Poste Italiane SpA’s net invested capital amounts to €2,321 million at 31 December 2018 (€2,239 million at 31 December 2017).
NET FUNDS
The Poste Italiane Group’s non-current assets amount to €3,035 million at 31 December 2018, a reduction of €42 million compared with the figure at the end of 2017. This figure reflects investment of €538 million – offset by depreciation, amortisation and impairments, totalling €570 million – and the Parent Company’s subscription, in April 2018, for shares issued by Anima Holding SpA as a result of its rights issue, amounting to €30 million. Further movements regard impairment losses of approximately €40 million recognised following impairment tests.
The Group’s investment amounted to €538 million in 2018, an increase of 15% compared with 2017 (up €71 million).
| at 31 December (€m) | 31 December 2018 | 31 December 2017 | Change | |
|---|---|---|---|---|
| Property, plant and equipment and Investment property | 1,993 | 2,053 | (60) | -2.9% |
| Intangible assets | 545 | 516 | 29 | 5.6% |
| Investments accounted for using the equity method | 497 | 508 | (11) | -2.2% |
| Total non-current assets | 3,035 | 3,077 | (42) | -1.4% |
| Trade receivables, Other receivables and assets and Inventories | 6,914 | 6,170 | 744 | 12.1% |
| Trade payables and other liabilities | (5,282) | (4,788) | (494) | 10.3% |
| Current tax assets and liabilities | 105 | 70 | 35 | 50.0% |
| Net working capital | 1,737 | 1,452 | 285 | 19.6% |
| Gross invested capital | 4,772 | 4,529 | 243 | 5.4% |
| Provisions for risks and charges | (1,519) | (1,595) | 76 | -4.8% |
| Provisions for employee termination benefits | (1,187) | (1,274) | 87 | -6.8% |
| Deferred tax assets/(liabilities) | 666 | 323 | 343 | 106.2% |
| Net invested capital | 2,732 | 1,983 | 749 | 37.8% |
| Equity | 8,105 | 7,550 | 555 | 7.4% |
| of which: net profit | 1,399 | 689 | 709 | 102.9% |
| of which: fair value reserve | (69) | 371 | (440) | -118.6% |
| Financial liabilities | 66,929 | 63,244 | 3,685 | 5.8% |
| Technical provisions for the insurance business | 125,076 | 123,579 | 1,497 | 1.2% |
| Financial assets | (190,864) | (186,766) | (4,098) | 2.2% |
| Cash and deposits attributable to BancoPosta | (3,318) | (3,196) | (122) | 3.8% |
| Cash and cash equivalent | (3,195) | (2,428) | (767) | 31.6% |
| Net funds | (5,372) | (5,567) | 195 | -3.5% |
FINANCIAL POSITION
Total net funds at 31 December 2018 amount to €5,372 million, down from the figure at 31 December 2017 (when net funds totalled €5,567 million). The change during the period reflects the increase in net working capital and a reduction in the fair value of investments classified as FVTOCI, which is not reflected in the change in technical provisions for the insurance business (as these investments are primarily held by BancoPosta RFC).
| at 31 December 2018 (€m) | Mail, Parcels & Distribution | Payments, Mobile and Digital | Financial Services | Insurance Services | Adjustments and elimination | Total |
|---|---|---|---|---|---|---|
| Property, plant and equipment and Investment property | 1,957 | 23 | - | 12 | 1 | 1,993 |
| Intangible assets | 467 | 30 | - | 48 | - | 545 |
| Investments accounted for using the equity method | 1,434 | 280 | 214 | 157 | (1,588) | 497 |
| Total non-current assets | 3,858 | 333 | 214 | 217 | (1,587) | 3,035 |
| Trade receivables, Other receivables and assets and Inventories | 2,534 | 382 | 2,798 | 2,433 | (1,232) | 6,914 |
| Trade payables and other liabilities | (3,259) | (502) | (1,917) | (836) | 1,231 | (5,282) |
| Current tax assets and liabilities | 86 | (3) | 1 | 22 | (1) | 105 |
| Net working capital | (639) | (123) | 882 | 1,619 | (2) | 1,737 |
| Gross invested capital | 3,219 | 210 | 1,096 | 1,836 | (1,589) | 4,772 |
| Provisions for risks and charges | (980) | (16) | (512) | (11) | (1) | (1,519) |
| Provisions for employee termination benefits | (1,178) | (2) | (5) | (2) | 1 | (1,187) |
| Deferred tax assets/(liabilities) | 389 | 15 | 135 | 127 | 1 | 666 |
| Net invested capital | 1,450 | 207 | 714 | 1,950 | (1,588) | 2,732 |
| Equity | 2,581 | 243 | 2,911 | 3,958 | (1,588) | 8,105 |
| of which: net profit | (372) | 153 | 617 | 1,001 | - | 1,399 |
| of which: fair value reserve | 4 | - | (72) | (1) | - | (69) |
| Financial liabilities | 1,259 | 4,307 | 67,022 | 1,034 | (6,693) | 66,929 |
| Technical provisions for the insurance business | - | - | - | 125,076 | - | 125,076 |
| Financial assets | (1,417) | (4,097) | (64,578) | (126,545) | 5,773 | (190,864) |
| Cash and deposits attributable to BancoPosta | - | - | (3,318) | - | - | (3,318) |
| Cash and cash equivalent | (973) | (246) | (1,323) | (1,574) | 921 | (3,195) |
| Net funds | (1,131) | (36) | (2,197) | (2,008) | - | (5,372) |
|
at 31 December 2017 | Mail, Parcels & Distribution | Payments, Mobile and Digital | Financial Services | Insurance Services | Adjustments and elimination | Total |
|---|---|---|---|---|---|---|
| Property, plant and equipment and Investment property | 2,025 | 18 | 1 | 9 | - | 2,053 |
| Intangible assets | 440 | 33 | - | 43 | - | 516 |
| Investments accounted for using the equity method | 1,294 | 286 | 222 | 157 | (1,451) | 508 |
| Total non-current assets | 3,759 | 337 | 223 | 209 | (1,451) | 3,077 |
| Trade receivables, Other receivables and assets and Inventories | 2,352 | 115 | 2,454 | 1,972 | (723) | 6,170 |
| Trade payables and other liabilities | (2,892) | (171) | (1,526) | (781) | 582 | (4,788) |
| Current tax assets and liabilities | 77 | 3 | (1) | (9) | - | 70 |
| Net working capital | (463) | (53) | 927 | 1,182 | (141) | 1,452 |
| Gross invested capital | 3,296 | 284 | 1,150 | 1,391 | (1,592) | 4,529 |
| Provisions for risks and charges | (1,031) | (21) | (532) | (11) | - | (1,595) |
| Provisions for employee termination benefits | (1,253) | (3) | (16) | (3) | 1 | (1,274) |
| Deferred tax assets/(liabilities) | 388 | 10 | 94 | (170) | 1 | 323 |
| Net invested capital | 1,400 | 270 | 696 | 1,207 | (1,590) | 1,983 |
| Equity | 2,735 | 325 | 2,702 | 3,378 | (1,590) | 7,550 |
| of which: net profit | (502) | 146 | 499 | 546 | - | 689 |
| of which: fair value reserve | 12 | - | 180 | 179 | - | 371 |
| Financial liabilities | 2,249 | 3,249 | 62,274 | 1,017 | (5,545) | 63,244 |
| Technical provisions for the insurance business | - | - | - | 123,579 | - | 123,579 |
| Financial assets | (1,587) | (3,283) | (60,688) | (125,860) | 4,652 | (186,766) |
| Cash and deposits attributable to BancoPosta | - | - | (3,196) | - | - | (3,196) |
| Cash and cash equivalent | (1,997) | (21) | (396) | (907) | 893 | (2,428) |
| Net funds | (1,335) | (55) | (2,197) | (2,006) | - | (5,567) |