The Board of Directors of the Istituto per il Credito Sportivo has approved the 2022 financial statements with a net profit of 17.6 million euros (+18.3% compared to 2021) and with noticeable and improving profitability indicators. ICS – underlines in a note – reaches a new commitment record in 2022: loans for 359 million euros were disbursed, an increase of 21.5 million euros compared to 2021. Specifically, 224.4 million euros will be allocated for infrastructure development activities in the Reference sectors provided and around 134.5 million euros for liquidity and working capital of professional sports clubs and companies in the audiovisual sector.
Worthy of note is the commitment in the cultural sector, one of the quantification points of the business plan 2020 – 2023, where disbursements of 72.4 million euros were recorded, representing +27.8 million euros compared to the previous year. As for the sports sector, despite the lack of subsidized liquidity loans earmarked for the Covid emergency, Credito Sportivo recorded a +22% growth in the development of sports facilities.
Thanks to the funding strategy implemented in 2022 and the issuance of the first social bond, the institution has significantly diversified funding sources in line with the strategic direction of the business plan. The social bond in senior preferred format with a volume of EUR 300 million and a term of 3 years was well received on the capital market and received inquiries – including from foreign investors – for around 1.5 times the value issued. The issuance, which aims to encourage high social impact initiatives, falls within the scope of the “ICS Social Bond Framework”, the first framework published by the Institute and appreciated by the market for the significant contribution made by bank loans in the United States to the implementation of the goals of United Nations Agenda 2030 as highlighted by the ESG agency ISS in the second party opinion.
Additionally, it should be noted that ICS has grown its business in ESG and social responsibility. Thanks to the launch of the DELTA platform, it was possible to measure the ESG rating of loans in the outstanding loan portfolio as of December 31, 2021 and the associated social return, which was 2.96 for A+ and SROI respectively. Thanks to the new 2022 payouts, the SROI rose to 2.96. As further confirmation of the direction taken, the Istituto per il Credito Sportivo publishes its first sustainability report today, which aims to report on the measures taken in favor of economic, social and environmental sustainability. The report represents a transparent communication tool of the company’s performance according to a selection of GRI indicators with reference to the years 2021 and 2022 (the first 9 months) and follows the basic principles of the typical non-financial statement (NFS) processes.
Commenting on the annual accounts, Antonella Baldino, President of ICS, emphasizes that “2022 represents a year with economic, financial and strategic goals, suitable to strengthen the role of ICS as a promoter of Impact Finance and to become increasingly anchored in the themes strengthen social and environmental sustainability.
One economic goal: steady and solid growth in credit volume to a total of EUR 359 million. Against the background of the general deterioration in the macroeconomic situation, the gradual withdrawal of emergency measures and the tightening of credit conditions, the sharp increase in disbursements testifies to the bank’s ability to ensure “tangible” support for the investment needs and liquidity of public and private operators in active in the fields of sport and culture. A financial milestone: the issuance of the first €300 million social bond, confirming the bank’s commitment to sustainable and responsible financing. An important step towards an effective mobilization of the so-called
“patient” capital with a multi-year horizon to meet the financial needs of high-quality projects capable of creating real and lasting value for the community. A strategic goal: the creation of the first sustainability report; Reporting tool for non-financial information that can provide an overview of the development path taken by the institution with a view to increasing transparency towards all stakeholders. Key targets for 2022, establishing a platform to ambitiously drive the transition to a more sustainable and inclusive society through financial support for sport and culture.”
The Director General, Lodovico Mazzolin, points out that “the results demonstrate once again the commitment of ICS in supporting the sustainable development of the sports and cultural sector. Faced with the difficult macroeconomic scenario, characterized by significant uncertainties and profound changes, we have implemented a management strategy that has led the institution to a new record in lending, with significant growth both in the sports sector (+22% compared to 2021, minus liquidity mortgages ) and in culture (+63% compared to 2021). In order to further increase support for the reference sectors while counteracting the long-term fall in demand resulting from spiraling inflation and the sudden rise in interest rates, we have developed new short-term product lines in both sectors. We are particularly satisfied with the important results obtained in favor of the sports sector in the audiovisual segment, where the bank is now a reference operator, and with our role in the co-financing of projects supported by the PNRR, new for the year in terms of infrastructure financing”.