Profit for the period
Profit for the first nine months of 2016 amounts to €807 million, an improvement of €185 million (29.7%) on the same period of the previous year.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AS OF 30 SEPTEMBER 2016
|For the nine months |
ended 30 September
|Revenue from sales and services and insurance premium revenue||21,794||21,041||753||3.6%|
|Postal and Business Services||2,687||2,783||(96)||-3.4%|
|Insurance Services and Asset Management||15,438||14,575||863||5.9%|
|Other income from financial and insurance activities||3,887||2,828||1,059||37.4%|
|Insurance Services and Asset Management||3,285||2,387||898||37.6%|
|Other operating income||48||52||(4)||-7.7%|
|Postal and Business Services||41||46||(5)||-10.9%|
|Insurance Services and Asset Management||2||-||2||n/s|
|Cost of goods and services||1,809||1,874||(65)||-3.5%|
|Net change in technical provisions for insurance business and other claims expenses||17,449||15,475||1,974||12.8%|
|Other expenses from financial and insurance activities||360||674||(314)||-46.6%|
|Capitalised costs and expenses||-15||-21||6||28.6%|
|Other operating costs||158||194||(36)||-18.6%|
|Depreciation, amortisation and impairments||439||425||14||3.3%|
|Profit/(loss) on investments accounted for using the equity method||7||-||7||n/s|
|Profit/(Loss) before tax||1,217||971||246||25.3%|
|Income tax expense||410||349||61||17.5%|
|Profit for the period||807||622||185||29.7%|
n/s: not significant
Total revenue by operating segment for the nine months ended 30 September
Total revenue of €25.7 billion is up 7.6% on the same period of 2015. The improvement primarily reflects the positive performance of insurance services and asset management, where total revenue amounts to €18.7 billion (up 10.4% on the first nine months of 2015).
- Postal and Business Services: contributed total revenue €2,728 million, registering a reduction of 3.6% due to the expected decline in traditional letter post. It should be noted that there has been an ongoing slowdown in the pace of decline in this segment’s total revenue over a number of quarters. Despite this, the decline in revenue from traditional letter post is only partially being replaced by revenue from the parcels business.
- Financial Services: total revenue from Financial Services: amounts to €4,107 million, marking an increase of 4.0 due to a rise in “Other income from financial activities”, which is up from €441 million in the first nine months of 2015 to €602 million in the same period of 2016. This income includes €121 million in non-recurring income generated by the sale of the Group’s investment in Visa Europe Ltd.
- Insurance Services: the Insurance Services and Asset Management segment: which, from 1 January 2016, also includes the activities of BancoPosta Fondi Sgr, delivered excellent results during the period (€18.7 billion in total revenue), with Poste Vita and its subsidiary, Poste Assicura, recording premium revenue of €15.4 billion (premium revenue of €14.5 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 Services: total revenue amounts to €169 million (€181 million in the same period of 2015) and is generated by Poste Mobile.