Rome, 29 Mar 2018 14:16
The Board of Directors of Poste Italiane S.p.A. (“Poste Italiane”), chaired by Maria Bianca Farina, has examined and approved today the Annual Financial Report for 2017, including Poste Italiane’s separate financial statement for the year 2017 and the Poste Italiane Group’s consolidated financial statement for the year 2017, which confirm the preliminary consolidated results for 2017 previously announced on 19 February 2018.
The Board of Directors also decided to propose the payment of €0.42 dividend per share, to be paid entirely from the parent company’s net profit for 2017. The proposed ex-dividend date is 18 June 2018, the record date 19 June 2018 and the payment date 20 June 2018.
Poste Italiane’s separate financial statements for the year ended 31 December 2017 will be submitted for approval – together with the proposal for payment of the dividend – to the Annual General Meeting of shareholders scheduled for 29 May 2018. The notice of call will be published in due course.
The Annual Financial Report for 2017 will be made available to the public within the terms laid down by law (i.e., by 30 April 2018) on the following webpage: https://www.posteitaliane.it/en/reports.html
The Poste Italiane Group’s consolidated balance sheet, statement of profit/(loss), and statement of cash flows are attached to this release. The corresponding statements for Poste Italiane SpA are also attached. The financial statements and the related notes have been delivered to the Board of Statutory Auditors and will be audited by Poste Italiane’s Independent Auditors.
The manager responsible for financial reporting, Luciano Loiodice, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this release corresponds to the underlying accounting records.
Condensed segment information
In accordance with IFRS 8 – Operating Segments, an operating segment is a component of the Group: a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same Group), b) whose operating results are reviewed regularly by the Group’s highest operating decision makers about resources to be allocated to the segment and assess its performance and c) for which discrete financial information is available.
As previously stated in the release of 19 February 2018, announcing the preliminary results for 2017, in view of the Group’s new strategic guidelines and the internal reorganisation announced on 27 February 2018 during the presentation of Deliver 2022, the segment information provided in the Annual Report approved today has changed. The operating segments reflects the four principal areas of business in which the Poste Italiane Group operates:
The main financial data referred to the operating segments of Poste Italiane Group are shown below:
Mail, Parcel and Distribution
Results (€m):
PAYMENTS, MOBILE AND DIGITAL
Results (€m):
FINANCIAL SERVICES
Results (€m):
INSURANCE SERVICES
Results (€m):
(*)In line with the new format for the consolidated statement of profit/(loss) for the year, the items refer to the sum of gross premiums net of reinsurance, income and losses from financial instruments attributable to insurance activities and the movement in technical provisions and claims expenses.
ALTERNATIVE PERFORMANCE INDICATORS
The meaning and the content of alternative performance indicators, not provided for in IAS/IFRS, are described below. These indicators are used to provide a clearer basis for assessment of the Group’s operating and financial performance.
NET FINANCIAL POSITION OF THE GROUP: is the sum of financial liabilities, technical reserves for the insurance business, financial assets, technical reserves attributable to reinsurers, cash and deposits attributable to BancoPosta and cash and cash equivalents.
Composition of net financial position* (€m):
* Net financial position: (Surplus) / Net debt
The net financial position of the operating sector Mail, Parcel and Distribution is relevant for the distribution of dividends.
To see the press release in full version download pdf.
For further information:
Poste Italiane S.p.A. – Media Relations
Federica de Sanctis
Head of Media Relations
Tel. +39 0659582097
Mail federica.desanctis@posteitaliane.it
Poste Italiane S.p.A. – Investor Relations
Massimiliano R. Riggi
Head of Investor Relations and Business Insight
Tel. +39 0659584716
Mail massimiliano.riggi@posteitaliane.it
The Board of Directors also decided to propose the payment of €0.42 dividend per share, to be paid entirely from the parent company’s net profit for 2017. The proposed ex-dividend date is 18 June 2018, the record date 19 June 2018 and the payment date 20 June 2018.
Poste Italiane’s separate financial statements for the year ended 31 December 2017 will be submitted for approval – together with the proposal for payment of the dividend – to the Annual General Meeting of shareholders scheduled for 29 May 2018. The notice of call will be published in due course.
The Annual Financial Report for 2017 will be made available to the public within the terms laid down by law (i.e., by 30 April 2018) on the following webpage: https://www.posteitaliane.it/en/reports.html
* * *
The Poste Italiane Group’s consolidated balance sheet, statement of profit/(loss), and statement of cash flows are attached to this release. The corresponding statements for Poste Italiane SpA are also attached. The financial statements and the related notes have been delivered to the Board of Statutory Auditors and will be audited by Poste Italiane’s Independent Auditors.
The manager responsible for financial reporting, Luciano Loiodice, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this release corresponds to the underlying accounting records.
* * *
Condensed segment information
In accordance with IFRS 8 – Operating Segments, an operating segment is a component of the Group: a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same Group), b) whose operating results are reviewed regularly by the Group’s highest operating decision makers about resources to be allocated to the segment and assess its performance and c) for which discrete financial information is available.
As previously stated in the release of 19 February 2018, announcing the preliminary results for 2017, in view of the Group’s new strategic guidelines and the internal reorganisation announced on 27 February 2018 during the presentation of Deliver 2022, the segment information provided in the Annual Report approved today has changed. The operating segments reflects the four principal areas of business in which the Poste Italiane Group operates:
- Mail, Parcel and Distribution, with the same perimeter of the former Postal and Business Services operating segment and highlighting the key role of distribution activities;
- Payments, Mobile and Digital, which includes the activities carried out by the new function within the Parent Company, with a particular focus on the development of collection, payment and digital services, and the mobile telecommunications services;
- Financial Services, which includes the activities of asset gathering and asset management and the transaction banking services not included in the Payments, Mobile and Digital segment;
- Insurance Services, which includes the activities of Poste Vita Group.
The main financial data referred to the operating segments of Poste Italiane Group are shown below:
Mail, Parcel and Distribution
Results (€m):
| 2017 | 2016 | Var. | |
| Segment revenue | 3,631 | 3,822 | - 5.0% |
| Intersegment revenue | 4,497 | 4,540 | - 0.9% |
| Gross revenue | 8,128 | 8,362 | - 2.8% |
| Operating profit/(loss) | (517) | (436) | -18.6% |
PAYMENTS, MOBILE AND DIGITAL
Results (€m):
| 2017 | 2016 | Var. | |
| Segment revenue | 586 | 570 | 2.8% |
| Intersegment revenue | 328 | 359 | - 8.6% |
| Gross revenue | 914 | 929 | - 1.6% |
| Operating profit/(loss) | 195 | 213 | - 8.5% |
FINANCIAL SERVICES
Results (€m):
| 2017 | 2016 | Var. | |
| Segment revenue | 4,956 | 5,009 | - 1,1% |
| Intersegment revenue | 1,014 | 982 | 3,3% |
| Gross revenue | 5,970 | 5,991 | - 0,4% |
| Operating profit/(loss) | 646 | 660 | - 2,1% |
INSURANCE SERVICES
Results (€m):
| 2017 | 2016 | Var. | |
| Segment revenue(*) | 1,456 | 1,242 | 17.2% |
| Intersegment revenue | 1 | - | n.s. |
| Gross revenue(*) | 1,457 | 1,242 | 17.3% |
| Operating profit/(loss) | 799 | 604 | 32.3% |
(*)In line with the new format for the consolidated statement of profit/(loss) for the year, the items refer to the sum of gross premiums net of reinsurance, income and losses from financial instruments attributable to insurance activities and the movement in technical provisions and claims expenses.
* * *
ALTERNATIVE PERFORMANCE INDICATORS
The meaning and the content of alternative performance indicators, not provided for in IAS/IFRS, are described below. These indicators are used to provide a clearer basis for assessment of the Group’s operating and financial performance.
NET FINANCIAL POSITION OF THE GROUP: is the sum of financial liabilities, technical reserves for the insurance business, financial assets, technical reserves attributable to reinsurers, cash and deposits attributable to BancoPosta and cash and cash equivalents.
Composition of net financial position* (€m):
| Mail, Parcel and Distribution | Payments, Mobile and Digital | Financial Services | Insurance Services | Adjustments | Consolidated | |
| Balance at 31 December 2017 | ||||||
| Financial liabilities | 2,249 | 2,970 | 62,063 | 1,017 | (5,055) | 63,244 |
| Technical reserves for the insurance business | 123,650 | 123,650 | ||||
| Financial assets | (1,097) | (3,283) | (60,688) | (125,860) | 4,162 | (186,766) |
| Technical reserves attributable to reinsurers | (71) | (71) | ||||
| Cash and deposits attributable to BancoPosta | (3,196) | (3,196) | ||||
| Cash and cash equivalents | (1,997) | (21) | (396) | (907) | 893 | (2,428) |
| Net financial position* | (845) | (334) | (2,217) | (2,171) | (5,567) | |
| Balance at 31 December 2016 | ||||||
| Financial liabilities | 2,087 | 2,284 | 59,219 | 1,012 | (3,681) | 60,921 |
| Technical reserves for the insurance business | 113,678 | 113,678 | ||||
| Financial assets | (1,236) | (2,609) | (58,529) | (115,596) | 3,608 | (174,362) |
| Technical reserves attributable to reinsurers | (66) | (66) | ||||
| Cash and deposits attributable to BancoPosta | (2,494) | (2,494) | ||||
| Cash and cash equivalents | (1,556) | (21) | (1,320) | (1,324) | 319 | (3,902) |
| Net financial position* | (705) | (346) | (3,124) | (2,296) | 246 | (6,225) |
* Net financial position: (Surplus) / Net debt
The net financial position of the operating sector Mail, Parcel and Distribution is relevant for the distribution of dividends.
* * *
To see the press release in full version download pdf.
For further information:
Poste Italiane S.p.A. – Media Relations
Federica de Sanctis
Head of Media Relations
Tel. +39 0659582097
Mail federica.desanctis@posteitaliane.it
Poste Italiane S.p.A. – Investor Relations
Massimiliano R. Riggi
Head of Investor Relations and Business Insight
Tel. +39 0659584716
Mail massimiliano.riggi@posteitaliane.it
