The performance in the first half of 2019 has resulted in consolidated operating profit of €1,081 million, an increase of 2.6% compared with the same period of the previous year (€1,053 million).
FINANCIAL REVIEW
| (€m) | 1H 2019 | 1H 2018 | Increase/ (Decrease) | |
|---|---|---|---|---|
| Revenue | 5,521 | 5,430 | 92 | 1,7% |
| of which: | ||||
| Mail, Parcel & Distribution | 1,755 | 1,761 | (5) | -0,3% |
| Payments, Mobile and Digital | 306 | 280 | 26 | 9,4% |
| Financial Services | 2,665 | 2,704 | (40) | -1,5% |
| of which gross capital gains | 261 | 404 | (142) | -35,3% |
| Insurance Services | 795 | 685 | 111 | 16,2% |
| Costs | 4,060 | 4,105 | (45) | -1,1% |
| of which: | ||||
| Total personnel expenses | 2,833 | 2,846 | (13) | -0,4% |
| of which personnel expenses | 2,823 | 2,826 | (2) | -0,1% |
| of which early retirement incentives | 9 | 19 | (11) | -54,8% |
| of which disputes and other extraordinary items | 1 | 1 | 0 | 25,8% |
| Other operating costs | 1,227 | 1,259 | (33) | -2,6% |
| EBITDA | 1,462 | 1,325 | 137 | 10,3% |
| Depreciation, amortisation and impairments | 381 | 272 | 109 | 40,2% |
| EBIT | 1,081 | 1,053 | 28 | 2,6% |
| EBIT margin | 19,6% | 19,4% | ||
| Finance income/(costs) | 18 | 22 | (4) | -17,0% |
| Profit before tax | 1,099 | 1,075 | 24 | 2,2% |
| Income tax expense | 336 | 340 | (4) | -1,2% |
| Net profit | 763 | 735 | 28 | 3,9% |
| Earnings per share | 0,59 | 0,56 | 0,02 | 4,3% |
GROUP - REVENUE BY OPERATING SEGMENT
(DATA IN MILLIONS OF EURO)
The Group’s total revenue of €5.5 billion is up €92 million (1.7%) compared with the first half of 2018. This reflects the positive contribution of the Insurance Services Strategic Business Unit, which contributed €795 million to total revenue.