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    PST   IT0003796171

POSTE ITALIANE S.P.A.

(PST)
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Poste Italiane S p A : Q2 & H1 2021 Financial Results

08/04/2021 | 01:16am EST

POSTE ITALIANE Q2 & H1 2021 FINANCIAL RESULTS

BUSINESS RECOVERY ON TRACK WITH REVENUES UP ACROSS ALL

SEGMENTS AND ABOVE PRE-PANDEMIC LEVELS

H1-21 NET PROFIT UP 42% AT €773M (UP 36% IN Q2-21 TO €326M)

HIGHLIGHTING STRONG EXECUTION OF 24SI PLAN

STEADY REVENUE GROWTH YTD UP 14% AT €5.7BN (UP 19% TO €2.8BN IN Q2)

MAIL REVENUES RECOVERING COUPLED WITH PARCEL GROWTH

SUPPORTED BY B2C

INSURANCE SERVICES AND PAYMENTS & MOBILE CONSTANTLY GROWING NEW LABOUR CONTRACT SIGNED - ENHANCING VISIBILITY ON HR COSTS TFA AT €576BN, REACHING FY-21 TARGET

24SI TARGETS WELL ON TRACK WITH A LIMITED EXECUTION RISK

    • Q2-21REVENUES AT €2.8BN, +18.7% Y/Y (+14.0% H/H TO €5.7BN IN H1-21). SOUND AND SUSTAINABLE BUSINESS MODEL, LEVERAGING ON UPWARD BUSINESS TRENDS:
      o Q2-21 MAIL, PARCEL & DISTRIBUTION REVENUES AT €909M, +29.8% Y/Y (+24.1%
      H/H TO €1.8BN IN H1-21) WITH MAIL REVENUES UP FROM VOLUMES RECOVERY AND NEXIVE CONSOLIDATION AS WELL AS SIGNIFICANT B2C PARCEL REVENUE GROWTH;
      o Q2-21 FINANCIAL SERVICES GROSS REVENUES AT €1.3BN, +5.6% Y/Y (+2.0% H/H
      TO €2.8BN IN H1-21) WITH LOWER NET INTEREST OFFSET BY INVESTMENT
      PRODUCTS' REVENUE;
      o Q2-21 INSURANCE SERVICES REVENUES AT €552M, +43.9% Y/Y (+42.0% H/H TO €1.0BN IN H1-21). TOTAL GWP AT €4.5BN IN Q2-21, 64% GENERATED BY MULTICLASS PRODUCTS;
      o Q2-21 PAYMENTS & MOBILE REVENUES AT €207M, +20.0% Y/Y (+18.3% H/H TO €399M): BOOSTED BY CARD PAYMENTS.
  • Q2-21TOTAL COSTS AT €2.3BN, +16.6% Y/Y (+9.8% H/H AT €4.6BN) BALANCING COST DISCIPLINE AND SUPPORT TO BUSINESS GROWTH. ACCELERATED FTE REDUCTION WITH LOWER HR COSTS ON REVENUES.
  • Q2-21EBIT AT €429M, +32.0% Y/Y (+37.1% H/H AT €1.0BN) SUPPORTED BY INSURANCE PRODUCTS, MAIL & PARCEL GROWTH AND CARD PAYMENTS.
  • Q2-21NET PROFIT AT €326M, +36.4% Y/Y (+41.8% AT €773M) WITH A DIVERSIFIED STRATEGY CONTINUING TO DELIVER.
  • TFAs AT €576BN IN LINE WITH 24SI TARGET FOR FY-21, DRIVEN BY €5.8BN NET INFLOWS AND BOOSTED BY LIFE INSURANCE MULTILCASS PRODUCTS.

Poste Italiane Q2 & H1 2021 Group Results Press Release

1

Q2 & H1 2021 Operational Segment Highlights

  • Mail, Parcel & Distribution: Italy's largest e-Commerce logistics hub inaugurated in Landriano (Northern Italy), extending over 80,000 square metres and an automated daily sorting capacity 300,000 items, contributing to reduce per unit parcel costs. New Group labour contract signed, highlighting a constructive relationship with trade unions; the new contract will be in force until 2023, providing visibility on HR costs evolution.
  • Financial Services: Poste Italiane is fully capturing business opportunities coming from new government initiatives aimed at strengthening the recovery of the Italian economy, with tax credit purchases having now reached a nominal value of €2.2 billion1; Financit joint venture launched with BNP Paribas to distribute salary and pension backed loans.
  • Insurance Services: agreement signed with Intesa Sanpaolo for a joint venture in real asset investments with the Poste Italiane Group owning a 40% equity stake. The agreement is in line with 24SI Strategic Plan, contributing to Poste Vita's investment portfolio diversification. P&C offer roll-out well on track, reducing underinsurance levels in Italy, resulting in higher average tickets in the non-motor business. The motor insurance offer is now available in almost 4 thousand post offices.
  • Payments & Mobile: the migration to the Vodafone network underway, already enabling significant variable cost savings starting from the second half of 2021. Sustained growth of digital and card payments transactions boosting Poste's omnichannel strategy.

1 As at 31 July 2021

Poste Italiane Q2 & H1 2021 Group Results Press Release

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POSTE ITALIANE CONTINUES TO PLAY A CENTRAL ROLE IN ITALY'S ECONOMIC AND SOCIAL FABRIC, DRIVING SUSTAINABLE GROWTH THROUGH INNOVATION AND DIGITALISATION.

IN LINE WITH KEY GROWTH TRENDS HIGHLIGHTED IN OUR 24SI PLAN, WE CONTINUE TO CREATE LONG-TERM VALUE, WITH POSITIVE IMPACTS ON CUSTOMERS, COLLEAGUES AND COMMUNITIES.

SOME KEY ACHIEVEMENTS IN Q2 2021 INCLUDE:

  • Italian Recovery and Resilience Plan (Piano Nazionale di Ripresa e Resilienza): Poste Italiane confirms its role of strategic pillar for Italy, contributing to the national recovery plan, with a key project aimed at supporting local communities and remote areas, at reducing the digital divide, sustaining their economic growth and enhancing social cohesion: 1) the creation in all municipalities with no more than 15,000 inhabitants of a user-friendlydigital and physical access point to Public Administration services, via the technological transformation of about 7,000 post offices in smaller municipalities; 2) a network of 250 nationwide co-workingareas, for local communities and businesses, with training spaces offered at affordable rates. These projects will also contribute to support the Group's green transition with energy-efficiencysolutions and vehicle recharging services for citizens.
  • Piccoli Comuni Post Offices regeneration: 1,000 post offices in municipalities with less than 5,000 residents have been renovated with a particular focus on the removal of architectural barriers has been undertaken as part of wider ESG projects embedded in 24SI.
  • Top Employers Italia eBook 2021: Poste Italiane has been included in the 2021 Top
    Employers Italia eBook with a particular dedicated section on "Diversity & Inclusion". Poste is considered one of 15 best practises in Italy designing the new normal following the disruption caused by the Covid-19 pandemic.
  • Poste Delivery campaign wins the 18th Press, Outdoor & Promotion Key Award: the national campaign featuring the Azzurri manager Roberto Mancini was awarded the prize in the Finance, Insurance and Commerce category.
  • Poste Italiane and Guardia di Finanza memorandum of understanding: the signing of the new memorandum strengthens Poste's commitment to promoting a culture of legality and transparency as a pillar of its growth strategy, operations and business management.

Poste Italiane Q2 & H1 2021 Group Results Press Release

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Rome, 4 August 2021, yesterday, the Board of Directors of Poste Italiane S.p.A. ("Poste Italiane" or the "Group"), chaired by Maria Bianca Farina, approved the first half 2021 Financial Results.

Matteo Del Fante, Poste Italiane CEO and General Manager, commented:

"Our second quarter results confirm our commitment to successfully executing 24SI, highlighting the strength of both our physical and digital networks and our continued progress on our strategic priorities. Three key milestones give us increased visibility, significantly reducing the execution risk attached to our plan. Firstly, in July we signed a new Group labour contract which will be in place until 2023. Secondly, early in 2021, a three-year partnership has been renewed with Amazon, enabling volume and revenue growth, balancing urban and rural area volumes and introducing higher value-added services such as scheduled deliveries. Finally, our Universal Service Obligation contract covers our entire plan horizon, embedding the Next Generation EU initiatives with our new digital solutions and increased cooperation with small municipalities.

Our diversified business model continues to deliver strong financial results with net profit at €773 million in the first half of the year and just four months into the 24SI strategic plan we already have a clear visibility to meet 2021 guidance and have confidence in our numbers.

Revenues are above pre-pandemic levels and fully in line with the trends envisaged in the 24SI plan, up by a remarkable 18.7% in the second quarter. Our operating profit was up 32% to €429 million, more than tripling on a yearly basis taking into consideration the one-off cost savings realised in Q2-20. The revenue mix has changed significantly since then, with mail decline offset by Nexive consolidation along with a strong parcel revenue increase; financial and insurance services have experienced a decline related to the impact of ultra-low interest rates which has been more than offset by our focus on investment product distribution and in particular life insurance products. Payments & Mobile revenues strongly increased, supported by ongoing payments digitalization.

As a strategic pillar for Italy, we are involved in the EU recovery plan, pursuing the implementation of key national projects with the goal of supporting local communities and enhancing social cohesion, while contributing to our green transition as outlined in 24SI.

As always, I am proud of the dedication and resilience of our people, who work tirelessly to help Italians achieve their goals with a constant focus on innovation and improved customer experience."

Poste Italiane Q2 & H1 2021 Group Results Press Release

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POSTE ITALIANE Q2 & H1 2021 Results

4 August 2021 - 13:30 CEST

To attend click here: Poste Italiane Q2 & H1 2021 Results Webcast

A listen only audio conference is also available: +39 02 8020927

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

Poste Italiane Q2 & H1 2021 Group Results Press Release

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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 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 05:15:07 UTC.


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Sales 2021 11 295 M 12 753 M 12 753 M
Net income 2021 1 491 M 1 683 M 1 683 M
Net Debt 2021 104 B 117 B 117 B
P/E ratio 2021 10,0x
Yield 2021 5,11%
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Number of Analysts 11
Last Close Price 11,34 €
Average target price 13,71 €
Spread / Average Target 20,9%
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Matteo del Fante CEO, Director & General Manager
Guido Maria Nola Chief Financial Officer
Maria Bianca Farina Chairman
Mirko Mischiatti Chief Information Officer & Head-IT
Paolo Martella Chief Operating Officer
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