The Poste Italiane Group’s net invested capital at 31 December 2015 amounts to €999 million, amply financed by equity.
NET FUNDS
Net funds amount to €8,659 million at 31 December 2015, marking a significant improvement on the figure for 31 December 2014 (when net funds totalled €4,741 million). This reflects, among other things:
- the component linked to fair value measurement of investments in securities, primarily by BancoPosta RFC, and,
- to a lesser extent, by the subsidiary, Poste Vita, amounting to approximately €3,775 million (€2,651 million at 31 December 2014).
| Balance at 31 December 2015 | Postal and Business Services | Financial Services | Insurance Services | Other Services | Eliminations | Consolidated amounts |
|---|---|---|---|---|---|---|
| Financial liabilities | (2,442) | (1,218) | (4) | 1,596 | (57,478) | |
| Postal current accounts | - | - | - | 287 | (43,468) | |
| Bonds | (811) | (758) | - | - | (2,048) | |
| Borrowings from financial institutions | (917) | - | - | - | (7,018) | |
| Other borrowings | (1) | - | - | - | (1) | |
| Finance leases | (6) | - | (4) | - | (10) | |
| Derivative financial instruments | (52) | - | - | - | (1,599) | |
| Other financial liabilities | (14) | (6) | - | - | (3,334) | |
| Intersegment financial liabilities | (641) | (454) | - | 1,309 | - | |
| Technical provisions for insurance business | - | (100,314) | - | - | (100,314) | |
| Financial assets | 1,390 | 102,350 | 26 | (1,309) | 160,090 | |
| Loans and receivables | 141 | 66 | - | - | 10,508 | |
| Held-to-maturity financial assets | - | - | - | - | 12,886 | |
| Available-for-sale financial assets | 581 | 83,871 | - | - | 117,869 | |
| Financial assets at fair value through profit or loss | - | 18,132 | - | - | 18,132 | |
| Derivative financial instruments | - | 245 | - | - | 695 | |
| Intersegment financial assets | 668 | 36 | 26 | (1,309) | - | |
| Technical provisions for claims attributable to reinsurers | - | 58 | - | - | 58 | |
| Net financial assets/(liabilities) | (1,052) | 876 | 22 | 287 | 2,356 | |
| Cash and deposits attributable to BancoPosta | - | - | - | - | 3,161 | |
| Cash and cash equivalents | 1,316 | 489 | 1,608 | 16 | (287) | 3,142 |
| Net funds/(debt) | 264 | 5,873 | 2,484 | 38 | - | 8,659 |
| Balance at 31 December 2014 | Postal and Business Services | Financial Services | Insurance Services | Other Services | Eliminations | Consolidated amounts |
|---|---|---|---|---|---|---|
| Financial liabilities | (3,434) | (52,529) | (1,305) | (6) | 1,915 | (55,359) |
| Postal current accounts | - | (40,927) | - | - | 312 | (40,615) |
| Bonds | (809) | (479) | (757) | - | - | (2,045) |
| Borrowings from financial institutions | (1,751) | (6,660) | - | - | - | (8,411) |
| Other borrowings | (3) | - | - | - | - | (3) |
| Finance leases | (8) | - | - | (6) | - | (14) |
| Derivative financial instruments | (58) | (1,721) | - | - | - | (1,779) |
| Other financial liabilities | (15) | (2,474) | (3) | - | - | (2,492) |
| Intersegment financial liabilities | (790) | (268) | (545) | - | 1,603 | |
| Technical provisions for insurance business | - | - | (87,220) | - | - | (87,220) |
| Financial assets | 1,648 | 52,521 | 90,102 | 21 | (1,603) | 142,689 |
| Loans and receivables | 256 | 8,618 | 23 | - | - | 8,897 |
| Held-to-maturity financial assets | - | 14,100 | - | - | - | 14,100 |
| Available-for-sale financial assets | 581 | 29,553 | 77,013 | - | - | 107,147 |
| Financial assets at fair value through profit or loss | - | - | 12,155 | - | - | 12,155 |
| Derivative financial instruments | - | 182 | 208 | - | - | 390 |
| Intersegment financial assets | 811 | 68 | 703 | 21 | (1,603) | - |
| Technical provisions for claims attributable to reinsurers | - | - | 54 | - | - | 54 |
| Net financial assets/(liabilities) | (1,786) | (8) | 1,631 | 15 | 312 | 164 |
| Cash and deposits attributable to BancoPosta | - | 2,873 | - | - | - | 2,873 |
| Cash and cash equivalents | 305 | 1,040 | 656 | 15 | (312) | 1,704 |
| Net funds/(debt) | (1,481) | 3,905 | 2,287 | 30 | - | 4,741 |
FINANCIAL POSITION
A comparison with the end of the previous year, when the figure was €3,677 million, shows a significant reduction due to movements in working capital, following the collection of significant receivables.
| at 31 December (€m) | 2015 | 2014 | Increase/(decreas | |
|---|---|---|---|---|
| Non-current assets: | ||||
| Property, plant and equipment | 2,190 | 2,296 | (106) | -4.6% |
| Investment property | 61 | 67 | (6) | -9.0% |
| Intangible assets | 545 | 529 | 16 | 3.0% |
| Investments accounted for using the equity method | 214 | 1 | 213 | n/s |
| Total non-current assets (a) | 3,010 | 2,893 | 117 | 4.0% |
| Working capital: | ||||
| Inventories | 134 | 139 | (5) | -3.6% |
| Trade receivables and other receivables and assets | 5,546 | 7,247 | (1,701) | -23.5% |
| Trade payables and other liabilities | (4,398) | (4,080) | (318) | 7.8% |
| Current tax assets and liabilities | 19 | 635 | (616) | -97.0% |
| Total working capital: (b) | 1,301 | 3,941 | (2,640) | -67.0% |
| Gross invested capital (a+b) | 4,311 | 6,834 | (2,523) | -36.9% |
| Provisions for risks and charges | (1,397) | (1,334) | (63) | 4.7% |
| Provisions for employee termination benefits and pension plans | (1,361) | (1,478) | 117 | -7.9% |
| Deferred tax assets/(liabilities) | (554) | (345) | (209) | 60.6% |
| Net invested capital | 999 | 3,677 | (2,678) | -72.8% |
| Equity | 9,658 | 8,418 | 1,240 | 14.7% |
| Net funds | 8,659 | 4,741 | 3,918 | 82.6% |
n/s: not significant