2016 NINE MONTHS RESULTS

HIGHLIGHTS

25,729

MLN €

Total revenue

1,196

MLN €

Operating profit

807

MLN €

Profit for the period

252

MLN €

Capex

GROUP RESULTS

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
Increase/(decrease)
(€m)20162015Values%
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%
Financial Services 3,501 3,504 (3) -0.1%
Insurance Services and Asset Management 15,438 14,575 863 5.9%
Other Services 168 179 (11) -6.1%
Other income from financial and insurance activities 3,887 2,828 1,059 37.4%
Financial Services 602 441 161 36.5%
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%
Financial Services 4 4 - n/s
Insurance Services and Asset Management 2 - 2 n/s
Other Services 1 2 (1) -50.0%
Total revenue 25,729 23,921 1,808 7.6%
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%
Personnel expenses 4,333 4,370 (37) -0.8%
Capitalised costs and expenses -15 -21 6 28.6%
Other operating costs 158 194 (36) -18.6%
Total costs 24,094 22,566 1,528 6.8%
EBITDA 1,635 1,355 280 20.7%
Depreciation, amortisation and impairments 439 425 14 3.3%
Operating profit/(loss) 1,196 930 266 28.6%
Finance  income/(costs) 14 41 (27) -65.9%
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
(€M)

GRUPPO - Ricavi totali per settore operativo

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.

 

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