalling €3,978 million.
(thousands of euros)
31/12/2012
31/12/2011
Carrying
Fair value
Carrying
Fair value
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3 
A. Securities
1. Bonds
13,218,183
12,561,646
409,904 12,886,745
11,879,998
491,303
1.1 structured
48,306
42,482
1.2 other
13,169,877
12,519,164
409,904 12,886,745
11,879,998
491,303
2. Other securities
2.1 structured
2.2 other
Total
13,218,183
12,561,646
409,904 12,886,745
11,879,998
491,303
(thousands of euros)
31/12/2012
31/12/2011
Carrying
Fair value
Carrying
Fair value
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3 
A. Securities
1. Bonds
6,554,136
5,897,599
409,904
8,512,365
7,505,619
491,303
1.1 structured
48,306
42,482
1.2 other
6,505,830
5,855,117
409,904
8,512,365
7,505,619
491,303
2. Other securities
2.1 structured
2.2 other
Total
6,554,136
5,897,599
409,904
8,512,365
7,505,619
491,303

431
3.1 of which: pertaining to Other Entities
Securities issued by other entities are entirely accounted for by bonds issued by Terna.
3.3 Breakdown of item 30 “Securities issued”: securities hedged specifically
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
Carrying
Fair value
Carrying
Fair value
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3 
A. Securities
1. Bonds
6,664,047
6,664,047
4,374,380
4,374,379
1.1 structured
1.2 other
6,664,047
6,664,047
4,374,380
4,374,379
2. Other securities-
2.1 structured-
2.2 other
Total
6,664,047
6,664,047
4,374,380
4,374,379
(thousands of euros)
31/12/2012
31/12/2011
1. Securities covered by specific fair value hedges:
10,982,734
12,491,720
a) interest rate risk
10,582,082
11,968,851
b) exchange rate risk
c) multiple risks
400,652
522,869
2. Securities covered by specific cash flow hedges:
a) interest rate risk
b) exchange rate risk
c) other
Total
10,982,734
12,491,720

432
SECTION 4 - FINANCIAL LIABILITIES HELD FOR TRADING - ITEM 40
4.1 Financial liabilities held for trading: composition by type
The item is mainly composed of the embedded option component of bonds indexed to baskets of shares
that was separated from the host contract.
(thousands of euros)
31/12/2012
31/12/2011
FV
FV
NV
L1
L2
L3
FV*
NV
L1
L2
L3
FV*
A. On-balance-sheet liabilities
1. Due to banks
2. Due to customers
3. Debt securities
x
x
3.1 Bonds
x
x
3.1.1 Structured
x
x
3.1.2 Other
x
x
3.2 Other securities
x
x
3.2.1 Structured
x
x
3.2.2 Other
x
x
Total A
B. Derivatives
1. Financial derivatives
106,090 416,506
x
64,046 434,309
x
1.1 Trading
x
9,734
2,977
x
x
x
1.2 Associated with fair value option
x
x
x
x
1.3 Other
x
96,356 413,529
x
x
64,046 434,309
x
2. Credit derivatives
x
x
2.1 Trading
x
x
x
x
2.2 Associated with fair value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
106,090 416,506
x
x
64,046 434,309
x
Total (A+B)
x
106,090 416,506
x
x
64,046 434,309
x
Key
FV = fair value
FV* = fair value calculated excluding changes in value due to changes in the issuer’s creditworthiness since the issue date
NV = nominal or notional value
L1 = Level 1
L2 = Level 2
L3 = Level 3

433
SECTION 6 - HEDGING DERIVATIVES - ITEM 60
6.1 Hedging derivatives: composition by type of hedge and level of inputs
6.2 Hedging derivatives: composition by hedged portfolio and type of hedge
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Fair value 31/12/2012
Fair value 31/12/2011
L1
L2
L3
NV 31/12/2012
L1
L2
L3
NV 31/12/2011
A. Financial derivatives
2,686,869
13,052
12,849,174
2,704,082
8,539
14,817,149
1) Fair value
2,562,811
9,516,944
2,612,712
11,712,781
2) Cash flow
124,058
13,052
3,332,230
91,370
8,539
3,104,368
3) Investment in foreign operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
2,686,869
13,052
12,849,174
2,704,082
8,539
14,817,149
Key
NV= notional value
L1= Level 1
L2= Level 2
L3= Level 3
(thousands of euros)
Fair value
Cash flow
Investment
Specific
Generic
Specific
Generic
in foreign
operation
interest  
exchange 
credit 
price 
multiple 
rate risk
rate risk
risk
risk
risks
1. Financial assets 
available for sale
x
x
x
2. Loans
2,562,811
x
x
x
x
3. Financial assets held to maturity
x
x
x
x
x
4. Portfolio
x
x
x
x
x
x
x
5. Other
x
x
Total assets
2,562,811
1. Financial liabilities
x
x
135,912
x
x
2. Portfolio
x
x
x
x
x
x
x
Total liabilities
135,912
1. Forecast transactions
x
x
x
x
x
x
1,198
x
x
2. Portfolio of financial assets 
and liabilities
x
x
x
x
x
x

434
SECTION 7 - VALUE ADJUSTMENTS OF LIABILITIES COVERED BY MACRO-HEDGES -
ITEM 70
7.1 Value adjustments of hedged financial liabilities
7.2 Liabilities covered by macro-hedges against interest rate risk: composition
This item reports the net change in the value of the postal savings bonds portfolio hedged generically
against interest rate risk. The hedging relationship was interrupted in 2009 in view of the closure of the
derivative hedging instruments. The change in the fair value of the hedged bonds, determined up to the
date of the validity of the hedging relationship, was subsequently accounted for on the basis of the amor-
tised cost of the bonds.
SECTION 8 - TAX LIABILITIES - ITEM 80
For more information concerning this item, please see Section 14 of “Assets”.
(thousands of euros)
31/12/2012
31/12/2011
1. Positive adjustments of financial liabilities
56,413
60,440 
2. Negative adjustments of financial liabilities
Total
56,413
60,440

435
SECTION 10 - OTHER LIABILITIES - ITEM 100
10.1 Other liabilities: composition
For the banking group, the main items under this heading are:
•
the payable to Poste Italiane S.p.A. of about €940 million, in respect of the unpaid portion at the
balance-sheet date of commissions for funding with postal savings products;
•
tax payables totalling about €518 million, mainly regarding the tax on interest paid on postal sav-
ings products.
With regard to other Group companies, the item mainly regards trade payables. Liabilities in respect of
construction contracts, equal to €581 million, report the excess of advances received over the value of
the contracts completed.
“Other” items include €382 million in respect of the provisional allocation of the difference between
the purchase price of equity investments and the equity of the companies that were added to the scope
of consolidation on a line-by-line basis during 2012. In compliance with IFRS 3, the purchase price allo-
cation process will be completed within twelve months of the acquisition date.
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking
Insurance 
Other
31/12/2012
31/12/2011
group
group
entities
Items being processed
10,681
20,136
30,817
4,445
Amounts due to employees
2,053
2,105
33,052
37,210
33,372
Charges for postal funding service
939,615
939,615
129,050
Tax payables
517,749
1,700
27,002
546,451
385,052
Construction contracts
580,919
580,919
Trade payables
20,336
17,491
2,934,219
2,972,046
2,039,415
Due to social security institutions
2,638
280
56,731
59,649
24,522
Accrued expenses and deferred income
1,879
144,863
146,742
Other items of insurance companies
42,135
42,135
- due to insured for recovered amounts
41,767
41,767
- liabilities for premiums to be reimbursed
329
329
- premium deposits
39
39
Other
59,272
185,371
510,992
755,635
209,528
Total
1,552,344
271,097
4,287,778
6,111,219
2,825,384

436
SECTION 11 - STAFF SEVERANCE PAY - ITEM 110
11.1 Staff severance pay: change for the year
SECTION 12 - PROVISIONS - ITEM 120
12.1 Provisions: composition
(thousands of euros)
Banking
Insurance 
Other
31/12/2012
31/12/2011
group
group
entities
A. Opening balance
776
-
64,455
65,231
68,605
B. Increases
1,190
7,145
84,969
93,304
14,982
B.1 Provision for the year
1,190
2,730
3,920
12,599
B.2 Other increases
7,145
82,239
89,384
2,383
- of which business combinations
7,145
82,239
89,384
C. Decreases
1,121
-
4,125
5,246
18,356
C.1 Severance payments
4,102
4,102
17,158
C.2 Other decreases
1,121
23
1,144
1,198
D. Closing balance
845
7,145
145,299
153,289
65,231
(thousands of euros)
Banking
Insurance 
Other
31/12/2012
31/12/2011
group
group
entities
1. Company pension plans
-
1,992
-
1,992
-
2. Other provisions
12,451
41,764
1,660,605
1,714,820
259,030
2.1 legal disputes
3,957
2,606
20,219
26,782
18,797
2.2 staff costs
7,099
10,372
78,508
95,979
81,768
2.3 other
1,395
28,786
1,561,878
1,592,059
158,465
Total
12,451
43,756
1,660,605
1,716,812
259,030

437
12.2 Provisions: change for the year
12.4 Provisions – Other provisions
“Other” provisions, totalling €1,592 million at 31 December 2012, include €1,251 million in provisions
of the subsidiary Fintecna, whose activities include the management of complex liquidation proceedings
and the complex and flexible management of the associated litigation. The provisions mainly regard risks
associated with litigation, reclamation and conservation of property sites and other real estate risks as
well as provisions for commitments in respect of contracts.
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking
Insurance
Other
31/12/2012
group
group
entities
Pensions
Other
Pensions
Other
Pensions
Other
Pensions
Other
provisions
provisions
provisions
provisions
A.
Opening balance
-
10,233
-
-
-
248,797
-
259,030
B.
Increases
-
9,051
1,992
41,764
- 1,504,632
1,992 1,555,447
B.1 Provision for the year
2,719
66,964
69,683
B.2 Changes due to passage of time
2,176
2,176
B.3 Changes due to changes in discount rate
B.4 Other increases
6,332
1,992
41,764
1,435,492
1,992
1,483,588
C.
Decreases
-
6,833
-
-
-
92,824
-
99,657
C.1 Use during the year
6,730
92,824
99,554
C.2 Changes due to changes in discount rate
C.3 Other decreases
103
103
D. Closing balance
-
12,451
1,992
41,764
- 1,660,605
1,992 1,714,820
(thousands of euros)
31/12/2012
31/12/2011
2. Other provisions
1,714,820
259,030
2.1 legal disputes
26,782
18,797
2.2 staff costs
95,979
81,768
- early retirement
18,604
20,141
- loyalty bonus
4,546
3,771
- electricity discount
32,424
30,910
- other
40,405
26,946
2.3 other
1,592,059
158,465

438
SECTION 13 - TECHNICAL PROVISIONS - ITEM 130
13.1 Technical provisions: composition
(thousands of euros)
Direct 
Indirect
Total
Total
business
business
31/12/2012
31/12/2011
A. Non-life insurance
2,529,865
39,792
2,569,657
A1. Provision for unearned premiums
1,773,255
37,483
1,810,738
A2. Provision for outstanding claims
755,092
2,262
757,354
A3. Other
1,518
47
1,565
B. Life insurance
B1. Mathematical reserves
B2. Provision for claims outstanding
B3. Other
C. Technical provisions where the investment risk 
is borne by the insured
C1. Reserves for contracts whose benefits are 
linked to investment funds and market indices
C2. Reserves from the operation of pension funds
D. Total technical provisions
2,529,865
39,792
2,569,657

439
SECTION 15 - GROUP EQUITY - ITEMS 140, 170, 180, 190, 210 AND 220
15.1 “Share capital” and “Treasury shares”: composition
The parent company’s share capital of €3,500,000,000 is fully paid up and is composed of 245,000,000
ordinary shares and 105,000,000 preference shares with a par value of €10 each.
The par value of preference shares is included under “Share capital” together with the par value of or-
dinary shares, taking account of the intentions and positions expressed by the shareholders in this re-
gard. 
Under the CDP articles of association, the preference shares will be automatically converted into ordi-
nary shares as from 1 April 2013, without prejudice to the right of preference shareholders to withdraw.
The right of withdrawal connected with the conversion of the preference shares was exercised by two
shareholders owning a total of 9,084,000 preference shares, representing about 2.60% of share capi-
tal. No preference share holder opted for conversion at part through payment of an adjustment, as pro-
vided for in the articles of association.
The 105,000,000 preference shares will therefore be automatically converted into 51,450,000 ordinary
shares, on the basis of the conversion ratio determined by the Board of Directors at its meeting of 29
January 2013 (49 ordinary shares for every 100 preference shares).
The shares of the withdrawing foundations, pursuant to Article 2437-quater of the Italian Civil Code,
were offered in pre-emption to the other shareholders and, after the offer period expired with no share-
holder exercising the option to buy, the Board of Directors decided to not place those shares with third
parties, requesting, in the agenda for the Ordinary Shareholders’ Meeting of 20 March 2013, authori-
sation to purchase own shares as part of the liquidation procedure referred to Article 2437-quater of the
Italian Civil Code.
The shares of the withdrawing foundations will be purchased with the use of available reserves at a price
of €6.299 per share, corresponding to the liquidation value determined by the Board of Directors at its
meeting of 29 January 2013, for a total of €57,220,116.00.
The parent company does not hold treasury shares.
CDP - 2012 Annual Report
Consolidated Financial Statements

440
15.2 Share capital - Number of shares of the parent company: change for the year
Ordinary
Other
A.
Shares at start of the year
245,000,000
105,000,000
- fully paid
245,000,000
105,000,000
- partly paid
A.1 Treasury shares (-)
A.2 Shares in circulation: opening balance
245,000,000
105,000,000
B.
Increases
B.1 New issues
- for consideration:
- business combinations
- conversion of bonds
- exercise of warrants
- other
- bonus issues:
- to employees
- to directors
- other
B.2 Sale of own shares
B.3 Other changes
C.
Decreases
C.1 Cancellation
C.2 Purchase of own shares
C.3 Disposal of companies
C.4 Other changes
D. Shares in circulation: closing balance
245,000,000
105,000,000
D.1 Treasury shares (+)
D.2 Shares at end of the year
245,000,000
105,000,000
- fully paid
245,000,000
105,000,000
- partly paid

441
15.4 Income reserves: additional information
SECTION 16 - NON-CONTROLLING INTERESTS - ITEM 210
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
Income reserves
11,440,319
9,559,258
Legal reserve
605,567
524,972
Other
10,834,752
9,034,286
16.1 Equity instruments: composition and change for the year
(thousands of euros)
31/12/2012
31/12/2011
Share capital:
a) ordinary shares
373,350
370,798
b) preference shares
Share premium reserve
14,489
14,073
Reserves:
a) income
1,653,505
1,976,704
b) other
573,205
322,849
Valuation reserves
(48,479)
(37,628)
Equity instruments
Treasury shares
Net income (loss) for the year
307,892
177,367
Total non-controlling interests
2,873,962
2,824,163

442
OTHER INFORMATION
1. Guarantees issued and commitments
(thousands of euros)
Banking
Insurance 
Other
31/12/2012
31/12/2011
group
group
entities
1. Financial guarantees issued
504,828
64,805
569,633
224,275
a) Banks
b) Customers
504,828
64,805
569,633
224,275
2. Commercial guarantees issued
a) Banks
b) Customers
3. Irrevocable commitments to disburse funds
15,195,820
7,651
316,788
15,520,259
13,630,974
a) Banks
1,967,874
1,967,874
124,171
i) certain use
1,967,874
1,967,874
124,171
ii) uncertain use
b) Customers
13,227,946
7,651
316,788
13,552,385
13,506,803
i) certain use
13,195,428
13,195,428
13,506,803
ii) uncertain use
32,518
7,651
316,788
356,957
4. Commitments underlying credit derivatives:
sales of protection
5. Assets pledged as collateral for third-party debts
90,000
90,000
6. Other commitments
1,817,628
3,386,007
5,203,635
1,986,433
Total
17,518,276
7,651
3,857,600
21,383,527
15,841,682

443
2. Assets pledged as collateral for own debts and commitments
The assets pledged as collateral for own debts are mainly represented by receivables pledged as collat-
eral in refinancing operations with the ECB. The remainder are assets securing bond issues (covered
bonds), securities in repurchase agreements used for funding, and receivables pledged as security for
loans from the EIB.
“Other assets” pledged as collateral include assets (land and buildings recognised under item 160 of as-
sets in the balance sheet) bearing first mortgages securing bank loans obtained to purchase them.
3. Information on operating leases
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking 
Other
31/12/2012
31/12/2011
group
entities
1. Financial assets held for trading
2. Financial assets at fair value
3. Financial assets available for sale
3,747,330
3,747,330
2,391,219
4. Financial assets held to maturity
11,253,303
11,253,303
6,386,351
5. Loans to banks
575,162
575,162
5,138,958
6. Loans to customers
39,601,223
39,601,223
7. Property, plant and equipment
99,807
99,807
8. Other assets
244,000
244,000
(thousands of euros)
31/12/2012
Information from lessee perspective
Future non-cancellable operating lease payments
64,226
- up to 3 months
397
- from 3 months to 1 year
9,887
- from 1 year to 5 years
34,324
- more than 5 years
19,618
Information from lessor perspective
Future non-cancellable operating lease payments
- up to 3 months
- from 3 months to 1 year
- from 1 year to 5 years
- more than 5 years

444
5. Management and intermediation services
(thousands of euros)
31/12/2012
1. Order execution on behalf of customers
a) purchases
1. settled
2. not yet settled
b) sales
1. settled
2. not yet settled
2. Asset management
a) individual
b) collective
83,487
3. Securities custody and administration
a) third-party securities held as part of depository bank services (excluding asset management)
1. securities issued by consolidated companies
2. other securities
b) other third-party securities on deposit (excluding asset management): other
2,952,032
1. securities issued by consolidated companies
2. other securities
2,952,032
c) third-party securities deposited with third parties
2,952,032
d) own securities portfolio deposited with third parties
5,975,438
4. Other transactions

SECTION 1 - INTEREST - ITEMS 10 AND 20
1.1 Interest income and similar revenues: composition
Interest income for the period was generated primarily by:
•
loans to customers and current accounts in the amount of about €4,411 million;
•
liquidity held by the parent company on treasury account no. 29814 in the amount of about €5,184
million;
•
debt securities in the amount of about €1,061 million.
The item includes interest income accrued on impaired assets of about €2 million.
PART C - INFORMATION 
ON THE CONSOLIDATED
INCOME STATEMENT
445
CDP - 2012 Annual Report
(thousands of euros)
Debt  
Loans
Other
31/12/2012
31/12/2011
securities
1. Financial assets held for trading
2. Financial assets at fair value
3. Financial assets available for sale
169,733
169,733
69,819
4. Financial assets held to maturity
804,198
804,198
201,832
5. Loans to banks
3,913
374,314
378,227
268,379
6. Loans to customers
83,411
9,220,233
9,303,644
7,215,486
7. Hedging derivatives
x
x
8. Other assets
x
x
5,332
5,332
8,806
Total
1,061,255
9,594,547
5,332
10,661,134
7,764,322
Consolidated Financial Statements

446
1.4 Interest expense and similar charges: composition
Interest expense on amounts due to customers mainly regards interest on postal savings products, to-
talling about €6,126 million.
Interest on securities issued regarded interest on bonds and amounted to about €434 million.
The negative differences on hedges amounted to about €178 million. 
1.5 Interest expense and similar charges: differences on hedging transactions
(thousands of euros)
Payables 
Securities
Other
31/12/2012
31/12/2011
1. Due to central banks
209,417
x
209,417
22,834
2. Due to banks
122,411
x
122,411
137,247
3. Due to customers
6,262,567
x
5,642
6,268,209
4,695,756
4. Securities issued
x
433,924
433,924
409,806
5. Financial liabilities held for trading
6. Financial liabilities at fair value
7. Other liabilities and funds
x
x
555
555
2,220
8. Hedging derivatives
x
x
178,094
178,094
282,879
Total
6,594,395
433,924
184,291
7,212,610
5,550,742
(thousands of euros)
31/12/2012
31/12/2011
A. Positive differences on hedging transactions
213,395
204,849
B. Negatives differences on hedging transactions
391,489
487,728
C.Balance (A-B)
(178,094)
(282,879)

447
SECTION 2 - COMMISSIONS - ITEMS 40 AND 50
2.1 Commission income: composition
During the year, the parent company accrued commission income in respect of:
•
lending activities in the amount of about €28 million;
•
the agreement with the MEF for the assets and liabilities transferred to the MEF pursuant to Article
3 of the Ministerial Decree of 5 December 2003 in the amount of €3 million;
•
management of the Kyoto Fund in the amount of about €4 million.
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
a) guarantees issued
3,343
357
b) credit derivatives
c) management, intermediation and advisory services:
10,067
8,085
1. trading in financial instruments
2. foreign exchange
3. asset management
10,067
8,085
3.1. individual
3.2. collective
10,067
8,085
4. securities custody and administration
5. depository services
6. securities placement
7. order collection and transmission
8. advisory services
8.1. concerning investments
8.2. concerning financial structure
9. distribution of third-party services
9.1 asset management
9.1.1. individual
9.1.2. collective
9.2. insurance products
9.3. other
d) collection and payment services
e) servicing activities for securitisations
f) services for factoring transactions
g) tax collection services
h) management of multilateral trading systems
i) holding and management of current accounts
j) other services
35,001
15,006
Total
48,411
23,448

448
Commission income in respect of guarantees issued totalled about €3 million.
Commissions for asset management services came to €10 million and regard fee income of the sub-
sidiary CDP Investimenti SGR S.p.A.
2.2 Commission expense: composition
Commission expense mainly regards the charge for the period, equal to about €1,649 million, of the re-
muneration paid by the parent company to Poste Italiane S.p.A. for managing postal funding.
The new agreement between CDP and Poste Italiane S.p.A. for the period 2011-2013 modifies the fee
structure no longer provides for a commission directly attributable to the issue of new postal bonds, but
rather a comprehensive fee for the activities involved in providing the service, which as from the finan-
cial statements at 31 December 2011 is be fully expensed in the year in which it accrues. The new fee
structure is consistent with the developments in the service provided by Poste Italiane S.p.A., which now
emphasises the overall management of postal savings rather than merely providing placement services.
(thousands of euros)
31/12/2012
31/12/2011
a) guarantees received
27
37
b) credit derivatives
c) management and intermediation services:
1,649,115
1,504,050
1. trading in financial instruments
2. foreign exchange
3. asset management:
3.1 own portfolio
3.2 third-party portfolio
4. securities custody and administration
5. placement of financial instruments
1,649,115
1,504,050
6. off-premises distribution of securities, products and services
d) collection and payment services
2,077
1,973
e) other services
102
101
Total
1,651,321
1,506,161

449
SECTION 3 - DIVIDENDS AND SIMILAR REVENUES - ITEM 70
3.1 Dividends and similar revenues: composition
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
dividends
income 
dividends
income from 
from units
units in  
in collective
collective 
investments
investment
undertakings
undertakings
A. Financial assets held for trading
B. Financial assets available for sale
401
2,641
221
C. Financial assets at fair value
D. Equity investments
x
x
Total
401
2,641
221

450
SECTION 4 - NET GAIN (LOSS) ON TRADING ACTIVITIES - ITEM 80
4.1 Net gain (loss) on trading activities: composition
The result of trading activities, equal to €144 million, reflects €154.5 million in respect of the opera-
tional hedges of the option component embedded in the Premia and indexed savings bonds established
with the purchase of options mirroring the exposure. 
The result in 2012 is the consequence of overhedging, already seen in 2011 but which was amplified
during the year by developments in early redemptions of equity linked bonds, combined with an increase
in stock indices at 31 December 2012 compared with a year earlier.
In any event, to limit the risk of volatility in profit or loss, in 2012 we continued to unwind explicit op-
tion positions used for operational hedging whose notional exceeded that of the hedged embedded
options.
(thousands of euros)
Capital gains
Trading
Capital losses
Trading
Net income
(A)
profits (B)
(C)
losses (D)
[(A+B)-(C+D)]
1. Financial assets held for trading
1.1 Debt securities
1.2 Equity securities
1.3 Units in collective investment undertakings
1.4 Loans
1.5 Other
2. Financial liabilities held for trading
2.1 Debt securities
2.2 Payables
2.3 Other
3. Other financial assets and liabilities: 
exchange rate differences
x
x
x
x
1,371
4. Derivatives
231,724
25,238
68,784
45,598
142,580
4.1 Financial derivatives
231,724
25,238
68,784
45,598
142,580
- on debt securities and interest rates
25,682
12,229
4,299
45,598
(11,986)
- on equity securities and equity indices
206,042
13,009
64,485
154,566
- on foreign currencies and gold
x
x
x
x
- other
4.2 Credit derivatives
Total
231,724
25,238
68,784
45,598
143,951

451
SECTION 5 - NET GAIN (LOSS) ON HEDGING ACTIVITIES - ITEM 90
5.1 Net gain (loss) on hedging activities: composition
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A.
Income on:
A.1 Fair value hedges
331,397
393,707
A.2 Hedged financial assets (fair value)
811,344
1,483,219
A.3 Hedged financial liabilities (fair value)
47,387
95,512
A.4 Cash flow hedges
A.5 Assets and liabilities in foreign currencies
20,736
19,287
Total income on hedging activities (A)
1,210,864
1,991,725
B.
Expense on:
B.1 Fair value hedges
873,205
1,604,766
B.2 Hedged financial assets (fair value)
B.3 Hedged financial liabilities (fair value)
324,892
395,141
B.4 Cash flow hedges
B.5 Assets and liabilities in foreign currencies
20,736
19,287
Total expense on hedging activities (B)
1,218,833
2,019,194
C. Net gain (loss) on hedging activities (A-B)
(7,969)
(27,469)

452
SECTION 6 - GAINS (LOSSES) ON DISPOSAL OR REPURCHASE - ITEM 100
6.1 Gains (losses) on disposal or repurchase: composition
The balance mainly refers to penalties received on the early repayment of loans.
(thousands of euros)
31/12/2012
31/12/2011
Gains
Losses
Net gain (loss)
Gains
Losses
Net gain (loss) 
Financial assets
1. Loans to banks
2. Loans to customers
23,727
(4,258)
19,469
8,907
(2,833)
6,074
3. Financial assets available for sale
6,125
6,125
346
346
3.1 Debt securities
6,125
6,125
346
346
3.2 Equity securities
3.3 Units in collective investment
undertakings
3.4 Loans
4. Financial assets held to maturity
145
145
6
6
Total assets
29,997
(4,258)
25,739
9,259
(2,833)
6,426
Financial liabilities
1. Due to banks
2. Due to customers
3. Securities issued
3,760
3,760
Total liabilities
3,760
3,760

453
SECTION 8 - NET IMPAIRMENT ADJUSTMENTS - ITEM 130
The balance, totalling €22.9 million, refers to the net balance between writedowns, both specific and
general, and writebacks. Writebacks from interest concern writebacks connected with the passage of
time, arising from the accrual of interest during the year based on the original effective interest rate used
in calculating the writedown.
8.1 Net impairment adjustments of loans: composition
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
A. Loans to banks
(16,013)
(16,013)
- Loans
(16,013)
(16,013)
- Debt securities
B. Loans to customers
(7)
(5,213)
(1,328)
323
141
(6,084)
(7,566)
Purchased impaired receivables
- Loans
X
X
- Debt securities
X
X
Other receivables
- Loans
(7)
(5,213)
(1,322)
323
141
(6,078)
(7,550)
- Debt securities
(6)
(6)
(16)
C. Total
(7)
(5,213)
(17,341)
323
141
(22,097)
(7,566)
Key
A = Interest
B = Other writebacks
Writedowns
Writebacks
Specific
Writeoffs
Other
Portfolio
Specific
Portfolio
31/12/2012 31/12/2011
A
B
A
B

454
8.4 Net impairment adjustments of other financial transactions: composition
(thousands of euros)
A. Guarantees issued
(162)
(162)
(123)
B. Credit derivatives
C. Commitments to disburse funds
(487)
(145)
6
(626)
(2,500)
D. Other transactions
E. Total
(487)
(307)
6
(788)
(2,623)
Key
A = Interest
B = Other writebacks
Writedowns
Writebacks
Specific
Writeoffs
Other
Portfolio
Specific
Portfolio
31/12/2012 31/12/2011
A
B
A
B

455
SECTION 11 - GENERAL AND ADMINISTRATIVE EXPENSES - ITEM 180
11.1 Staff costs: composition
11.2 Average number of employees by category
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking
Other
31/12/2012
31/12/2011
group
entities
1.
Employees
55,619
201,716
257,335
262,712
a) wages and salaries
40,729
119,664
160,393
168,041
b) social security contributions
165
6,935
7,100
7,127
c) severance pay
1
d) pensions
10,218
48,696
58,914
59,057
e) allocation to staff severance pay provision
1,191
2,729
3,920
3,699
f)
allocation to provision for pensions and similar liabilities
- defined contribution
- defined benefit
g) payments to external pension funds
1,159
11,872
13,031
13,276
- defined contribution
1,159
11,872
13,031
13,276
- defined benefit
h) costs in respect of agreements to make payments in own equity instruments
i)
other employee benefits
2,157
11,820
13,977
11,511
2.
Other personnel in service
16
2
18
325
3.
Board of Directors and Board of Auditors
2,003
3,306
5,309
4,726
4.
Retired personnel
Total
57,638
205,024
262,662
267,763
Banking
Other
31/12/2012
31/12/2011
group
entities
Employees
524
3,507
4,031
4,017
a) Senior management
51
66
117
110
b) Middle management
207
511
718
689
- of which: grade 3 and 4
136
503
639
630
c) Other employees
266
2,930
3,196
3,218
- of which office staff
266
1,956
2,222
3,218
- of which workers
974
974
1,005
Other personnel
11
11
11

456
11.3 Defined-benefit company pension plans: total costs
11.4 Other employee benefits
“Other benefits” mainly regards the benefits associated with the “electricity discount” of the Terna
Group.
(thousands of euros)
31/12/2012
31/12/2011
Severance
Internal
External
Severance
Internal
External 
pay
plans
plans
pay
plans
plans
Service cost
1,241
1,316
Interest cost
2,679
2,383
Total costs
3,920
3,699
(thousands of euros)
31/12/2012
31/12/2011
Lunch vouchers
843
755
Staff insurance
3,472
3,224
Interest subsidies on loans
53
319
Other benefits
9,609
7,213
Total
13,977
11,511

457
11.5 Other administrative expenses: composition
The following table reports the fees paid for statutory auditing and non-audit services.
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking
Other
31/12/2012
31/12/2011
group
entities
IT costs
20,536
24,849
45,385
35,101
General services
8,853
125,631
134,484
110,931
Professional and financial services
9,413
21,223
30,636
14,785
Advertising and marketing
2,984
5,321
8,305
9,120
Other personnel costs
1,140
143
1,283
1,212
Utilities, duties and other expenses
6,940
33,288
40,228
47,388
Information resources and databases
23
89
112
1,420
Corporate bodies
464
114
578
447
Total
50,353
210,658
261,011
220,404
Fees of audit firm
(thousands of euros)
Parent company
Other Group entities
Auditing
402
1,534 
Certification
36
91 
Other services
49
Total
438
1,674

458
SECTION 12 - NET PROVISIONS - ITEM 190
12.1 Net provisions: composition
(thousands of euros)
Provisions
Uses
31/12/2012
Litigation
(5,858)
(5,858)
Sundry personnel costs
(2,175)
(2,175)
Tax disputes
(58)
(58)
Other risks and charges
(4,439)
(4,439)
Total
(12,530)
(12,530)

459
SECTION 13 - NET ADJUSTMENTS OF PROPERTY, PLANT AND EQUIPMENT - ITEM 200
13.1. Net adjustments of property, plant and equipment: composition
13.1 of which: pertaining to the Banking Group
13.1 of which: pertaining to Other Entities
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Depreciation
Writedowns for
Writebacks
Net adjustments
(a)
impairment (b)
(c)
(a+b-c)
A. Property, plant and equipment
A.1 Owned
(416,523)
(103)
(416,626)
- Operating assets
(416,523)
(103)
(416,626)
- Investment property
A.2 Acquired under finance leases
- Operating assets
- Investment property
Total
(416,523)
(103)
(416,626)
(thousands of euros)
Depreciation
Writedowns for
Writebacks
Net adjustments
(a)
impairment (b)
(c)
(a+b-c)
A. Property, plant and equipment
A.1 Owned
(5,228)
(5,228)
- Operating assets
(5,228)
(5,228)
- Investment property
A.2 Acquired under finance leases
- Operating assets
- Investment property
Total
(5,228)
(5,228)
(thousands of euros)
Depreciation
Writedowns for
Writebacks
Net adjustments
(a)
impairment (b)
(c)
(a+b-c)
A. Property, plant and equipment
A.1 Owned
(411,295)
(103)
(411,398)
- Operating assets
(411,295)
(103)
(411,398)
- Investment property
A.2 Acquired under finance leases
- Operating assets
- Investment property
Total
(411,295)
(103)
(411,398)

460
SECTION 14 - NET ADJUSTMENTS OF INTANGIBLE ASSETS - ITEM 210
14.1 Net adjustments of intangible assets: composition
(thousands of euros)
Amortisation
Writedowns for
Writebacks
Net adjustments
(a)
impairment (b)
(c)
(a+b-c)
A.Intangible assets
A.1 Owned
(56,879)
(56,879)
- Internally generated
(18,601)
(18,601)
- Other
(38,278)
(38,278)
A.2 Acquired under finance leases
Totale
(56,879)
(56,879)
14.1 of which: pertaining to the Banking Group
(thousands of euros)
Amortisation
Writedowns for
Writebacks
Net adjustments
(a)
impairment (b)
(c)
(a+b-c)
A.Intangible assets
A.1 Owned 
(2,482)
(2,482)
- Internally generated 
- Other 
(2,482)
(2,482)
A.2 Acquired under finance leases
Totale
(2,482)
(2,482)
14.1 of which: pertaining to Other Entities
(thousands of euros)
Amortisation
Writedowns for
Writebacks
Net adjustments
(a)
impairment (b)
(c)
(a+b-c)
A.Intangible assets
A.1 Owned 
(54,397)
(54,397)
- Internally generated 
(18,601)
(18,601) 
- Other 
(35,796)
(35,796) 
A.2 Acquired under finance leases
Totale
(54,397)
(54,397)

461
SECTION 15 - OTHER OPERATING COSTS AND INCOME - ITEM 220
15.1 Other operating costs: composition
15.2 Other operating income: composition
Other income mainly comprises National Transmission Grid usage fees accruing to Terna.
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Banking 
Other
31/12/2012
31/12/2011
group
entities
Operating costs in respect of supply chain
1
Other
15
3,847
3,862
1,651
Total
15
3,847
3,862
1,652
(thousands of euros)
Banking 
Other
31/12/2012
31/12/2011
group
entities
Income from adjustment of liability items
55
Income for corporate offices paid to employees
282
282
248
Sundry reimbursements
1,504
1,504
2,147
Revenues from industrial operations
1,799,766
1,799,766
1,631,183
Reimbursement of expenses incurred for Min. Univ. 
and Research agreement
316
Other
437
5
442
512
Total
2,223
1,799,771
1,801,994
1,634,461

462
SECTION 16 - GAINS (LOSSES) ON EQUITY INVESTMENTS - ITEM 240
16.1 Gains (losses) on equity investments: composition
The main components from measurement using the equity method of companies subject to significant
influence or joint ventures regard the investments in:
•
ENI in the amount of €1,413 million;
•
SNAM, in the amount of €80 million;
•
TAG in the amount of €64 million.
Gains on disposals regard the sale of part of the ENI shares.
(thousands of euros)
31/12/2012
31/12/2011
1. Joint ventures
A. Gains
64,454
1. Revaluations 
64,454
2. Gains on disposals 
3. Writebacks 
4. Other 
B. Losses
1. Writedowns 
2. Impairments 
3. Losses on disposals 
4. Other 
Net gain (loss) 
64,454
2. Companies under significant influence
A. Gains
1,563,505
1,711,002
1. Revaluations
1,500,359
1,695,090
2. Gains on disposals
63,146
3. Writebacks
15,912
4. Other
B. Losses
1. Writedowns
2. Impairments
3. Losses on disposals
4. Other
Net gain (loss)
1,563,505
1,711,002
Total
1,627,959
1,711,002

463
SECTION 19 - GAINS (LOSSES) ON DISPOSAL OF INVESTMENTS - ITEM 270
19.1 Gains (losses) on disposal of investments: composition
SECTION 20 - INCOME TAX FOR THE PERIOD ON CONTINUING OPERATIONS - ITEM 290
20.1 Income tax for the period on continuing operations: composition
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
31/12/2012
31/12/2011
A. Land and buildings
623
239
- Gains on disposal
623
239
- Losses on disposal
B. Other assets
5,122
3,365
- Gains on disposal
5,553
4,180
- Losses on disposal
(431)
(815)
Net gain (loss)
5,745
3,604
(thousands of euros)
31/12/2012
31/12/2011
1.
Current taxes (-)
(1,283,388)
(804,658)
2.
Change in current taxes from previous years (+/-)
1,238
1,774
3.
Reduction of current taxes for the year (+)
3.bis Reduction of current income taxes for the year 
due to tax credits pursuant to Law 214/2011 (+)
4. Change in deferred tax assets (+/-)
6,608
97,231
5. Change in deferred tax liabilities (+/-)
96,639
(118,033)
6. Taxes for the year (-) (-1+/-2+3+/-4+/-5)
(1,178,903)
(823,686)

464
20.2 Reconciliation of theoretical tax liability and actual tax liability recognised 
(thousands of euros)
Tax rate
Income (loss) before taxes
4,410,741
IRES - theoretical tax liability (rate 27.5%)
(1,212,954)
-27.5%
Increases in taxes
- non-deductible interest 4%
(77,758)
-1.8%
- non-deductible costs
(34,751)
-0.8%
- provisions
(478)
n.s.
- other increases
(8,849)
-0.2%
- non-deductible temporary differences
(103,739)
-2.4%
Decreases in taxes
- dividends 95% exempt
368,599
8.4%
- exempt income
6,100
0.1%
- other changes
5,508
0.1%
- ACE benefit
12,421
0.3%
- participation exemption
133,902
3.0%
IRES surtax (Robin Hood Tax)
(114,100)
-2.6%
IRES Actual tax liability
(1,026,099)
-23.3%
Taxable income for IRAP purposes
3,619,773
IRAP Theoretical tax liability (5.57% rate)
(201,621)
-5.6%
Increases in taxes
- non-deductible interest 4%
(15,749)
-0.4%
- other non-deductible costs
(42,111)
-1.2%
Decreases in taxes
2,192
0.1%
IRAP Actual tax liability
(257,289)
-7.1%

465
SECTION 21 - INCOME (LOSS) AFTER TAX OF DISPOSAL GROUPS HELD FOR SALE - ITEM
310
SECTION 22 - NET INCOME (LOSS) PERTAINING TO NON-CONTROLLING INTERESTS -
ITEM 330
22.1 Breakdown of item 330 “Net income (loss) pertaining to non-controlling interests”
Net income pertaining to non-controlling interests amounts to €307,896 thousand.
CDP - 2012 Annual Report
Consolidated Financial Statements
21.1 Income (loss) after tax on disposal groups held for sale: composition
(thousands of euros)
31/12/2012
31/12/2011
1. Gains
500
33,819
2. Losses
3. Result of valuation of disposal group (assets and associated liabilities)
4. Gain (loss) on realisation
86,947
5. Tax and duties
(523)
(8,062)
Net income (loss)
(23)
112,704
21.2 Breakdown of income taxes on disposal groups held for sale
(thousands of euros)
31/12/2012
31/12/2011
1. Current taxes (-)
2. Change in deferred tax assets (+/-)
(523)
136
3. Change in deferred tax liabilities (-/+)
(8,198)
4. Income tax for the year (-1 +/- 2 +/- 3)
(523)
(8,062)

PART D - CONSOLIDATED COMPREHENSIVE
INCOME
466
Detailed breakdown of consolidated comprehensive income
(thousands of euros)
Gross
Income
Net
amount
taxes
amount
10. Net income (loss) for the year
x
x
3,231,813
Other comprehensive income
20.
Financial assets available for sale
298,605
(98,668)
199,937
a) fair value changes
298,605
(98,668)
199,937
b) reversal to income statement
- impairment adjustments
- gain/loss on realisation
c) other changes
30.
Property, plant and equipment
40.
Intangible assets
50.
Hedging of foreign investments
a) fair value changes
b) reversal to income statement
c) other changes
60.
Cash flow hedges
10,531
(2,130)
8,401
a) fair value changes
10,531
(2,130)
8,401
b) reversal to income statement
c) other changes
70.
Exchange rate differences
a) fair value changes
b) reversal to income statement
c) other changes
80.
Non-current assets held for sale
a) fair value changes
b) reversal to income statement
c) other changes
90. Actuarial gains (losses) on defined benefit plans
100. Valuation reserves of equity investments accounted 
for with equity method (pro rata)
(198,730)
-
(198,730)
a) fair value changes
(198,730)
-
(198,730)
b) reversal to income statement
- impairment adjustments
- gain/loss on realisation
c) other changes
110. Total other comprehensive income
110,406
(100,798)
9,608
120. Comprehensive income (items 10+110)
x
x
3,241,421
130.
Consolidated comprehensive income pertaining to non-controlling interests
x
x
296,805
140. Consolidated comprehensive income pertaining to shareholders
of the parent company
x
x
2,944,616

The CDP Group attributes great importance to risk management and control as conditions for pursuing
its work in support of the country, in a context in which capital adequacy, stable and sustainable prof-
its, liquidity and a strong reputation are the foundation of preserving financial balance over time.
The risk management strategy seeks to achieve a complete and consistent visions of the Group’s risk pro-
file.
In line with the Risk Management Rules of the parent company, the underlying principles of the risk man-
agement and control system provide for:
•
the separation of roles and responsibilities in the assumption and control of risks;
•
the organisational independence of risk control from the operational management of risks;
•
methodological rigour and adoption of international best practices in measurement and control sys-
tems.
For companies subject to management and coordination, the parent company is also responsible for set-
ting policy, managing and controlling risk. 
For a description of the risks to which the Group companies are exposed, please see Sections 1, 2 and
3 below.
PART E - INFORMATION
ON RISKS AND RELATED HEDGING
POLICIES
467
CDP - 2012 Annual Report
Consolidated Financial Statements

1.1 Credit risk
QUALITATIVE DISCLOSURES
Introduction
Within the CDP organisational structure, the head of Risk Management and Anti-Money Laundering
(RMA) and the units that report directly to that officer are charged with governing and monitoring all of
the forms of risk to which CDP is exposed in its operations, rendering transparent the CDP’s overall risk
profile and the capital requirements associated with each category of risk.
These risk categories are defined in the Risk Policy approved by the Board of Directors in 2010 and com-
prise market risks (which includes equity risk, interest rate risk, inflation risk and exchange rate risk), liq-
uidity risk, credit risk (which includes concentration risk and counterparty risk), operational risks and rep-
utational risk.
The Risk Management and Anti-Money Laundering area is structured into four units:
1. Credit and Counterparty Risk, Financial Engineering and Fair Value Measurement; 
2. Market and Liquidity Risks (ALM);
3. Operational Risks; 
4. Anti-Money Laundering.
Staff qualified in managing in real estate risk, risk pertaining to equity investments and relationships with
rating agencies also report to the head of the RMA.
The Risk Committee, established in 2010, is a collegial body with responsibility for guidance and control
in risk management. 
The RMA verifies compliance with the limits set by the Board of Directors and the operational limits es-
tablished by the Chief Executive Officer, recommending correction actions to the Risk Committee that
might be necessary to ensure compliance with the Risk Policy and the risk profile chosen by CDP, moni-
toring the use of economic capital with respect to capital requirements and participating in capital man-
agement activities.
The Credit and Counterparty Risk, Financial Engineering and Fair Value Measurement unit is also re-
sponsible for providing the company with certified calculation models.
Section 1 - The risks of the banking group
468

469
The guidelines governing CDP’s risk management policies are summarised in the Risk Management Rules
approved by the Board of Directors. 
They envisage:
•
the separation of roles and responsibilities in the assumption and control of risks;
•
organisational independence of risk control from the operational management of risks;
•
rigorous risk measurement and control systems.
1. General aspects
Credit risk arises primarily in relation to lending activity – both under the Separate Account and the Or-
dinary Account – and on a secondary level in hedging operations involving derivatives and treasury ac-
tivities (in the form of counterparty risk).
The Separate Account, which easily has the largest stock of assets, is primarily exposed to central gov-
ernment and regional and local authorities. 
In the last three years, an increasingly important role is being played by exposures under the Separate
Account to the main banking groups operating in Italy, through which CDP channels various types of fi-
nancing, in particular loans to SMEs and for the reconstruction of areas hit by earthquakes.
Although still accounting for a minority share, exposures under the Separate Account to private-sector
parties involved in public interest projects promoted by public entities are also significant. Other expo-
sures include those in respect of the Revolving Fund for enterprises, which at present are essentially im-
munised for credit risk, and those assumed under “Export Bank” operations.
The Ordinary Account grants corporate and project financing for initiatives concerning the delivery of
public services, drawing on funding not guaranteed by the state, in competition with banks.
2. Credit risk management policies
2.1 Organisational aspects
The principles followed by CDP in its lending activities are set out in the Lending Rules, which also gov-
ern the lending process and the roles of the units involved.
The Lending department is responsible for reviewing loans and, among other things, for the assign-
ment of internal ratings and estimating loss given default, parameters that are used for management
CDP - 2012 Annual Report
Consolidated Financial Statements

470
purposes and are determined in accordance with the Risk Policy and the Rating and Recovery Rate Pol-
icy, a document approved by the CEO that sets out the methodologies used by CDP in assigning in-
ternal ratings to counterparties and in generating internal estimates of recovery rates for individual
lending transactions.
As part of pre-lending assessments, the RMA focuses on risk-adjusted pricing, monitoring risk-adjusted
returns and identifying exposure concentrations. The RMA also monitors overall developments in the risk
level of the loan portfolio, partly with a view to identifying any necessary corrective actions to optimise
the risk/return profile.
The RMA’s responsibilities also include:
•
the development and/or validation of risk-adjusted credit pricing models;
•
the development and/or validation of models and methodologies for the assignment of ratings and
recovery rates;
•
the preparation and updating of the Rating and Recovery Rate Policy in accordance with the re-
quirements set out in CDP’s Risk Policy.
2.2 Management, measurement and control systems
As part of its credit risk management and control policies for the Separate Account, CDP adopts a sys-
tem for lending to regional and local governments, under which each loan is allocated to a uniform risk
category, defining the level of risk associated with individual authorities appropriately with the aid of spe-
cific quantitative parameters for each type and size of authority. 
The lending system makes it possible to identify cases in which a more extensive assessment of the bor-
rower’s creditworthiness is necessary, using qualitative and quantitative criteria.
For the Ordinary Account and lending for projects promoted by public entities pursuant to Decree Law
185 of 29 November 2008, CDP uses a validated proprietary model to calculate portfolio credit risk. With
the same system CDP also calculated the economic capital associated with the entire loan portfolio, with
the sole exception of positions associated with country risk.
The RMA regularly monitors the net current and contingent exposure to banks in respect of derivatives
transactions in order to prevent the emergence of concentrated exposures. The RMA also monitors the
compliance with minimum rating requirement for counterparties and limits based on the maximum no-
tional amounts of transactions and credit equivalents, by counterparty or groups of connected counter-
parties, established in the CDP’s Risk Policy. Similarly, the RMA provides for the monitoring of exposures
to counterparties in treasury activities, verifying compliance with the limits and criteria set out in the Risk
Policy.

471
2.3 Credit risk mitigation techniques
CDP mitigates the credit risk in respect of lending operations using techniques commonly adopted in the
banking industry.
CDP’s credit exposures under the Separate Account are largely accounted for by specific-purpose loans
secured by delegation of payment.
Financing under the Ordinary Account and that involving non-public entities under the Separate Account
can be secured by security interests in property or unsecured guarantees.
In addition to normal guarantee requirements, mainly in operations under the Ordinary Account and
those for non-public entities under the Separate Account, other options include contractual clauses re-
quiring borrowers to comply with financial covenants that make it possible to monitor credit risk more
closely over the life of an operation. 
As regards bank counterparties in transactions in hedging derivatives, in view of the ISDA contracts signed,
netting arrangements are also used. All the contracts are based on the 2002 ISDA agreement.
Credit Support Annexes, which involve the periodic exchange of collateral, are also used to strengthen
credit risk mitigation. 
The arrangement is based on the standard format recommended by ISDA.
CDP intends to use Global Master Repurchase Agreements (GMRA – ISMA 2000 version) for securities
financing transactions. In addition, CDP recently joined the Cassa di Compensazione e Garanzia (central
counterparty guarantee system), with a view to carrying out repurchase transactions backed by sound
counterparty risk protection mechanisms.
2.4 Impaired financial assets
Impaired financial assets are measured and classified in accordance with supervisory regulations issued
by the Bank of Italy for banks.
The main events monitored in analysing the financial soundness of counterparties and the consequent
valuation of the credit exposure in the financial statements regard failure to make payments (or other
contractual breaches), declarations of financial crisis by local authorities or the initiation of bankruptcy
proceedings for other borrowers.
The measurement of impaired positions is based on an estimate of the loan recovery plan, discounted
at the effective interest rate of the specific loan. In estimating the recovery plan and the consequent
writedown, account is taken of any collateral or unsecured guarantees received. These include amounts
granted but not yet disbursed on specific-purpose loans, which are disbursed on a state-of-completion
basis. Borrowers with substantial arrears are disqualified from accessing new CDP financing and any re-
maining amounts to be disbursed on problem loans are frozen.
CDP - 2012 Annual Report
Consolidated Financial Statements

472
The assessment is reviewed whenever new information is received on events that might modify the out-
look for recovery of the credit exposure. In order to ensure that such events are reflected promptly, the
information on the financial and economic situation of borrowers is monitored periodically and devel-
opments in any out-of-court arrangements being negotiated and the various stages of court proceed-
ings involving customers are tracked constantly.
Impaired assets are classified in order to identify – based on information about the counterparty’s finan-
cial position, the age of the past-due amounts, the materiality thresholds indicated by supervisory regu-
lations and any debt restructurings authorised by CDP – non-performing positions to be reported under
bad debts, substandard positions, restructured exposures and past-due/overlimit positions.
In the pre-litigation stage, impaired positions are monitored and managed by the Lending department
in coordination with the other organisational structures involved. Actions for the recovery of these ex-
posures aims to maximize the financial return, making use of out-of-court arrangements, including set-
tlements, where appropriate, in order to improve recovery times and minimise costs incurred.
The restoration of impaired exposures to performing status is subject to verification that the problem
conditions or insolvency have been eliminated and to the binding opinion, where envisaged, of the cred-
it monitoring unit.

473
QUANTITATIVE DISCLOSURES
A. Credit quality
A.1 Impaired and performing credit exposures: stocks, writedowns, changes and distri-
bution by sector and geographical area
CDP - 2012 Annual Report
Consolidated Financial Statements
A.1.1 Distribution of financial assets by portfolio and credit quality (carrying amount)
(thousands of euros)
Banking group
Other entities
Total
Bad debts
Substandard
Restructured
Past due
Other
Impaired
Other
loans
position
positions
assets
1. Financial assets
held for trading
651,224
3,342,414
3,993,638
2. Financial assets 
available for sale
4,673,374
250,194
4,923,568
3. Financial assets held to maturity
16,736,842
2,478,263
19,215,105
4. Loans to banks
13,177,424
5,325,365
18,502,789
5. Loans to customers
7,955
42,715
25,471
237,501,761
155,573
3,018,674
240,752,149
6. Financial assets at fair value
7. Financial assets being divested
8. Hedging derivatives
360,850
830,134
1,190,984
Total at 31.12.2012
7,955
42,715
25,471 273,101,475
155,573
15,245,044 288,578,233
Total at 31.12.2011
6,070
26,736
13,626 251,983,851
2,019,470 254,049,753

474
A.1.2 Distribution of financial assets by portfolio and credit quality (gross and net values)
(thousands of euros)
Impaired assets
Performing
Total
Gross
Specific
Net
Gross
Portfolio
Net
(Net
exposure
adjustment
exposure
exposure
adjustment
exposure
exposure)
A. Banking group
1. Financial assets held for trading
x
x
651,224
651,224
2. Financial assets available for sale
4,673,374
4,673,374
4,673,374
3. Financial assets held to maturity
16,736,842
16,736,842
16,736,842
4. Loans to banks
13,194,530
(17,106)
13,177,424
13,177,424
5. Loans to customers
154,503
(78,362)
76,141
237,505,470
(3,709)
237,501,761
237,577,902
6. Financial assets at fair value
x
x
7. Financial assets being divested
8. Hedging derivatives
x
x
360,850
360,850
Total A
154,503
(78,362)
76,141
272,110,216
(20,815)
273,101,475
273,177,616
B. Other consolidated entities
1. Financial assets held for trading
x
x
3,342,414
3,342,414
2. Financial assets available for sale
250,194
250,194
250,194
3. Financial assets held to maturity
2,485,722
(7,459)
2,478,263
2,478,263
4. Loans to banks
5,325,408
(43)
5,325,365
5,325,365
5. Loans to customers
176,859
(21,286)
155,573
3,135,839
(117,165)
3,018,674
3,174,247
6. Financial assets at fair value
x
x
7. Financial assets being divested
8. Hedging derivatives
x
x
830,134
830,134
Total B
176,859
(21,286)
155,573
11,197,163
(124,667)
15,245,044
15,400,617
Total at 31.12.2012
331,362
(99,648)
231,714
283,307,379
(145,482)
288,346,519
288,578,233
Total at 31.12.2011
117,611
(71,179)
46,432
252,493,308
(2,381)
254,003,321
254,049,753

475
CDP - 2012 Annual Report
Consolidated Financial Statements
A.1.3 Banking group - on-balance-sheet and off-balance-sheet 
credit exposures to banks: gross and net values
(thousands of euros)
Gross
Specific
Portfolio
Net
exposure
writedowns
writedowns
exposure
A. On-balance-sheet exposures
a) Bad debts
x
b) Substandard loans
x
c) Restructured positions
x
d) Past due positions
x
e) Other assets
13,194,530
x
(16,013)
13,178,517
TOTAL A
13,194,530
(16,013)
13,178,517
B. Off-balance sheet exposures
a) Impaired
x
b) Other
1,968,018
x
(145)
1,967,873
TOTAL B
1,968,018
(145)
1,967,873
TOTAL (A+B)
15,162,548
(16,158)
15,146,390
A.1.6 Banking group - on-balance-sheet and off-balance-sheet
credit exposures to customers: gross and net values
(thousands of euros)
Gross
Specific
Portfolio
Net
exposure
writedowns
writedowns
exposure
A. On-balance-sheet exposures
a) Bad debts
47,264
(39,309)
x
7,955
b) Substandard loans
81,768
(39,053)
x
42,715
c) Restructured positions
x
d) Past due positions
25,471
x
25,471
e) Other assets
259,644,181
x
(3,709)
259,640,472
TOTAL A
259,798,684
(78,362)
(3,709)
259,716,613
B. Off-balance-sheet exposures
a) Impaired
15,068
(1,455)
x
13,613
b) Other
13,818,251
x
(1,811)
13,816,440
TOTAL B
13,833,319
(1,455)
(1,811)
13,830,053
TOTAL (A+B)
273,632,003
(79,817)
(5,520)
273,546,666

476
A.1.7 Banking group - on-balance-sheet credit exposures to customers:
changes in gross impaired positions
(thousands of euros)
Bad
Substandard
Restructured
Past due
debts
loans
position
position
A. Opening gross exposure
44,490
59,495
-
13,626
- of which: exposures assigned but not derecognised
B. Increases
3,344
28,281
36,789
B.1 transfers from performing positions
505
36,569
B.2 transfers from other categories of impaired positions
1,917
24,192
B.3 other increases
1,427
3,584
220
C. Decreases
570
6,008
24,944
C.1. to performing loans
1,870
50
C.2. writeoffs
367
C.3. collections
169
2,083
702
C.4. assignments
C.5. transfers to other categories of impaired positions
1,917
24,192
C.6. other decreases
34
138
D. Closing gross exposure
47,264
81,768
-
25,471
- of which: exposures assigned but not derecognised
A.1.8 Banking group - on-balance-sheet credit exposures to customers: 
changes in total adjustments
(thousands of euros)
Bad
Substandard
Restructured
Past due
debts
loans
position
position
A. Total opening adjustments
38,420
32,759
-
-
- of which: exposures assigned but not derecognised
B. Increases
1,581
6,440
B.1 writedowns
878
4,335
B.1 bis losses on disposals
B.2 transfers from other categories of impaired positions
B.3 other increases
703
2,105
C. Decreases
692
146
C.1 writebacks from valuations
318
146
C.2 writebacks from collection
C.2 bis gains on disposals
C.3 writeoffs
367
C.4 transfers to other categories of impaired positions
C.5 other decreases
7
D. Total closing adjustments
39,309
39,053
-
- -
- of which: exposures assigned but not derecognised

477
A.2 Classification of exposures on the basis of external and internal ratings
The following table maps the rating grades and the agency ratings used.
CDP - 2012 Annual Report
Consolidated Financial Statements
A.2.1 Banking group - distribution of on-balance-sheet and off-balance-sheet
credit exposures by external rating grades
(thousands of euros)
External rating grades
Not
Total
class
class
class
class
class
class
rated
1
2
3
4
5
6
A. On-balance-sheet exposures
2,616,175
3,899,448 226,281,167
1,292,394
26,141
32,138
39,038,524
273,185,987
B. Derivatives
B.1 Financial derivatives
B.2 Credit derivatives
C. Guarantees issued
119,957
386,794
506,751
D. Commitments to disburse
funds
19,694
10,617,803
566,166
101,836
3,985,676
15,291,175
E. Other
Total
2,616,175
3,919,142 237,018,927
1,858,560
127,977
32,138
43,410,994
288,983,913
Rating grades
ECAI
Moody’s
Fitch
Standard & Poor’s
Class 1
from Aaa to Aa3
from AAA to AA-
from AAA to AA-
Class 2
from A1 to A3
from A+ to A-
from A+ to A-
Class 3
from Baa1 to Baa3
from BBB+ to BBB-
from BBB+ to BBB-
Class 4
from Ba1 to Ba3
from BB+ to BB-
from BB+ to BB-
Class 5
from B1 to B3
from B+ to B-
from B+ to B-
Class 6
Caa1 and lower
CCC+ and lower
CCC+ and lower

478
A.3 Distribution of secured exposures by type of guarantee
A.3.1 Banking group - secured credit exposures to banks
(thousands of euros)
1.Secured on-balance-sheet 
credit exposures:
1.1 fully secured
1,522,331
951,129
551,740
19,779
1,522,648
- of which: impaired
1.2 partially secured
- of which: impaired
2.Secured off-balance-sheet 
credit exposures:
2.1 fully secured
2,965,200
2,488,762
220,107
256,476
2,965,345
- of which: impaired
2.2 partially secured
- of which: impaired
Unsecured guarantees (2)
Guarantees
Credit derivatives
Other derivatives
Land and
buildings
Collateral (1)
Net exposure
Mortgages
Securities
Finance leasing
Other assets
Governments and central banks
Banks
Other
CLN
Other government banks
Total
(1)+(2)
Governments and central banks
Other government agencies
Banks
Other

479
CDP - 2012 Annual Report
Consolidated Financial Statements
A.3.2 Banking group - secured credit exposures to customers
(thousands of euros)
1. Secured on-balance-sheet 
credit exposures:
1.1 fully secured
6,439,382
192,374
212,048
414,237
3,061,234
346,552
31,247
2,151,118
6,408,810
- of which: impaired
62,593
62,609
62,609
1.2 partially secured
84,284,572
5,410
8,728 7,388,177
7,334
7,409,649
- of which: impaired
6,645
491
491
2. Secured off-balance-sheet 
credit exposures:
2.1 fully secured
2,657,737
7,904
73,764
250,837
691,186
105,526
1,528,520
2,657,737
- of which: impaired
13,614
13,614
13,614
2.2 partially secured
427,804
351
350,000
350,351
- of which: impaired
Unsecured guarantees (2)
Guarantees
Credit derivatives
Other derivatives
Land and
buildings
Collateral (1)
Net exposure
Mortgages
Securities
Finance leasing
Other assets
Governments and central banks
Banks
Other
CLN
Other government banks
Total
(1)+(2)
Governments and central banks
Other government agencies
Banks
Other

480
B. Distribution and concentration of credit exposures
B.1 Banking group - On-balance-sheet and off-balance-sheet
credit exposures to customers by sector (carrying amount)
(thousands of euros)
A. On-balance-sheet exposures 
A.1 Bad debts 
X
2,767
(3,474)
X
(2,456)
X
X
5,188
(33,379)
X
X
A.2 Substandard loans 
X
(31,843)
X
X
X
42,615
(7,210)
X
100
X
A.3 Restructured positions 
X
X
X
X
X
X
A.4 Past due positions 
X
2,613
X
X
X
22,858
X
X
A.5 Other 
196,364,691 
X
50,353,400
X
2,525,236
X
(6)
X
10,365,068
X
(3,703)
32,077
X
Total A 
196,364,691
50,358,780
(35,317)
2,525,236 (2,456)
(6)
10,435,729
(40,589) (3,703)
32,177
B. Off-balance-sheet exposures 
B.1 Bad debts 
X
X
(1,455)
X
X
X
X
B.2 Substandard loans 
X
X
X
X
5,848
X
X
B.3 Other impaired assets 
X
X
X
X
7,765
X
X
B.4 Other 
4,970,845
X
3,353,482 
X
89,058
X
X
5,400,911
X
(1,811)
2,144
X
Total B
4,970,845
3,353,482
89,058 (1,455)
5,414,524
(1,811)
2,144
Total at 31.12.2012
201,335,536
53,712,262
(35,317)
2,614,294 (3,911)
(6)
15,850,253
(40,589) (5,514)
34,321
Total at 31.12.2011
178,059,780
55,237,927
(34,630)
526,137 (2,837)
12,278,928
(34,679) (4,036)
35,281
Net exposure
Specific writedowns
Portfolio writedowns
Net exposure
Specific writedowns
Portfolio writedowns
Net exposure
Specific writedowns
Portfolio writedowns
Net exposure
Specific writedowns
Portfolio writedowns
Net exposure
Specific writedowns
Portfolio writedowns
Net exposure
Specific writedowns
Portfolio writedowns
Governments
Other government
Financial 
Insurance 
Non-financial companies
Other
agencies
companies
undertakings

481
B.2 Banking group - On-balance-sheet and off-balance-sheet
credit exposures to customers by geographical area (carrying amount) 
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Italy
Other europeans countries
Americas
Asia
Rest of the world
Net
Total  
Net
Total
Net
Total
Net
Total
Net
Total
Exposure
writedowns exposure
writedowns
exposure
writedowns exposure writedowns exposure writedowns
A. On-balance-sheet exposures
A.1 Bad debts
7,955
(39,309)
A.2 Substandard loans
42,715
(39,053)
A.3 Restructured positions
A.4 Past due positions
25,471
A.5 Other
257,530,408
(3,709)
2,110,064
Total A
257,606,549
(82,071) 2,110,064
B. Off-balance-sheet exposures
B.1 Bad debts
(1,455)
B.2 Substandard loans
5,849
B.3 Other impaired assets
7,764
B.4 Other
13,008,440
(1,811)
808,000
Total B
13,022,053
(3,266)
808,000
Total (A+B) at 31.12.2012
270,628,602
(85,337) 2,110,064
808,000
Total (A+B) at 31.12.2011
245,880,348
(76,182)
208,527
49,178

482
B.3 Banking group - On-balance-sheet and off-balance-sheet
credit exposures to banks by geographical area (carrying amount)
(thousands of euros)
Italy
Other europeans countries
Americas
Asia
Rest of the world
Net
Total  
Net
Total
Net
Total
Net
Total
Net
Total
Exposure
writedowns exposure
writedowns
exposure
writedowns exposure writedowns exposure writedowns
A. On-balance-sheet exposures
A.1 Bad debts
A.2 Substandard loans
A.3 Restructured positions
A.4 Past due positions
A.5 Other
10,304,359
(16,013)
2,854,379
19,779
Total
10,304,359
(16,013) 2,854,379
19,779
B. Off-balance-sheet exposures
B.1 Bad debts
B.2 Substandard loans
B.3 Other impaired assets
B.4 Other
1,708,326
(145)
3,071
256,476
Total
1,708,326
(145)
3,071
256,476
Total (A+B) at 31.12.2012
12,012,685
(16,158) 2,857,450
276,255
Total (A+B) at 31.12.2011
12,591,070
7,836,360

483
C. Securitisations and asset disposals
C.1 Securitisations
QUALITATIVE DISCLOSURES
At the end of 2002, CDP, then a public entity, carried out a securitisation with the assignment without
recourse of six portfolios of claims on customers in respect of loans to the following types of borrowers:
1. special corporations or consortiums operated by local authorities, consortiums of local authorities,
and public or private limited companies operating public services (portfolio extinguished);
2. departments of the state, the regions, the autonomous provinces or local authorities;
3. A2A S.p.A.;
4. Acea Distribuzione S.p.A. (portfolio extinguished);
5. RFI S.p.A.;
6. Poste Italiane S.p.A. (portfolio extinguished).
As regard the obligations of CDP, which are defined in the assignment contract, under which CDP has
made certain representations and guarantees to CPG, taking on specified costs, expenses and liabilities
associated with the portfolios, please note that the operation and the flows linked to all the securitised
portfolios are proceeding regularly.
The loans underlying the transaction were fully derecognised, since CDP applied the provisions of para-
graph 27 of IFRS 1, which requires first-time adopters to apply the derecognition rules for financial as-
sets prospectively for transactions carried out as from 1 January 2004.
CDP - 2012 Annual Report
Consolidated Financial Statements

484
QUANTITATIVE DISCLOSURES
C.1.1 Banking group - exposures in respect of securitisations by quality of securitised assets
(thousands of euros)
A. With own underlying assets:
7,083
7,083
a) Impaired
b) Other
7,083
7,083
B. With third-party underlying assets:
a) Impaired
b) Other
On-balance-sheet exposures
Guarantees issued
Credit lines
Senior
Mezzanine
Junior
Senior Mezzanine Junior Senior Mezzanine Junior
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
Gross exposure
Net exposure
C.1.2 Banking group - exposures in respect of main own securitisations 
by type of securitised assets and type of exposure
(thousands of euros)
A. Fully derecognised
7,083
A.1 CPG - Società di cartolarizzazione a r.l.
- Long-term loans
7,083
B. Partially derecognised
C. Not derecognised
On-balance-sheet exposures
Guarantees issued
Credit lines
Senior
Mezzanine
Junior
Senior Mezzanine Junior Senior Mezzanine Junior
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks
Carrying amount
Writedowns/Writebacks

485
CDP - 2012 Annual Report
Consolidated Financial Statements
C.1.4 Banking group - exposures in respect of securitisations by portfolio and type
(thousands of euros)
Financial
Financial
Financial
Financial
assets
assets
assets
assets
Loans
31/12/2012
31/12/2011
held for
at 
available 
held to
trading
fair value
for sale
maturity
1. On-balance-sheet exposures
7,083
7,083
14,726
- senior
7,083
7,083
14,726
- mezzanine
- junior
2. Off-balance-sheet exposures
- senior
- mezzanine
- junior
C.1.7 Banking group - servicer activities - collections on securitised
assets and redemption of securities issued by vehicle
(thousands of euros)
CDP S.p.A.
CPG - Società di 
cartolarizzazione a r.l.
130,950
72,153
Servicer
Vehicle
Impaired
Performing
Impaired
Performing
Impaired assets
Performing assets
Impaired assets
Performing assets
Impaired assets
Performing assets
Securitised assets
Collections in
% of securities redeemed
(end-period figure)
the year
(end-period figure)
Senior
Mezzanine
Junior

486
C.2 Asset disposals
A. Financial assets assigned but not derecognised 
QUALITATIVE DISCLOSURES
Financial assets assigned but not derecognised regard government securities classified as “Financial as-
sets available for sale” and “Financial assets held to maturity” involved in repurchase agreements used
for funding with banks.
QUANTITATIVE DISCLOSURES
C.2.1 Banking group - financial assets assigned but not derecognised: 
carrying amount and total value
(thousands of euros)
Financial  
Financial 
Financial
Financial
Loans
Loans
Total 
assets
assets 
assets 
assets 
to banks
to 
held for
at fair
avaible
held to
customers
trading
value
for
maturity
sale
A
B
C
A
B
C
A
B C
A
B
C
A
B
C
A
B
C 31/12/2012 31/12/2011
A.
On-balance-sheet assets
303,445
964,382
1,267,827
8,577,091
1. Debt securities
303,445
964,382
1,267,827
8,577,091
2. Equity securities
x
x
x
x
x
x
x
x
x
3. Units in collective 
investment undertakings
x
x
x
x
x
x
x
x
x
4. Loans
B.
Derivatives
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Total 31/12/2012
303,445
964,382
1,267,827
x
- of which impaired
x
Total 31/12/2011
2,190,740
6,386,351
x
8,577,091
- of which impaired
x
Key:
A = Assigned financial assets fully recognised (carrying amount)
B = Assigned financial assets partially recognised (carrying amount)
C = Assigned financial assets partially recognised (total value)

487
CDP - 2012 Annual Report
Consolidated Financial Statements
C.2.2 Banking group - financial liabilities in respect of financial assets 
assigned but not derecognised: carrying amount
(thousands of euros)
Financial
Financial
Financial
Financial
assets
assets
assets
assets
Loans
Loans to
Total
held for
at
avaible
held to
to banks
customers
trading
fair value
for sale
maturity
1. Due to customers
a) In respect of assets fully recognised
b) In respect of assets partially recognised
2. Due to banks
295,849
972,220
1,268,069
a) In respect of assets fully recognised
295,849
972,220
1,268,069
b) In respect of assets partially recognised
3. Securities issued
a) In respect of assets fully recognised
b) In respect of assets partially recognised
Total 31/12/2012
295,849
972,220
1,268,069
Total 31/12/2011
2,142,539
6,040,715
8,183,254

488
C.2.3 Banking group - disposals with liabilities with recourse only on divestetd assets:
fair value
(thousands of euros)
Financial 
Financial 
Financial
Financial
Loans to
Loans to
Total 
assets
assets 
assets 
assets 
banks
customers
held for
at
avaible
held to
(fair 
(fair 
trading
fair
for
maturity
value)
value)
value
sale
(fair value)
A
B
A
B
A
B
A
B
A
B
A
B
31/12/2012 31/12/2011
A.
On-balance-sheet assets
303,445
986,679
1,290,124
8,311,466
1. Debt securities
303,445
986,679
1,290,124
8,311,466
2. Equity securities
x
x
x
x
x
x
3. Units in collective 
investment undertakings
x
x
x
x
x
x
4. Loans
B.
Derivatives
x
x
x
x
x
x
x
x
x
x
Total assets
303,445
986,679
1,290,124
8,311,466
C.
Associated liabilities
x
x
1. Due to customers
x
x
2. Due to banks
295,849
972,220
x
x
3. Securities issued
Total liabilities
295,849
972,220
1,268,069
8,183,254
Net value 31/12/2012
7,596
14,459
22,055
x
Net value 31/12/2011
41,183
87,029
x
128,212
Key
A = Assigned financial assets fully recognised
B = Assigned financial assets partially recognised

489
B. Financial assets assigned and derecognised with recognition of continuing involve-
ment
QUALITATIVE DISCLOSURES
CDP does not have any transactions classified in the portfolio of financial assets assigned and derecog-
nised with recognition of continuing involvement.
C.3 Banking group - Covered bond transactions
To fund its lending activities under the Separate Account, in 2004 CDP launched a programme for the
issue of up to €20 billion in covered bonds secured by assets consisting of CDP loans to or guaranteed
by Italian regional and local governments. The operation was conducted on the basis of Article 5.18 of
Decree Law 269/2003, pursuant to which CDP “may pledge its assets and legal relationships to satisfy
the rights of the holders of securities it issues”.
Since the start of the programme, four public issues have been carried out with a total overall value of
€8 billion (following redemptions the nominal amount of securities in circulation at 31 December 2012
was about €2.6 billion) as well as a privately-placed yen-denominated issue equal to about €64 million
(redeemed in full in 2012).
Since 2007, issues under the programme were suspended as there appeared to be no market opportu-
nities that would counsel additional issues of covered bonds.
In October 2011, in accordance with the procedures provided for in the contracts governing the covered
bond programme, the downgrade of CDP’s rating triggered the obligation to exchange the collateral for
liquidity to be held in a Segregation Collection Account at a contractually eligible bank (AAA rating),
with the option of investing this liquidity in “eligible” securities (AAA rating).
In the same month, the Board of Directors approved the termination of the covered bond programme
and in November 2011 the desegregation of the portfolio of loans in the segregated pool designated to
secure the covered bond programme was completed.
During 2012, the following issues were partially repurchased and fully redeemed at maturity:
•
Issue (Series no. 4) of 8 September 2006, nominal amount of €2 billion, maturing on 31 January
2013;
•
Issue (Series no. 5) of 15 March 2007, nominal amount of ¥10 billion (about €63.7 million), matur-
ing on 31 January 2017.
With the redemption at maturity on 31 January 2013 of Issue (Series no. 2) of 20 October 2005, nomi-
nal amount of €3 billion, whose residual balance following acceptances of the repurchase offer was
equal to €2.6 billion, all covered bond issues were fully extinguished.
CDP - 2012 Annual Report
Consolidated Financial Statements

1.2.1 Interest rate and price risk - supervisory trading book
QUALITATIVE DISCLOSURES
A. General aspects
CDP did not undertake any transactions qualifying for allocation to the supervisory trading book.
1.2.2 Interest rate and price risk - banking book
QUALITATIVE DISCLOSURES
A. General aspects, management and measurement of interest rate risk and
price risk
As part of its activities, CDP is exposed to interest rate risk in all its forms: repricing, yield curve, basis and
optionality. CDP also monitors inflation risk within the same conceptual and analytical framework as in-
terest rate risk on the banking book.
These risks can affect the profits and economic value of CDP.
CDP faces a substantial level of interest rate risk due to the presence of large unhedged volumes of assets
and liabilities predating its transformation into a joint-stock company and to the structure of assets and li-
abilities: a considerable portion of CDP’s balance sheet consists of funding through ordinary fixed-rate bonds
with an early redemption option, while the stock of loans is mainly fixed rate. Other types of postal bonds
also include an early redemption option whose value is significantly affected by interest rates and inflation. 
CDP’s basic approach to measuring and managing interest rate risk is an “economic value perspective”,
which complements the “profitability perspective”. The economic value perspective corresponds to the
long-term representation of the profitability perspective, as economic value is essentially equal to the dis-
counted sequence of future net income. 
From this perspective, CDP analyses its exposure and risk profile by assessing balance sheet items that
are sensitive to interest rates, quantifying their reaction to small changes (sensitivity analysis) and major
shocks (stress testing) to the risk factors. The transition from exposure metrics (derived from the sensi-
tivity analyses and stress testing) to risk metrics is carried out by assigning a probability to possible mar-
1.2 Banking group - Market risks
490

491
ket scenarios. This gives a statistical distribution of the value of the balance sheet items and composite
indicators representing the economic capital necessary for the risks involved.
This monitoring structure is translated into the calculation of value at risk (VaR), at a 99% confidence lev-
el and a time horizon of one day and ten days. CDP uses a historical simulation method to calculate VaR.
VaR summarises in a single figure the results of the simulation of many scenarios generated in accor-
dance with the statistical characteristics of the risk factors. While aware of the limits of any composite
metric based on historical scenarios, VaR also has two significant strengths:
•
it captures the consequences of complex characteristics of the markets and products (volatility, cor-
relation, optionality and asymmetry) in a single value;
•
it makes it possible, by way of backtesting, to check the hypotheses underpinning the calculations
and simulations.
CDP’s Risk Policy sets specific limits to managed the exposure to interest rate and inflation risk. More
specifically, limits have been established on the impact on the economic value of parallel movements (+/-
100 basis points) in the yield curve and the inflation curve.
CDP also assesses the impact of interest rate risk on income for shorter horizons using internal planning
and ALM systems, specifically quantifying the impact of parallel movements in the yield curve on net in-
terest income.
CDP’s ALM approach seeks to minimise the volume of hedging derivatives by exploiting “operational
hedges” between fixed-rate assets and liabilities. Hedging therefore regards subsets of those items, de-
pending on the sign of the net exposure, with a view to containing the overall risk exposure.
Operational responsibility for managing interest rate risk lies with the Finance unit.
The measurement and the monitoring of interest rate risk are performed by the RMA and are discussed
within the Risk Committee. The Board of Directors approves risk management policies and the associat-
ed monitoring methods and received periodic reports on the results achieved.
Price (or equity) risk regards the possibility that the net economic value, profitability or the book equity
of CDP could be adversely affected by variables associated with shares, in particular the market prices of
such securities and related derivatives, or changes in the current and future profitability of the invest-
ment in such instruments. For these purposes, investments in units of investment funds, including real
estate funds, are treated like shares by CDP. 
In line with the net economic value approach, equity risk is quantified in terms of VaR with a one-year
time horizon. VaR provides a proxy of the risk that liquid, listed securities – including those not recog-
nised at fair value – will not recover any impairment losses over time. It is calculated on the basis of hy-
potheses about the statistical distribution of the prices of shares, the related derivatives (where present)
and the fair value of unlisted securities. Risk is quantified by assuming continuity in the business model
of CDP, which expects to hold most of its stock investments for the long term.
CDP - 2012 Annual Report
Consolidated Financial Statements

492
An additional source of price risk lies in CDP’s funding operations, namely the issue of indexed postal
bonds and Premia bonds, whose yield is linked to developments in the Dow Jones EUROSTOXX 50 in-
dex. The RMA monitors the net exposure to such risk.
B. Fair value hedges
The strategies underlying fair value hedging are aimed at reducing interest rate and inflation risk met-
rics and differ in part for the two Accounts.
The Ordinary Account is normally hedged against interest rate risk at the origination stage. 
On the liability side of the Ordinary Account, this immunization involves specific hedges of fixed-rate
and/or structured issues, carried out using IRSs indexed to 6-month Euribor plus a spread. As regards as-
sets, fixed-rate loans are generally hedged using amortising IRSs in which CDP pays fixed and receives
floating. In this case, the hedge may regard a homogeneous aggregate of loans. The hedges are classi-
fied as micro fair value hedges.
The Separate Account adopts a different hedging approach, due to the very large volumes of liabilities
incorporating the early redemption option. As result of the sensitivity profile for these options, CDP’s
overall exposure to interest rate risk under the Separate Account undergoes significant fluctuations in
relation to the level of interest rates. When the exposure reaches levels deemed excessive, it is necessary
to activate the mechanisms available, such as entering into new derivative contracts, early termination
of existing derivatives, and the purchase of fixed-rate government securities.
As regards financial liabilities, in 2005, with a negative exposure to a reduction in interest rates, CDP
hedged (classified as macro fair value hedge) the interest rate risk on a portfolio of ordinary postal sav-
ings bonds, using roller-coaster IRSs in which CDP received fixed and paid 12-month Euribor plus a spread.
CDP terminated the hedge positions early at the end of 2009 as part of its strategy for managing the
overall exposure.
The issues of fixed-rate covered bonds in euros that were systematically transformed into floating rates
using IRSs at the origination stage matured on 31 January 2013.
As regard financial assets, at the start of 2006, following the renegotiation of fixed-rate loans
charged to the state, CDP had a negative exposure to a rate increase. CDP responded with a pro-
gramme of micro-hedges of the interest rate risk on portfolios of loans with uniform rate and ma-
turity features. 
The programme was implemented using plain vanilla amortising IRSs in which CDP pays fixed and re-
ceives 6-month Euribor plus a spread.
Subsequently, CDP continued to hedge part of its new fixed-rate loans, using one-to-one hedges.

493
Part of the hedges on fixed-rate assets were terminated early in 2010, following the renegotiation of
fixed-rate loans. A number of other hedges on fixed-rate assets were terminated early in 2011 and in
2012 to contain the total exposure to the yield curve.
The price risk associated with issues of indexed savings bonds and the Premia series is systematically
hedged using options that match those embedded in the bonds. These transactions are not subject to
hedge accounting: the embedded options sold and the options purchased are both recognised at fair
value and qualify as operational hedges.
The notional of the options purchased for each issue is calculated using estimates on the basis of the
proprietary model of customer redemption behaviour.
C. Cash flow hedges
During 2010 CDP launched a hedging programme for postal bonds indexed to the consumer price in-
dex for blue-collar and office worker households, a leading source of exposure to inflation that is only
partially mitigated by the operational hedge against loans with the same type of indexing. The hedges,
which are classified as cash flow hedges, are implemented using zero-coupon inflation swaps with the
notional determined on a conservative basis, estimating the nominal amount that CDP expects to reach
at maturity for each series of hedged bond. In most of the transactions in this category, CDP retains the
basis risk in respect of any differences between European and Italian inflation.
CDP has also used derivatives to hedge exchange rate risk, which were designated as cash flow hedg-
ing relationships:
•
until March 2012, the fixed-rate covered bond in yen was hedged with a cross currency swap to
counter the uncertainty concerning cash flows due to possible exchange rate variations. The hedge
converted the original exposure into a fixed rate in euros; the hedge was terminated early as a result
of the repurchase of the security by CDP;
•
since March 2012, two hedges were established with cross currency swaps with which CDP trans-
forms the cash flows of two floating-rate securities in yen (issued by the Republic of Italy) into fixed-
rate securities in euros.
QUANTITATIVE DISCLOSURES
1. Banking book: distribution of financial assets and liabilities by residual maturity (re-
pricing date)
The following figure shows an analysis of interest rate risk sensitivity developed on the basis of internal
models.
CDP - 2012 Annual Report
Consolidated Financial Statements

494
Sensitivity to euro zero-coupon rates by maturity
Market data at 31 December 2012
205,414
-302,026
-192,110
-200,181
228,937
1,294,573
-1,715,350
953,769
1,520,424
-155,579
2,440,926
79,018
15,449,410
18,276,718
710,186
-12,008,570
-7,132,951
-1,692,904
20,000,000
15,000,000
10,000,000
5,000,000
-
-5,000,000
-10.000.000
-15,000,000

495
1.2.3 Exchange rate risk
QUALITATIVE DISCLOSURES
A. General aspects, management and measurement of exchange rate risk
Exchange rate risk is the risk that changes in exchange rates might have a negative impact on the net
income or economic value of CDP.
Certain activities of CDP can generate exchange rate risk. CDP undertakes such activities only if covered
by appropriate exchange rate hedges.
The activities of CDP that can engender such exposure are normally associated with the issue of bonds
denominated in foreign currencies, equity investments the value of which can be exposed to changes in
exchange rates, the purchase of bonds denominated in foreign currencies and possibly the granting of
loans denominated in currencies other than the euro under the “Export Bank” system.
B. Hedging exchange rate risk
The exchange rate risk in respect of foreign-currency issues (currently two issues under the EMTN pro-
gramme) was hedged with cross currency swaps, which transform CDP’s cash flows into those equiva-
lent to an issue in euros. The exchange rate risk associated with the purchase of bonds denominated in
foreign currencies (currently two securities in yen issued by the Republic of Italy) is hedged with cross
currency swaps that transform CDP’s cash flows into the equivalent of fixed-rate securities in euros.
CDP - 2012 Annual Report
Consolidated Financial Statements

496
QUANTITATIVE DISCLOSURES
1. Distribution by currency of assets, liabilities and derivatives
(thousands of euros)
Currency
US
Pound
Yen
Canadian
Swiss
Other
dollar
sterling
dollar
franc
A. Financial assets
455,183
A.1 Debt securities
455,183
A.2 Equity securities
A.3 Loans to banks
A.4 Loans to customers
A.5 Other financial assets
B. Other assets
C. Financial liabilities
284,760
115,892
C.1 Due to banks
C.2 Due to customers
C.3 Debt securities
284,760
115,892
C.4 Other financial liabilities
D. Other liabilities
E. Financial derivatives:
- Options
+ long positions
284,760
115,892
+ short positions
455,183
- Other derivatives
+ long positions
+ short positions
Total assets
284,760
571,075
Total liabilities
284,760
571,075
Difference (+/-)
-
-

497
1.2.4 Derivatives
A. Financial derivatives
A 2. Banking book: end-period and average notional values
CDP - 2012 Annual Report
Consolidated Financial Statements
A.2.1 Hedging
(thousands of euros)
31/12/2012
31/12/2011
Over 
Central 
Over 
Central 
the counter counterparties
the counter counterparties
1. Debt securities and interest rates
15,653,890
19,320,282
a) Options
b) Swaps
15,653,890
19,320,282
c) Forwards
d) Futures
e) Other
2. Equity securities and equity indices
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
3. Foreign currencies and gold
927,906
520,522
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
927,906
520,522
4. Commodities
5. Other underlyings
Total
16,581,796
19,840,804
Average values
18,211,300
20,564,195

498
A.2.2 Other derivatives
(thousands of euros)
31/12/2012
31/12/2011
Over 
Other 
Over 
Other
the counter
the counter
1. Debt securities and interest rates
1,785,727
899,080
a) Options
b) Swaps
1,705,727
899,080
c) Forwards
d) Futures
e) Other
80,000
2. Equity securities and equity indices
69,203,695
91,997,294
a) Options
69,203,695
91,997,294
b) Swaps
c) Forwards
d) Futures
e) Other
3. Foreign currencies and gold
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
4. Commodities
5. Other underlyings
Total
70,989,422
92,896,374
Average values
81,942,898
93,042,190

499
CDP - 2012 Annual Report
Consolidated Financial Statements
A.3 Financial derivatives: gross positive fair value - breakdown by product
(thousands of euros)
Positive fair value 
31/12/2012
31/12/2011
Over 
Central 
Over 
Central 
the counter 
counterparties
the counter
counterparties
A. Supervisory trading book
a) Options
b) Interest rate swaps
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
B. Banking book - hedging
371,593
359,794
a) Options
b) Interest rate swaps
273,212
261,159
c) Cross currency swaps
98,381
98,635
d) Equity swaps
e) Forwards
f) Futures
g) Other
C. Banking book - other derivatives
640,481
581,081
a) Options
575,767
543,806
b) Interest rate swaps
60,320
37,275
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
4,394
Total
1,012,074
940,875

500
A.4 Financial derivatives: gross negative fair value - breakdown by product
(thousands of euros)
Negative fair value 
31/12/2012
31/12/2011
Over 
Central 
Over 
Central 
the counter 
counterparties
the counter
counterparties
A. Supervisory trading book
a) Options
b) Interest rate swaps
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
B. Banking book - hedging
2,575,863
2,621,251
a) Options
b) Interest rate swaps
2,575,863
2,621,251
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
C. Banking book - other derivatives
477,088
471,815
a) Options
417,451
434,311
b) Interest rate swaps
55,243
37,504
c) Cross currency swaps
d) Equity swaps
e) Forwards
f) Futures
g) Other
4,394
Total
3,052,951
3,093,066

501
CDP - 2012 Annual Report
Consolidated Financial Statements
A.7 Over-the-counter financial derivatives - banking book: notional values,
gross positive and negative fair values by counterparty - contracts
not covered by netting arrangements
(thousands of euros)
Governments
Other
Banks
Financial
Insurance
Non-financial
Other
and 
governments
companies
undertakings
companies
central
agencies 
banks
1. Debt securities and interest rates
- notional value
40,000
- positive fair value
4,394
- negative fair value
- future exposure
2. Equity securities and equity indices
- notional value
29,746,095
- positive fair value
- negative fair value
413,529
- future exposure
3. Foreign currencies and gold
- notional value
- positive fair value
- negative fair value
- future exposure
4. Other
- notional value
- positive fair value
- negative fair value
- future exposure
-

502
A.8 Over-the-counter financial derivatives - banking book: notional values,
gross positive and negative fair values by counterparty - contracts
covered by netting arrangements
(thousands of euros)
Governments
Other
Banks
Financial
Insurance
Non-financial
Other
and 
governments
companies
undertakings
companies
central
agencies 
banks
1. Debt securities and interest rates 
-  notional value 
16,803,253 
596,364 
-  positive fair value 
318,787 
14,746 
-  negative fair value 
2,630,481 
5,020 
2. Equity securities and equity indices 
-  notional value 
39,457,600 
-  positive fair value 
575,767 
-  negative fair value 
3,921 
3. Foreign currencies and gold 
-  notional value 
927,906 
-  positive fair value 
98,380 
-  negative fair value 
4. Other 
-  notional value 
-  positive fair value 
-  negative fair value 
A.9 Residual life of over-the-counter financial derivatives: notional values
(thousands of euros)
To 1
From 1 to 5
More than
Total
year
years
5 years
A. Supervisory trading book
A.1 Financial derivatives on debt securities and interest rates
A.2 Financial derivatives on equity securities and equity indices
A.3 Financial derivatives on exchange rates and gold
A.4 Financial derivatives on other assets
B. Banking book
20,947,306
53,141,967
13,481,945
87,571,218
B.1 Financial derivatives on debt securities and interest rates
2,562,800
3,571,252
11,305,565
17,439,617
B.2 Financial derivatives on equity securities and equity indices
18,384,506
49,170,931
1,648,258
69,203,695
B.3 Financial derivatives on exchange rates and gold
399,784
528,122
927,906
B.4 Financial derivatives on other assets
Total at 31/12/2012
20,947,306
53,141,967
13,481,945
87,571,218
Total at 31/12/2011
18,198,494
72,961,083
21,577,601
112,737,178

503
C. Financial and credit derivatives
C.1 Over-the-counter financial and credit derivatives: net fair value and future exposure
by counterparty
CDP - 2012 Annual Report
Consolidated Financial Statements
(thousands of euros)
Governments
Other
Banks
Financial
Insurance
Non-financial
Other
and central
governments
companies
undertakings
companies
banks
agencies 
1. Bilateral financial derivatives 
agreements
- positive fair value
992,933
14,746
- negative fair value
2,634,401
5,020
- future exposure
430,837
316
- net counterparty risk
405,884
251
2. Bilateral credit derivatives 
agreements
- positive fair value
-
- negative fair value
-
- future exposure
- net counterparty risk
3. Cross product agreements
- positive fair value
-
- negative fair value
-
- future exposure
- net counterparty risk

QUALITATIVE DISCLOSURES
General aspects, management and measurement of liquidity risk
CDP’s exposure to liquidity risk in the form of asset liquidity risk is limited as it does not engage in trad-
ing.
For CDP, liquidity risk becomes significant mainly in the form of funding liquidity risk, in view of the dom-
inant weight of demand deposits (passbook savings accounts) and bonds redeemable on demand (postal
savings bonds) in the liabilities of the Separate Account.
In order to ensure that any scenario of uncontrolled redemptions remains remote, CDP benefits from the
mitigating effect of the state guarantee on postal savings. In addition to the key function of that guar-
antee, the ability of CDP to ensure that such a scenario does in fact remain remote is based on its capi-
tal strength, on the protection and promotion of the reputation of postal savings with the public, on
safeguarding CDP’s reputation in the market and on liquidity management. With regard to the latter,
CDP adopts a series of specific measures to prevent the emergence of unexpected funding requirements
and to be able to meet them if it should prove necessary.
To this end, a lower limit on the stock of liquid assets has been established, which is monitored by the
RMA, together with a number of aggregates that represent CDP’s capacity to cope with potential crisis
situations.
As regards the Ordinary Account, CDP raises funds through the market or the EIB, adopting approach-
es, opportunities and constraints more similar to those of ordinary banks.
CDP prevents the emergence of unexpected liquidity requirements by developing effective loan dis-
bursement forecasting systems, setting structural limits on maturity transformation, monitoring the short-
term liquidity position, carried out on a continuous basis by the Finance area, and monitoring liquidity
gaps at short, medium and long term, which is performed by the RMA.
Management of treasury activities by Finance enables CDP to raise funds using repos, for both the Sep-
arate and Ordinary Accounts. 
CDP can also take part in European Central Bank refinancing operations, as it holds a significant stock
of eligible negotiable and non-negotiable assets.
1.3 Banking group - Liquidity risk
504

505
QUANTITATIVE DISCLOSURES
CDP - 2012 Annual Report
Consolidated Financial Statements
1. Distribution of financial assets and liabilities by residual maturity - currency: eur
(thousands of euros)
On demand More than
More than
More than
More than
More than More than More than
More than
Indefinite
1 day
7 days 
15 days 
1 month to 3 months to 6 months 
1 year to 
5 years
life
to 7 days
to 15 days
to 1 month
3 months
6 months
to 1 year
5 years
On-balance-sheet assets 
1,916,916 
504,250 
236,038 
2,482,516 
521,331 
5,721,018 
7,492,153 33,759,463 80,811,454 
447,906
A.1 Government securities 
4,250 
232,250 
350,000 
268,718 
881,607 
885,593 
9,001,915 
11,529,712 
A.2  Other debt securities 
500,000 
3,788 
2,102,400 
5,131 
90,299 
365,561 
595,969 
A.3  Units in collective investment 
undertakings 
290,857 
A.4 Loans 
1,626,059 
30,116 
252,613 
4,834,280 
6,516,261 
24,391,987 
68,685,773 
447,906
- banks 
1,087,629 
783,888 
1,320,082 
4,563,966 
2,375,959 
447,906
- customers 
538,430 
30,116 
252,613 
4,050,392 
5,196,179 
19,828,021 
66,309,814 
On-balance-sheet liabilities  
215,894,830 
187,462 
146,668 
3,021,734 
71,679 
576,540 
305,957 31,293,917 
5,914,198 
7,413,510
B.1 Deposits and current accounts 
215,813,142 
10,018 
23,010 
34,677 
61,926 
132,929 
1,117,137 
2,286,237 
- banks 
1,492,894 
10,018 
15,014 
- customers 
214,320,248 
7,996 
34,677 
61,926 
132,929 
1,117,137 
2,286,237 
B.2 Debt securities  
2,639,713 
25,371 
14,920 
52,468 
2,300,500 
1,193,000 
B.3 Other liabilities  
81,688 
187,462 
136,650 
359,011 
11,631 
499,694 
120,560 
27,876,280 
2,434,961 
7,413,510
Off-balance-sheet transactions 
C.1 Financial derivatives with exchange 
of principal 
- long positions 
3,573 
20,821 
18,865 
25,996 
7,222 
560,451 
578,565 
- short positions 
643 
15,459 
17,312 
16,357 
1,025 
710,945 
12,345 
C.2 Financial derivatives without exchange 
of principal 
- long positions 
10,857 
- short positions 
397 
179,375 
201,587 
1,171,946 
2,861,040 
C.3 Deposits and loans to receive 
- long positions 
- short positions 
C.4 Irrevocable commitments 
to disburse funds 
- long positions 
15,261,783
- short positions 
15,261,783 
C.5 Financial guarantees issued 
C.6 Financial guarantees received 
C.7 Credit derivatives with exchange 
of principal 
- long positions 
- short positions 
C.8 Credit derivatives without exchange 
of principal 
- long positions 
- short positions

506
1. Distribution of financial assets and liabilities by residual maturity - currency: other
(thousands of euros)
On demand More than
More than
More than
More than
More than More than More than More than
Indefinite
1 day
7 days 
15 days 
1 month to 3 months to 6 months 
1 year to 
5 years
life
to 7 days
to 15 days
to 1 month
3 months
6 months
to 1 year
5 years
On-balance-sheet assets 
528,123 
A.1 Government securities 
528,123 
A.2  Other debt securities 
A.3  Units in collective investment 
undertakings 
A.4 Loans 
- banks 
- customers 
On-balance-sheet liabilities  
532 
633 
659 
1,808 
399,784 
B.1 Deposits and current accounts 
- banks 
- customers 
B.2 Debt securities  
532 
633 
659 
1,808 
399,784 
B.3 Other liabilities  
Off-balance-sheet transactions 
C.1 Financial derivatives with exchange 
of principal 
- long positions 
532 
633 
659 
1,808 
399,784 
- short positions 
394 
364 
629 
1,034 
8,258 
531,723 
C.2 Financial derivatives without exchange 
of principal 
- long positions 
- short positions 
C.3 Deposits and loans to receive 
- long positions 
- short positions 
C.4 Irrevocable commitments 
to disburse funds 
- long positions 
- short positions 
C.5 Financial guarantees issued 
C.6 Financial guarantees received 
C.7 Credit derivatives with exchange 
of principal 
- long positions 
- short positions 
C.8 Credit derivatives without exchange 
of principal 
- long positions 
- short positions

QUALITATIVE DISCLOSURES
General aspects, management and measurement of operational risks
System for managing operational risks
CDP has adopted the guidelines established by the Basel Committee for the banking industry and in-
corporated by the Bank of Italy in circular no. 263 of 27 December 2006 as the benchmark for manag-
ing operational risk.
Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and
systems or from external events. Such risk includes losses resulting from internal or external fraud, hu-
man error, employment relationships and workplace safety, business disruption, system unavailability,
breach of contract, process management, damage to company assets and natural disasters.
Operational risk includes legal risk but not strategic or reputational risk.
Legal risk is the risk of losses resulting from violations of laws or regulations or self-governance rules (e.g.
bylaws, codes of conduct, corporate governance rules), from liability in contract or tort or other disputes. 
Taking best banking practices as a reference, in particular the supervisory regulations applicable to banks,
CDP has initiated the formalisation and implementation of a methodological and organisational frame-
work in terms of structures, processes, strategies and policies for managing operational risk related to
the products/processes of CDP and CDP Investimenti SGR S.p.A. The goal is to be able to manage and
monitor operational risks, laying the groundwork for mitigation measures and for a more accurate quan-
tification of the associated economic capital, now estimated using the Basic Indicator Approach.
The operational risk management system is a structured set of processes, functions and resources, which
begins with the identification of the risk and continues with measurement, monitoring, reporting and
control/mitigation actions. 
The methodology involves the supplementation of information on operational losses classified accord-
ing to specified loss event types (i.e. a model of loss events), loss effect types (i.e. a model of types of
losses) and risk factors (i.e. a model for the classification of risk factors).
This information comprises:
•
internal data on operational losses (loss data collection);
•
data on potential losses (self-assessment, scenario analysis);
•
factors representing the business environment and internal control systems;
•
system loss data (external data).
1.4 Banking group - Operational risks
507
CDP - 2012 Annual Report
Consolidated Financial Statements

508
Loss data collection
CDP has adopted a framework for loss data collection on operational losses incurred by the company
and recognised through the income statement. The framework uses the “event guide” approach sug-
gested by the Basel II Committee and adopted by the Italian Banking Association (ABI) in designing the
Italian Operational Loss Database (DIPO).
The primary loss data collection actions performed by CDP were:
•
finding information sources and identifying a contact person for the operational risks regarding that
source (information source means the organisational unit that can provide information concerning
the main features of each loss event recorded and its associated effects);
•
determining the roles and responsibilities of the actors involved and the procedures for collecting and
validating survey data;
•
collecting significant data and related supporting documentation;
•
filing the data collected in the operational loss database.
Specific criteria were established for date of occurrence and amount thresholds for inclusion of loss events.
Assessment of level of exposure to operational risks
CDP has also developed a qualitative methodology for assessing the company’s exposure to operational
risks. The objective is to use subjective assessments provided by internal resources (process owners and
experts) to create a set of information that can be used to identify and assess those risks and obtain op-
erational guidance for any appropriate mitigation actions.
The aim is to build a qualitative model to assess operational risks, based on past loss experience and
prospective analysis. 
The methodology adopted by CDP makes it possible to estimate:
•
the absolute exposure to each risk identified in processes (inherent risk), i.e. the risk that would ex-
ist if the company had no internal controls;
•
the residual exposure to each risk identified in processes (residual risk), i.e. the risk remaining fol-
lowing the implementation of controls;
•
the effectiveness of controls in place.
The preparatory work for the assessment of the level of exposure to operational risks consists in map-
ping adverse events (risk mapping) that could impact corporate processes, including risks associated with
the introduction of new products, processes and systems. 
The risk mapping of processes, which involves obtaining subjective estimates from process owners (self-
assessment), is consequence of the need to understand the origin of potential losses associated with op-
erational risks – identifying the events and causes that might generate them – and assessing the advis-
ability of taking targeted monitoring, control, prevention and mitigation actions. 
The risk mapping process is structured into the following three sub-processes:
•
identification of the potential types of operational risk events on the basis of the event types pro-
posed by the Basel Committee;

509
•
classification of the risk factors and loss event types in accordance with the models in the method-
ological framework;
•
maintenance of the risk maps, with continuous updating in order to capture any changes in the com-
pany’s operational context.
As regards the adverse events to be mapped, the risk map focuses special attention on compliance risk, on
the risk of commission of the criminal offences referred to in Legislative Decree 231 of 8 June 2001 (Rules
governing the administrative liability of legal persons, companies and associations, including entities without
legal personality, pursuant to Article 11 of Law 300 of 29 September 2000, published in Gazzetta Ufficiale
no. 140 of 19 June 2001, arising in respect of criminal offenses committed by natural persons connected with
the legal person in an employment relationships and who act in its interest), on the risk governed by Legisla-
tive Decree 231 of 21 November 2007 (Implementation of Directive 2005/60/EC on the prevention of the use
of the financial system for the purpose of money laundering and terrorist financing as well as Directive
2006/70/EC laying down implementing measures for Directive 2005/60/EC) and on outsourcing risk. 
For the self-assessment phase, connected with the identification of operational risks that could poten-
tially produce unexpected losses for the company, interviews were conducted with CDP personnel in or-
der to gain an understanding of their activities and the configuration of the internal environment. 
The risk mapping process is based on two dimensions: 
•
corporate processes (broken down into sub-processes, phases and activities), that serve as guides in
identifying adverse events that could generate material financial losses; 
•
the loss event types proposed by the Basel Committee. 
The intersection of the two dimensions forms the basis for constructing, in collaboration with the units
involved, a “risk-process” matrix, in which each cell specifies the potential risks to be assessed. 
At CDP, the main actors involved in assessing the exposure to operational risks are:
1. the Operational Risk unit:
•
recommends the methodologies and procedures for identifying risks;
•
controls and ensures correct application of the methodologies and procedures;
•
provides methodological and technical support for identifying risks;
•
ensures the uniformity of the information collected through analysis of the quality and congruity
of the data acquired in the survey;
2. the process owners and experts:
•
identify and assess the main risks in the processes for which they are responsible;
•
regulatory monitor the evolution of those risks and the emergence of new risks;
3. the Compliance unit: 
•
identifies compliance risk for internal and external regulations, validating and, if necessary, com-
pleting the identification of the risks performed by the owner (for adverse events that could gen-
erate compliance risk);
CDP - 2012 Annual Report
Consolidated Financial Statements

510
4. the Internal Auditing area: 
•
as part of its third-level controls, assesses the methodological framework of the risk mapping
process, carrying out controls of the correct application of that framework;
•
recommends the mapping of all risks that – while not identified by owners and experts – have
been identified in corporate processes during audit activities;
•
assesses the risk of commission of the criminal offenses referred to in Legislative Decree 231 of
8 June 2001.
The assessment of the exposure to operational risks enables the supplementation of historical loss data
collection with subjective estimates whenever loss data – for specific processes – are not reliable and/or
sufficiently abundant to be able to support the decision-making of top management concerning specif-
ic activities within the company’s core business.
At the end of the assessment process, interventions are prioritised on the basis of the problem areas that
have emerged and the “qualitative” rating assigned to each risk identified:
•
“low” residual risk: optimal situation, low risk of operational losses;
•
“medium” residual risk: signs of a potential adverse events with non-negligible operational losses;
•
“high” residual risk: problem situation. More extensive investigation is necessary – including through
additional risk mapping – in order to assess potential mitigation actions and the possibility of imple-
menting new controls;
•
“very high” residual risk: very high risk situation calling for prompt mitigation action.
Once estimated, the residual risk for each activity is monitored by the Operational Risk unit with the co-
operation of the organisational units involved. More specifically, in order to monitor the exposure to the
most significant operational risks, the Operational Risk unit only considers activities for which residual
risk has been rated “very high”, “high” or “medium” and, if necessary and in cooperation with the or-
ganizational units involved, develops mitigation recommendations to restructure or supplement existing
procedures and controls.
A report is prepared for each procedure, consisting of three documents: 
•
a summary document presenting selected summary data;
•
a detailed document, which reports all of the results of the analysis (the risks identified and the as-
sociated assessment of inherent risk, controls and residual risk) for each phase/activity in the process;
•
a controls chart, which summarises all controls, both those incorporated in procedures and those that
form part of operational practices.

2.1 Insurance risks
The total exposure of SACE S.p.A., calculated as the sum of credit and guarantees issued (principal and
interest) amounted to €32.9 billion, down 4.9% compared with the end of 2011, running counter to
the trend at the end of previous years. This development is a direct consequence of a contraction in the
guarantee portfolio (which accounts for 97.7% of the overall exposure), which decreased by 5.1% on
the end of 2011. The total exposure in portfolio of SACE BT decreased by 0.9%) to €38.5 billion.
SACE
The breakdown by geo-economic area shows an increase in the exposure to EU countries (37.2%,
compared with 34.5% in 2011), especially Italy, which remained in first place in terms of concen-
tration, with its share virtually unchanged. The exposure to “Other European countries and the CIS”
rose (from 24.2% to 25.2%), as did that to “East Asia and Oceania” (from 9.7% to 10.3%). The
share of the exposure to Sub-Saharan countries declined (from 1.8% to 1.3%) as did that to the Mid-
dle East and North Africa (from 17.7% to 14.1%). Exposures to the Americas were essentially un-
changed (11.9%).
The proportion of credit in US dollars diminished compared with 2011, falling from 62% to 55%, while
45% of the SACE S.p.A.’s guarantee portfolio is denominated in that currency. The remainder of the ex-
posure is in euros (44.5%), with a very small share (0.5%) in Swiss francs. The exchange rate risk in re-
spect of the receivables portfolio and the guarantee portfolio is mitigated in part by the operational hedge
Section 2 - The risks of insurance undertakings 
511
CDP - 2012 Annual Report
(millions of euros)
Portafolio
2012
2011
Change
SACE
32,937.28
34,645.85
-4.9%
Outstanding guarantees
32,193.16
33,928.10
-5.1%
- principal
27,531.72
28,884.91
-4.7%
- interest
4,661.44
5,043.19
-7.6%
Performing credits
744.12
717.75
3.7%
SACE BT
38,454.60
38,796.10
-0,9%
Short-term credit
13,207.80
15,579.30
-3.0%
Surety Italy
7,255.60
7,478.90
-0.6%
Other property damage
17,991.10
15,737.90
14.3%
Consolidated Financial Statements

512
provided by the provision for unearned premiums and in part through asset-liability management tech-
niques implemented by the company.
The breakdown by sector continues to present a high level of concentration, with the leading five sec-
tors representing 67.8% of the overall private-sector portfolio. More specifically:
•
oil & gas 26.0%;
•
infrastructure and construction 16.0%;
•
metal working 9.1%;
•
cruise industry 8.4%;
•
banks 8.3%.
The primary segment remains oil & gas, with an increase of 2.9%. on 2011.
SACE BT
Credit insurance business
The exposure of the Credit insurance business line – which is calculated as the amount insured less per-
centage deductibles – was equal to €13.2 billion, down 15.2%. The number of policies also diminished
(-21.9%), as did the number of debtors (-18.2%). The average amount insured per debtor came to €75
thousand. The portfolio is primarily concentrated in EU countries (89.8%), with Italy accounting for
74.0%. The remaining exposure includes the Americas (3.2%), East Asia and Oceania (2.8%), other Eu-
ropean countries and the CIS (2.4%), and Middle East and Africa (1.8%).
The leading sectors in this business are retail trade (10.0%), wholesale trade in consumer goods (7.9%),
Agriculture (9.9%), specialised wholesale trade (9.8%) and construction and construction materials (8.9%).
Surety business 
The exposure of the surety business, namely the amount insured, amounted to €7.3 billion, slightly down
(-3.0%) on 2011. Guarantees in tenders represent 66.0% of the exposure, followed by guarantees for
tax payments and reimbursements (30.4%).
The portfolio, represented by more than 37 thousand contracts, is concentrated in the north of Italy
(66.1%) and the centre (23.9%).
Other property damage business 
The nominal exposure of the other property damage business is equal to €18.0 billion. The effective ex-
posure – calculated net of deductibles, percentage deductibles and indemnity limits – was €13.7 billion,
essentially unchanged on the previous year (-0.6%). The number of policies outstanding came to 5,738,
in line with 2011. Contracts for Construction All Risk and Erection All Risk coverage accounted for 58.8%
of the portfolio, while Decennial Liability policies represent the remaining 41.2%.

513
2.2 Financial risks
Financial management consists of implementing an asset-liability management (ALM) strategy to ensure
effective overall risk management. This activity confirmed that values were in line with the limits defined
for each Group company and each type of investment. 
These limits are fixed to ensure prudent and effective asset management, aimed at controlling portfolio
risks and maintaining these within previously defined limits. Value-at-Risk models are used to quantify
capital requirements.
Of the total portfolio, 63.9% is accounted for by bonds and notes, 8% by units in collective investment
undertakings mainly invested in bonds or shares, 0.5% by shares and the remaining 27.6% by money
market instruments.
With regard to the credit risk of its securities portfolio, the SACE Group pursues a prudent investment
policy, setting limits on the types of financial instruments that can be used, on concentration by class
and on the creditworthiness of the issuer.
CDP - 2012 Annual Report
Consolidated Financial Statements
(millions of euros)
Asset class
HTM
HFT
Total
%
Bonds
1,646.7
3,326.8
4,973.6
63.9
Units in collective investment undertakings
-
621.9
621.9
8.0
Shares
-
40.5
40.5
0.5
Money market
-
2,147.0
2,147.0
27.6
Total
1,646.7
6,136.3
7,783.1
100
SACE breakdown of securities portfolio by rating grade
%
AAA
1.2
AA+
0.9
AA
0.4
AA-
0.3
A+
0.2
A
0.9
A-
12
BBB+
18.2
BBB
60.4
Other
5.5

514
Sensitivity analysis
During the year, sensitivity analysis is conducted for the Group’s investment portfolio, specifically for
bonds, shares and units in collective investment undertakings.
The sensitivity analysis of the securities portfolio was enhanced with new stress tests and new analysis
scenarios calibrated on the basis of the most recent economic and financial developments. Stress tests
were performed for simulated scenarios of rising and falling yield curves and equity prices. In addition,
tests were also performed for scenarios with rising oil prices and an appreciation of the euro against the
US dollar, with propagation and correlation effects. The results confirmed the strength of the portfolio
even in situations of considerable strain in financial markets and on the main commodities.
Scenario analyses also produced excellent results, confirming the soundness of adopting a highly pru-
dent investment policy in an environment of dramatic shocks for financial markets.
Stress test
Impact o trading portfolio 
description of 
(milions of euros)
stress test
All Rates +100bp
-22
Explicit Factor Shocks
All Rates -100bp
23.3
Explicit Factor Shocks
Equities up 10%
15.8
Global/US/Europe/Asia & Japan market factors up 10%
Equities down 10%
-15.8
Global/US/Europe/Asia & Japan market factors down 10%
Oil Up 20%
5.7
Explicit Factor Shocks
EUR up 10% vs. USD (with propagation)
24.6
Euro up 10% against USD, with propagation to other currencies and
correlation effect on equity factors

515
As regards the non-current portfolio, the sensitivity analysis performed with the calculation of the basis
point value generated a very low value (€0.60 million), down on that posted in 2011 (€0.65 million ),
confirming the wisdom of the prudent approach adopted for this portfolio as well.
CDP - 2012 Annual Report
Consolidated Financial Statements
Scenario analysis
Impact on trading portfolio 
Scenario descriprion
(milions of euros)
Lehman Default - 2008
-55.4
Historical yields immediately following failure of Lehman Brothers 
in 2008.
Greece Financial Crisis - 2010
1.3
Greece was one of the fastest growth euro-area economies between
2000 and 2007. The cost of financing that growth, however, 
generated alarming budget deficits, which were especially high
in relation to GDP. On 27 April 2010 the rating on Greek debt 
was lowered from BBB+ to BB+.
Oil Prices Drop - May 2010
0
Oil prices fall 20% on concerns over cuts in government budgets as 
a result of the economic crisis in Europe.
Russian Financial Crisis - 2008
-61.1
The war with Georgia and the rapid decline in oil prices raise fears 
of a recession.
Debt Ceiling Crisis & Downgrade 2011
7.5
The debt ceiling crisis in the United States and the consequent
downgrade by S&P. The scenario reflects market variable for 17 days:
from 22 July 2011 to 8 August 2011, the day the market began 
to react to the debt ceiling standoff.
VIX up scenario
-37.4
Historical scenario of the VIX between 5 July and 30 September 2011:
from the minimum of 16.06 (5 July) to the peak of 42.96 
(30 September).

Terna Group
As a normal part of operations, the Terna Group is exposed to a variety of financial risks: market risk (ex-
change rate risk, interest rate risk and inflation risk), liquidity risk, and credit risk.
Below, we provide information regarding the Terna Group’s exposure to all the above risks, along with
a presentation of the objectives, policies and processes for managing those risks and the methods used
to measure them. 
Terna’s risk management policies seek to identify and analyse the risks the Group is exposed to, estab-
lishing appropriate limits and controls and monitoring risks and compliance with such limits. These poli-
cies and the related systems are reviewed on a regular basis in order to take account of any changes in
market conditions or in the operations of the group companies. 
The exposure of the Terna Group to the aforementioned risks is substantially represented by the expo-
sure of the parent. As a part of the financial risk management policies approved by the board of direc-
tors, Terna has established the responsibilities and operating procedures for financial risk management,
specifically as concerns the instruments to be used and the precise operating limits in managing them.
Section 3 - The risks of other entities
516
(millions of euros)
2012
2011
Receivables
Hedging
Total
Receivables
Hedging
Total
derivatives
derivatives
Assets
Financial derivatives
-
754.9
754.9
-
521.8
521.8
Cash, short-term deposits and 
intercompany loans
2,510.1
-
2,510.1
1,264.9
-
1,264.9
Total
2,510.1
754.9
2,510.1
1,264.9
521.8
1,786.7

517
Market risks
Market risk is the risk that the fair value or future cash flows of a financial instrument may fluctuate as
a result of changes in financial market conditions. Market risks comprise three forms of risk: exchange
rate risk, interest rate risk and inflation risk.
Risk management must be performed with the objective of maximising financial income and minimising
the related risks by selecting counterparties and instruments compatible with the corporate risk man-
agement policy. Speculative activity is not envisaged in the corporate mission.
Terna Group intends to adopt a dynamic approach to financial risk management. This approach is char-
acterised by risk aversion, aiming at minimising risk through continuous monitoring of financial markets
in order to plan hedging transactions in favourable market conditions. The dynamic approach makes it
possible to take action to improve existing hedges where changes in market conditions or in the hedged
item make the latter unsuitable or unduly expensive. 
The concept of hedging transaction is not restricted to those hedges that qualify for hedge accounting,
but rather encompasses the objective of total or partial hedging of the income statement or balance
sheet item from interest rate risk.
All derivative contracts have a notional amount and maturity date less than or equal to that of the un-
derlying financial liability, so that any change in the fair value and/or estimated cash flows of the con-
tracts is offset by a corresponding change in the fair value and/or estimated cash flows of the underly-
ing position. The fair value of financial derivatives reflects the estimated amount that Terna S.p.A. would
pay or receive in order to extinguish contracts at the closing date.
The fair value of instruments is determined in accordance with the fair value hierarchy envisaged under
IFRS 7 (Level 2) by means of appropriate valuation techniques for each category of financial instrument,
using market data as at the closing date (such as interest rates, exchange rates, volatility) and discount-
ing projected cash flows on the basis of the market yield curve and inflation at the reporting date. 
CDP - 2012 Annual Report
Consolidated Financial Statements
(millions of euros)
2012
2011
Debt
Loans
Hedging
Total
Debt
Loans
Hedging
Total
derivatives
derivatives
Liabilities
Long-term debt
2,435.1
6,543.7
-
8,978.8
2,494.5
4,303.9
-
6,798.4
Financial derivatives
-
-
141.2
141.2
-
-
111.4
111.4
Total
2,435.1
6,543.7
141.2
9,120.0
2,494.5
4,303.9
111.4
6,909.8

518
The financial assets and liabilities in respect of derivative instruments in place during the year can be clas-
sified as:
•
cash flow hedge derivatives, essentially related to hedging the risk of changes in the cash flows as-
sociated with long-term floating-rate loans;
•
fair value hedge derivatives, essentially related to hedging the exposure to changes in the fair value
of a financial asset or liability associated with fluctuations in interest rates (fixed-rate bonds).
Interest rate risk
Interest rate risk is represented by the uncertainty associated with movements in interest rates that could
have an impact on the fair value or future cash flows of financial instruments. 
In conducting its operations, Terna is exposed to the risk of fluctuations in interest rates. Its main source
of interest rate risk is associated with items of net financial debt and the related hedging positions in
derivative instruments that generate financial expense. Terna’s borrowing strategy focuses on long-
term loans whose term reflects the useful life of company assets. It also pursued an interest rate risk
hedging policy that aims to reconcile this approach with the regulatory framework, which every four
years establishes the cost of debt as part of the formula to set the return on the regulatory asset base
(RAB). 
Accordingly, the hedging instruments used, at various maturity dates, include both derivatives that trans-
form fixed rates into floating rates and derivatives that transform floating rates into fixed rates.
In order to reduce the amount of financial debt exposed to the risk of fluctuations in interest rates and
to optimise the temporal correlation between average cost of debt and regulatory rate used in the WACC
formula, various types of plain vanilla derivatives are used, such as interest rate swaps.
Interest rate swaps are used both to reduce the volume of debt exposed to fluctuations in interest rates
and to reduce the volatility of borrowing costs. 
The following table reports the financial instruments subscribed by Terna, classified by type of interest
rate (fixed or floating):
(millions of euros)
Carrying amount
Carrying amount
Change
31/12/2012
31/12/2011
Fixed-rate financial instruments
- assets
-
-
-
- liabilities
6,684.9
4,415.3
2,269.6
Floating-rate financial instruments
- assets
3,265.0
1,786.7
1,478.3
- liabilities
2,435.1
2,494.5
-59.4
Total
5,855.0
5,123.1
731.9

519
Sensitivity to interest rate risk
As regards the management of interest rate risk, Terna has, on the one hand, entered into fixed-to-float-
ing interest rate swaps (FVH) to hedge the fair value of the fixed-rate bonds and, on the other, floating-to-
fixed interest rate swaps (CFH) to hedge the expected cash flows in respect of all other floating-rate debt.
The following table reports the amounts recognised in profit or loss and in “other comprehensive in-
come” in respect of positions sensitive to changes in interest rates, the theoretical value of the positions
following a positive or negative shift in the yield curve and the differential impact of those changes recog-
nisable in profit or loss and in “other comprehensive income”. A hypothetical 10% variation in interest
rates with respect to market interest rates at the reporting date has been assumed. 
Inflation risk
As regards inflation rate risk, the rates established by the regulator to remunerate Terna S.p.A.’s ac-
tivities are determined so as to allow coverage of the sector’s recognised costs. Such cost compo-
nents are updated on an annual basis to take account of the impact of inflation. In 2007, the com-
pany used an inflation-linked bond issue to obtained an effective hedge of profit for the year: any
decrease in expected revenues due to a decrease in the inflation rate would be offset by lower fi-
nancial expense.
Exchange rate risk
Generally Terna hedges exchange rate risk through the forward sale or purchase of currencies (forward
contracts) or the use of options. Currency options give Terna the right or the obligation to buy or sell
predetermined amounts of a currency at a specific exchange rate at the end of a specific period of time.
Normally, both forward contracts and options have maturities of no more than 12 months.
CDP - 2012 Annual Report
Consolidated Financial Statements
(millions of euros)
Gain or loss
Equity
Current
rates at
Current 
Current
rates at
Current
rates
31/12/2012
rates
rates
31/12/2012
rates
+10%
-10%
+10%
-10%
31-dec-12
Positions sensitive to interest rates 
(FVH, bonds, CFH)
2.5
2.4
2.3
-138.7
-141.2
-143.7
Hypothetical change
0.1
-
-0.1
2.5
-
-2.5
31-dec-11
Positions sensitive to interest rates 
(FVH, bonds, CFH)
2.9
2.2
1.7
-44.5
-47.1
-49.9
Hypothetical change
0.7
-
-0.5
2.6
-
-2.8

520
Such contracts have a notional amount and maturity date less than or equal to that of the underlying fi-
nancial liability, or the expected cash flows, so that any change in the fair value and/or estimated cash
flows deriving from an appreciation or depreciation of the euro against other currencies is fully offset by
a corresponding change in the fair value and/or estimated cash flows of the underlying position.
At 31 December 2012 (as at 31 December 2011), the Terna Group had no financial instruments exposed
to exchange rate risk.
Liquidity risk
The liquidity risk is the risk Terna might encounter difficulty in discharging its obligations in respect of its
financial liabilities and operational cycle. Liquidity risk management seeks to ensure adequate coverage
of financial needs by obtaining adequate lines of credit and appropriate management of any surplus liq-
uidity. At 31 December 2012 Terna had €500 million in medium-term credit lines and €664.7 million in
short-term credit lines. The following table reports the repayment schedule for nominal long-term debt
at 31 December 2012:
Credit risk
Credit risk is the risk a customer or one of the counterparties to a transaction in financial instruments
could cause a financial loss by failing to discharge an obligation. It is mainly generated by trade receiv-
ables and the financial investments of the company. 
(millions of euros)
Maturity
31/12/2012
Amount
Amount
2014
2015
2016
2017
Beyond
maturing
maturing
within
after
12
12
Bonds
2014-2024
1,600.0
-
1,600.0
600.0
-
-
-
1,000.0
Bonds IL
2023
561.7
-
561.7
-
-
-
-
561.7
Bonds PP
2019
600.0
-
600.0
-
-
-
-
600.0
Bonds 1250
2021
1,250.0
-
1,250.0
-
-
-
-
1,250.0
Bonds 1250
2017
1,250.0
-
1,250.0
-
-
-
1,250.0
-
Bonds 750
2018
750.0
-
750.0
-
-
-
-
750.0
Total fixed rate
6,011.7
-
6,011.7
600.0
-
- 1,250.0 4,161.7
EIB
2014-2030
1,285.7
69.4
1,216.3
79.1
77.0
85.1
96.9
878.2
Club Deal
2015
650.0
-
650.0
-
650.0
-
-
-
CDP
2019
500.0
-
500.0
-
-
-
-
500.0
Total floating rate
2,435.7
69.4
2,366.3
79.1
727.0
85.1
96.9 1,378.2
Total
8,447.4
69.4
8,378.0
679.1
727.0
85.1 1,346.9 5,539.9

521
The credit risk originated by open positions on transactions in financial derivatives is considered to be
marginal since the counterparties, in compliance with financial risk management policies, are leading in-
ternational credit institutions with high ratings and such transactions are diversified in compliance with
specific concentration limits.
Terna provides its services to counterparties considered solvent by the market, who therefore have a high
credit standing, and does not have highly concentrated credit risk.
Credit risk management is guided by the provisions of Resolution no. 111/06 of the Authority for Elec-
tricity and Gas (the Authority), which, at Article 49, introduced instruments for the limitation of risks re-
lated to the insolvency of dispatching customers, both on a preventive basis and in the event of actual
insolvency. In particular, the resolution establishes three instruments to safeguard the electricity market:
a guarantee system (bank guarantees provided by individual dispatching customers, based on their rev-
enues), the option of terminating dispatching contracts (in the event of insolvency or failure to replace
enforced guarantees) and, finally, the possibility of recovering uncollected debts, after having taken all
other possible collection actions, through a specific fee defined by the Authority.
At the close of the year, the exposure was as follows:
The overall credit risk exposure at 31 December 2012 is represented by the carrying amount of financial
assets (current and non-current), trade receivables and cash and cash equivalents.
The following tables provide quantitative information on receivables from customers that have not fall-
en due and have not suffered an impairment loss.
CDP - 2012 Annual Report
Consolidated Financial Statements
(millions of euros)
Carrying amount Carrying amount
Change
31/12/2012
31/12/2011
FVH derivatives
754.9
521.8
233.1
Certificates of deposit
-
150.0
-150.0
Cash and cash equivalents
2,510.1
1,114.9
1,395.2
Trade receivables
1,884.1
1,684.0*
200.1
Total
5,149.1
3,470.7
1,678.4
* 2011 reports the balance for the trade payables of the parent company Terna S.p.A., as it is more representative of the exposure to credit risk

522
Geographical distribution
Customer type
The following table breaks down customer receivables by expiry class, reporting any potential impair-
ment:
(millions of euros)
Carrying amount
2012
2011
Italy
1,854.6
1,654.2
Euro-area countries
4.5
27.2
Other countries
25.0
2.6
Total
1,884.1
1,684.0
(millions of euros)
Carrying amount
2012
2011
Distributors (*)
380.9
243.4
Electricity Equalisation Fund (**)
216
131.3
Input dispatching contractors
227.9
229.4
Withdrawal dispatching contractors (non distributors)
917.1
1,000.20
Virtual import contractors and virtual import service (interconnectors and shippers)
18.9
12.5
Receivables from unregulated activities
123.3
67.2
Total
1,884.1
1,684.0
(*) Includes receivable accrued in respect of Terna Rete Italian grid transmission fees
(**) Of which € 212.9 million from volume effect on grid transmission fees
(millions of euros)
Impairment
Gross
Impairment
Gross
31/12/2012
31/12/2011
Not yet past due
0.0
1,491.5
0.0
1,560.0
0-30 days past due
0.0
321.0
0.0
50.0
31-120 days past due
-3.7
36.2
0.0
37.9
More than 120 days past due
-22.8
61.9
-23.6
59.7
Total
26.5
1,910.6
-23.6
1,707.6

523
Changes in the provision for doubtful trade accounts in the course of the year were as follows:
The value of guarantees received from eligible electricity market customers is illustrated below:
Fintecna Group
The following discusses the main risks to which the group is exposed, as well as the policies for their
management. They are broken down into risks relating to the markets in which the subsidiaries and as-
sociated companies operate and financial risks.
Market risk
A key element of achieving the group’s objectives is effective management of risks and internal and ex-
ternal opportunities. The identification, analysis and measurement of the main risks is accompanied by
actions to mitigate the impact or prevent the emergence of risk.
CDP - 2012 Annual Report
Consolidated Financial Statements
(millions of euros)
2012
2011
Balance at 1 January
-23.6
-23.5
Reversal of provision
0.8
-
Impairment for the year
-3.7
-0.1
Balance at 31 December
-26.5
-23.6
(millions of euros)
2012
2011
Input dispatching activity
240.9
254.6
Withdrawal dispatching activity
897.0
763.0
Grid transmission fees - distributors
169.7
174.8
Virtual imports
99.5
280.2
Balance at 31 December
1407.1
1472.6

524
Risks associated with general economic conditions
The performance and financial position of the group are influenced by macroeconomic conditions in
Europe and North America (the main markets of the group and its main customers), such as GDP
growth rates, consumer and business confidence, the credit system and the cost of raw materials.
The group has continued to cut internal costs and enhance efficiency, while at the same time making
use of the operational flexibility mechanisms envisaged in contracts and Italian law. In the shipbuilding
sector in particular, it has launched a reorganisation plan that seeks to adjust the group’s production ca-
pacity to changing conditions in the market and evolving demand forecasts. 
Risks specific to the group’s markets
The group has operated for many years both in shipbuilding and in real estate, and has focused on pro-
viding products that make the most of its experience and know-how. 
To defend its competitive position in the shipbuilding sector in particular, where it is most exposed to
competitive pressures, the group has sought to maintain high manufacturing standards, which has en-
tailed investment in the continuous training of technical staff, with a view to retaining key management
personnel. In addition, it selects its strategic suppliers with care, while seeking new ways to optimise
costs and achieve the technical and financial flexibility it needs to remain commercially competitive and
broaden its customer base.
The performance of the Fincantieri group is also strongly influenced by the financial circumstances of its
principal customers, good relations with which constitute one of the group’s strengths.
Risks relating to property values 
Risks relating to property values are generated by fluctuations in the market value of certain properties,
which are impacted by some of difficulties of the sector. Recent external developments, which have been
sharply impacted by the crisis of the real estate sector in recent years, have affected projects in the course
of implementation, most notably partnerships with private-sector operators to leverage real estate hold-
ings. The Fintecna Immobiliare Group finds itself dealing with a portfolio of property development pro-
jects during a lasting downturn in the market, which has deteriorated even further in recent months and
shows no signs of recovery in the near future. In this environment, the main causes for concern regard
the outcome of renegotiations of partnership debts falling due and the associated risk of private-sector
partners withdrawing from the initiatives.
The group’s policy seeks to minimise the impact of this risk by adapting its operational policies to leverage
the real estate portfolio in the current more challenging market environment. Its options could even include
the adoption of solutions other than those originally envisaged and precautionary budget measures.

525
Compliance risk
The group is subject to the laws of the countries in which it operates. Any violation of these laws may
result in civil, administrative and criminal penalties and the obligation to implement reorganisation mea-
sures. The associated costs and liabilities could have a negative impact on the group’s operations and its
performance. The group’s activities are subject to, among other things, laws on environmental protec-
tion and workplace health and safety.
The group actively encourages compliance with all the laws to which it is subject, and has adopted and
updated preventive control tools to mitigate compliance risk. In particular, the measures contained in
Legislative Decree 81/2008 (the Consolidated Workplace Health and Safety Act) as amended have been
implemented in full. 
Exchange rate risk 
Exposure to exchange rate risk is mostly associated with the Fincantieri Group’s shipbuilding contracts
denominated in foreign currencies and, to a small extent, the result of the sourcing of supplies priced in
currencies other than the euro. 
The group policy is designed to minimise the impact of exchange rate fluctuations on performance. The
management of exchange rate risk, for which the group makes use of forward foreign currency purchase
and/or sale contracts or option structures, is conducted consistently with developments in foreign ex-
change markets and with regard to the expected time horizon for foreign currency flows. Whenever pos-
sible, receipts and payments in the same currency are netted. 
Risk management aims at total coverage of receipts, but focuses on larger amounts only in payments. 
Fincantieri has also carried out forward foreign currency purchases to hedge its exposure to the exchange-
rate risk arising from a payment in Singapore dollars for the acquisition of a majority stake in STX OSV
Holdings Ltd.
Interest rate risk
Interest rate risk arises essentially from: 
•
the medium- and long-term financial liabilities of a number of joint ventures in the real estate sector
in respect of floating-rate mortgages and loans obtained for the purchase of properties or for their
development; 
•
a number of long-term loans taken out by the Fincantieri Group, on which interest rates are affect-
ed by developments in the money market. 
CDP - 2012 Annual Report
Consolidated Financial Statements

526
The policy of these companies is to mitigate the possible impact of changes in key interest rates on per-
formance. To this end, the group has entered into a number of derivative contracts (in some cases in com-
pliance with the terms of the loan agreements with the lenders), whose notional amounts and maturities
correspond to those of the hedged financial liabilities. These transactions are undertaken depending on de-
velopments in the financial markets and, therefore, with due regard to their cost-effectiveness.
Liquidity risk
Liquidity risk refers to the group’s ability to discharge its obligations in respect of financial liabilities. The
financial resources of the group produce sufficient liquidity to manage these risks. 
The treasury policy for the year was oriented mainly towards consolidating the improved return on liq-
uidity, which was essentially achieved by generating gains on a disinvestment/reinvestment in govern-
ment securities.
The group also channelled part of its liquidity into short-term instruments with leading financial institu-
tions at the best money market rates. To ensure flexibility in treasury operations, the group also has a
number of credit lines that, at the balance-sheet date, were only minimally drawn, given the group’s cur-
rent capacity for self-financing.
Other risks
The group (i.e. mainly the parent company, and other group subsidiaries that carry out liquidation ac-
tivities through special purpose entities that are accounted for in the consolidated financial statements
using the equity method) is also exposed to the risks arising from on-going litigation, which is mostly re-
lated to the many companies already in liquidation that have come under its control over the years. Tak-
ing into consideration the complexity and considerable uncertainty of these situations, the directors, act-
ing to the best available information and a prudent assessment of the circumstances, periodically update
the evaluations of the adequacy of the provisions recognised in the financial statements. The liquid as-
sets of the group are considered adequate to meet prospective cash requirements arising from legal dis-
putes, while the group’s medium-term investments are considered the ideal support for provisions. 
SIMEST
SIMEST’s financial risk management policy is primarily focused on its equity investment activity. 
In order to manage the associated risks, before investment proposals are brought to the attention of the
SIMEST board for final approval, the Risk Management department of SIMEST conducts a thorough as-

527
sessment of the proposals, both with regard to the company proposing the investment and the invest-
ment itself, in order to reduce the financial/credit risk exposure involved. 
Following the risk assessment and approval of the proposal by the SIMEST board, the specification and
completion of the agreement with the partner may proceed, in accordance with the guidelines and in-
structions set out by the board. At the acquisition stage, all related information, board instructions and
guarantees are verified. 
As regards the direct commitments of the Italian partners to repurchase SIMEST’s stake in the equity in-
vestments and of third-party guarantors, at 31 December 2012 direct commitments of Italian partners
not secured by bank or insurance guarantees totalled €248.8 million. Of the total, €155.0 million re-
garded commitments not secured by third-party guarantees (of which €1.2 million regarding equity in-
vestments involving the participation of leading Italian banks) and €93.8 million regarded commitments
secured by corporate sureties. 
Repurchase commitments secured by bank or insurance guarantees amounted to €118.0 million. 
The partners repurchase commitments break down as follows: 
Financial/credit risk is mitigated through monitoring of the Italian partners and the investee company,
using periodic financial reporting and management information. 
Price risk and foreign exchange risk in respect of equity investments are eliminated using contractual lan-
guage guaranteeing that SIMEST will recoup its investment at the price paid in euros for the acquisition. 
Liquidity risk and interest rate risk are monitored constantly using a cash flow analysis approach, espe-
cially for equity investments, taking due account of the possibility of regulating inward flows from equi-
ty investments with options and outward flows by regulating payments to the individual investees. This
monitoring activity has enabled SIMEST to obtain on good terms and conditions (taking account of the
CDP - 2012 Annual Report
Consolidated Financial Statements
(millions of euros; %)
31/12/2012
Unsecured commitments
41.8%
155
Commitments secured by corporate sureties
25.3%
93.8
Commitments secured by:
- bank sureties
31.6%
116.6
- insurance guarantees
0.0%
0.2
- guarantee consortiums
0.3%
1.2
Commitments secured by rights in real property
1.0%
3.7
Total
100.0%
370.5

528
rating assigned by financial institutions to SIMEST) credit lines totalling €140 million, considerably more
than the amount needed to manage company cash flows. Drawings on the credit lines at 31 December
2012 amounted to about €89.7 million. 
In order to balance sources and uses of funds, taking account of the need for financial balance associ-
ated with the cycle of acquisitions and disposals of equity investments, two derivatives contracts were
obtained to hedge the medium/long-term (5 years) interest rate risk on two short-term credit lines in the
total amount of €40.0 million. From an operational point of view, the operation will stabilise the cost of
funding (at about 2.3%) at a lower level than otherwise obtainable: market terms at the time the trans-
action was executed on a financing agreement of the same maturity (5 years) would have been about
250/300 basis points higher. The transaction, which was carried out with a very reliable bank (also a
SIMEST shareholder and SIMEST’s treasury services bank), there by ensures a significant spread between
the cost of funds and the return on the equity investment for the medium/long-term, all on better terms
than an equivalent 5-year loan or similar transaction in this market environment. 
In other matters concerning interest rate risk, the quantification of the gain on equity investments is man-
aged flexibly over time, taking account of market developments. This flexible approach seeks to achieve
an appropriate average return on investments that is sufficient to absorb the impact of changes in bor-
rowing rates over the short, medium and long term.

SECTION 1 – CONSOLIDATED CAPITAL
QUALITATIVE DISCLOSURES
Pending the issuance of specific measures in this area by the Bank of Italy, the parent company is sub-
ject to “informational” supervision only.
Accordingly, in 2012, in agreement with the Bank of Italy, the CDP Group did not calculate supervisory
capital or the related supervisory capital requirements.
PART F - CONSOLIDATED CAPITAL
529
CDP - 2012 Annual Report
Consolidated Financial Statements

SECTION 1 - BUSINESS COMBINATIONS CARRIED OUT DURING THE YEAR
The scope of consolidation of CDP expanded considerably in 2012 with the acquisition from the MEF of
100% of SACE and Fintecna and 76% of SIMEST from the Ministry for Economic Development. 
The transactions were carried out as follows:
•
on 9 November 2012, a total of €5.4 billion were paid as the provisional price, of which €3,721 mil-
lion for SACE, €109.3 million for SIMEST and €1,592 million for Fintecna. At the same time, the
shares and title were transferred;
•
for SACE and SIMEST, on 28 December 2012 an additional payment was made paid pursuant to the
Decree of the Minister for the Economy and Finance of 28 December 2012, which set the final price
at €6,050 million for SACE and €232.5 million for SIMEST;
•
the payment of the balance for the Fintecna acquisition will take place in 2013. Pending the decree of
the Minister for the Economy and Finance that will set the final price, the equity investment has been
recognised in the amount of €2.5 billion on the basis of the best available estimate of the final price.
In view of the fact that the transaction was completed close to the end of the year and given the struc-
ture of the operation, which involved the transfer of share prior to the determination of the price, at 31
December 2012 only the balance sheets of the acquirees have been consolidated.
It is felt that the final prices of SACE and SIMEST were calculated, or will be calculated in the case of Fin-
tecna, using an approach that reflects the results of the companies in the period between the transfer
of control and the date of the MEF decrees that set, or will set, the final prices.
PART G - BUSINESS COMBINATIONS
530
1.1 Business combinations
(millions of euros)
Company names
Date of
transaction
(1)
(2)
SACE S.p.A.
09/11/2012
2,500
100%
Fintecna S.p.A.
09/11/2012
6,050
100%
Simest S.p.A.
09/11/2012
233
76%
Key
(1) = Cost
(2) = Percentage of voting rights in ordinary shareholders’ meeting

531
Accordingly, in the 2012 financial statements the new companies make no contribution to the overall
performance of the CDP Group. 
In compliance with IFRS 3, paragraph 45, the purchase price allocation process for the acquirees referred
to above will be completed within twelve months of the acquisition date. On a provisional basis, the neg-
ative difference between the purchase price and the equity of the acquirees, net of any goodwill recog-
nised in their financial statements, has been recognised under liabilities, at item 100 “Other liabilities”.
SECTION 2 - BUSINESS COMBINATIONS CARRIED OUT AFTER THE CLOSE OF THE YEAR
In January 2013, Fincantieri completed the acquisition of a majority interest in STX OSV, which is listed
on the Singapore Stock Exchange. STX OSV (Offshore Support Vessel) is a major company specialising in
the construction of support vessels for oil extraction and distribution. STX OSV has about 9,200 em-
ployees and 10 shipyards around the world (5 in Norway, 2 in Romania, 1 in Vietnam and 1 in Brazil, as
well as another yard under construction). On 13 February 2013 the offer document was filed for the ten-
der for the remaining shares, launched in compliance with the rules of the Singapore Stock Exchange,
with per-share price of 1.22 Singapore dollars. At the close of the tender, 13 March 2013, acceptances
amounted to 4.88%, bringing the overall stake to 55.63%.
CDP - 2012 Annual Report
Consolidated Financial Statements
2.1 Business combinations completed after december 31, 2012
(millions of euros)
Company names
Date of
transaction
(1)
(2)
(3)
(4)
STX OSV
23/01/2013
455
51%
11,258
889
Key
(1) = Cost
(2) = Percentage of voting rights in ordinary shareholders’ meeting
(3) = Total group revenues
(4) = Net group profit (loss)

1. Information on the compensation of key management personnel 
The following table reports the compensation paid in 2012 to member of the Board of Directors, Board
of Auditors and key management personnel of the parent company and the wholly-owned subsidiaries.
2. Information on transactions with related parties 
Certain transactions between the CDP Group and related parties, notably those with the Ministry for the
Economy and Finance and Poste Italiane S.p.A., arise as a result of legislative provisions. 
In any event, the CDP Group did not carry out any atypical or unusual transactions with related parties
whose size could have an impact on the assets and liabilities or performance of the company. All trans-
actions with related parties were carried out on an arm’s length basis and form part of the CDP Group’s
ordinary operations. 
The following table reports assets, liabilities, revenues and costs in respect of transaction in 2012 with
the Ministry for the Economy and Finance, Poste Italiane S.p.A. and companies subject to significant in-
fluence and joint ventures. 
PART H - TRANSACTIONS WITH RELATED
PARTIES
532
Remuneration of group Board of Directors and Board of Auditors
(thousands of euros)
Board of
Board of
Key management
Directors 
Auditors
personnel
a) short-term benefits
9,077
1,040
17,526
b) post-employment benefits
418
c) other long-term benefits
1,953
d) severance benefits
280
8
e) share-based payments
Total
9,357
1,040
19,905

533
In addition, during the year, the subsidiary CDP RETI acquired an interest of 30% less one share in the
voting capital of SNAM from ENI for about €3,517 million.
CDP - 2012 Annual Report
Consolidated Financial Statements
Transactions with related parties
(thousands of euros)
Name
Assets
Liabilities
Off balance
Costs/
Sheet 
revenues
Bonafous S.p.A.
2,699
Cinque Cerchi S.p.A.
10,788
Consorzio Edinca in liquidazione
165
7
Consorzio Edinsud in liquidazione
327
51
Consorzio INCOMIR
1
Eni S.p.A.
702
883,076
479
(5,638)
Etihad Ship Building LLC
462
Italia Turismo S.p.A.
28,774
10
Ligestra DUE S.r.l.
156,377
Ligestra S.r.l.
99,738
Ligestra TRE S.r.l.
35
Ministero dell’Economia e delle Finanze
196,482,124
2,696,529
7,711,708
OMSAV S.p.A. in fallimento
80
Orizzonte Sistemi Navali S.p.A.
10,444
129,303
64,289
Pentagramma Romagna S.p.A.
2,569
Poste Italiane S.p.A.
3,071,578
939,647
(1,611,360)
Quadrifoglio Brescia S.p.A.
4,763
Quadrifoglio Genova S.p.A.
2,799
Quadrifoglio Piacenza S.p.A.
1,932
Quadrifoglio Verona S.p.A.
3,575
TAG
225,912
75,733
6,427
Valcomp Tre S.p.A.
17,075
8
Cagliari 89 Scarl in liquidazione
1,165
1,040
COEDAM Scarl in liquidazione
3,423
Consorzio Aerest in liquidazione
6,794
4,498
Consorzio Codelsa in liquidazione
133
153
Consorzio G1
69
262
Consorzio IMAFID in liquidazione
51
Consorzio Italtecnasud in liquidazione
3,957
60
Consorzio MED.IN. in liquidazione
526
268
Ligestra QUATTRO S.r.l.
1
Tirrenia di Navigazione S.p.A. in amm.ne straord.
10,751
516
Alfiere S.p.A
24,810
M.T. Manifattura Tabacchi S.p.A.
3,805
Manifatture Milano S.p.A.
11,252
Pentagramma Perugia S.p.A.
870
Pentagramma Piemonte S.p.A.
9,656
Quadrifolgio Modena S.p.A.
4,742
Residenziale Immobiliare 2004 S.p.A.
48,382
1
Consorzio Condif in liquidazione
11
Edilmagliana Scarl in liquidazione
936
39
CESI S.p.A.
14,384
771
(1,205)
Europrogetti & Finanza S.p.A. in liquidazione 
2,456
1,455
Snam SpA
402,634
2,734

No share-based payment agreements were entered into in 2012 and plans from previous years expired.
PART I - SHARE-BASED PAYMENTS
534

This section of the notes to the consolidated financial statements has been drafted in compliance with
IFRS 8 - Operating Segments, in force since 1 January 2009 in replacement of IAS 14 - Segment Infor-
mation.
Operating segment disclosures are presented by separating the contribution of financial operations (CDP,
CDPI SGR, SACE Group, SIMEST and FSI) from that of non-financial operations (Terna Group, Fintecna
Group, CDP RETI and CDP GAS). 
As regards the organisational structure of CDP, the contribution of the main areas to the formation of
the income statement and the balance sheet of the parent company is specified below. 
Finance area of the parent company
Treasury operations and funding activities are managed by the Finance area, which is responsible for
meeting the CDP’s funding needs. It is also responsible for sourcing, investing and monitoring liquidity.
The area also structures products and funding and lending operations, setting the financial terms and
conditions and ensuring the balance of the cost of funding and yields on lending. It also contributes to
strategic Asset Liability Management and manages financial risk at the operational level, including through
access to the market and use of hedging instruments.
Public Entities area of the parent company
Lending to public entities and public-law bodies is mainly conducted by the Public Entities area using
standardised products, offered in compliance with the principles of accessibility, uniformity in treatment,
pre-specification of terms and non-discrimination, in implementation of the statutory mission of the CDP’s
Separate Account. 
Other areas of the parent company
This aggregate comprises:
•
the Public Interest Lending area of the parent company, which intervenes directly in general public
interest projects sponsored by public entities or public-law bodies for which the financial sustain-
ability has been verified;
PART L - OPERATING SEGMENTS
535
CDP - 2012 Annual Report
Consolidated Financial Statements

536
•
the Financing area, which is involved in lending (using funding not guaranteed by the state or with
EIB funds), on a project or corporate finance basis, for investments in works, plant, infrastructure and
networks to be used to deliver public services or in reclamation projects (energy, multi-utilities, local
public transport, health care);
•
the Facilitated Credit and Economic Support area, which is responsible for managing subsidised cred-
it instruments established by specific legislation and economic support instruments developed by
CDP;
•
equity investments (partially eliminated at the consolidated level), as well as the costs of other func-
tions and costs and revenues not otherwise attributable.
Under the provision of IFRS 8, the parent company has not given a separate breakdown of the results of
its other areas as they do not meet the materiality thresholds provided for such reporting.
Construction of the balance sheet by area
The balance sheet aggregates were constructed on the basis of the items directly attributable to the in-
dividual areas, with which the related revenues and expenses are correlated.
More specifically, the aggregates for “loans to customers and banks” (for amounts disbursed or being
repaid) and “cash and cash equivalents and other treasury investments” represent the stock of assets re-
lated to the specific operating activities of each area. The other aggregates of interest-bearing assets or
liabilities pertain exclusively to the Finance area.
Notional funding between parent company areas is not reported separately in the detailed schedules as
it is eliminated between areas.
Construction of the income statement by business area
The operating result of the areas of the parent company was constructed on the basis of the following
criteria. 
As regards net interest income, the contribution of each area of the parent company is calculated on
the basis of internal transfer rates (“ITRs”) differentiated by product and maturity. In determining the
ITRs, it is assumed that each lending transaction is funded using a hypothetical market transaction
with the same financial characteristics but the opposite sign. This system is based on the CDP’s or-
ganisational model, which has a specific structure (Finance) devoted to treasury management and
funding.

537
For the other aggregates of the income statement, each area is allocated any directly attributable rev-
enues and expenses. In addition, a share of indirect costs is allocated to each business unit on the basis
of their actual use of resources or services. 
Financial operations (excluding the parent company) and non-financial operations of the
Group 
In view of the different nature of the business of CDPI SGR, SACE Group, SIMEST and FSI on the one
hand and that of Terna Group, Fintecna Group, CDP RETI and CDP GAS on the other, those companies
have been grouped respectively into the aggregates “financial operations” and “non-financial opera-
tions”.
Accordingly, the reclassified balance sheet and income statement at 31 December 2012 have been con-
structed on the basis of the respective separate financial statements (for CDP, CDPI SGR, SIMEST, FSI,
CDP RETI and CDP GAS) or consolidated financial statements (Terna Group, SACE Group, Fintecna Group),
aggregating their accounts as indicated above and reporting the effects of consolidation for CDP in the
column “Eliminations/adjustments”.
CDP - 2012 Annual Report
Consolidated Financial Statements

538
Reclassified balance sheet
Reclassified income statement
(thousands of euros)
Parent company
Finance
Public
Other Financial operation
Non-financial
Elimination/
Total
entities 
Areas
(excl. 
operation
adjustment
CDP Group
parent company)
Cash and cash equivalents and other 
treasury investments
139,029,087
-
32,525
2,536,189
4,788,226
(1,726,956)
144,659,071
Loans to customers and banks
1,500,520
83,953,251
15,054,167
2,423,209
605,387
(753,593)
102,782,942
Debt securities
24,346,908
-
-
4,955,606
1,534,500
(107,046)
30,729,967
Equity investments and shares
-
-
30,569,623
290,634
4,522,445
(14,092,386)
21,290,316
Funding
252,877,592
-
29,457,638
215,900
9,776,012
(2,589,123)
289,738,020
- of which: postal funding
205,917,207
-
27,713,576
-
-
-
233,630,783
- of which: funding from banks
32,242,210
-
-
140,322
2,250,799
-
34,633,331
- of which: funding from customers
9,147,245
-
908,019
75,578
1,735,714
(2,470,848)
9,395,708
- of which: funding from bonds
5,570,930
-
836,044
-
5,789,499
(118,275)
12,078,198
(thousands of euros)
Parent company
Finance
Public
Other
Financial Non-financial
Total
entities 
Areas
operation 
operation CDP Group
(excl.parent company)
Net interest income
3,612,246
354,528
(436,131)
235
(82,354)
3,448,524
Dividends
-
-
401
-
-
401
Net commission income
(1,526,365)
3,133
(88,546)
10,038
(1,169) (1,602,910)
Other net revenues
170,479
-
163
(9)
(5,152)
165,481
Gross income
2,256,360
357,661
(524,113)
10,264
(88,676)
2,011,496
Net writedowns
-
(192)
(22,693)
-
-
(22,885)
Overheads
(7,571)
(5,900)
(97,352)
(12,637)
(873,419)
(996,879)
- of which: administrative expenses
(7,571)
(5,900)
(89,662)
(12,618)
(407,624)
(523,375)
Operating income
2,248,789
351,900
(634,900)
(2,336)
1,299,620
3,263,073
Profit on equity investments
-
-
1,476,457
-
151,501
1,627,958
Net income (loss)
3,231,815
Net income (loss) for the year pertaining 
to non-controlling interests
307,897
Net income (loss) for the year 
pertaining to shareholders of the parent company
2,923,918

CDP S.p.A.
Annexes
Annex 1
Scope of consolidation
2012 Annual Report

Annex 1
540
PARENT COMPANY
Registered office
Cassa depositi e prestiti S.p.A.
Rome
CONSOLIDATED COMPANIES
Registered  
Investor % holding
Method of
office
consolidation
Ace Marine LLC 
Wisconsin - WI - USA 
Fincantieri Marine Group LLC 
100.00%
line-by-line
Alfiere S.p.A.  
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Altiforni e Ferriere di Servola S.p.A. in A.C. 
Udine 
Fintecna S.p.A. 
47.62%
equity
ATI (African Trade Insurance Agency) 
Nairobi (K) 
SACE S.p.A. 
6.41%
equity
Bacini di Palermo S.p.A. 
Palermo 
Fincantieri S.p.A. 
100.00%
line-by-line
Bonafous S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
CDP GAS S.r.l. 
Rome 
CDP S.p.A. 
100.00%
line-by-line
CDP Investimenti SGR S.p.A. 
Rome 
CDP S.p.A. 
70.00%
line-by-line
CDP RETI S.r.l. 
Rome 
CDP S.p.A. 
100.00%
line-by-line
Centro per gli Studi di Tecnica Navale CETENA S.p.A. 
Genoa 
Fincantieri S.p.A. 
71.10%
line-by-line
Seaf S.p.A. 
15.00%
line-by-line
CESI S.p.A. 
Milan 
Terna S.p.A. 
42.70%
equity
Cinque Cerchi S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Consorzio CONDIF in liquidazione 
Rome 
Fintecna Immobiliare S.r.l 
33.33%
equity
Consorzio Edinca in liquidazione 
Naples 
Fintecna S.p.A. 
38.80%
equity
Consorzio Edinsud in liquidazione 
Naples 
Fintecna S.p.A. 
50.00%
equity
Consorzio Incomir 
Mercogliano (AV) 
Fintecna S.p.A. 
45.46%
equity
CORESO S.A. 
Brussels (B) 
Terna S.p.A. 
22.49%
equity
CrnoGorski Elektroprenosni AD (”CGES”)
Podgorica (MME) 
Terna S.p.A. 
22.09%
equity
Delfi S.r.l. 
Follo (SP) 
Fincantieri S.p.A. 
51.00%
line-by-line
Edilmagliana 89 S.c.a r.l. in liquidazione 
Rome 
Fintecna S.p.A. 
50.00%
equity
ELMED ETUDES S.àr.l. 
Tunis (TN) 
Terna S.p.A. 
50.00%
equity
Eni S.p.A.  
Rome 
CDP S.p.A. 
25.76%
equity
Etihad Ship Building LLC 
Abu Dhabi (UAE) 
Fincantieri S.p.A. 
35.00%
equity
Europrogetti & Finanza S.p.A. in liquidazione  
Rome 
CDP S.p.A. 
31.80%
equity
Fincantieri do Brasil Participações S.A. 
Brazil 
Fincantieri S.p.A. 
80.00%
line-by-line
Fincantieri Holding B.V. 
20.00%
line-by-line
Fincantieri Holding B.V. 
Amsterdam - NL 
Fincantieri S.p.A. 
100.00%
line-by-line
Fincantieri Marine Group Holdings Inc. 
Green Bay - WI - USA 
Fincantieri USA Inc. 
87.44%
line-by-line
Fincantieri Marine Group LLC 
Marinette - WI - USA 
Fincantieri Marine Group Holdings Inc. 
100.00%
line-by-line
Fincantieri Marine Systems North America Inc. 
Chesapeake - VI - USA 
Fincantieri Holding B.V. 
100.00%
line-by-line
Fincantieri Oil & Gas S.p.A. 
Trieste 
Fincantieri S.p.A. 
100.00%
line-by-line
Fincantieri S.p.A 
Trieste 
Fintecna S.p.A. 
99.36%
line-by-line
Fincantieri USA Inc. 
Wilmington - DE - USA 
Fincantieri S.p.A. 
86.02%
line-by-line
Fintecna Immobiliare S.r.l. 
Rome 
Fintecna S.p.A. 
100.00%
line-by-line
Fintecna S.p.A. 
Rome 
CDP S.p.A. 
100.00%
line-by-line
FMSNA YK 
Sasebo - Nagasaki - Giappone Fincantieri Marine Systems North America Inc. 
100.00%
line-by-line
Fonderit Etruria S.r.l. in fallimento 
Campiglia M. (LI) 
Fintecna S.p.A. 
36.25%
equity

541
Fondo Strategico Italiano S.p.A 
Milan 
CDP S.p.A. 
90.00%
line-by-line
Fintecna S.p.A. 
10.00%
line-by-line
Galaxy S.àr.l. SICAR  
Luxembourg 
CDP S.p.A. 
40.00%
equity
Gestione Bacini La Spezia S.p.A. 
Muggiano (SP) 
Fincantieri S.p.A. 
99.89%
line-by-line
Giardino Tiburtino S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
100.00%
line-by-line
Isotta Fraschini Motori S.p.A. 
Bari 
Fincantieri S.p.A. 
100.00%
line-by-line
Italia Turismo S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
42.00%
equity
Kedrion Group S.p.A. 
Castelvecchio Pascoli (LU) 
FSI S.p.A 
18.63%
equity
Ligestra Due S.r.l. 
Rome 
Fintecna S.p.A. 
100.00%
equity
Ligestra S.r.l. 
Rome 
Fintecna S.p.A. 
100.00%
equity
Ligestra Tre S.r.l. 
Rome 
Fintecna S.p.A. 
100.00%
equity
Manifatture Milano S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Marinette Marine Corporation LLC 
Wisconsin - WI - USA 
Fincantieri Marine Group LLC 
100.00%
line-by-line
Metroweb Italia S.p.A. 
Milan 
FSI S.p.A 
46.17%
equity
MT - Manifattura Tabacchi S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
OMSAV S.p.A. in fallimento 
Savona 
Fintecna S.p.A. 
30.00%
equity
Orizzonte Sistemi Navali S.p.A. 
Genoa 
Fincantieri S.p.A. 
51.00%
equity
Pentagramma Perugia S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Pentagramma Piemonte S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Pentagramma Romagna S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Quadrante S.p.A. 
Rome 
Fintecna S.p.A. 
100.00%
line-by-line
Quadrifoglio Brescia S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Quadrifoglio Genova S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Quadrifoglio Modena S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Quadrifoglio Palermo S.r.l. 
Rome 
Fintecna Immobiliare S.r.l 
100.00%
line-by-line
Quadrifoglio Piacenza S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Quadrifoglio R.E. S.r.l. 
Rome 
Fintecna Immobiliare S.r.l 
100.00%
line-by-line
Quadrifoglio Verona S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Residenziale Immobiliare 2004 S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Rete Solare S.r.l 
Rome 
SunTergrid S.p.A. 
100.00%
line-by-line
S.P.S. S.c.p.a. in fallimento 
Rome 
Fintecna S.p.A. 
20.40%
equity
SACE BT S.p.A. 
Rome 
SACE S.p.A. 
100.00%
line-by-line
SACE Fct S.p.A. 
Rome 
SACE S.p.A. 
100.00%
line-by-line
SACE S.p.A. 
Rome 
CDP S.p.A. 
100.00%
line-by-line
SACE SRV S.r.l. 
Rome 
SACE BT S.p.A. 
100.00%
line-by-line
Seastema S.p.A. 
Genoa 
Fincantieri S.p.A. 
50.00%
line-by-line
Simest S.p.A. 
Rome 
CDP S.p.A. 
76.01%
line-by-line
Snam S.p.A. 
San Donato Milanese (MI) 
CDP RETI S.r.l. 
30.00%
equity
Soc. Sviluppo Turistico Culturale Golfo di Napoli S.c.a r.l. 
Naples 
Fintecna Immobiliare S.r.l 
25.00%
equity
Società per l’esercizio di attività finanziarie SEAF S.p.A. 
Trieste 
Fincantieri S.p.A. 
100.00%
line-by-line
SunTergrid S.p.A. 
Rome 
Terna S.p.A. 
100.00%
line-by-line
Terna Crna Gora 
Podgorica (MME) 
Terna S.p.A. 
100.00%
line-by-line
Terna Plus S.r.l 
Rome 
Terna S.p.A. 
100.00%
line-by-line
Terna Rete Italia S.p.A. 
Rome 
Terna S.p.A. 
100.00%
line-by-line
Terna Rete Italia S.r.l. 
Rome 
Terna S.p.A. 
100.00%
line-by-line
Terna S.p.A. 
Rome 
CDP S.p.A. 
29.85%
line-by-line
Terna Storage S.r.l. 
Rome 
Terna S.p.A. 
100.00%
line-by-line
Trans Austria Gasleitung GmbH 
Vienna (A) 
CDP GAS S.r.l. 
89.00%
equity
Valcomp Tre S.p.A. 
Rome 
Fintecna Immobiliare S.r.l 
50.00%
equity
Valcomp Uno S.r.l. 
Rome 
Fintecna Immobiliare S.r.l 
100.00%
line-by-line
XXI Aprile S.r.l. 
Rome 
Fintecna S.p.A. 
100.00%
line-by-line
CONSOLIDATED COMPANIES
Registered  
Investor
% holding
Method of
office
consolidation
CDP - 2012 Annual Report
Consolidated Financial Statements

CDP S.p.A.
Report of the independent auditors
2012 Annual Report

544

545
CDP - 2012 Annual Report
Consolidated Financial Statements

CDP S.p.A.
Certification
of the consolidated financial statements
pursuant to Article 154-bis Legislative Decree 58/1998
2012 Annual Report

549
Certification of the consolidated financial statements pursuant to Article 81-
ter of Consob Regulation no. 11971 of 14 May 1999 as amended
1. The undersigned Giovanni Gorno Tempini, in his capacity as Chief Executive Officer, and Andrea Nov-
elli, in his capacity as the manager responsible for the preparation of the financial reports of Cassa De-
positi e Prestiti S.p.A., hereby certify, taking account of the provisions of Article 154-bis.3 and 4, of Leg-
islative Decree 58 of 24 February 1998:
•
the appropriateness with respect to the characteristics of the company and
•
the effective adoption 
of the administrative and accounting procedures for the preparation of the consolidated financial state-
ments in 2012.
2. In this regard:
2.1 the assessment of the appropriateness of the administrative and accounting procedures followed in
preparing the consolidated financial statements at 31 December 2012 was based on a process devel-
oped by Cassa Depositi e Prestiti S.p.A. in line with the Internal Control – Integrated Framework issued
by the Committee of Sponsoring Organisations of the Treadway Commission, which is a generally ac-
cepted framework at the international level;
2.2 in 2012 the manager responsible for the preparation of the financial reports of Cassa Depositi e
Prestiti S.p.A. assessed the adequacy and effective adoption of existing administrative and accounting
procedures, with reference to the internal control system for financial reporting. Work also continued on
the process to upgrade information technology procedures of the parent company, which requires fur-
ther activities for its completion.
3. In addition, we certify that:
3.1 the consolidated financial statements:
a) have been prepared in compliance with the international accounting standards adopted in the Euro-
pean Union pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council
of 19 July 2002;
b) correspond to the information in the books and other accounting records;
c) provide a true and fair representation of the performance and financial position of the issuer and the
companies included in the scope of consolidation;
3.2 the report on operations contains a reliable analysis of operations and performance, as well as the
situation of the issuer and the companies included in the scope of consolidation, together with a de-
scription of the main risks and uncertainties to which they are exposed.
Rome, 27 March 2013
Chief Executive Officer
Financial Reporting Manager 
/signature/Giovanni Gorno Tempini
/signature/Andrea Novelli
CDP - 2012 Annual Report
Consolidated Financial Statements

Edited by CDP S.p.A.
Institutional Relations & External Communication
Admministration, Planning & Control
Publishing project
Institutional Relations & External Communication
Editorial consulting
postScriptum, Rome
Translation by
Markeperfect S.r.l. Rome
CDP S.p.A. photograph by
Antonio Tomasello
Design, typesetting and printing
Marchesi Grafiche Editoriali S.p.A., Rome
Printing completed in
June 2013
using environmentally-friendly paper
Fedrigoni Symbol Free Life Satin
Not for commercial distribution

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