Profit for the period
Operating profit for the first nine months of 2017 amounts to €1,176 million, slightly down on the figure for the same period of the previous year (€1,196 million in the first nine months of 2016).
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AS OF 30 SEPTEMBER 2017
|for the nine months ended 30 September|
|Postal and Business Services||2,660||2,728||(68)||-2.5%|
|Insurance Services and Asset Management||19,458||18,725||733||3.9%|
|Cost of goods and services||1,765||1,809||(44)||-2.4%|
|Net change in technical provisions for insurance business and other claims expenses||17,916||17,449||467||2.7%|
|Other expenses from financial and insurance activities||468||360||108||30.0%|
|Capitalised costs and expenses||(18)||(15)||(3)||20.0%|
|Other operating costs||292||158||134||84.8%|
|Depreciation, amortisation and impairments||413||439||(26)||-5.9%|
|Profit/(loss) on investments accounted for using the equity method||12||7||5||71.4%|
|Profit/(Loss) before tax||1,107||1,217||(110)||-9.0%|
|Income tax expense||383||410||(27)||-6.6%|
|Profit for the period||724||807||(83)||-10.3%|
n.s.: non significativo
Total revenue by operating segment for the nine months ended 30 September
Total revenue of €26.3 billion is up 2% on the first nine months of 2016, primarily due to the previously mentioned positive performance of insurance services and asset management.
- Postal and Business Services: contributed total revenue of €2,660 million, registering a reduction of 2.5% compared with the first nine months of 2016, due to a decline in traditional letter post, which is down 10.3% from 2,590 million items in the first nine months of 2016 to 2,324 million. Express Delivery and Parcel services continued to perform well, with volumes up 19.1% from 68 million items handled (corresponding to revenue of €461 million) in the first nine months of 2016 to 81 million items handled (corresponding to revenue of €502 million).
- Financial Services: total revenue from Financial Services is down 3.1% from €4,107 million in the first nine months of 2016 to €3,981 million. As mentioned above, the figure for the comparative period benefitted from non-recurring income of €121 million, following the sale of the investment in Visa Europe Ltd.. After adjusting for this item, revenue for the two periods is in line..
- Insurance Services: contributed €19.5 billion to total revenue (€18.7 billion in the same period of the previous year), with premium revenue amounting to €16.4 billion (premium revenue of €15.4 billion in the same period of 2016). This represents a good performance for the period, given the decline in the Life market compared with the positive performance of 2016 (market data for new business to August 2017 shows a contraction of approximately 8% at national level).
- Other Services: total revenue, provided by PosteMobile, amounts to €154 million (€169 million in the same period of 2016). This marks a reduction due to a decline in mobile service revenue, reflecting tough competition in the market.