Overdelivering under different market environments
We have constantly over-delivered on our key targets. Every single year since we started our transformation journey back in 2017 with a simple ambition: to maximise value for our clients and be the most effective and trusted distribution network in Italy.
We have demonstrated our nature of being an antifragile company: we have always adapted to a rapidly evolving operating context, transforming challenges into opportunities, as we did during the pandemic.
In 2023 we posted a record EBIT of €2.62 billion, twice 2017 EBIT, with a similar trend for our compelling dividend distribution.
We have demonstrated our nature of being an antifragile company: we have always adapted to a rapidly evolving operating context, transforming challenges into opportunities, as we did during the pandemic.
In 2023 we posted a record EBIT of €2.62 billion, twice 2017 EBIT, with a similar trend for our compelling dividend distribution.
| € bn unless otherwise stated | 2017 | 2018 | 2019 | 20204 | 2021 | 20221 | 2023 |
|---|---|---|---|---|---|---|---|
| REVENUES2 | 10.57 | 10.82
|
10.96
|
10.53 | 11.22
|
11.37
|
11.99
|
| EBIT | 1.12 | 1.50
|
1.77
|
1.52 | 1.85
|
2.40
|
2.62
|
| NET PROFIT3 | 0.69 | 1.40
|
1.34
|
1.21
|
1.58
|
1.58
|
1.93
|
| DPS (€) | 0.42 | 0.44
|
0.46
|
0.49
|
0.59
|
0.65
|
0.805
|
|
Achieved |
Overachieved |
1 2022 numbers are restated for IFRS17
2 Revenues exclude commodity price and pass-through charges related to the energy business. 2017-’19 revenues are restated net of interest expenses and capital losses on investment portfolio;
3 0.76bn excluding write-off of 0.07bn for 2017; 1.01bn excluding positive tax one-offs of 0.39bn for 2018; 1.23bn excluding SIA stake revaluation and positive tax one-offs of
0.11bn for 2019; 1.11bn excluding positive tax one-offs of 0.1bn for 2020; 1.33bn excluding Nexi stake revaluation and positive tax one-offs of 0.25bn for 2021.
4 Impacted by Covid-19
5 Proposed
Group results 2016-2023
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|---|---|---|---|---|---|---|---|---|---|
| Revenues (€m) | 10,581 | 10,572 | 10,819 | 10,960 | 10,526 | 11,220 | 11,374 | 11,989 | +1.8% |
| EBIT (€m) | 1,041 | 1,123 | 1,499 | 1,774 | 1,524 | 1,846 | 2,396 | 2,620 | +14.1% |
| Net Profit (€m) | 622 | 689 | 1,399 | 1,342 | 1,206 | 1,580 | 1,583 | 1,933 | +17.6% |
| DPS (€) | 0.39 | 0.42 | 0.44 | 0.46 | 0.49 | 0.59 | 0.65 | 0.80 | +10.8% |
Growing results since 2017
| €m | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | CAGR 2017-2023 |
|---|---|---|---|---|---|---|---|---|---|
| NET OPERATING REVENUE | 10,581 | 10,572 | 10,819 | 10,960 | 10,526 | 11,220 | 11,374 | 11,989 | +2.1% |
| Mail, Parcel & Distribution | 3,822 | 3,632 | 3,580 | 3,492 | 3,201 | 3,695 | 3,651 | 3,746 | 0.5% |
| Postepay Services | 224 | 532 | 592 | 664 | 737 | 882 | 1,134 | 1,447 | 18.1% |
| Financial Services | 5,293 | 4,953 | 5,176 | 5,135 | 4,945 | 4,783 | 4,939 | 5,229 | 0.9% |
| Insurance Services | 1,242 | 1,456 | 1,470 | 1,669 | 1,643 | 1,861 | 1,650 | 1,567 | 1.2% |
| EBIT | 1,041 | 1,123 | 1,499 | 1,774 | 1,524 | 1,846 | 2,396 | 2,620 | +15.2% |
| Mail, Parcel & Distribution | (436) | (517) | (430) | (347) | (588) | (301) | (326) | (43) | -33.9% |
| Postepay Services | 28 | 194 | 203 | 241 | 259 | 282 | 379 | 440 | 14.6% |
| Financial Services | 813 | 646 | 859 | 874 | 866 | 747 | 887 | 863 | 4.9% |
| Insurance Services | 636 | 799 | 866 | 1,006 | 988 | 1,119 | 1,445 | 1,360 | 9.3% |
| NET PROFIT | 622 | 689 | 1,399 | 1,342 | 1,206 | 1,580 | 1,583 | 1,933 | +18.8% |
| Mail, Parcel & Distribution | (379) | (502) | (372) | (306) | (419) | (226) | (361) | (46) | -32.9% |
| Postepay Services | 144 | 146 | 153 | 272 | 194 | 425 | 270 | 338 | 15.0% |
| Financial Services | 465 | 499 | 617 | 640 | 647 | 556 | 622 | 647 | 4.4% |
| Insurance Services | 392 | 546 | 1,001 | 737 | 784 | 824 | 1,051 | 994 | 10.5% |