The Poste Italiane Group’s net invested capital amounts to €3,677 million (€3,859 million at 31 December 2013), 100% financed by equity.


In addition to movements in non-current assets and working capital, the reduction in net invested capital at 31 December 2014 reflects:

  • a reduction of €513 million in the net balance of deferred tax assets/(liabilities), primarily due to the increase in the fair value reserve for BancoPosta’s investments in securities, which generated an increase in deferred tax liabilities;
  • an increase of €168 million in provisions for risks and charges, primarily due to the effect of the expected liabilities for restructuring costs.

at 31 December (€m)20132014Increase/ (decrease)
Non-current assets 3,145 2,893 (252)
Working capital 3,052 3,941 889
Provisions for risks and charges (1,166) (1,334) (168)
Employee termination benefits and pension plans (1,340) (1,478) (138)
Deferred tax assets/(liabilities) 168 (345) (513)
Net invested capital 3,859 3,677 (182)


Net funds at 31 December 2014 amount to €4,741 million (net funds of €3,257 million at the end of 2013), reflecting:

  • the results of the fair value measurement of investments in available-for-sale financial assets (approximately €2,650 million);
  • cash subject to restrictions, as shown in the following table, as attributable to technical provisions for the insurance business or subject to investment restrictions (BancoPosta RFC);
  • net financial assets held by Poste Vita and Banca del Mezzogiorno-MedioCredito Centrale, which are subject to supervisory capital requirements (approximately €1,900 million).

at 31 December (€m) 2013 2014
Financial liabilities 51,770 55,358
Technical provisions for insurance business 68,005 87,219
Financial assets (118,467) (142,687)
Technical provisions for claims attributable to reinsurers (40) (54)
Net financial liabilities/(assets) 1,268 (164)
Cash and deposits attributable to BancoPosta (3,080) (2,873)
Cash and cash equivalents (1,445) (1,704)
of which:    
Adjusted cash and cash equivalents (559) (778)
Cash subject to investment restrictions (262) (511)
Cash attributable to technical provisions for insurance business (624) (415)
Net debt/(funds) (3,257) (4,741)