The agreement between the Cassamarca Foundation and Unicredit allows savings of 1.6 million per year. The bulk of the debt, 160 million out of 173, was held by Appiani
First the sale of “non-strategic” securities, starting with the partial disinvestment of the Swiss Life policy. Then the payment of 85% of the income deriving from Unicredit dividends, which in practice gave with the right hand and with the left resumed. Then again the payment of the liquidity collected from coupons of the “Cashes” bond collected in the period 2016-2020. Now finally a negotiation between the parties which eliminates the debt of the Foundation.
Cassamarca against Unicredit, based – explains those who followed the dossier – not on a “beau geste” of the credit institution, but on a rigid analysis of the market values of the underlying asset. And the underlying asset is the “citadel of institutions”: the bulk of the debt situation (approximately 160 million euros out of the 173 total) was in fact borne by the subsidiary Appiani1, now Ca ‘Spineda Srl. Luigi Garofalo, a great director in recent years of the restructuring of the debt of the Cassamarca Foundation, has concluded his work.
End of the work
The official and very brief announcement on Wednesday evening (“It is with great satisfaction that the President of the Cassamarca Foundation, Prof. Luigi Garofalo, announces that today the agreements and the extinguishing payments of the Cassamarca Foundation’s debts towards Unicredit have been concluded” ) was followed, yesterday, by the meeting of the board of directors and policy makers. The president himself was laconic on the borders of no-comment, delegating – perhaps – the explanation of the operation to the press conference convened for December 27th.
Only admission: the debt settlement agreement does not affect the Ca ‘Spineda real estate assets nor the share package held in Unicredit (almost two million shares), the latter source of very rich dividends in the golden years, which have diminished a lot in the last years. Hence, above all, the need for a drastic spending review (cuts to culture and non-strategic activities) and a reorganization also from a financial point of view. Eliminating the debt now means saving about one million and 600 thousand euros a year in interest expense.
Numbers and strategies
The mountain-debt, in short, was climbed thanks to an “almost daily confrontation between the president of the Foundation, also through his apparatus, and the management of Unicredit”, as stated in the margin of the 2020 budget which already promised the restructuring of the debt by this year, and “with regard to financial investment activities, guidelines have been identified to ensure maximum participation in investment decisions and an effective control mechanism on operations performed”. The implementation and administration board of Fondazione Cassamarca yesterday presented the planning document 2022, “approved unanimously by the steering and planning board – reads a note issued in the evening – which records a positive result of 163,490 euros».
A “black” who makes you breathe a sigh of relief after the red balance sheets of recent years, starting from a collapse of -78 million in 2018, contextual to an accounting cleaning and devaluation of the equity investment in Unicredit at book value . After years of real estate divestments (from the former police headquarters to the former court passing through Villa Annia) and drastic cuts on costs and financed activities, now the new course finds a sea without storms. Of course, the work is not finished: the real estate assets must be put into income, otherwise it becomes a generator of costs. But work has already been done on this in Piazza San Leonardo for some time.