The performance in 2017 has enabled the Group to achieve consolidated operating profit of €1,123 million, registering growth of 7.9% compared with the previous year (€1,041 million). This was primarily due to the positive contribution to the result from the Insurance Services segment.
Profit for the year of €689 million is up 10.8% on the previous year (profit of €622 million).
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
|Results of operations for the year ended 31 December (€m)||2017||2016||Increase/(decrease)|
|Mail, Parcels and Distribution||3,631||3,822||(191)||-5.0%|
|Payments, Mobile and Digital||586||570||16||2.8%|
|Total personnel expenses||6,093||6,241||(148)||-2.4%|
|of which personnel expenses||5,594||5,732||(138)||-2.4%|
|of which early retirement incentives||499||509||(10)||-2.0%|
|Other operating costs||2,868||2,780||88||3.2%|
|Depreciation, amortisation and impairments||545||581||(36)||-6.2%|
|Finance income/(costs) and profit/(loss) on investments accounted for using the equity method||(56)||15||(71)||n/s|
|Profit before tax||1,067||1,056||11||1.0%|
|Income tax expense||378||434||(56)||-12.9%|
|Profit for the year||689||622||67||10.8%|
|Earnings per share||0.53||0.48||0.05||10.9%|
|Dividend per share (€)||0.42||0.39||0.03||7.7%|
GROUP – TOTAL REVENUE BY OPERATING SEGMENT
(DATA IN MILLION EURO)
The Group’s total revenue amounts to €10.6 billion and is broadly in line with the previous year (down 0.1%).
- Mail, Parcels and Distribution services: amounts to €3,631 million, marking a decline of 5% compared with 2016. This reflects a reduction in traditional letter post, on the other hand parcel revenue continued to grow.
- Payments, Mobile and Digital segment: hanno contribuito alla formazione dei ricavi per 586 milioni di euro e accolgono i ricavi dei servizi di pagamento, i prodotti di monetica e i servizi di telefonia PosteMobile SpA.
- Financial Services: total revenue is down from €5,009 million in 2016 to €4,956 million (a decline of 1.1%). However, it should be noted that the figure for the comparable period included non-recurring income of €121 million generated by the sale of the Group’s investment in Visa Europe Ltd. and revenue resulting from the investment in Banca del Mezzogiorno–MCC, amounting to approximately €56 million. The figure for 2017, on the other hand, has benefitted from income of €91 million generated by the sale of shares in Mastercard Incorporated. After stripping out the above items from the figure for 2016, revenue for 2017 is up €33 million (1%).
- Insurance Services: contributed €1,456 million to total revenue (€1,242 million in the previous year), confirming the good performance.