Poste Italiane: Growth path expected to continue into 2023
Poste Italiane has released its Q4 & FY-22 results and 2023 guidance revealing total revenues at €11.9 billion, up 6% YOY.
2022 GROUP FINANCIAL HIGHLIGHTS
• FY-22 REVENUES CONTINUED GROWTH OF 6.0%Y/Y TO €11.9BN (+13.3% Y/Y TO €3.1BN IN Q4-22) – INCREASING BY 12.0% COMPARED TO €10.6BN OF FY-17:
o FY-22 MAIL, PARCEL & DISTRIBUTION REVENUES AT €3.7BN, -1.2% Y/Y (-1.0% Y/Y TO €1.0BN IN Q4-22) – BROADLY STABLE (+0.5% Y/Y) COMPARED TO 2017 LEVELS, WITH MAIL SECULAR DECLINE SUCCESSFULLY MITIGATED BY THE GROWING B2C PARCEL BUSINESS.
o FY-22 FINANCIAL SERVICES GROSS REVENUES TO €5.8BN, +3.9% Y/Y (+9.7% Y/Y TO €1.4BN IN Q4-22) – INCREASING BY 2.0% COMPARED TO €5.6BN OF FY-17 – THANKS TO A STRONG INCREASE IN RECURRING NII, BENEFITTING FROM THE FAVOURABLE INTEREST RATES ENVIRONMENT, COUPLED WITH REDUCED RELIANCE ON ACTIVE
PORTFOLIO MANAGEMENT.
o FY-22 INSURANCE SERVICES REVENUES TO €2.2BN, +15.7% Y/Y (+40.5% Y/Y TO €580M IN Q4-22), STRONGLY UP FROM €1.5BN OF 2017 (+48% Y/Y). POSITIVE NET INFLOWS OF €7.6BN (-5.8% Y/Y), WITH P&C GROSS WRITTEN PREMIUMS RISING ACROSS ALL PRODUCT LINES BY 23.0% TO €392M IN FY-22 (+26.0% Y/Y TO €91M IN Q4-22). CONFIRMED
TRANSFORMATION INTO A FULLY-FLEDGED LEADING INSURANCE OPERATOR.
o FY-22 PAYMENTS & MOBILE REVENUES TO €1.1BN, +30.0% Y/Y (+40.2% Y/Y TO €368M IN Q4-22) – MORE THAN DOUBLE 2017 LEVEL OF €0.53BN, SUPPORTED BY CARD PAYMENTS – LIS CONSOLIDATION ACCELERATING GROUP OMNICHANNEL STRATEGY.
• FY-22 TOTAL COSTS TO €9.6BN, +2.4% Y/Y (+14.2% Y/Y TO €2.9BN IN Q4-22), INCREASING BY 1.6% COMPARED TO €9.5BN OF FY-17.
o FY-22 ORDINARY HR COSTS, INCLUDING EARLY RETIREMENT INCENTIVES, TO €5.2BN (-1.5% Y/Y), DOWN €0.47BN SINCE 2017 (€5.6BN), BENEFITTING FROM INCREASED PRODUCTIVITY.
o FY-22 NON-HR COSTS TO €3.8BN, UP 3.5% Y/Y, INCREASING BY €0.87BN FROM 2017 TO SUPPORT BUSINESS GROWTH.
• FY-22 EBIT AT €2.29BN, +24.1% OVER THE PREVIOUS YEAR’S LEVEL OF €1.8BN, MORE THAN DOUBLING COMPARED TO 2017 AND HIGHER THAN THE €2.0BN 24SI PLUS GUIDANCE.
• FY-22 NET PROFIT AT €1.51BN, DOWN 4.3% Y/Y, DOUBLING 2017 LEVEL OF €0.7BN.
