Poste Italiane, after a growing 2022, raises the bar for 2023 aiming for an operating result of 2,5 billion euros. The company led by Matteo Del Fante closes 2022 with a Operating income at record levels: EBIT up 24% to 2,3 billion. Net profit is 1,51 billion, - 4,3%, as a result of higher taxes, but it is "double the 2017 level which amounted to 0,7 billion" notes the company in a communique highlighting the path from the beginning of Matteo Del Fante's mandate as CEO, also in view of the spring appointments. This is why in the summary of the 2022 financial statement data, the progression of the Company was indicated compared to 2017 in terms of revenues (increased by 12,5% in 6 years) and operating margin (+104%). Poste has decided to "celebrate" by raising i target for 2023 e increasing the dividend by 10% compared to 2021.
“Poste Italiane posted solid results with a record high 2022 operating profit, more than doubling compared to 2017.” He stated it Matthew Del Fante, CEO and General Manager of Poste Italiane commenting on the 2022 results. “All sectors contributed to the underlying operating profitability growth trend, once again confirming solid foundations for future growth. Our transformation program, founded on “Deliver22″, our first Strategic Plan, has now been fully implemented with all the main targets achieved”, added the CEO.
Poste Italiane, all the results for 2022
Revenue growth continues in 2022 in all sectors, with the exception of the mail and parcel sector which is affected by slower growth than in previous years, that of e-commerce. Revenues rise to €11,9 billion, +6% year-on-year compared to 2021 (equal to €3,1 billion in the fourth quarter of 2022, +13,3% y/y compared to the fourth quarter of 2021), up by 12% compared to 10,6 billion in 2017. Going into detail on the various business lines:
- In 2022 the revenues of the sector Mail, Parcels and Distribution they stood at 3,7 billion, down 1,2% year-on-year and showing solid resilience compared to 3,6 billion in 2017. This division is the only one at a loss, with a loss of 361 million EUR.
- Segment revenue Financial services amounted to €4,9 billion, +3,3% year-on-year, with a solid NII margin up 28,6% year-on-year, which more than offset the expected lower income from distribution fees of the postal savings products.
- Segment revenue Payments and Mobile continued to grow year-on-year by 30% to €1,1 billion, while insurance sector revenues increased by 15,7% year-on-year to €2,2 billion.
It should be considered that in the fourth quarter of last year alone revenues rose by 13,3% to 3,14 billion euro, while net profit fell by 78,8% to 86 million euro. The consensus of analysts indicated revenues of 3,03 billion and a net profit of 218 million euros. And it is precisely this figure that weighs on the title of the Company which sells 1,20% to Piazza Affari, at 9,40 euros per share.
At the end of 2022 the net financial position was positive for 2,41 billion euro, compared to 7,16 billion at the beginning of the year. Again at the end of the year, invested financial assets amounted to 562 billion euro, down by 24 billion euro compared to the figure at the beginning of the year, influenced by a negative effect of the market value of the assets of 23,6 billion.
The dividend goes up
“Based on our outperformance, we are raising the dividend for 2022 and the target for 2023, compared to our original targets, proposing a dividend per share of 65 euro cents on 2022 results, an increase of 10% compared to last year's level”, which was 0,59, 71 euros, “and setting a dividend per share target of 2023 euro cents on 9 results, with an increase of XNUMX% on an annual basis”, continued Del Fante.
Poste recalled that in November 2022 an interim dividend on the 2023 dividend of 0,21 euros per share had been detached. Consequently, the coupon balance will be 0,44 euros and will be detached on Monday 19 June 2023, with payment on 21 June.
Guidance 2023 updated
The company provided the guidance for the 2023. The company's top management expects EBIT to reach 2,36 billion euros, with the contribution of all business sectors which more than compensates for the negative effects generated by inflation on costs and start-up costs and the business of Post Energy. Net income is estimated at €1,7 billion compared to the FY2022 level of €1,51 billion. The 2024 dividend target (relating to the 2023 financial year) has been revised upwards to 0,71 euro per share (+9% on an annual basis), thanks to greater visibility of the capital and the generation of cash flows by of all business sectors.
The Group also confirmed its commitment to valorising people, "as a fundamental asset for the company's competitiveness and the country's sustainable growth", and the goal of carbon neutrality by 2030.
Poste Italiane, Matteo Del Fante's statements after the 2022 accounts
"With reference to the first quarter, making a comparison between the first quarter of this year and that of last year, we see an increase of almost four billion", explained Del Fante to analysts, speaking of the trend of deposits. In general, "on deposits, Poste Italiane has historically always been seen as a safe haven by Italian retailers if we look back over the last 20 years, during all the crises".
Su Eurolife "There's not much to say, we're following from the press, the institutions are dealing with it, we don't see signs of nervousness with respect to our investors and the redemption rates are unchanged", continued Del Fante. “It is clear that a system solution is being found, we are ready to hear what it is. I believe it will not be a concern for the system to resolve this issue,” added the manager.
while on theenergy offer. “In four months we have reached more than 150 contracts, we are on track to exceed 300 contracts at the end of the year”. And then he explains the reasons for the success: "They choose us for two reasons: we never offer offers over the phone and for the fixed monthly installment for the first year".
Updated Thursday 30 March at 15:20
