Highlights
Operating results
The performance in 2018 has enabled the Group to achieve consolidated EBIT of €617 million is down €86 million (-12%) compared with the same period of the previous year (€703 million). This essentially reflects the reduction in gross realised gains (down €141 million)
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
| (€m) | Q1 2019 | Q1 2018 | Increase/(decrease) | |
|---|---|---|---|---|
| Total revenue | 2,842 | 2,884 | (42) | -1.5% |
| of which: | ||||
| Mail, Parcels & Distribution | 880 | 899 | (19) | -2.1% |
| Payments, Mobile and Digital* | 140 | 130 | 9 | 7.3% |
| inancial Services* | 1,485 | 1,532 | (47) | -3.1% |
| of which gross capital gains | 261 | 402 | (141) | -35.1% |
| Insurance Services | 337 | 324 | 14 | 4.3% |
| Costs | 2,037 | 2,049 | (13) | -0.6% |
| of which: | ||||
| Total personnel expenses | 1,438 | 1,430 | 8 | 0.5% |
| of which personnel expenses | 1,435 | 1,425 | 10 | -0.7% |
| of which early retirement incentives | 3 | 6 | (3) | -50.0% |
| of which disputes and other extraordinary items | 0 | (1) | 1 | -104.4% |
| Other operating costs | 599 | 619 | (20) | -3.3% |
| EBITDA | 805 | 835 | (30) | -3.6% |
| Depreciation, amortisation and impairments | 188 | 132 | 56 | 42.5% |
| EBIT | 617 | 703 | (86) | -12.2% |
| EBIT Margin | 21.7% | 24.4% | -2.7% | |
| Finance income/(costs) | 6 | 8 | (2) | 22.5% |
| Profit before tax | 623 | 711 | (88) | -12.3% |
| Income tax expense | 184 | 226 | (41) | -18.3% |
| Net profit | 439 | 485 | (46) | -9.5% |
| Earnings per share | 0.34 | 0.37 | (0.03) | -9.5% |
* The figures for Q1 2018 have been reclassified on the basis of the new scope of the Payments, Mobile & Digital SBU.
GROUP – TOTAL REVENUE BY OPERATING SEGMENT
(DATA IN MILLION EURO)
The Group’s total revenue of €2.8 billion is down €42 million compared with the first quarter of 2018 (a reduction of 1.5%).
- Mail, Parcels and Distribution services: total revenue amounts to €880 million, a 2% reduction compared with 2018. This reflects a decrease in traditional letter post and in other revenue, partly offset by the performance of parcels, where volumes were up 19.4% from 29 million items in the first quarter of 2018 to 35 million in the first quarter of 2019, resulting in a 14.6% increase in revenue from €175 million to €201 million.
- Payments, Mobile and Digital: contributed revenue of €140 million, up 7.3% compared with the same period of the previous year, reflecting a good performance from card payments, where growth was 14.4%.
- Financial Services: total revenue amounts to €1,485 million, a reduction of €47 million (-3.1%) compared with the first quarter of the previous year. This reflects a decrease in gross realised gains (down €141 million) in line with the Group’s new strategy of reducing the dependence of its results on non-recurring items.
- Insurance Services: contributed total revenue of €337 million, marking an increase of €14 million. The improvement reflects the increase in the net investment result, which benefitted from the greater volume of assets under management, and a positive contribution from the P&C business.