Poste Italiane: Sixth consecutive year in profit

Poste Italiane’s Board of Directors led by Chairman Vittorio Mincato have approved the consolidated financial statements for 2007 and the Parent Company’s separate financial statements for the same year. Both documents were prepared under international financial reporting standards (IFRS ).

The shareholders will also be called to appoint the new Board of Directors in charge for 2008-2010.

The Poste Italiane Group, led by Massimo Sarmi, announces a positive operating performance for the sixth consecutive year, with net profit of EUR 843.6 million up 25pct on the previous year (EUR 675.7 million), operating profit of EUR 1.77 billion up 19pct (EUR 1.49 billion in 2006) and an EBIT margin of 15.5pct , which is once again the highest among European postal services providers.

Total revenue of EUR 17.2 billion (EUR 17.1 billion in 2006) primarily reflects the good performances recorded by all business segments, with improvements in operating profit (Financial Services up 2.7pct and Postal Services up 3.8pct ) and external revenue at the Parent Company rising 3.8pct to EUR 9.1 billion.

The Parent Company’s net profit is EUR 704.4 million (EUR 483.3 million in 2006), marking an increase of 45.7pct on the previous year.

Six consecutive years of strong earnings growth are the result of constant extension of the Group’s offerings, ongoing improvements in efficiency and the introduction of best human resource management practices. The strategy has focused on launching innovative, secure and accessible postal, financial and mobile telecommunications products. Poste Italiane’s Board of Directors led by Chairman Vittorio Mincato have approved the consolidated financial statements for 2007 and the Parent Company’s separate financial statements for the same year. Both documents were prepared under international financial reporting standards (IFRS ).

Parent Company’s consolidated will be submitted to the Annual General Meeting of shareholders for approval next 28th April (1st call) and 28th May (2nd call).

The shareholders will also be called to appoint the new Board of Directors in charge for 2008-2010.

The Poste Italiane Group, led by Massimo Sarmi, announces a positive operating performance for the sixth consecutive year, with net profit of EUR 843.6 million up 25pct on the previous year (EUR 675.7 million), operating profit of EUR 1.77 billion up 19pct (EUR 1.49 billion in 2006) and an EBIT margin of 15.5pct , which is once again the highest among European postal services providers.

Total revenue of EUR 17.2 billion (EUR 17.1 billion in 2006) primarily reflects the good performances recorded by all business segments, with improvements in operating profit (Financial Services up 2.7pct and Postal Services up 3.8pct ) and external revenue at the Parent Company rising 3.8pct to EUR 9.1 billion.

The Parent Company’s net profit is EUR 704.4 million (EUR 483.3 million in 2006), marking an increase of 45.7pct on the previous year.

Six consecutive years of strong earnings growth are the result of constant extension of the Group’s offerings, ongoing improvements in efficiency and the introduction of best human resource management practices. The strategy has focused on launching innovative, secure and accessible postal, financial and mobile telecommunications products. As our customer base has grown, the international rating agencies have shown their appreciation: Fitch has confirmed its positive rating (A+ and stable outlook), whilst
Standard&Poor’s has included Poste Italiane among its top runners in the sector thanks to our business diversification capability.

Postal Services: earnings performance consolidated

Postal Services saw revenues rise 3.8pct on 2006 (up from EUR 5,351 million in the previous year to EUR 5,553 million in 2007), whilst providing among the highest quality services in Europe. The improvement marks a significant achievement in a mature and competitive market. Mail services saw external revenue rise 5.1pct (up 192 million on 2006), reflecting the positive performances of both basic services and the new services
added. The introduction of innovative operating processes continued, enabling the real-time monitoring of all stages of the mail handling process (collection, sorting, delivery).

BancoPosta: revenues up 2.5 pct , 3.5 million Postepay cards and 5.9 million debit cards
2007 saw BancoPosta achieve further growth, reinforcing its leadership in Italy with 5.2 million current accounts, 5.9 million debit cards and 3.5 million Postepay prepaid cards at the end of the year. The Group’s revenues from financial services for 2007 amount to EUR 4.5 billion, marking an increase of EUR 117 million on 2006 (up 2.7pct ).

The results were achieved primarily thanks to the good performances of current account services and inflows for postal savings products. Product innovation and close attention to meeting customer needs allowed this area of business to consolidate its earnings performance, within a highly competitive and rapidly changing market environment.

Capital expenditure remains high, with around 44pct invested in IT

The Group’s commitment to innovation continues. In 2007 the Poste Italiane Group’s capital expenditure amounted to EUR 608 million. 44pct of the total regarded Information & Communication Technology (ICT), in line with the Company’s strategy identifying technological innovation as a critical success factor. A further 30pct of capital expenditure regarded improvements to the logistics chain, whilst the remaining 26pct was spent on the restyling, modernisation and upgrading of Post Offices.

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