The performance in 2018 has enabled the Group to achieve consolidated EBIT of €617 million is down €86 million (-12%) compared with the same period of the previous year (€703 million). This essentially reflects the reduction in gross realised gains (down €141 million)
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
|(€m)||Q1 2019||Q1 2018||Increase/(decrease)|
|Mail, Parcels & Distribution||880||899||(19)||-2.1%|
|Payments, Mobile and Digital*||140||130||9||7.3%|
|of which gross capital gains||261||402||(141)||-35.1%|
|Total personnel expenses||1,438||1,430||8||0.5%|
|of which personnel expenses||1,435||1,425||10||-0.7%|
|of which early retirement incentives||3||6||(3)||-50.0%|
|of which disputes and other extraordinary items||0||(1)||1||-104.4%|
|Other operating costs||599||619||(20)||-3.3%|
|Depreciation, amortisation and impairments||188||132||56||42.5%|
|Profit before tax||623||711||(88)||-12.3%|
|Income tax expense||184||226||(41)||-18.3%|
|Earnings per share||0.34||0.37||(0.03)||-9.5%|
* The figures for Q1 2018 have been reclassified on the basis of the new scope of the Payments, Mobile & Digital SBU.
GROUP – TOTAL REVENUE BY OPERATING SEGMENT
(DATA IN MILLION EURO)
The Group’s total revenue of €2.8 billion is down €42 million compared with the first quarter of 2018 (a reduction of 1.5%).
- Mail, Parcels and Distribution services: total revenue amounts to €880 million, a 2% reduction compared with 2018. This reflects a decrease in traditional letter post and in other revenue, partly offset by the performance of parcels, where volumes were up 19.4% from 29 million items in the first quarter of 2018 to 35 million in the first quarter of 2019, resulting in a 14.6% increase in revenue from €175 million to €201 million.
- Payments, Mobile and Digital: contributed revenue of €140 million, up 7.3% compared with the same period of the previous year, reflecting a good performance from card payments, where growth was 14.4%.
- Financial Services: total revenue amounts to €1,485 million, a reduction of €47 million (-3.1%) compared with the first quarter of the previous year. This reflects a decrease in gross realised gains (down €141 million) in line with the Group’s new strategy of reducing the dependence of its results on non-recurring items.
- Insurance Services: contributed total revenue of €337 million, marking an increase of €14 million. The improvement reflects the increase in the net investment result, which benefitted from the greater volume of assets under management, and a positive contribution from the P&C business.