2012 Balance sheet: almost 40% of resources to social policies

Press Release
2012 Balance sheet: almost 40% of resources to social policies.
Unanimous approval from the Consiglio Generale of the foundation
Torino, 15th April 2013 – The Consiglio Generale of the Compagnia di San Paolo has unanimously approved the
2012 Balance sheet and relative management Report . The surplus was 196 million euros against 171 in 2011.
Total net proceeds are of 218.7 million euro against 195.2 in 2011. Allocation capacity was 127.6 million euro,
almost 40% of which went to social policies.
During the meeting, the Consiglio Generale expressed satisfaction for the results obtained which, thanks to the
commitment of the bodies and the professionalism of the offices, brought allocation capacity in 2012 to 127.6
million euros, maintaining the progressively increasing trend of the two previous years (125 in 2011 and 122.8
in 2010), within a macroeconomic context of significant economic and financial crisis. The prudent nature of the
financial management, the criteria of efficiency and transparency adopted in the selection of interventions and
close attention to containment of management costs applied by the bodies and structure, permitted a positive
close of the year’s financial, asset and economic situation , all the more satisfying when considering the difficult
general context.
During 2012, 667 ordinary allocations were approved for a total of 127.6 million euros: 39% destined to social
policy, 34% to research and higher education, 13% to historical-artistic heritage, 12% to cultural initiatives and
2% to health. Approximately 5.7 million euros were destined to Fondi per il Volontariato (Voluntary work
Funds). During 2012, the Compagnia di San Paolo also set aside over 23 million euros to the reserve for the
preservation of assets, having already set aside slightly less than 40 for the mandatory reserve.
During 2012 management continued to observe criteria of prudence, according to a model already in place for
several years, which provides for wide diversification and the mandate for professional management of the part
of wallet not invested in the strategic stake in Intesa Sanpaolo. The total value of activities is of 5.2 billion euros,
approximately 38% in the strategic stake in Intesa Sanpaolo, with the remaining 62% constituting the diversified
wallet, composed of 2.74 billion euros of investments entrusted to management by Fondaco Sgr, 295.3 million
euros in private equity, 215.6 million euros in other activities. Directly, the Compagnia di San Paolo moreover
possesses Generali shares (0.25% of the ordinary capital) and Cassa Depositi e Prestiti shares (2.57% of the total
capital at 31st December 2012) and for the latter has formally decided, in the ambit of the process of conversion
from ordinary shares to preference shares in the Company, not to exercise its right of withdrawal, but rather to
adhere to the operation of conversion and acquisition of ordinary shares agreed between all the banking
foundations and the Ministry of Finance and Economics at the end of 2012.
Despite the market context of high volatility and progressive deterioration of the overall economic scenario,
2012 was a good year for income results for the Compagnia di San Paolo wallet: all the macro asset class of its
composition did in fact result in a positive performance, from equity funds (+18.35%), followed by bond funds
(+6.8%) and by non-traditional activity investments – reinsurance, commodities, currency, hedge/absolute return
funds, private equity, venture capital (+5.9%). Overall, the asset management of funds entrusted to Fondaco Sgr
resulted in returns net of commission of 7.10%, higher than the result indicated by the relative benchmark
(6.22%), with a highly contained volatility totaling 2.4%; the Intesa Sanpaolo bond registered a total return of
4.42%, attributable almost entirely to the dividend component.
Considering the different components, the total return of the overall wallet therefore results as 6.09%, thus
widely exceeding the return objective defined in the Compagnia’s investment policy.