La Poste steers through a difficult first half of the year
La Poste has published its first half results revealing revenue up 4% to €17.1bn, attributable net profit steady, at €0.5bn, and at €0.7bn excluding material non-recurring items.
Consolidated financial performance
-
Revenue : €17.1bn
up 4.0% vs first-half 2022 restated for IFRS 17
up 3.1% vs first-half 2022 restated for IFRS 17 at constant scope and exchange rates (like for like)
-
Operating profit :
€1,166m vs €235m in first-half 2022 restated for IFRS 17
€1,447m excl. material non-recurring items (a), up €167m like for like vs first-half 2022
-
Attributable net profit:
€461m vs €919m in first-half 2022 restated for IFRS 17
€663m excl. material non-recurring items (b), down €185m like for like vs first-half 2022
-
Free cash flow⁴ : €(128)m
vs €1,130m in first-half 2022, which included €1,256m relating to a catch-up on dividends for previous years by La Banque Postale (LBP)
-
Capex (excluding LBP): €638m
vs €498m in first-half 2022
-
Attributable equity: €22.3bn
vs €21.4bn at 31/12/2022 restated for IFRS 17
-
Net debt : €11.3bn
vs €10.2bn at 31/12/2022
-
Net debt/adjusted EBITDA : 4.9
vs 2.8 at 31/12/2022 restated for IFRS 17
Philippe Wahl, Chairman and Chief Executive Officer of La Poste Groupe commented:
“The first-half results reported for La Poste Groupe demonstrate the ability of La Poste and its multi-business model to stay the course in the face of adverse events affecting its businesses and today’s difficult macro-economic environment. Thanks to the commitment of its postal workers and the support of its shareholders, Caisse des Dépôts and the French State, La Poste Groupe has managed to limit the impact on its results of high inflation, which is weighing heavily on its costs; the economic crisis, which is hampering growth in e-commerce and therefore parcel flows; and the interest rate rise for Livret A savings accounts in the past year, which La Banque Postale is feeling particularly keenly. These challenges mean that we must be even more vigilant in managing our costs and more agile in responding to changes in our environment.
Despite these headwinds, the group is continuing its transformation. Parcels are holding up well in France despite the slowdown in consumer spending, but less so internationally, where volumes are down slightly. La Banque Postale, which is now a major public bancassurance group, continues to expand in asset management with the acquisition of La Financière de l’Echiquier and in the international market with CNP Assurances. Following the incorporation of La Banque Postale’s non-life businesses, CNP Assurances has also seen its strategic model evolve, becoming a full-service insurer. And La Poste is gaining ground in its role as trusted third party, both in the physical world with new postal carrier services and in the digital world with 3 million Digital Identities and 10 million Digiposte digital safes.
Lastly, thanks to La Poste’s commitment to serving society as a whole, the group has maintained its non-financial leadership, once again being ranked number one during the period by Moody’s ESG Solutions – not only in its sector, but in all sectors combined.”
