The Poste Italiane Group’s net invested capital at 31 December 2016 amounts to €1,909 million, amply financed by equity.
NET FUNDS
Total net funds at 31 December 2016 amount to €6,225 million, down on the figure for 31 December 2015 (when net funds amounted to €8,659 million).
| At 31 December 2016 (€m) | Postal and Business Services | Financial Services | Insurance Services and Asset Management | Other Services | Eliminations | Consolidated amount |
|---|---|---|---|---|---|---|
| Financial liabilities | (1,947) | (59,225) | (1,012) | (2) | 1,265 | (60,921) |
| Technical provisions for insurance business | - | - | (113,678) | - | - | (113,678) |
| Financial assets | 1,236 | 58,681 | 115,596 | 29 | (1,180) | 174,362 |
| Technical provisions for claims attributable to reinsurers | - | - | 66 | - | - | 66 |
| Net financial assets/(liabilities) | (711) | (544) | 972 | 27 | 85 | (171) |
| Cash and deposits attributable to BancoPosta | - | 2,494 | - | - | - | 2,494 |
| Cash and cash equivalents | 1,556 | 1,320 | 1,324 | 21 | (319) | 3,902 |
| Net funds/(debt) | 845 | 3,270 | 2,296 | 48 | (234) | 6,225 |
| At 31 December 2015 (€m) | Postal and Business Services | Financial Services | Insurance Services and Asset Management | Other Services | Eliminations | Consolidated amount |
|---|---|---|---|---|---|---|
| Financial liabilities | (2,442) | (55,418) | (1,218) | (4) | 1,604 | (57,478) |
| Technical provisions for insurance business | - | - | (100,314) | - | - | (100,314) |
| Financial assets | 1,396 | 57,574 | 102,409 | 26 | (1,315) | 160,090 |
| Technical provisions for claims attributable to reinsurers | - | - | 58 | - | - | 58 |
| Net financial assets/(liabilities) | (1,046) | 2,156 | 935 | 22 | 289 | 2,356 |
| Cash and deposits attributable to BancoPosta | - | 3,161 | - | - | - | 3,161 |
| Cash and cash equivalents | 1,315 | 485 | 1,615 | 16 | (289) | 3,142 |
| Net funds/(debt) | 269 | 5,802 | 2,550 | 38 | - | 8,659 |
FINANCIAL POSITION
A comparison with the end of the previous year, when the figure was €999 million, shows an increase of €910 million.
| at 31 December (€m) | 2016 | 2015 | Increase/ (decrease) | |
|---|---|---|---|---|
| Non-current assets: | ||||
| Property, plant and equipment | 2,080 | 2,190 | (110) | -5.0% |
| Investment property | 56 | 61 | (5) | -8.2% |
| Intangible assets | 513 | 545 | (32) | -5.9% |
| Investments accounted for using the equity method | 218 | 214 | 4 | 1.9% |
| Total non-current assets (a) | 2,867 | 3,010 | (143) | -4.8% |
| Working capital: | ||||
| Inventories | 137 | 134 | 3 | 2.2% |
| Trade receivables and other receivables and assets | 5,843 | 5,546 | 297 | 5.4% |
| Trade payables and other liabilities | (4,724) | (4,398) | (326) | 7.4% |
| Current tax assets and liabilities | (73) | 19 | (92) | n/s |
| Total working capital: (b) | 1,183 | 1,301 | (118) | -9.1% |
| Gross invested capital (a+b) | 4,050 | 4,311 | (261) | -6.1% |
| Provisions for risks and charges | (1,507) | (1,397) | (110) | 7.9% |
| Provisions for employee termination benefits and pension plans | (1,347) | (1,361) | 14 | -1.0% |
| Deferred tax assets/(liabilities) | 53 | (554) | 607 | n/s |
| Non-current assets and disposal groups held for sale and liabilities related to assets held for sale (1) | 660 | - | 660 | n/s |
| Net invested capital | 1,909 | 999 | 910 | 91.1% |
| Equity | 8,134 | 9,658 | (1,524) | -15.8% |
| Net funds | 6,225 | 8,659 | (2,434) | -28.1% |
(1) Non-current assets and disposal groups amount to €2,720 million and regard BdM-MCC SpA, totalling €2,665 million, and BancoPosta Fondi SpA
SGR, totalling €55 million. Liabilities related to assets held for sale amount to €2,060 million and regard BdM-MCC SpA, totalling €2,049 million,
and BancoPosta Fondi SpA SGR, totalling € 11 million.
n/s: not significant