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    PST   IT0003796171

POSTE ITALIANE S.P.A.

(PST)
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Interim Report for the nine months ended 30 September 2021

11/12/2021 | 11:06am EST

INTERIM REPORT FOR THE NINE MONTHS

ENDED 30 SEPTEMBER 2021

Translation from the Italian original which remains the definitive version.

Poste Italiane Group - Interim Report for the Nine Months Ended at 30 September 2021 1

CONTENTS

1. INTRODUCTION .........................................................................................................................

3

2. HIGHLIGHTS ...............................................................................................................................

4

3. OWNERSHIP, GROUP AND ORGANISATIONAL STRUCTURES ............................................

6

3.1 OWNERSHIP AND ORGANISATIONAL STRUCTURE.............................................................

6

3.2 MANAGEMENT AND SUPERVISORY BODIES........................................................................

9

3.3 GROUP STRUCTURE AT 30 SEPTEMBER 2021 ..................................................................

11

3.4 OMNI-CHANNEL AND GROUP BUSINESS SEGMENTS ......................................................

20

4. RISK MANAGEMENT................................................................................................................

49

4.1 POSTE ITALIANE'S INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM ...............

49

4.2 RISK MANAGEMENT MODEL AND RISK ASSESSMENT .....................................................

50

4.3 COVID-19 RISK MANAGEMENT AT POSTE ITALIANE .........................................................

54

5. FINANCIAL REVIEW .................................................................................................................

60

5.1 PERFORMANCE OF POSTE ITALIANE SHARES..................................................................

60

5.2 GROUP OPERATING RESULTS.............................................................................................

62

5.2.1 SUMMARY OF OPERATING RESULTS BY STRATEGIC BUSINESS UNIT ............

67

5.2.2 MAIL, PARCELS AND DISTRIBUTION STRATEGIC BUSINESS UNIT ....................

69

5.2.3 FINANCIAL SERVICES STRATEGIC BUSINESS UNIT.............................................

76

5.2.4 INSURANCE SERVICES STRATEGIC BUSINESS UNIT ..........................................

84

5.2.5 PAYMENTS AND MOBILE STRATEGIC BUSINESS UNIT........................................

92

5.3 DIGITAL PROPERTIES, THIRD-PARTY NETWORKS AND MAIN KPIs ................................

98

5.4 GROUP FINANCIAL POSITION AND CASH FLOW .............................................................

102

6. OUTLOOK ...............................................................................................................................

111

7. OTHER INFORMATION ..........................................................................................................

112

7.1 EVENTS AFTER 30 SEPTEMBER 2021 ...............................................................................

112

7.2 SIGNIFICANT TRANSACTIONS ............................................................................................

112

7.3 INDUSTRIAL RELATIONS .............................................................................................

113

7.4 WELFARE - DIVERSITY AND INCLUSION ...........................................................................

118

7.5 CORPORATE UNIVERSITY ..................................................................................................

119

7.6 PROCEEDINGS PENDING AND PRINCIPAL RELATIONS WITH THE AUTHORITIES .....

119

8. CONSOLIDATED FINANCIAL STATEMENTS AT 30 SEPTEMBER 2021 ................................

125

9. DECLARATION OF THE MANAGER RESPONSIBLE FOR FINANCIAL REPORTING ........

129

10. APPENDIX.............................................................................................................................

129

10.1 RECLASSIFIED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND STATEMENT

OF FINANCIAL POSITION ...........................................................................................................

129

10.2 ALTERNATIVE PERFORMANCE INDICATORS .................................................................

133

11. GLOSSARY ...........................................................................................................................

136

2 Poste Italiane Group - Interim Report for the Nine Months Ended at 30 September 2021

1. INTRODUCTION

This consolidated interim report of the Poste Italiane Group at 30 September 2021 has been prepared on a voluntary basis, in accordance with the provisions of art. 82-ter of the Consob Issuers' Regulation "Additional Periodic Financial Information" in order to ensure continuity and regularity of information to the financial community, and in compliance with the recognition and measurement criteria established by the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognised in the European Union pursuant to Regulation (EC) no. 1606/2002 and in force at the end of the period.

The consistency and correctness of the disclosures contained in the document, which has not been audited, is guaranteed, as is comparability of the related information with the corresponding disclosures included in previously published financial reports.

The amounts shown in this Interim Report are compared with the corresponding amounts from the same period the previous year, with the exception of the Statement of Financial Position, which shows a comparison with the same schedule at 31 December 2020. To that end, note that certain figures which refer to the comparison year have been reclassified, also to take into account certain aspects of significant impact during the period in question (Tax credits Law no. 77/2020).

It should be noted that amounts shown in millions of euros have been rounded, with the result that the sum of the rounded figures does not always tally with the rounded total.

The following infographics are used in this document:

to indicate the possibility of consulting the definition of the content in the glossary found in Chapter 11 using a link;

to indicate the possibility of learning more about the issue discussed in the reference paragraph using a link;

to indicate the possibility of returning to the beginning of the chapter or the general index with a link.

Poste Italiane Group - Interim Report for the Nine Months Ended at 30 September 2021 3

2. HIGHLIGHTS

Output of the value creation process at Poste Italiane

In the first nine months of 2021, through significant investment in the six forms of capital on which the Company is based (financial, human, physical-structural, intellectual, social-relational and natural), the Poste Italiane value creation process has generated significant results for the Group with systemic value, consistent with the United Nations Sustainable Development Goals Framework1.

1The 17 Sustainable Development Goals are part of the Agenda 2030 for Sustainable Development, signed by 193 UNI member states in September 2015 and part of a wider action plan consisting of 169 targets associated with the same, with environmental, economic, social and institutional impacts, to be achieved by 2030.

4 Poste Italiane Group - Interim Report for the Nine Months Ended at 30 September 2021

Poste Italiane Group - Interim Report for the Nine Months Ended at 30 September 2021 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Poste Italiane S.p.A. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 16:05:08 UTC.


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Sales 2021 11 295 M 12 795 M 12 795 M
Net income 2021 1 490 M 1 688 M 1 688 M
Net Debt 2021 104 B 118 B 118 B
P/E ratio 2021 10,5x
Yield 2021 4,96%
Capitalization 15 201 M 17 236 M 17 218 M
EV / Sales 2021 10,6x
EV / Sales 2022 9,23x
Nbr of Employees 122 000
Free-Float 35,3%
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Mean consensus BUY
Number of Analysts 11
Last Close Price 11,69 €
Average target price 13,71 €
Spread / Average Target 17,3%
EPS Revisions
Managers and Directors
Matteo del Fante CEO, Director & General Manager
Camillo Greco Chief Financial Officer
Maria Bianca Farina Chairman
Carlo Longari Chairman-Supervisory Board
Mirko Mischiatti Chief Information Officer & Head-IT