2016 First Quarter

HIGHLIGHTS

9,759

MLN €

Total revenue

562

MLN €

Operating profit

367

MLN €

Profit for the period

62

MLN €

Capex

OPERATING RESULTS

Profit for the first quarter of 2016 amounts to €367 million, an improvement of €56 million on the same period of 2015.

Operating profit is up 16.1% from €484 million for the first quarter of 2015 to €562 million for the first three months of 2016, benefitting from the positive performances of almost all the sectors in which the Group operates.

 

RECLASSIFIED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

for the three months
ended 31 March
Increase/(decrease)
(€m)20162015Values%
Revenue from sales and services and insurance premium revenue 8,277 7,142 1,135 15.9%
Postal and Business Services 923 969 (46) -4.7%
Financial Services 1,165 1,178 (13) -1.1%
Insurance Services and Asset Management 6,132 4,931 1,201 24.4%
Other Services 57 64 (7) -10.9%
Other income from financial and insurance activities 1,467 1,385 82 5.9%
Financial Services 389 317 72 22.7%
Insurance Services and Asset Management 1,078 1,068 10 0.9%
Other operating income 15 16 (1) -6.3%
Postal and Business Services 13 14 (1) -7.1%
Financial Services 2 2 - n/s
Total revenue 9,759 8,543 1,216 14.2%
Cost of goods and services 600 617 (17) -2.8%
Net change in technical provisions for insurance business and other claims expenses 6,728 5,734 994 17.3%
Other expenses from financial and insurance activities 197 15 182 n/s
Personnel expenses 1,505 1,498 7 0.5%
Capitalised costs and expenses (4) (5) 1 -20.0%
Other operating costs 20 55 (35) -63.6%
Total costs 9,046 7,914 1,132 14.3%
EBITDA 713 629 84 13.4%
Depreciation, amortisation and impairments 151 145 6 4.1%
Operating profit/(loss) 562 484 78 16.1%
Finance income/(costs) 3 2 1 50.0%
Profit/(loss) on investments accounted for using the equity method 3 - 3 n/s
Profit/(Loss) before tax 568 486 82 16.9%
Income tax expense 201 175 26 14.9%
Profit for the period 367 311 56 18.0%

n/s: not significant

  

 

Group - Total revenue by operating segment
(DATA IN MILLION EURO)

Group - Total revenue by operating segment

 

Total revenue of €9,759 million is up 14.2% on the same period of 2015.

 

  • Postal and Business Services: contributed total revenue €936 million, registering a reduction of 4.8% (€983 million in the first quarter of 2015) due to the expected decline in traditional letter post.
  • Financial Services: total revenue amounts to €1,556 million, marking an increase of 3.9% due to a rise in “Other income from financial activities”, which is up from €317 million in the first quarter of 2015 to €389 million in the same period of 2016. This income is primarily generated by the sale of available-for-sale financial assets, in which the postal current account deposits of BancoPosta RFC’s private customers are invested.
  • Insurance Services: the segment which, from 1 January 2016, also includes the activities of BancoPosta Fondi Sgr, delivered excellent results during the period, with Poste Vita and its subsidiary, Poste Assicura, recording premium revenue of €6.1 billion (premium revenue of €4.9 billion in the same period of 2015). This primarily reflects the performances of traditional Class I investment and savings products, where the Group has built up a strong presence. Other income from financial and insurance activities is up €10 million from €1,068 million in the first quarter of 2015 to €1,078 million in the same period of 2016.
  • Other Services: total revenue amounts to €57 million (€64 million in the same period of 2015) and is generated by Poste Mobile.

  

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