Matteo Del Fante, Poste Italiane Chief Executive Officer and General Manager:
“The first half of the year 2020 has been a defining moment for the Country and the company. The benefits of business diversification and operational resilience have been confirmed in a challenging environment. Poste Italiane managed to ensure uninterrupted business while supporting all stakeholders. Extensive co-operation with national institutions continues, with our operational know-how supporting the Protezione Civile’s (Italian Civil Protection Department) logistics activities.
Revenues were penalized by the sharp mail decline, mitigated by a record high B2C parcels delivered also thanks to the fully fledged Joint Delivery Model and our state of the art automated sorting centre in Bologna.
Our digital and third-party distribution channels have effectively complemented the physical network of our post offices, both during lockdown and the recovery phase.
We are seeing growing momentum in revenues, we succeeded to preserve a solid balance sheet and, as planned, we paid 2019 dividend. We are also keeping our dividend strategy unchanged ahead of the Deliver 2022 update in Q4.
We are assessing and executing significant cost reduction initiatives with the aim of preserving long term profitability, with the second quarter already benefitting from some of these actions.
Long term strategic trends, at the heart of our Deliver 2022 plan, have been confirmed. Thanks to the ongoing transformation plan we are able to seize new market opportunities.
I am confident in our ability to drive change and create value for all our stakeholders. The daily hard work of our people and the resiliency they have demonstrated are materially contributing to the gradual commercial recovery which we expect to continue in the second half of the year.”
Revenues were penalized by the sharp mail decline, mitigated by a record high B2C parcels delivered also thanks to the fully fledged Joint Delivery Model and our state of the art automated sorting centre in Bologna.
Our digital and third-party distribution channels have effectively complemented the physical network of our post offices, both during lockdown and the recovery phase.
We are seeing growing momentum in revenues, we succeeded to preserve a solid balance sheet and, as planned, we paid 2019 dividend. We are also keeping our dividend strategy unchanged ahead of the Deliver 2022 update in Q4.
We are assessing and executing significant cost reduction initiatives with the aim of preserving long term profitability, with the second quarter already benefitting from some of these actions.
Long term strategic trends, at the heart of our Deliver 2022 plan, have been confirmed. Thanks to the ongoing transformation plan we are able to seize new market opportunities.
I am confident in our ability to drive change and create value for all our stakeholders. The daily hard work of our people and the resiliency they have demonstrated are materially contributing to the gradual commercial recovery which we expect to continue in the second half of the year.”
In the presence of restrictive measures necessary to combat the Covid-19 epidemic, Poste Italiane has worked to implement measures aimed at protecting the safety and health of staff and customers, guaranteeing continuity of a service that is essential for the life of the country. Innovative formulas have been launched in the area of work organisation and effective solutions have been put in place to safely provide all the necessary services for citizens, guaranteeing special attention to the most fragile and needy social groups.Shifts and working methods in the sorting and delivery centres have been revised in order to avoid the concentration of personnel within the operational sites. It has ensured a constant and adequate supply to its employees of sanitary equipment, such as masks, disinfectant gels and disposable gloves and an extraordinary sanitization of production sites, headquarters and Post Offices.
The Company has activated thermal imaging cameras for temperature control for all areas of forced access at the Rome EUR head quarters, as well as yellow lines in the Post Offices to maintain proper social distance. In the midst of the health emergency, the activity of over 90% of Post Offices has been rationalised through the rationing of openings of both double shift and single shift offices.
During the lockdown, a very important manoeuvre was obtained by the Civil Defence for the advance and diluted payment in six days of the April pensions, as well as those of May and June, so as to avoid a gathering of elderly pensioners in the Post Offices. Poste Italiane has upgraded its electronic channels to allow the payment of pensions remotely, and an alphabetical call system has been set up in an anti contagion perspective for those who need to withdraw cash from Post Offices. Thanks to an agreement with the Carabinieri, citizens over 75 were given the opportunity to receive money at their home free of charge, delegating the Carabinieri to collect it.With the aim of providing the best possible assistance to people infected by Covid-19, the guarantees offered to subscribers of Poste Assicura health policies and employees of the Company who have adhered to the Group’s Healthcare Fund plan have been extended free of charge. In addition, Poste Italiane customers have been given the opportunity to request online the advance payment of the Cassa Integrazione Guadagni redundancy fund, as a form of support in these difficult times.
The Group has decided to adopt a responsible remuneration policy, reducing the MBO 2020 bonus by 50% for all its management, more than 1,300 beneficiaries. Moreover, an agreement was signed with Assidipost-Federmanager on support initiatives for the institutions most involved in the health emergency and for colleagues and their families affected by the contagion. In favour of the Civil Protection Department was the establishment of “Ora Etica”, an initiative that allows Group employees to donate, on a voluntary basis and following formal adhesion, the amount equivalent to the net salary of one hour’s work.
In its constant attention to Sustainability, Poste Italiane has decided to adhere, together with 110 other signatories among associations, entities and companies, to the Manifesto “Coming out of the pandemic with a new Green Deal for Italy”.With the aim of promoting sustainable recovery from the Covid-19 emergency, the Group companies, Poste Vita and BancoPostaFondi SGR, then signed the “Investor Statement for Coronavirus Response” initiative, promoted by PRI, CDP, UNEPFI and other networks of investors committed to climate change, and “EU Alliance for a Green Recovery”,a manifesto in line with the climate commitments defined in the Green Deal promoted by the EU. In addition, to encourage solutions to support and promote new urban mobility models with “zero” emissions during Covid-19 Phase 2, the #IoVadoinCarsharingInFase2 initiative was launched for Group employees in the Piedmont, Lombardy, Tuscany and Lazio regions.
Finally, the Poste Italiane transformation process continues, further strengthening its network and services thanks to Microsoft platforms, to develop the digitisation of the Group and the country, a factor that is even more essential following the health emergency. Strong leverage has been made on the Microsoft Cloud, favouring the introduction of a new and more efficient working model also in a smart working logic during the Covid-19 emergency phase.The performance of the Digital Assistant has also been improved, through the introduction of the voicebot, in addition to the pre-existing chatbot, able to address numerous standardised and repetitive requests for assistance, giving valuable time to the employees of theCustomer Service area for the management of more complex and emerging situations.
Thanks to the many innovative solutions adopted, Poste Italiane has been able to deal effectively with a very difficult period of health emergency for the country, guaranteeing an optimal serviceto its customers every day, in compliance with the required safety standards.
