Rome, 17 Feb 2021 06:30
FY-20 ROBUST NET PROFIT AT €1.2BN
€0.486 DIVIDEND (+5% Y/Y)
Q4-20 REVENUES UP 1.4% TO €3.0BN
Q4-20 STRONG OPERATING PROFIT, UP 19.6%, REACHING €280M, WITH POSITIVE CONTRIBUTIONS FROM ALL SEGMENTS
OVER 210M PARCEL VOLUMES, MORE THAN DOUBLING SINCE 2016
Q4-20 CONTINUED PARCEL REVENUE GROWTH FOR THE FIRST TIME MORE THAN OFFSETTING MAIL DECLINE
FY-20 RECORD TFAs OF €569BN, WITH RETAIL NET INFLOWS OF €15.0BN
POSTAL SAVINGS LOWEST OUTFLOWS SINCE 2012
Q4-20 PAYMENTS AND MOBILE REVENUES UP 15.2% Y/Y
ONE-THIRD OF TOTAL TRANSACTIONS NOW ON DIGITAL CHANNELS AND THIRD-PARTY NETWORK
- Q4-20 REVENUES AT €3.0BN, +1.4% Y/Y (-4.0% FY/FY TO €10.5BN IN FY-20) POSTING TANGIBLE RECOVERY SIGNS:
- Q4-20 MAIL, PARCEL & DISTRIBUTION REVENUES AT €950M, +1.4% Y/Y (-8.3% FY/FY AT €3.2BN IN FY-20) WITH RECORD HIGH PARCEL REVENUE GROWTH FULLY OFFSETTING MAIL DECLINE;
- Q4-20 PAYMENTS & MOBILE REVENUES AT €215M, +15.2% Y/Y (+11.1% FY/FY AT €737M IN FY-20) WITH ACCELERATED CARD AND DIGITAL PAYMENTS AND RESILIENT TELCO REVENUES;
- Q4-20 FINANCIAL SERVICES REVENUES AT €1.3BN, -0.1% Y/Y (-3.7% FY/FY AT €4.9BN IN FY-20) SUPPORTED BY STRONG NET INFLOWS;
- Q4-20 INSURANCE SERVICES REVENUES AT €451M, +0.1% Y/Y (-1.6% FY/FY AT €1.6BN IN FY-20) WITH POSITIVE NET INFLOWS SUPPORTED BY A SUCCESSFUL MULTICLASS INSURANCE OFFER.
- Q4-20 PAYMENTS & MOBILE REVENUES AT €215M, +15.2% Y/Y (+11.1% FY/FY AT €737M IN FY-20) WITH ACCELERATED CARD AND DIGITAL PAYMENTS AND RESILIENT TELCO REVENUES;
- Q4-20 FINANCIAL SERVICES REVENUES AT €1.3BN, -0.1% Y/Y (-3.7% FY/FY AT €4.9BN IN FY-20) SUPPORTED BY STRONG NET INFLOWS;
- Q4-20 INSURANCE SERVICES REVENUES AT €451M, +0.1% Y/Y (-1.6% FY/FY AT €1.6BN IN FY-20) WITH POSITIVE NET INFLOWS SUPPORTED BY A SUCCESSFUL MULTICLASS INSURANCE OFFER.
- Q4-20 COSTS AT €2.7BN, -0.2% Y/Y (-2.0% FY/FY AT €9.0BN IN FY-20); EFFECTIVE COST MANAGEMENT ACTIONS IN Q4-20, NET OF €25M EMERGENCY ONE-OFFS AND INCREASING EARLY RETIREMENT CHARGES (+€94M VS Q4-19) TO ACCELERATE BUSINESS TRANSFORMATION;
- FY-20 HR COSTS AT €5.2BN (-6.4% Y/Y) EMBEDDING STRUCTURAL SAVINGS; NON-HR COSTS AT €3.2BN (+5.3% Y/Y) DOWN €136M EXCLUDING ONE-OFF EMERGENCY RELATED COSTS (€106M) AND HIGHER BUSINESS-DRIVEN COSTS IN PARCELS AND TELECOM DUE TO ACCELERATING KEY TRENDS;
- Q4-20 EBIT AT €280M, +19.6% Y/Y (-14.1% FY/FY AT €1.5BN IN FY-20) SUPPORTED BY ALL BUSINESSES;
- Q4-20 NET PROFIT AT €308M, +18.7% Y/Y (-10.2% FY/FY AT €1.2BN IN FY-20) BENEFITTING FROM €96M POSITIVE INCOME TAX ONE-OFF;
- TFAs UP €33BN FOR THE YEAR TO €569BN WITH RECORD RETAIL NET INFLOWS OF €15.0BN, SOLID FOUNDATIONS FOR FUTURE COMMERCIAL ACTIVITY;
- STRONG CAPITAL POSITION: BANCOPOSTA CET1 RATIO AT 17.8% AND POSTE VITA GROUP SOLVENCY II RATIO AT 279%.
Q4 & FY 2020 Operational Segment Highlights
- Mail, Parcel & Distribution: Impressive growth in parcel volumes (B2C +60%; B2B +11% and C2X +17%) with unprecedented performance in Q4-20; parcel revenues more than offsetting mail decline in the quarter. In 2020 parcels delivered by Postini reached 74m (+43.6% fy/fy) and 21m in the quarter (+48.8% y/y). FY-20 parcel revenues at €1.2bn, now representing 38% of combined Mail & Parcel revenues (+12% fy/fy);
- Payments & Mobile: Digital payments accelerated in Q4-20. Postepay Evolution stock reached 7.7 million cards and e-commerce card transactions grew an impressive 58.9% to 397m, with higher activities on Poste’s digital channels. In 2020 e-wallets at 7.4m (+35.9% fy/fy) thanks to increased usage of the Postepay app; growing telco services thanks to a loyal customer base;
- Financial Services: Resilient operating performance, successfully navigating a challenging year; rising product-sales supported by commercial focus, with strong €17.8bn net inflows since December 2019; renewed focus on postal savings resulting in record net inflows since 2012 of -€0.6bn;
- Insurance Services: Continued increase of life multiclass products, targeting evolving customer needs and characterized by capital-light features. Modular offer grew steadily on personal and property protection, confirming its key role in strengthening the P&C commercial offer. Non-life revenues were down on lower CPIs, mitigated by higher sales of welfare and health protection products.
POSTE ITALIANE CONTINUES TO DELIVER VALUE AND SUPPORT TO ALL STAKEHOLDERS. OUR STATUS OF SYSTEMIC PLAYER IN ITALY DEFINES OUR PURPOSE AND THE WAY WE DELIVER OUR STRATEGY.
2020 ACHIEVEMENTS
2020 ACHIEVEMENTS
- Focused on serving customers and delivering results on strategic priorities
- Helped customers throughout the Covid-19 emergency, ensuring at least one post office open in even the smallest Italian municipality at the peak of the first severest lockdown
- Delivered over 1 billion PPEs across Italy thanks to our unparalleled logistic network
- Issued over 12 million digital IDs, enabling remote access to public administration platforms and services
- Grew in B2C and C2X segments
- Continued technology-enabled transformation, delivering improved services creating value for customers
- Reinforced focus on digital and in-app payments through cross-selling between mobile and payments solutions
- Leveraged on cost discipline to adapt to a challenging market environment
- Demonstrated financial strength and ongoing commitment to sustain long-term operating profitability
- Took advantage of technological disruption to capture societal attitudes rapidly adapting business models
2020 ESG RECOGNITIONS
- "S&P Global Sustainability " Silver Class for excellence in its sustainability performance, confirming its presence in the 2021 edition of the Sustainability Yearbook
- Brand Finance “Global 500” Top 50 ranking 2021
- "Top Employer" award for the second consecutive year from the global Top Employers Institute
- Bloomberg Gender Equality Index (GEI) recognition for the second consecutive year
- MSCI ESG “A” rating assigned (an improvement on the previous year’s "BBB" level)
- CDP (Carbon Disclosure Project) “A-“rating, gaining entrance to the “Leadership” category in the fight against climate change
Rome, 17 February 2021, yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Maria Bianca Farina, approved the consolidated FY 2020 Results, prepared in compliance with IAS/IFRS. Final approval of the 2020 financial statements by the Board of Directors is foreseen on 24 March 2020, the authorisation date of reporting pursuant to IAS 10 of any events after the closure of the financial year. The data and information contained in this document is therefore based on provisional estimates, currently under verification, and have not been audited.
Matteo Del Fante, Poste Italiane Chief Executive Officer and General Manager, commented:
“Poste Italiane reported solid results in the fourth quarter, with all segments contributing to positive operating profitability progression, setting stable foundations for future growth in all our businesses. Parcel volumes at over 210 million have more than doubled since 2016 and for the first time, parcel revenues increase have more than offset mail revenue decline, confirming parcels as a strategic pillar for the sustainability of the logistics business going forward. Our renewed focus on postal savings also allowed us to achieve a record result, with the lowest net outflows since 2012. During this challenging year we fully benefited from our diversified business model and further strengthened the trust from our customers thanks to the hard work and dedication of our employees. Despite the first, harshest lockdown severely affecting operations for a quarter of the year, the resilience of operations in 2020 led to a net profit of 1.2 billion euro. As a result, our intention is to propose a 0.486 euro dividend, with a 5 percent increase year on year.
We provided unremitting support to our communities, by distributing vaccines and PPEs, by ensuring new ways for our customers to safely carry out their day-to-day transactions, leveraging our state-of-the-art IT platform to provide new services.
Continuing to contribute to a steady recovery from the pandemic remains a priority for us, alongside maintaining financial integrity and keeping our customers and colleagues safe.
We have achieved strong results, while advancing on our strategic priorities. We have streamlined our consumer business and embraced the shift to digital in order to serve our clients the way they want to be served. Now, more than ever, Poste Italiane is seen by Italians as the go-to institution.
We are ready to face the future, leveraging on the strengths of our business supported by our strategic vision, which has already been proven correct in anticipating key emerging trends.”
POSTE ITALIANE Q4 & FY 2020 Results
Wednesday 17 February 2020 - 14:30 CET
To attend the event click here:
Poste Italiane Q4 & FY 2020 Results Webcast
A listen only audio conference is also available:
+39 02 8020927 (Listen-only, Italy)
To see the press release in full version download pdf
For further information:
Poste Italiane S.p.A. Investor Relations
Tel. +39 06 5958 4716
Mail: investor.relations@posteitaliane.it
Poste Italiane S.p.A. Media Relations
Tel. +39 06 5958 2097
Mail: ufficiostampa@posteitaliane.it
For further information:
Poste Italiane S.p.A. Investor Relations
Tel. +39 06 5958 4716
Mail: investor.relations@posteitaliane.it
Poste Italiane S.p.A. Media Relations
Tel. +39 06 5958 2097
Mail: ufficiostampa@posteitaliane.it
