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Cassa Depositi e PrestitiInvestiamo nel domani
CDP Group’s activity with Mozambique
About CDP
2
Italian Ministryof Economy and
Finance
82.8%
Treasury
shares
1.3%
Banking
Foundations
15.9%
CDP Shareholder Structure Overview
• CDP Group represents one of the largest financial
institutions in Italy with €36bn of resources mobilized in
2018 and Total Assets equal to €425bn(1)
• CDP has an equity investments portfolio of more than
€33bn(1) and is the leader equity investor on the Italian
stock market
(1) Data as of 31.12.2018
CDP as DFI and Italian Export Hub
• CDP Group has a traditional institutional role in
supporting the Italian economy
• In recent years however, CDP has significantly enlarged
its scope of activities, operating as the Italian Export
Hub through Sace and Simest since 2012
• The new CDP International Development Finance
Business Unit also operates both with private and
sovereign counterparties in Developing Countries
through its Development Finance and International
Cooperation division respectively
3
Strong performance, in line with Business Plan’s ambitions
Results consolidate CDP’s role as promoter of the Italian economy
FY 2018
TotalAssets
Total Equity
Net Income(2)
425
37
4,3
25
2,5
Group CDP SpA(1)
TotalAssets
Shareholders’Equity
Net Income
€bn
(1) CDP SpA is the parent company (2) CDP Group’s consolidated net income
370
Key figures
CDP Group: A global actor mobilizing capital internationally
4
Internationalisation1
• Project Finance
• Sovereign and
Corporate Lending
• Structured Finance
Debt and equity
instruments supporting
private and public
counterparties in
Developing Countries
• Guarantees
• Factoring
• Export credit
Debt instruments
supporting Italian
companies
international activities
• Corporate lending
covered by SACE’s
guarantee
• Subsidised loans
• Interest rate subsidy
• Quasi-Equity Investments
in Italian SMEs
Guarantees and trade credit
insurance supporting export from
Italian companies and their
internationalisation
Quasi-equity investing and
subsidies supporting Italian SMEs
in their growth through
internationalisation
Untied TiedTiedTied
Mostly developed countries Mostly developed countries Mostly developed countriesExclusively Developing Countries
Export Credit & Internationalisation32 International FinancingDevelopment Cooperation
35%
16%15%
11%
8%
7%
8%
Kenya
Ethiopia
Other(1)
Angola
South Africa
Mozambique
Cameroon
5
The recent growth of CDP Group’s commitment in Subsaharan Africa
CDP Group’s current exposure in Subsaharan Africa Overview
• CDP, through SACE SIMEST (its Export Hub for Italian
companies), has progressively increased its commitment in
the Subsaharan Africa geographical area in recent years,
with an average growth equal to +18% p.a. on its exposure
• The last four years have been particularly dynamic, with
new commitments amounting to €4,7bn in 2015-2017, of
which €1bn in 2015, €1,6bn in 2016 and €2,1bn in 2017
• In 2017 the total stock exposure reached a record volume
equal to €4,5 bn (+ 543% vs 2011)
• Most of the new commitments in the region are relative to
operations in Kenya, Ethiopia, Mozambique, Angola and
Cameroon.
(1) Including Zambia, Ghana, Senegal, Nigeria, Madagascar, Uganda, Tanzania, Ivory Coast, Mauritania, Rwanda, Benin, Swaziland, Togo, Congo, Mali, Gabon
CDP Group’s total exposure in Subsaharan Africa
675 951 7851.247
1.586
2.894
4.488 4.342
2016 20172011 2012 2013 2014 2015 3Q 2018
6
Mozambique as a strategic commercial partner for Italy and CDP
Mozambique is a strategic partner for Italy in Subsaharan
Africa: commercial interchange for the year 2018 was
equal to €524m (+18% vs 2018)(1)
Mozambique represents the third source of italian imports
deriving from the Subsaharan Africa geographical area(3)
(€460m in 2018)(1)
Approximatively 50 Italian companies are based in the
country
Italy has been the main European investor in the country
(third globally) in the past 7 years ($3,2bn total FDI)(2)
(1) Source: Eurostat (2) Source: Infomercati Esteri (3) Source: Ministry of Economic Development (4) Source: Italian Embassy
2
3
4
1
Italian Foreign Direct Investments(4) flows
Key points
Italian import & export for the year 2018
0,3
1,7
0,3
1,5
2,51,9
2,1
0,4
2,9
1,1
0,5
0,6
Export
Import
€bn
€m
245
320
204
604
2015 2016 2017 2018
Import €460m +64% vs 2017
Export €63m +59% vs 2017
+14% vs 2017
Total Commercial interchange(1), (2012-2017)
CDP’s Development Cooperation in Mozambique
Section 1
8
CDP can invest in all Subsaharan African countries as a Development Finance Institution targeting DAC-OECD countries
Other subsaharan countries eligible for CDP’s Development Cooperation investments
Mozambique, Burkina Faso, Ethiopia, Kenya, Niger, Pakistan, Senegal, Somalia, Sudan, South Sudan
Remaining Subsaharan African DAC-OECD countries
Priority target countries
Subsaharan Africa as a key priority of CDP’s Development Cooperation
a. Lending to:
Sovereign and Multilateral entities
Private Sector in co-financing with DFIs, MDBs and other partner
b. Blending with concessional funds from the Italian Government, the EU and other public and private donors
c. Management of the Revolving Fund for Development Cooperation’s Official Development Assistance
loans
CDP’s three main roles in Subsaharan Africa as the Italian IFI for Development Cooperation:
9
BA
Renewable Energy Agribusiness
CDP Development Cooperation in Mozambique
Currently evaluating potential transactions in Mozambique in the private sector in the following industries:
Mozambique is a priority country for the Italian cooperation. In this framework, further than grants, Italy, through the
Revolving Fund for Development Cooperation (RFDC), has already supported Mozambique with 11 ODA loans for a total
commitment of €133m. Currently, the RFDC is managing the disbursement of two highly concessional ODA loans in
Mozambique:
a. Implementation of a rainwater drainage system in Maputo
b. Support to local reforms in the field of technical and professional education
SACE SIMEST’s focus on its portfolio in Mozambique and business opportunities
Section 2
11
A single point of contactfor Italian enterprises and their business needsrelated to growth in international markets
Since 2016 the Italian Export Hub of the CDP Group
12
A positive result in supporting the Italian
economy and SMEs, proved by a record
growth in deployed resources from SACE
SIMEST
DEPLOYED RESOURCES (2016 – 2018)
2016 2017 2018
17.9
+41%
25.3 28.6
+13%
€bn
Positive growth in supporting enterprises
13
Total exposure(1) by geo-economic region
(1) Exposure related to SACE as of 31.12.2018
Total exposure(1) by industrial sector
EU27%
Middle Est and North Africa
26%
Americas18%
Other European
Countries and CIS 16%
Sub-SaharianAfrica 7%
East Asia and Pacific 5%
Mozambique (1.1%)
Coral FLNG Project
Cruise lines41%
Oil&Gas18%
Infrastructure and
construction10%
Chemicals/petrochemicals
7%
Electric6%
Banks4%
Other sectors14%
Focus on developing economies and strategic industrial sectors
14
The Project
• First project sanctioned by the Area 4 Partners
for the development and production of the
considerable gas sources Eni discovered in
Mozambique.
• First FLNG project financing and first LNG
Project in Mozambique
• Production and monetization of the gas
contained in the southern part of the Coral gas
reservoir by means of a floating LNG plant
• Multi ECA financing with the participation of
several commercial banks
Coral South FLNG Project
15
• One concession; multiple projects and
operators
• Innovative technology and completion test
Main Challenges
• Price projections in low oil price environment
• Split between upstream project and FLNG
project
• Sizeable SACE participation in consideration of
ENI role
Coral South FLNG Project
16
The Project
• First project sanctioned by the Area 1 Partners for the
development and production of the considerable gas
sources Anadarko discovered in Mozambique
• The Area 1 Mozambique LNG project is an integrated LNG
development that consists of upstream development, two
LNG liquefaction trains and associated infrastructure
• Production and monetization of the gas contained in the
Golfinho/Atum reservoir
• Multi ECA financing with the participation of several
commercial banks
Area 1 Mozambique Project
17
Main Challenges
• Difficult LNG market with oversupply
and shift to shorter term offtake contracts
• Sizeable SACE participation in
consideration of Saipem role as EPC
Contractor
• One concession; multiple projects
• Change in Area 1 shareholding
Area 1 Mozambique Project
18
The Project
• Second project by the Area 4 Partners to be
sanctioned for the development and
production of the considerable gas sources
Eni discovered in Mozambique
• Rovuma LNG project consists of the
construction of two onshore LNG liquefaction
trains
• Production and monetization of the gas
contained in the Mamba gas reservoir
• Multi ECA financing with the participation of
several commercial banks
Rovuma LNG Project
19
Main Challenges
• One concession; multiple projects and
operators
• Split between upstream project and Rovuma
LNG project
• Sizeable SACE participation in consideration
of ENI role and the involvement of Italian
suppliers/subsuppliers
• Difficult LNG market with a shift to the spot
market
Rovuma LNG Project