The board of directors of Poste Italiane approved the financial statements of Poste Italiane and the consolidated financial statements of the Poste Italiane Group for 2017. Both preliminary consolidated results for 2017 announced on February 19th. The board of directors reiterated its intention to distribute a 2018 dividend, on the 2017 accounts, equal to 0,42 euro.
Speaking in figures, Poste closed 2017 with revenues equal to 33,4 billion euros, slightly up on the 33,1 billion of 2016, while the consolidated operating result rose by 7,8% to 1,12 billion euro thanks above all to the positive results achieved in the insurance and asset management fields.
Net income up to 689 million euros from 622 million in 2016 (+10,8%), while earnings per share settled at 0,528 euros.
As at 31 December 2017 the net financial position of Poste Italiane was positive for 1,03 billion euros, an improvement of 15,2% from the 893 million of 12 months earlier.
But the most interesting news for shareholders undoubtedly concerns the dividend. Indeed, the board of directors confirmed its intention to distribute a coupon of 0,42 euro per share, up 7,7% on the previous year. The payout, equal to 80% of the profits (the shareholders will receive a total of 548,56 million), is one of the highest in the Ftse Mib, while the yield exceeds 6,6%. As regards public shareholders, around 160 million will go to the Treasury (which holds 29,6%) and 192 million to CDP (the leading shareholder with 35%).
Finally, we recall that, the business plan presented on 27 February provides for an increase in the dividend of 5% per year for the first three years.
The coupon will be detached on 18 June 2018, the registration date is 19 June 2018 and the payment date is 20 June 2018. Poste Italiane's financial statements and the proposed dividend will be submitted for approval to the ordinary shareholders' meeting which will be held on May 29, 2018.
