Rome, 29 Feb 2024 07:03
FY-23 REVENUES UP 5.4% TO €12.0BN1, WITH SOLID CONTRIBUTIONS FROM PAYMENTS AND FINANCIAL SERVICES
RECORD FY-23 EBIT OF €2.62BN (+9.4% Y/Y) MORE THAN DOUBLING 2017 OPERATING PROFIT AND IN LINE WITH 2023 GUIDANCE OF €2.60BN
NET PROFIT UP 22.1% Y/Y TO €1.9BN IN FY-23
BREAK-EVEN AHEAD OF GUIDANCE IN THE MAIL, PARCEL & DISTRIBUTION BUSINESS UNIT WITH REVENUES UP 2.6% Y/Y TO €3.7BN IN FY-23
FINANCIAL SERVICES REVENUES UP 5.9% Y/Y IN FY-23 TO €5.2BN
INSURANCE SERVICES POSITIVE NET FLOWS AND LOW LAPSE RATE OUTPERFORMING THE MARKET
PAYMENTS & MOBILE REVENUES UP 27.5% Y/Y TO €1.4BN1 IN FY-23
ENERGY BUSINESS AT C.500,000 CONTRACTS, AHEAD OF GUIDANCE FOR FY-23
FY-23 INCREASING TFAs AT €581BN, WITH RESILIENT RETAIL NET INFLOWS OF €1.2BN
PROPOSED FY-23 DIVIDEND OF €0.80 P/S, FOR A TOTAL OF €1.0BN FY-23 DIVIDEND, UP 23% VS FY-22
EPS INCREASED BY 22% TO €1.48
2024-28 STRATEGIC PLAN TO BE ANNOUNCED ON MARCH, 20
POSTE ITALIANE CONFIRMS ITS ROLE OF SYSTEMIC PLAYER SUPPORTING LOCAL COMMUNITIES AND ITALY. OUR PEOPLE ARE KEY DRIVERS OF INNOVATION FOR SUSTAINABLE SUCCESS
2023 KEY RESULTS
With the Polis Project, Poste Italiane re-confirms its pivotal role for Italy, contributing to territorial cohesion and bridging the digital divide in smaller municipalities.
ESG INDICES AND RATINGS
Rome, 29 February 2024. Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Silvia Maria Rovere, approved the consolidated FY 2023 Results, prepared in compliance with IAS/IFRS. Final approval of the 2023 financial statements by the Board of Directors is foreseen on 19 March 2024, 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.
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: “For the full year, Poste Italiane has delivered a revenue increase of over 5% year-on-year, nearing €12 billion, alongside a record 2023 operating profit of €2.62 billion, effectively doubling 2017 EBIT. Our diversified, resilient and sustainable business model along with confirmed cost discipline is solid proof of our unique and winning strategy.
In the Mail, Parcel & Distribution division we have reached segment breakeven for FY-23, ahead of guidance.
In Financial Services, revenues are at €5.2 billion, with Total Financial Assets of €581 billion, underpinned by retail net inflows of over €1.2 billion, driven by strong insurance net flows that outperformed the market.
In Insurance Services we posted positive results, with confirmed net flows outperforming the market and a resiliently low lapse rate in a challenging environment.
In Payments & Mobile all business lines delivered solid results also thanks to the LIS consolidation and once again achieving double-digit growth in operating profitability. The PosteEnergia offer has been very well received by the market, reaching around 500 thousand contracts signed to date.
In light of these impressive results, we intend to raise our full year dividend for the fourth consecutive year to a proposed €0.80 per share - up around 13% compared to our recent guidance of €0.71 - and distribute a proposed total of €1.0 billion in dividends to shareholders for 2023, pending approvals, and up 23% vs 2022.
I am very proud of our employees for their commitment and enthusiasm and together we have built strong foundations.
We are Italy’s leading client-focused platform company, serving the needs of Italians both physically through our extensive post office branch network and PuntoPoste touch points as well as virtually through our vast digital presence.
Poste Italiane is poised to embrace the future, leveraging the strengths of our results and the resilience of our business, supported by our strategic vision which has been proven correct.
I am sure that we will continue to evolve and deliver excellence to all our stakeholders and we will be presenting on March 20 our new 2024-2028 plan ushering in the next stage of Poste Italiane’s growth story.”
RECORD FY-23 EBIT OF €2.62BN (+9.4% Y/Y) MORE THAN DOUBLING 2017 OPERATING PROFIT AND IN LINE WITH 2023 GUIDANCE OF €2.60BN
NET PROFIT UP 22.1% Y/Y TO €1.9BN IN FY-23
BREAK-EVEN AHEAD OF GUIDANCE IN THE MAIL, PARCEL & DISTRIBUTION BUSINESS UNIT WITH REVENUES UP 2.6% Y/Y TO €3.7BN IN FY-23
FINANCIAL SERVICES REVENUES UP 5.9% Y/Y IN FY-23 TO €5.2BN
INSURANCE SERVICES POSITIVE NET FLOWS AND LOW LAPSE RATE OUTPERFORMING THE MARKET
PAYMENTS & MOBILE REVENUES UP 27.5% Y/Y TO €1.4BN1 IN FY-23
ENERGY BUSINESS AT C.500,000 CONTRACTS, AHEAD OF GUIDANCE FOR FY-23
FY-23 INCREASING TFAs AT €581BN, WITH RESILIENT RETAIL NET INFLOWS OF €1.2BN
PROPOSED FY-23 DIVIDEND OF €0.80 P/S, FOR A TOTAL OF €1.0BN FY-23 DIVIDEND, UP 23% VS FY-22
EPS INCREASED BY 22% TO €1.48
2024-28 STRATEGIC PLAN TO BE ANNOUNCED ON MARCH, 20
- FY-23 REVENUES AT €12.0BN1, INCREASING BY 5.4% Y/Y (€3.2BN1 IN Q4-23, +4.1% Y/Y):
- MAIL, PARCEL & DISTRIBUTION SEGMENT REVENUES AT €3.7BN IN FY-23, UP 2.6% Y/Y COMPARED TO €3.7BN IN FY-22 (€991M IN Q4-23, -1.2% Y/Y): STABLE MAIL REVENUES SUPPORTED BY REPRICING
- ACTIONS AND IMPROVED MIX; PARCEL REVENUES FLAT, +6% EXCLUDING IMPACT OF SENNDER ITALIA DECONSOLIDATION AND OF GRADUAL PHASE-OUT OF THE COVID PPE LOGISTICS MANDATE, WITH VOLUMES’ GROWTH PARTIALLY OFFSET BY LOWER PRICING AND UNIT COST.
- FINANCIAL SERVICES REVENUES AT €5.2BN IN FY-23 UP 5.9% Y/Y (€1.4BN IN Q4-23, +14.9% Y/Y), MAINLY DRIVEN BY NII AND POSTAL SAVINGS, RECORDING A VERY SOLID PERFORMANCE IN Q4-23.
- INSURANCE SERVICES REVENUES AT €1.6BN IN FY-23, DECREASING BY 5.0% COMPARED TO FY-22 PROFORMA BASIS, ADJUSTED FOR IFRS 17 COMPLIANCE (€425M IN Q4-23, -16.1% Y/Y), WITH LIFE REVENUES AFFECTED BY AN UNFAIR COMPARISON WITH FY-22 PROFORMA BASIS (IFRS 17 ADJUSTED) MARKED BY PARTICULARLY VOLATILE REVENUE COMPONENTS - MAINLY DUE TO SUDDEN AND SIGNIFICANT INTEREST RATE RISES - AND HIGHER PROTECTION GWP SUPPORTED BY NET INSURANCE CONSOLIDATION.
- PAYMENTS & MOBILE REVENUES CONTINUED TO GROW TO €1.4BN1 IN FY-23, UP 27.5% Y/Y (€399M1 IN Q4-23, +11.6% Y/Y), WITH SOLID CONTRIBUTIONS FROM ALL PRODUCT LINES, THE CONSOLIDATION OF LIS AND THE NEW ENERGY OFFER, REACHING C.500,000 CONTRACTS, AHEAD OF GUIDANCE.
- FY-23 TOTAL COSTS TO €9.4 BILLION1, INCREASING BY 4.3% Y/Y (€2.7BN1 IN Q4-23, -2.5% Y/Y), INCLUDING A €133 MILLION INSTALMENT OF THE EXTRAORDINARY EMPLOYEE BONUS PAID IN Q3-23 (OF WHICH €43 MILLION ACCOUNTED FOR IN Q4), WITH A CONTINUED COST MANAGEMENT IN THE CURRENT INFLATIONARY ENVIRONMENT, WHILE SUPPORTING BUSINESS GROWTH.
- ORDINARY HR COSTS2 FOR THE YEAR WERE EQUAL TO €5.3 BILLION, INCREASING BY 3.4% Y/Y (€1.4BN IN Q4-23, +3.5% Y/Y), WITH ONGOING FTE REDUCTION PARTIALLY OFFSETTING THE PLANNED SALARY INCREASE AND A RAISED VARIABLE COMPONENT LINKED TO COMMERCIAL RESULTS ACHIEVED.
- FY-23 NON-HR COSTS3 TO €4.1BN, UP 9.4% Y/Y (€1.1BN IN Q4-23, -1.2% Y/Y), WHILE EMBEDDING A €179M M&A EFFECT.
- RECORD FY-23 EBIT AT €2.62BN, +9.4% Y/Y (€515M IN Q4-23, +59.9% Y/Y) MORE THAN DOUBLING 2017 EBIT, THANKS TO SOLID BUSINESS GROWTH AND EFFECTIVE COST MANAGEMENT.
- FY-23 NET PROFIT AT €1.9BN, UP 22.1% Y/Y (€411M IN Q4-23, +185.4% Y/Y).
- TFAs REACHED €581BN, UP €5BN FROM DECEMBER 20224, WITH RETAIL NET INFLOWS OF €1.2BN.
- STRONG CAPITAL POSITION: BANCOPOSTA TOTAL CAPITAL RATIO AT 22.1% (OF WHICH CET1 RATIO AT 18.9%), LEVERAGE RATIO AT 3.2% AND POSTE VITA GROUP SOLVENCY II RATIO AT 305%.
POSTE ITALIANE CONFIRMS ITS ROLE OF SYSTEMIC PLAYER SUPPORTING LOCAL COMMUNITIES AND ITALY. OUR PEOPLE ARE KEY DRIVERS OF INNOVATION FOR SUSTAINABLE SUCCESS
2023 KEY RESULTS
With the Polis Project, Poste Italiane re-confirms its pivotal role for Italy, contributing to territorial cohesion and bridging the digital divide in smaller municipalities.
- Renovation work has been completed in 1,104 post offices (POs) located in municipalities with fewer than 15 thousand inhabitants, to ensure citizens have access to key Public Administration services. Currently INPS (Italy’s public welfare institution) services, civil and judicial certificates are already available to citizens.
Our people are the cornerstone of Poste Italiane’s success, investing in their skills and disseminating a culture of inclusion that fosters innovation.
- Poste Italiane is “Top Employer” for the fifth consecutive year, thanks to robust people development programs and comprehensive welfare initiatives, which prioritises staff well-being.
- Poste Italiane achieves the UNI/PdR 125:2022 certification, outlined in the National Recovery and Resilience Plan (PNRR). With an impressive score of 96 out of 100, Poste Italiane confirms the solidity of its journey with the goal of building a more equitable and inclusive workplace.
- “Insieme-24SI”, Poste Italiane’s engagement initiative, has collected a total of 1,300 ideas over two editions, contributed spontaneously by our people in support of the Group’s purpose and the execution of the ESG strategy.
Reducing environmental impacts from logistics operations.
- Poste Italiane wins the "Premio Impatto" award, promoted by the CSR and Social Innovation Fair, for the social and environmental value of its fleet Renewal Plan, which aims to replace the entire Group’s vehicle fleet with 27,800 environmentally friendly models by 2024. As of December, the number of low-emission vehicles has reached a total of 26,225 units.
Confirmed our commitment to responsible investments for a sustainable growth.
- BancoPosta Fondi SGR has launched “BancoPosta Universo Tematico” fund that promotes environmental and social characteristics (pursuant to art. 8 of EU Regulation 2019/2088 – SFDR). Once again, BancoPosta Fondi SGR has also contributed to initiatives on climate change, such as Climate Action 100+, and to collective engagement activities promoted by the “Forum per la Finanza Sostenibile”
- Poste Vita has launched four Life investment insurance products: two class-1 type, “Poste Domani Insieme” and “Poste Prospettiva Valore Gold”, and two multi-class products, “Poste Progetto Integrazione Programmata” e “Poste Progetto Bonus 4in4”
Recognised the comprehensive, transparent and effective communication towards all stakeholders.
- Poste Italiane wins the “2023 Oscar di Bilancio” award – Special Prize Non-Financial Statement, promoted by Borsa Italiana, Bocconi University and FERPI (Italian Federation of Public Relations), confirming the Group’s ability to report in a clear, innovative and transparent way, through its 2022 Integrated Report, the ESG strategy and key achievements.
- Poste Italiane obtains the “5 Stars” award in Lundquist’s “Sustainability” research, for the quality of digital communication.
ESG INDICES AND RATINGS
- S&P Global, first rank worldwide among insurance companies and confirmed for the fourth consecutive year as global leader for sustainability and inclusion policies in the 2024 edition of the Sustainability Yearbook, based on the 2023 CSA of S&P Global.
- Dow Jones Sustainability Index World and Europe, inclusion for the fifth consecutive year.
- Integrated Governance Index (IGI), among top three companies in the 2023 ranking
- FTSE4Good and Stoxx Global ESG Leaders indices, inclusion respectively for the fourth and second year running.
- Bloomberg Gender Equality Index (GEI), included for the fourth year running.
- MIB ESG Index by Euronext and Borsa Italiana, maintained index inclusion with leadership position and improved Moody’s score by two points reaching 79/100. In addition, confirmed its presence in the most relevant international Euronext indices – Equileap Gender Equality Eurozone 100, World 120, Eurozone 120 and Europe 100.
- MSCI ESG “AA” rating and CDP (formerly the Carbon Disclosure Project) “A-” rating confirmed.
- Sustainalytics ESG Industry Top rated, confirmed “Low Risk” rating.
- EcoVadis platinum medal (improved from last year’s gold medal).
Rome, 29 February 2024. Yesterday, the Board of Directors of Poste Italiane S.p.A. (“Poste Italiane” or the “Group”), chaired by Silvia Maria Rovere, approved the consolidated FY 2023 Results, prepared in compliance with IAS/IFRS. Final approval of the 2023 financial statements by the Board of Directors is foreseen on 19 March 2024, 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.
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: “For the full year, Poste Italiane has delivered a revenue increase of over 5% year-on-year, nearing €12 billion, alongside a record 2023 operating profit of €2.62 billion, effectively doubling 2017 EBIT. Our diversified, resilient and sustainable business model along with confirmed cost discipline is solid proof of our unique and winning strategy.
In the Mail, Parcel & Distribution division we have reached segment breakeven for FY-23, ahead of guidance.
In Financial Services, revenues are at €5.2 billion, with Total Financial Assets of €581 billion, underpinned by retail net inflows of over €1.2 billion, driven by strong insurance net flows that outperformed the market.
In Insurance Services we posted positive results, with confirmed net flows outperforming the market and a resiliently low lapse rate in a challenging environment.
In Payments & Mobile all business lines delivered solid results also thanks to the LIS consolidation and once again achieving double-digit growth in operating profitability. The PosteEnergia offer has been very well received by the market, reaching around 500 thousand contracts signed to date.
In light of these impressive results, we intend to raise our full year dividend for the fourth consecutive year to a proposed €0.80 per share - up around 13% compared to our recent guidance of €0.71 - and distribute a proposed total of €1.0 billion in dividends to shareholders for 2023, pending approvals, and up 23% vs 2022.
I am very proud of our employees for their commitment and enthusiasm and together we have built strong foundations.
We are Italy’s leading client-focused platform company, serving the needs of Italians both physically through our extensive post office branch network and PuntoPoste touch points as well as virtually through our vast digital presence.
Poste Italiane is poised to embrace the future, leveraging the strengths of our results and the resilience of our business, supported by our strategic vision which has been proven correct.
I am sure that we will continue to evolve and deliver excellence to all our stakeholders and we will be presenting on March 20 our new 2024-2028 plan ushering in the next stage of Poste Italiane’s growth story.”
1In order to provide an understanding of the energy business, included in the Payments and Mobile operating segment, according to an approach based on the net interest and other banking income, since the Group is not an energy producer, the values reported in Note 1 include a management reclassification that provides for the presentation of revenue related to the energy business net of costs related to the purchase of raw materials and the transport of electricity and gas. For a complete reconciliation of the values, please refer to the section on "Alternative Performance Indicators".
2Excluding one-off bonus of €133m and before the application of IFRS 17.
3Before the application of IFRS 17.
4EoP figures, 2022 Insurance Reserves restated to exclude the Deferred Policyholders’ Liabilities “DPL” (€-14bn as of December 2022), in line with local GAAP.
POSTE ITALIANE Q4 & FY-22 GROUP RESULTS & 2023 GUIDANCE
Thursday 29 February 2024 - 12:00 CEST
To attend click here: Poste Italiane Q4 & FY 2023 Results Webcast
A listen only audio conference is also available: +39 02 8020927
To see the press release in full version download pdf
For further information:
Poste Italiane S.p.A. Investor Relations Poste Italiane S.p.A. Media Relations
Tel. +39 06 5958 4716 Tel. +39 06 5958 2097
Mail: investor.relations@posteitaliane.it Mail: ufficiostampa@posteitaliane.it
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Financial calendar
Next events
Next events
- 19 March 2024 – Approval of consolidated financial statements of the Poste Italiane Group, Poste Italiane S.p.A. draft financial statements as at 31 December 2023, the proposed appropriation of profits, and the new Group Strategic Plan.
- 20 March 2024 - Capital Markets Day for the presentation of the new Group Strategic Plan.
- 9 May 2024 - Q1-24 Group Results presentation.
- 31 May 2024 - Annual General Meeting.
- 26 June 2024 - Payment of the balance of the dividend for 2023, with ex-dividend date of 24 June 2024 and record date (i.e. date of dividend payment eligibility) of 25 June 2024.
- 30 July 2024 - Q2 & H1-24 Group Results presentation.
- 7 November 2024 - Q3 & 9M-24 Group Results presentation.
- 20 November 2024 - Payment of the interim dividend for 2024, with ex-dividend date 18 November 2024 and record date of 19 November 2024.
