GROUP OPERATING RESULTS

The Group saw a significant improvement in its operating performance in 2015, with operating profit of €880 million up 27% on 2014 (€691 million in 2014) and profit for the year of €552 million (€212 million in 2014). The contribution to operating profit from Financial Services is up 21% (€930 million in 2015, compared with €766 million in 2014). The Insurance Services segment recorded an excellent operating performance, with Poste Vita registering premium revenue of €18.2 billion (€15.5 billion in premium revenue in the previous year). Finally, in addition to the above improvement in operating profit, profit for the year of €552 million reflects a proportionate reduction in income tax expense compared with 2014, due primarily to the change in legislation that came into effect from 1 January 2015. This has made it possible to deduct personnel expenses for staff employed on permanent contracts from the IRAP tax base.

RECLASSIFIED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

	for the year ended 31 December		Increase/(decrease)
(€m)	2015	2014	Amount	%
Revenue from sales and services and insurance premium revenue	27,007	24,622	2,385	9.7%
Postal and Business Services	3,825	3,964	(139)	-3.5%
Financial Services	4,744	4,950	(206)	-4.2%
Insurance Services ^(*)	18,199	15,472	2,727	17.6%
Other Services	239	236	3	1.3%
Other income from financial and insurance activities	3,657	3,772	(115)	-3.0%
Financial Services	442	404	38	9.4%
Insurance Services	3,215	3,368	(153)	-4.5%
Other operating income	75	118	(43)	-36.4%
Postal and Business Services	68	110	(42)	-38.2%
Financial Services	2	4	(2)	-50.0%
Insurance Services	1	-	1	n/s
Other Services	4	4	-	n/s
Total revenue	30,739	28,512	2,227	7.8%
Cost of goods and services	2,590	2,648	(58)	-2.2%
Net change in technical provisions for insurance business and other claims expenses	19,683	17,883	1,800	10.1%
Other expenses from financial and insurance activities	689	76	613	n/s
Personnel expenses	6,151	6,229	(78)	-1.3%
Capitalised costs and expenses	(33)	(30)	(3)	10.0%
Other operating costs	198	344	(146)	-42.4%
Total costs	29,278	27,150	2,128	7.8%
EBITDA	1,461	1,362	99	7.3%
Depreciation, amortisation and impairments	581	671	(90)	-13.4%
Operating profit/(loss)	880	691	189	27.4%
Finance income/(costs)	50	7	43	n/s
Profit/(loss) on investments accounted for using the equity method	3	(1)	4	n/s
Profit/(Loss) before tax	933	697	236	33.9%
Income tax expense	381	485	(104)	-21.4%
Profit for the year	552	212	340	n/s

n/s: not significant
^(*) This item includes €18,197 million in insurance premiums and €2 million in revenue attributable to the SDS group, in which Poste Vita SpA acquired a controlling interest in 2015.

Total revenue by operating segment

for the year ended 31 December (€m)	2015	2014	Increase/(decrease)
Postal and Business Services	3,893	4,074	(181)	-4.4%
Financial Services	5,188	5,358	(170)	-3.2%
Insurance Services	21,415	18,840	2,575	13.7%
Other Services	243	240	3	1.3%
Total revenue	30,739	28,512	2,227	7.8%

The Poste Italiane Group’s total revenue for the year amounts to €30,739 million, marking an increase of 7.8% on 2014. This reflects the strong performance of the insurance segment, where total revenue is €21,415 million (€18,840 million in 2014).
The Postal and Business Services segment where, as the reader will be aware, the growing popularity of digital media and communication has led to a progressive reduction in demand for traditional products and services, the operating performance has, for the first time in many years, seen a slowdown in the pace of decline in total revenue, which is down from the €4,074 million of 2014 to €3,893 million in 2015 (a reduction in revenue of €181 million compared with 2014, whilst the reduction in 2014, compared with the previous year, was €378 million).
Total revenue from Financial Services amounts to €5,188 million, marking a reduction of 3.2%. This reflects the reduction in average interest rates on deposits invested in securities and on deposits with the Ministry of the Economy and Finance, in line with market trends, as well as a decrease in income from the distribution of postal savings products on behalf of Cassa Depositi e Prestiti SpA, linked to the agreed mechanism tying fees to the achievement of net savings inflow targets. The impact of the above was only partially offset by the positive performance of other income from financial activities, which is up from €404 million in 2014 to €442 million in 2015. This was primarily generated by the sale of available-for-sale financial assets, in the form of euro area government securities or, up to a maximum of 50%, of securities guaranteed by the Italian government⁽¹⁾, in which the postal current account deposits of BancoPosta RFC’s private customers are invested.
As noted above, the Insurance Services segment delivered excellent results during the period, with Group companies (represented by Poste Vita and its subsidiary, Poste Assicura) recording premium revenue of €18.2 billion (premium revenue of €15.5 billion in 2014). This primarily reflects the performances of traditional Class I investment and savings products, where the Group has built up a strong presence. Other income from financial and insurance activities is, however, down from the €3,368 million of 2014 to €3,215 million in 2015, reflecting fair value losses on the financial instruments held to cover obligations to policyholders. Total revenue from Other Services is up €3 million (€243 million in 2015, compared with €240 million in 2014). This reflects improved operating results from Poste Mobile, making an important contribution to the Group’s operating result.
The cost of goods and services is down 2.2% from €2,648 million in 2014 to €2,590 million in 2015, primarily reflecting reductions in the cost of funding, represented by interest paid to customers by BancoPosta RFC, and in purchases of goods and services.

The net change in technical provisions for the insurance business and other claims expenses, which is closely linked to the above growth in premium revenue recorded by Poste Vita, amounts to €19,683 million, marking an increase of 10.1% compared with the previous year.

Other expenses from financial and insurance activities are up from €76 million in 2014 to €689 million in 2015, reflecting the greater impact of movements in the fair value of financial instruments, for the most part attributable to the subsidiary, PosteVita.

⁽¹⁾ This change was introduced by the 2015 Stability Law (Law 190 of 23 December 2014).

OPERATING RESULTS BY OPERATING SEGMENT

2015 (€m)	Postal and Business Services	Financial Services	Insurance Services	Other Services	Adjustments and eliminations	Total
External revenue	3,893	5,188	21,415	243	-	30,739
Intersegment revenue	4,323	479	-	91	(4,893)	-
Total revenue	8,216	5,667	21,415	334	(4,893)	30,739
Costs	8,657	445	20,473	284	-	29,859
Intersegment Costs	127	4,292	455	19	(4,893)	-
Total costs	8,784	4,737	20,928	303	(4,893)	29,859
Operating profit/(loss)	(568)	930	487	31	-	880

2014 (€m)	Postal and Business Services	Financial Services	Insurance Services	Other Services	Adjustments and eliminations	Total
External revenue	4,074	5,358	18,840	240	-	28,512
Intersegment revenue	4,584	404	1	85	(5,074)	-
Total revenue	8,658	5,762	18,841	325	(5,074)	28,512
Costs	9,063	435	18,030	293	-	27,821
Intersegment Costs	99	4,561	396	18	(5,074)	-
Total costs	9,162	4,996	18,426	311	(5,074)	27,821
Operating profit/(loss)	(504)	766	415	14	-	691

POSTAL AND BUSINESS SERVICES

Segment profit or loss – Postal and Business Services

for the year ended 31 December (€m)	2015	2014	Incr ease/(decrease)
Revenue from sales and services	3,825	3,964	(139)	-3.5%
Other operating income	68	110	(42)	-38.2%
Total external revenue	3,893	4,074	(181)	-4.4%
Intersegment revenue	4,323	4,584	(261)	-5.7%
Total revenue	8,216	8,658	(442)	-5.1%
Cost of goods and services	2,118	2,148	(30)	-1.4%
Personnel expenses	5,977	6,066	(89)	-1.5%
Depreciation, amortisation and impairments	530	614	(84)	-13.7%
Capitalised costs and expenses	(33)	(28)	(5)	17.9%
Other operating costs	65	263	(198)	-75.3%
Intersegment costs	127	99	28	28.3%
Total costs	8,784	9,162	(378)	-4.1%
Operating profit/(loss) (EBIT)	(568)	(504)	(64)	-12.7%

The Postal and Business Services segment recorded an operating loss of €568 million (a loss of €504 million in 2014).
This performance reflects a decline of €442 million in total revenue, including a €181 million reduction in external revenue and a reduction of €261 million in intersegment revenue in 2015. This is due, on the one hand, to a reduction in traditional letter post and, on the other, to the different mechanism for the remuneration of services provided by the distribution network, reflecting a decrease in transfer payments by made BancoPosta RFC to other Poste Italiane functions, in accordance with the “General Guidelines governing the process of contracting out BancoPosta’s corporate functions to Poste Italiane” and in application of specific operating guidelines.
In contrast, costs are down €378 million, primarily due to a reduction in other operating costs (down €198 million compared with 2014), reflecting, among other things, the release of provisions made in previous years, linked to the procedures and timing involved in the collection of amounts receivable from the Ministry of the Economy and Finance as Universal Service compensation. Reductions were also recorded for personnel expenses (down from €6,066 million in 2014 to €5,977 million in 2015) and depreciation, amortisation and impairments (down €84 million compared with 2014). This trend confirms the effectiveness of the cost efficiency drive launched in 2015.

FINANCIAL SERVICES

Segment profit or loss – Financial Services

for the year ended 31 December (€m)	2015	2014	Increase/(decrease)
Interest and similar income	1,601	1,711	(110)	-6.4%
Interest and similar expense	58	127	(69)	-54.3%
Net interest income	1,543	1,584	(41)	-2.6%
Fee and commission income	3,620	3,640	(20)	-0.5%
Fee and commission expense	57	51	6	11.8%
Net fee and commission income	3,563	3,589	(26)	-0.7%
Profits/(Losses) on trading, on disposals or repurchases and fair value adjustments in hedge accounting	428	391	37	9.5%
Net interest and other banking income	5,534	5,564	(30)	-0.5%
Net losses /recoveries on impairment of loans and advances	(9)	-	(9)	n/s
Net income from banking activities	5,525	5,564	(39)	-0.7%
Administrative expenses:	4,493	4,728	(235)	-5.0%
a) personnel expenses	126	120	6	5.0%
b) other administrative expenses	4,367	4,608	(241)	-5.2%
Net provisions for risks and charges	59	41	18	43.9%
Other operating income/(expenses)	43	29	14	48.3%
Operating expenses	4,595	4,798	(203)	-4.2%
Operating profit/(loss) (EBIT)	930	766	164	21.4%

n/s: not significant

Operating profit generated by the Financial Services segment in 2015 amounts to €930 million, marking an increase of 21.4% on the previous year (€766 million in 2014). This was essentially generated by BancoPosta RFC’s operations, which benefitted from gains made on the sale of financial assets and a reduction in administrative expenses, reflecting a decrease in transfer payments for services provided by other Poste Italiane functions. Going into greater detail, net interest income of €1,543 million is down 2.6% (€1,584 million in 2014), essentially due to a reduction in returns on BancoPosta RFC’s investments, following a reduction in average interest rates on deposits invested in securities and on deposits with the Ministry of the Economy and Finance, in line with market trends.
Net fee and commission income is down from €3,589 million in 2014 to €3,563 million in 2015. This income primarily consists of commissions earned on the distribution of postal savings products, totalling €1,610 million, and €1,928 million from the processing of bills paid by payment slip, sundry payments and from other services offered to customers (e.g. insurance broking).
Net income from banking activities is down €39 million from the €5,564 million of 2014 to €5,525 million in 2015, after provisions for doubtful debts of €9 million, including impairment losses on current account overdrafts granted to BancoPosta RFC’s customers.
Operating expenses are down 4.2% on the previous year, primarily due to a reduction in other administrative expenses, which benefitted from a decline in the transfer payments made by BancoPosta RFC to other Poste Italiane functions, in accordance with the “General Guidelines governing the process of contracting out BancoPosta’s corporate functions to Poste Italiane” and in application of specific operating guidelines. The reduction is explained by the new method of calculating the charge, which is now based broadly on a percentage share of revenue generated and no longer on the cost of providing the service plus a mark-up (further details are provided in the specific BancoPosta RFC Management Review).

INSURANCE SERVICES

Segment profit or loss – Insurance Services

for the year ended 31 December (€m)	2015	2014	Increase/(decrease)
Net insurance premium revenue	18,197	15,472	2,725	17.6%
gross premium revenue	18,238	15,508	2,730	17.6%
outward reinsurance premiums	41	36	5	13.9%
Net financial income from assets related to traditional products	2,352	2,793	(441)	-15.8%
Net financial income from assets related to index- and unit-linked products	193	525	(332)	-63.2%
Net change in technical provisions for insurance business and other claims expenses	19,683	17,883	1,800	10.1%
Claims paid	8,038	5,536	2,502	45.2%
Net change in technical provisions for insurance business	11,660	12,369	(709)	-5.7%
Change in technical provisions where investment risk is transferred to policyholders	15	22	(7)	-31.8%
Investment management expenses	27	22	5	22.7%
Acquisition and administration costs	529	454	75	16.5%
Net commissions and other acquisition costs	414	359	55	15.3%
Operating costs	115	95	20	21.1%
Other revenues/(costs), net	(16)	(16)	-	n/s
Operating profit/(loss) (EBIT)	487	415	72	17.3%

n/s: not significant

The Insurance Services segment reports operating profit of €487 million, marking an increase of €72 million compared with 2014. This significant result is primarily due to the positive operating performance of the Poste Vita insurance group, whose sales of primarily Class I and V investment and savings products has resulted in total premium revenue of €18.2 billion, after the portion ceded to reinsurers (€15.5 billion in premium revenue in 2014).
Net finance income from securities related to traditional products amounts to €2,352 million, having fallen 15.8% compared with €2,793 million of 2014. The performance reflects financial market trends, which resulted in the recognition of net unrealised losses of €435 million, compared with net gains of €123 million in 2014. However, given that these investments are included in the separately managed accounts covering the matching insurance liabilities, this amount has been attributed in full to policyholders under the shadow accounting method. In contrast, despite a market scenario marked by falling yields on government securities, ordinary income, thanks to growth in assets under management, amounts to €2,786.6 million, up €119 million on the figure for 2014.
Financial market trends, together with the reduction in volumes due to the a number of Class III products reaching maturity, are also reflected in investments linked to index- and unit-linked products, which generated total finance income of €193 million in 2015, down on the €525 million of 2014. This amount is, in any event, almost entirely matched by a corresponding change in technical provisions.
As a result of the above operating performance and the corresponding revaluation of insurance liabilities due to the positive financial performance, the matching change in technical provisions, after the portion ceded to reinsurers, amounts to €19,683 million, compared with €17,883 million in the previous year. Claims paid to customers, inclusive of policy expirations of approximately €3.8 billion amount to approximately €8.0 billion (€5.5 billion in 2014). Total surrenders accounted for 3.3% of initial provisions (3.7% for 2014), a figure that continues to be far lower than the industry average.
Investment management expenses of €27 million at the end of 2015 compare with the €22 million of 2014. These include portfolio management fees of €24.6 million and fees for the custody of securities, totalling €2.4 million. These increases are due to growth in the portfolio.
Infra-group commissions for distribution and collection amount to €414 million (€359 million in 2014), accounting for 2.3% of premium revenue.
Operating expenses of €115 million are up 21.1% compared with 2014, reflecting increases in the quality and size of the company’s workforce and its investments. However, operating expenses continue to account for around 0.6% of premium revenue and 0.1% of provisions, broadly in line with the figures for 31 December 2014 and well below the market average.

OTHER SERVICES

Segment profit or loss – Other Services

for the year ended 31 December (€m)	2015	2014	Increase/(decrease)
Revenue from sales and services	239	236	3	1.3%
Other operating income	4	4	-	n/s
Total external revenue	243	240	3	1.3%
Intersegment revenue	91	85	6	7.1%
Total revenue	334	325	9	2.8%
Cost of goods and services	217	215	2	0.9%
Personnel expenses	21	24	(3)	-12.5%
Depreciation, amortisation and impairments	39	48	(9)	-18.8%
Capitalised costs and expenses	-	(2)	2	n/s
Other operating costs	7	8	(1)	-12.5%
Intersegment costs	19	18	1	n/s
Total costs	303	311	(8)	-2.6%
Operating profit/(loss) (EBIT)	31	14	17	n/s

n/s: not significant

The Other Services segment, which includes the company, PosteMobile, reports operating profit of €31 million for 2015, up €17 million on the previous year. The performance of the mobile telecommunications business reflects the Company's commitment to initiatives designed to acquire higher value customers, which has enabled it to grow its customer base (3.6 million lines at 31 December 2015, compared with 3.3 million at the end of 2014) and consolidate the quality of acquisitions. Good performances were also registered by voice services, with over 5.3 billion minutes used in 2015 (up 16% on the previous year), and above all by data services, with substantial growth of more than 3,900 terabytes (up 90% on 2014).

Overall, total revenue is up 2.8% to €334 million, benefitting from the increase in voice revenue and the flatrate offering. Whilst volumes have increased, costs have fallen, declining from €311 million in 2014 to €303 million in 2015. In particular, personnel expenses are down 12% to €21 million (€24 million in 2014), due to a reduction in the average workforce. Depreciation, amortisation and impairment losses are also down 19% to €39 million (€48 million in 2014), following termination, in 2014, of the finance lease for the MVNE technology platform.

KEY PERFORMANCE INDICATORS FOR PRINCIPAL POSTE ITALIANE GROUP COMPANIES

The figures shown in the tables below reflect the financial and operational indicators (as deduced from the related reporting packages) of the principal Group companies, prepared in accordance with International Financial Reporting Standards (IFRS) and approved by the boards of directors of the respective companies.

POSTEL S.P.A. ⁽*⁾

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	224,366	209,015	15,351	7.3%
Operating profit/(loss)	570	3,364	(2,794)	-83.1%
Profit/(loss) for the year	(3,535)	146	(3,681)	n/s
Investment	13,561	10,098	3,463	34.3%
Equity	103,265	134,716	(31,451)	-23.3%
Permanent workforce - end of period	1,186	1,069	117	10.9%
Flexible workforce - average	33	24	9	37.5%

^(*) Postel SpA incorporated PostePrint SpA, effective from an accounting and tax viewpoint from 1 January 2015.
n/s: not significant

SDA EXPRESS COURIER S.P.A. ⁽*⁾

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	534,950	511,140	23,810	4.7%
Operating profit/(loss)	(51,071)	(21,066)	(30,005)	n/s
Profit/(loss) for the year	(39,322)	(21,273)	(18,049)	84.8%
Investment	10,267	5,114	5,153	n/s
Equity	498	784	(286)	-36.5%
Permanent workforce - end of period	1,434	1,397	37	2.6%
Flexible workforce - average	144	170	(26)	-15.3%

^(*) SDA Express Courier SpA incorporated Italia Logistica Srl, effective from an accounting and tax viewpoint from 1 June 2015.
^(**) Equity includes the recapitalisation of €40 million completed by the Parent Company during the year.
n/s: not significant

POSTE TUTELA S.P.A.

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	84,039	86,472	(2,433)	-2.8%
Operating profit/(loss)	411	1,311	(900)	-68.6%
Profit/(loss) for the year	258	902	(644)	-71.4%
Investment	41	160	(119)	-74.4%
Equity	12,662	12,401	261	2.1%
Permanent workforce - end of period	15	13	2	15.4%

POSTECOM S.P.A.

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	79,015	91,394	(12,379)	-13.5%
Operating profit/(loss)	1,999	525	1,474	n/s
Profit/(loss) for the year	77	(1,035)	1,112	n/s
Investment	7,579	10,978	(3,399)	-31.0%
Equity^(*)	21,003	50,815	(29,812)	-58.7%
Permanent workforce - end of period	289	351	(62)	-17.7%
Flexible workforce - average	6	8	(2)	-25.0%

^(*) The company paid dividends totalling €30 million during the year.
n/s: not significant

EUROPA GESTIONI IMMOBILIARI S.P.A.⁽*⁾

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	14,447	15,779	(1,332)	-8.4%
Operating profit/(loss)	2,000	1,205	795	66.0%
Profit/(loss) for the year	943	45	898	n/s
Investment	812	956	(144)	-15.1%
Equity(*)	233,833	362,857	(129,024)	-35.6%
Permanent workforce - end of period	30	17	13	76.5%

^(*) Europa Gestioni Immobiliari SpA incorporated Poste Energia SpA , effective from an accounting and tax viewpoint from 31 December 2015.
^(**) The company paid dividends totalling €130 million during the year.
n/s: not significant

POSTESHOP S.P.A.

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	9,761	23,000	(13,239)	-57.6%
Operating profit/(loss)	(3,097)	(12,070)	8,973	-74.3%
Profit/(loss) for the year	595	(12,544)	13,139	n/s
Investment	-	12	(12)	n/s
Equity(*)	1,895	(7,752)	9,647	n/s
Permanent workforce - end of period	28	47	(19)	-40.8%
Flexible workforce - average	1	1	-	n/s

^(*) Equity includes the recapitalisation of €9 million completed by the Parent Company during the year.
n/s: not significant

MISTRAL AIR SRL

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	115,772	130,780	(15,008)	-11.5%
Operating profit/(loss)	1,078	(2,502)	3,580	n/s
Profit/(loss) for the year	573	(2,495)	3,068	n/s
Investment	88	269	(181)	-67.3%
Equity	4,577	3,998	579	14.5%
Permanent workforce - end of period	152	163	(11)	-6.7%
Flexible workforce - average	77	50	27	54.0%

n/s: not significant

BANCOPOSTA FONDI S.P.A. SGR

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Fee income	58,084	48,880	9,204	18.8%
Net fee income	34,188	28,816	5,372	18.6%
Profit/(loss) for the year	16,496	14,092	2,404	17.1%
Financial assets (liquidity and securities)	65,851	67,891	(2,040)	-3.0%
Equity^(*)	56,820	60,274	(3,454)	-5.7%
Permanent workforce - end of period	52	55	(3)	-5.5%
Flexible workforce - average	1	-	1	n/s

^(*) The company paid dividends totalling €20 million during the year.
n/s: not significant

BANCA DEL MEZZOGIORNO – MEDIOCREDITO CENTRALE S.P.A.

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Net interest income	47,725	43,699	4,026	9.2%
Net fee and commission income	44,055	41,070	2,985	7.3%
Profit/(loss) for the year	32,427	37,562	(5,135)	-13.7%
Financial assets	2,523,777	2,273,506	250,271	11.0%
Equity^(*)	425,511	426,747	(1,236)	-0.3%
Permanent workforce - end of period	274	268	6	2.2%
Flexible workforce - average	21	16	5	31.3%

^(*) The company paid dividends totalling €34 million during the year.

POSTE VITA S.P.A.⁽*⁾

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Insurance premium revenue ^(**)	18,145,452	15,430,742	2,714,710	17.6%
Profit/(loss) for the year	388,421	350,157	38,264	10.9%
Financial assets	102,210,858	89,983,564	12,227,294	13.6%
Technical provisions for insurance business	100,201,523	87,129,449	13,072,074	15.0%
Equity^(*)	3,283,955	3,052,208	231,747	7.6%
Permanent workforce - end of period	311	279	32	11.5%
Flexible workforce - average	3	12	(9)	-75.0%

^(*) The figures shown have been prepared in accordance with IFRS and therefore may not coincide with those in the financial statements prepared under Italian GAAP and in accordance with the Italian Civil Code.
^(**) Insurance premium revenue is reported gross of outward reinsurance premiums.
^(***) The company paid dividends totalling €150 million during the year.

POSTE ASSICURA S.P.A.⁽*⁾

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Insurance premium revenue ^(**)	93,287	79,001	14,286	18.1%
Profit/(loss) for the year	8,954	7,254	1,700	23.4%
Financial assets	139,884	117,013	22,871	19.5%
Technical provisions for insurance business	112,317	89,774	22,543	25.1%
Equity	65,225	54,813	10,412	19.0%
Permanent workforce - end of period	57	52	5	9.6%
Flexible workforce - average	-	4	(4)	n/s

POSTEMOBILE S.P.A.

			Increase/(decrease)
(€000)	2015	2014	Amount	%
Revenue from sales and services	333,530	325,290	8,240	2.5%
Operating profit/(loss)	31,116	13,651	17,465	n/s
Profit/(loss) for the year	18,726	7,760	10,966	n/s
Investment	29,077	56,127	(27,050)	-48.2%
Equity^(*)	66,657	72,660	(6,003)	-8.3%
Permanent workforce - end of period	308	326	(18)	-5.5%
Flexible workforce - average	5	5	0	n/s

^(*) The company paid dividends totalling €25 million during the year.
n/s: not significant