Operating results

The performance in the first nine months of 2019 has resulted in consolidated operating profit of €1,540 million, an increase of 2.1% compared with the same period of the previous year (€1,509 million).

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AS OF 30 SEPTEMBER 2019

	For the nine months ended 30 September
Revenue	8,089	7,951	138	1.7%
of which:
Mail, Parcels & Distribution	2,555	2,590	(34)	-1.3%
Payments, Mobile and Digital	477	434	43	9.8%
Financial Services	3,838	3,879	(42)	-1.1%
of which gross capital gains	261	404	(142)	-35.3%
Insurance Services	1,219	1,048	171	16.3%
Costs	5,974	6,037	(63)	-1.0%
of which:
Total personnel expenses	4,121	4,151	(30)	-0.7%
of which ordinary personnel expenses	4,109	4,123	(14)	-0.3%
of which early retirement incentives	13	29	(15)	-52.8%
of which disputes and other extraordinary items	(1)	0	(1)	604.9%
Other operating costs	1,853	1,886	(32)	-1.7%
EBITDA	2,115	1,915	200	10.5%
Depreciation, amortisation and impairments	575	406	169	41.5%
EBIT	1,540	1,509	32	2.1%
EBIT Margin	19.0%	19.0%
Finance income/(costs)	23	43	(21)	-47.7%
Profit before tax	1,563	1,552	11	0.7%
Income tax expense	480	496	(16)	-3.3%
Net profit	1,083	1,056	27	2.6%
Earnings per share (€)	0.83	0.81	0.02	3.0%

TOTAL REVENUE BY OPERATING SEGMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER
(DATA IN MILLIONS OF EURO)

TOTAL REVENUE BY OPERATING SEGMENT

The Group’s total reported revenue of €8.1 billion is up €138 million (1.7%) compared with the first nine months of 2018. This reflects the positive contribution of the Insurance Services Strategic Business Unit, which contributed €1,219 million to total revenue.

	For the nine months ended 30 September
Results of operations (€m)	2019	2018	Increase/(decrease)
Revenue	8,089	7,951	138	1.7%
of which:
Mail, Parcels & Distribution	2,555	2,590	(34)	-1.3%
Payments, Mobile and Digital	477	434	43	9.8%
Financial Services	3,838	3,879	(42)	-1.1%
of which gross capital gains	261	404	(142)	-35.3%
Insurance Services	1,219	1,048	171	16.3%
Costs	5,974	6,037	(63)	-1.0%
of which:
Total personnel expenses	4,121	4,151	(30)	-0.7%
of which ordinary personnel expenses	4,109	4,123	(14)	-0.3%
of which early retirement incentives	13	29	(15)	-52.8%
of which disputes and other extraordinary items	(1)	0	(1)	604.9%
Other operating costs	1,853	1,886	(32)	-1.7%
EBITDA	2,115	1,915	200	10.5%
Depreciation, amortisation and impairments	575	406	169	41.5%
EBIT	1,540	1,509	32	2.1%
EBIT Margin	19.0%	19.0%
Finance income/(costs)	23	43	(21)	-47.7%
Profit before tax	1,563	1,552	11	0.7%
Income tax expense	480	496	(16)	-3.3%
Net profit	1,083	1,056	27	2.6%
Earnings per share (€)	0.83	0.81	0.02	3.0%