Tag: Italy

Poste Italiane: Sixth consecutive year in profit

Posted by | Mar 26, 2008 | |

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.

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Air France to buy Alitalia for euro 138m

Posted by | Mar 17, 2008 | |

Yesterday, Alitalia’s board unanimously accepted Air France-KLM’s bid to acquire the airline in a deal valued at euro 138 million.

Air France-KLM submitted a proposal to Alitalia on March 14th, aimed at combining Alitalia and the Air France-KLM Group and acquiring control of the Italian airline.

The proposal covers a share exchange offer on Alitalia shares and a cash offer on Alitalia bonds.

Air France-KLM also stated it would underwrite fully a capital increase for a total of euro 1 billion, the proceeds of which would be largely directed towards funding the commercial re-launch of Alitalia.

Air France-KLM’s plan calls for a network organised around the international and intercontinental hub of Rome-Fiumicino, the centre for domestic Italian routes, and around European and selected inter-continental destinations operating from Milan.

This would give Alitalia a combination of hubs from north to southern Europe, organised around a network linking Europe to the rest of the world. The airline would also benefit from the support of global sales forces and investment in products and services aimed at reinforcing and developing the Alitalia brand.

Alitalia has reportedly been losing more than USD 1 million a day. The Air France-KLM deal should enable the airline to return to profitability as early as 2009.

The Air France-KLM offer is conditional on a number of factors, including authorisation from the relevant competition authorities (expected by end-June 2008), and the endorsement of Alitalia’s shareholder, the Italian Ministry of Economy & Finance and its undertaking to tender its shares and bonds, and the formal agreement of Alitalia’s unions.

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Poste Italiane signs Technology Innovation Partnership with Egypt Post

Posted by | Mar 17, 2008 | |

Poste Italiane and Egypt Post have signed an agreement for the technological development and improvement of Egypt’s postal service. Poste Italiane has chosen Finmeccanica to be its partner in this initiative of international importance. Finmeccanica is a leading Italian group at a global level in the production of technological systems and platforms applied to a variety of production sectors.

The international agreement signed by Poste Italiane with Egypt’s postal service provider is aimed at promoting an overall improvement in the quality of mailing, and increasing the system’s innovation, including through the introduction of value added services.

The partnership between Poste Italiane and Egypt will take the form of regular bilateral consulting sessions and joint technical working groups which will allow for the sharing of technical information and the diffusion in Egypt of more advanced solutions which can be implemented within the postal sector.

Poste Italiane will make available its knowledge and experience with regard to updating and improving postal mechanisation systems. With the aim of introducing innovative technologies into Egypt and providing technical support for the optimisation of logistic processes.

The know how of Poste Italiane and Finmeccanica will make it possible to offer Egypt Post solutions to improve the organisation of its postal service, automation and distribution of correspondence and deliveries, security systems, hybrid mail, applications for the peripheral network of Egyptian post offices, innovation in the ICT sector and staff training.

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