Group revenue achieved in 2024 reached a record value of €12.6 billion, growing by 5% compared to 2023.
* The items include the management reclassification of the costs of the energy business.
A record value was reached also for the operating result for the year, which, net of the charges for the contribution to the Life Insurance Guarantee Fund in 2024 and the portion of charges of an extraordinary nature deriving from the results of the voluntary analysis147 of risk on tax credits carried out during the year (Adjusted EBIT), shows a 13% growth over 2023 to €2,961 million in the financial year 2024, almost tripling compared to the value realised in the financial year 2017.
Net profit for 2024 came in at €2 billion and is in line with the updated guidance of the 2024 - 2028 Plan communicated to the financial community in November 2024.
Titolo: Posizione finanziaria netta del Gruppo
I dati sono espressi in milioni di euro
Posizione finanziaria netta in aumento dal dicembre 2022 al dicembre 2023 di 2.848 milioni di euro
Posizione finanziaria netta dicembre 2022: 1.012
Corrispondenza pacchi e distribuzione: +84
Servizi finanziari: +1.856
Servizi assicurativi: +978
Pagamenti e mobile: -68
Elisioni: -1
Posizione finanziaria netta dicembre 2023: 3.861
Posizione finanziaria netta dicembre 2022: 1.012
Flusso di cassa operativo: +2.648
Variazione capitale circolante netto: +227
Investimenti: -845
Dividendi: -883
Investimenti in partecipazioni: -145
Effetti valutativi: +2.145
IFRS 16 e altre variazioni: -299
Posizione finanziaria netta dicembre 2023: 3.861
Net profit for 2024 came in at €2 billion and is in line with the updated guidance of the 2024 - 2028 Plan communicated to the financial community in November 2024.
Consolidated Financial Statements
| ASSETS(€m) | 31 December 2024 | of which related parties | 31 December 2023 | of which related parties |
|---|---|---|---|---|
| Non-current assets |
|
|
|
|
| Property, plant and equipment | 2,783 | - | 2,546 | - |
| Investment property | 26 | - | 28 | - |
| Intangible assets | 2,139 | - | 2,062 | - |
| Right-of-use assets | 1,187 | - | 1,265 | - |
| Investments accounted for using the equity method | 332 | 332 | 294 | 294 |
| Financial assets | 210,129 | 2,994 | 205,656 | 3,067 |
| Trade receivables | 2 | - | 3 | - |
| Deferred tax assets | 1,997 | - | 2,109 | - |
| Other receivables and assets | 3,955 | 0 | 4,084 | 2 |
| Tax credits Law no. 77/2020 | 5,170 | - | 6,534 | - |
| Assets for outward reinsurance | 324 | - | 233 | - |
| Total | 228,045 |
| 224,814 |
|
| Current assets |
|
|
|
|
| Inventories | 177 | - | 172 | - |
| Trade receivables | 2,076 | 597 | 2,404 | 681 |
| Current tax assets | 197 | - | 167 | - |
| Other receivables and assets | 1,339 | 16 | 1,051 | 15 |
| Tax credits Law no. 77/2020 | 1,835 |
| 1,784 |
|
| Financial assets | 34,409 | 10,027 | 31,503 | 9,000 |
| Cash and deposits attributable to BancoPosta | 4,290 | - | 4,671 | - |
| Cash and cash equivalents | 4,680 | 387 | 4,211 | 874 |
| Total | 49,003 |
| 45,963 |
|
| Non-current assets and disposal groups held for sale | 50 | 50 | 50 | 50 |
| TOTAL ASSETS | 277,098 |
| 270,827 |
|
| LIABILITIES AND EQUITY | 31 December 2024 | of which related parties | 31 December 2023 | of which related parties |
|---|---|---|---|---|
| Equity |
|
|
|
|
| Share capital | 1,306 | - | 1,306 | - |
| Reserves | 1,532 | - | 1,083 | - |
| Treasury shares | (109) | - | (94) | - |
| Retained earnings | 8,855 | - | 8,027 | - |
| Total equity attributable to owners of the Parent | 11,583 |
| 10,322 |
|
| Equity attributable to non-controlling interests | 127 | - | 117 | - |
| Total | 11,709 |
| 10,439 |
|
| Non-current liabilities |
|
|
|
|
| Liabilities under insurance contracts | 162,408 | - | 155,338 | - |
| Provisions for risks and charges | 526 | 40 | 782 | 50 |
| Employee termination benefits | 577 | - | 637 | - |
| Financial liabilities | 8,711 | 225 | 10,243 | 209 |
| Deferred tax liabilities | 897 | - | 900 | - |
| Other liabilities | 2,024 | - | 2,058 | - |
| Total | 175,144 |
| 169,958 |
|
| Current liabilities |
|
|
|
|
| Provisions for risks and charges | 557 | 8 | 554 | 10 |
| Trade payables | 2,097 | 135 | 2,252 | 113 |
| Current tax liabilities | 65 | - | 189 | - |
| Other liabilities | 2,151 | 80 | 2,285 | 90 |
| Financial liabilities | 85,374 | 5,502 | 85,150 | 5,525 |
| Total | 90,244 |
| 90,430 |
|
| TOTAL LIABILITIES AND EQUITY | 277,098 |
| 270,827 |
|
| (€m) | FY 2024 | of which related parties | FY 2023 | of which related parties |
|---|---|---|---|---|
| Revenue from Mail, Parcels and other | 3,843 | 1,055 | 3,746 | 1,007 |
| Net revenue from Financial Services | 5,521 | 2,271 | 5,229 | 2,305 |
| Revenue from Financial Services | 6,127 | 2,279 | 5,795 | 2,317 |
| Expenses from financial activities | (607) | (8) | (566) | (12) |
| Net revenue from insurance services | 1,640 | 1 | 1,567 | 18 |
| Revenue from insurance contracts issued | 2,824 | - | 2,550 | - |
| Costs arising from insurance contracts issued | (1,234) |
| (1,058) |
|
| Revenue/(costs) from outward reinsurance | (32) |
| (15) |
|
| Income and (expenses) from financial activities and other income/expenses | 6,430 | 1 | 6,458 | 18 |
| Net financial (costs)/revenue relating to insurance contracts issued | (6,358) | - | (6,373) | - |
| Net financial revenue/(costs) related to outward reinsurance | 10 | - | 5 | - |
| Revenue from Postepay services | 1,923 | 65 | 1,586 | 54 |
| Net operating revenue | 12,927 |
| 12,128 |
|
| Cost of goods and services | 3,717 | 720 | 3,237 | 308 |
| Personnel expenses | 5,135 | 75 | 5,170 | 74 |
| Depreciation, amortisation and impairments | 855 | - | 811 | - |
| Capitalised costs and expenses | (67) | - | (56) | - |
| Other operating costs | 318 | 5 | 275 | 3 |
| of which non-recurring costs | 57 |
| - |
|
| Impairment losses/(reversals of impairment losses) on debt instruments, receivables and other assets | 424 | (2) | 71 | (0) |
| of which non-recurring costs | 284 |
| - |
|
| Operating profit/(loss) | 2,546 |
| 2,620 |
|
| Finance costs | 120 | 1 | 119 | 1 |
| Finance income | 209 | 14 | 181 | 15 |
| Impairment losses/(reversals of impairment losses) on financial assets | (14) | - | (25) | - |
| Profit/(Loss) on investments accounted for using the equity method | 22 | - | 20 | - |
| Profit/(Loss) before tax | 2,671 |
| 2,727 |
|
| Income tax expense | 658 |
| 794 |
|
| PROFIT FOR THE YEAR | 2,013 |
| 1,933 |
|
| of which attributable to owners of the Parent | 1,994 |
| 1,922 |
|
| of which attributable to non-controlling interests | 19 |
| 11 |
|
| Earnings per share | 1.540 |
| 1.483 |
|
| Diluted earnings per share | 1.540 |
| 1.483 |
|
| (€m) | FY 2024 | FY 2023 |
|---|---|---|
| Profit/(Loss) for the year | 2,013 | 1,933 |
| Items to be reclassified in the Statement of profit or (loss) for the year |
|
|
| FVOCI debt instruments |
|
|
Increase/(decrease) in fair value during the year | 1,899 | 7,694 |
Transfers to profit or loss from realisation | 127 | 223 |
Increase/(decrease) for expected losses | (21) | 5 |
| Cash flow hedges |
|
|
Increase/(decrease) in fair value during the year | 111 | 80 |
Transfers to profit or loss | (48) | (318) |
| Financial revenue or costs relating to insurance contracts issued | (1,318) | (5,532) |
| Financial revenue or costs related to outward reinsurance | (0) | 2 |
| Taxation of items recognised directly in, or transferred from, equity to be reclassified in the Statement of profit or loss for the year | (222) | (565) |
| Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method | 4 | 0 |
| Change in translation reserve | 0 | (0) |
| Items not to be reclassified in the Statement of profit or loss for the year |
|
|
| Equity instruments measured at FVOCI - increase/(decrease) in fair value during the year | (92) | (5) |
| Actuarial gains/(losses) on employee termination benefits | 7 | (8) |
| Taxation of items recognised directly in, or transferred from, equity not to be reclassified in the Statement of profit or loss for the year | (0) | 2 |
| Share of after-tax comprehensive income/(loss) of investees accounted for using the equity method | (0) | (0) |
| Total other comprehensive income | 448 | 1,578 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,461 | 3,511 |
| of which attributable to owners of the Parent | 2,442 | 3,500 |
| of which attributable to non-controlling interests | 18 | 11 |
Equity | Total equity (€m) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Reserves | Retained earnings / (Accumulated losses) | Total equity attributable to owners of the Parent | Equity attributable to non-controlling interests | ||||||||||||
| (€m) | Share capital | Treasury shares | Legal reserve | BancoPosta RFC reserve | Equity instruments - perpetual hybrid bonds | Fair value reserve | Cash flow hedge reserve | Reserve for insurance contracts issued and outward reinsurance | Translation reserve | Reserve for investees accounted for using the equity method | Incentive plans reserve | ||||
| Saldo al 1° gennaio 2023 | 1,306 | (40) | 299 | 1,210 | 800 | (10,592) | (128) | 7,876 | (0) | 5 | 19 | 7,100 | 7,834 | 44 | 7,878 |
| Total comprehensive income for the year |
|
|
|
|
| 5,529 | (169) | (3,774) | 0 | 0 |
| 1,914 | 3,500 | 11 | 3,511 |
| Dividends paid |
|
|
|
|
|
|
|
|
|
|
| (570) | (570) | (6) | (576) |
| Interim dividend |
|
|
|
|
|
|
|
|
|
|
| (307) | (307) | - | (307) |
| Purchase of treasury shares |
| (34) |
|
|
|
|
|
|
|
|
| (0) | (34) | - | (34) |
| Transactions with minority shareholders |
|
|
|
|
|
|
|
|
|
|
| (101) | (101) | - | (101) |
| Incentive plans |
| 3 |
|
|
|
|
|
|
|
| 8 | (0) | 10 | - | 10 |
| Coupons paid to holders of perpetual hybrid bonds |
|
|
|
|
|
|
|
|
|
|
| (16) | (16) | - | (16) |
| Other changes |
|
|
|
|
|
|
|
|
| (1) |
|
| (1) | - | (1) |
| Change in scope of consolidation |
|
|
|
|
|
|
|
|
|
|
| 6 | 6 | 68 | 74 |
| Balance at 31 December 2023 | 1,306 | (94) | 299 | 1,210 | 800 | (5,063) | (297) | 4,102 | (0) | 4 | 27 | 8,027 | 10,322 | 117 | 10,439 |
| Total comprehensive income for the year |
|
|
|
|
| 1,306 | 45 | (912) | 0 | 4 |
| 2,000(*) | 2,442 | 18 | 2,461 |
| Dividends paid |
|
|
|
|
|
|
|
|
|
|
| (729) | (729) | (9) | (738) |
| Interim dividend |
|
|
|
|
|
|
|
|
|
|
| (427) | (427) |
| (427) |
| Purchase of treasury shares |
| (23) |
|
|
|
|
|
|
|
|
| (0) | (23) |
| (23) |
| Transactions with minority shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Incentive plans |
| 8 |
|
|
|
|
|
|
|
| 5 | 0 | 14 | - | 14 |
| Coupons paid to holders of perpetual hybrid bonds |
|
|
|
|
|
|
|
|
|
|
| (16) | (16) |
| (16) |
| Other changes |
|
|
|
|
|
|
|
|
| 0 |
|
| 0 |
| 0 |
| Change in scope of consolidation |
|
|
|
|
|
|
|
|
|
|
|
|
| 0 | 0 |
| Balance at 31 December 2024 | 1,306 | (109) | 299 | 1,210 | 800 | (3,757) | (252) | 3,190 | 0 | 9 | 32 | 8,855 | 11,583 | 127 | 11,709 |
*This item includes profit for the year (Group portion) of €1,994 million and actuarial gains on provisions for employee termination benefits of €6 million, after the related current and deferred taxation
| (€m) | FY 2024 | FY 2023 |
|---|---|---|
| Cash and cash equivalents at beginning of year | 4,211 | 4,983 |
| Profit/(Loss) before tax | 2,671 | 2,727 |
| Depreciation, amortisation and impairments | 929 | 882 |
| Net provisions for risks and charges | 76 | 348 |
| Use of provisions for risks and charges | (332) | (371) |
| Provisions for employee termination benefits | 2 | 3 |
| Employee termination benefits | (76) | (106) |
| (Gains)/Losses on disposals | (0) | (112) |
| Impairment losses/(reversals of impairment losses) on financial assets | (14) | (25) |
| (Dividends) | (0) | (4) |
| Dividends received | 0 | 4 |
| (Finance income in form of interest) | (204) | (169) |
| Interest received | 201 | 168 |
| Interest expense and other finance costs | 116 | 110 |
| Interest paid | (49) | (45) |
| Losses and impairment losses/(reversals of impairment losses) on receivables | 603 | 64 |
| Income tax paid | (866) | (191) |
| Other changes | 6 | (11) |
| Cash flow generated by operating activities before movements in working capital | 3,063 | 3,272 |
| Movements in working capital: |
|
|
| (Increase)/decrease in Inventories | (5) | (15) |
| (Increase)/decrease in Trade receivables | 242 | (696) |
| (Increase)/decrease in Other receivables and assets | (186) | 399 |
| Change in tax credits Law no. 77/2020 | (13) | (352) |
| Increase/(decrease) in Trade payables | (154) | 25 |
| Increase/(decrease) in Other liabilities | (167) | 279 |
| Cash flow generated by /(used in) movements in working capital | (283) | (360) |
| Increase/(Decrease) in liabilities attributable to financial activities, payments, cards and acquiring and insurance | (3,210) | (9,441) |
| Net cash generated by/(used for) financial assets and tax credits Law no. 77/2020 attributable to financial activities, payments, cards and acquiring and insurance | (615) | 2,852 |
| (Increase)/decrease in cash and deposits attributable to BancoPosta | 380 | 1,177 |
| Increase/(Decrease) in net liabilities under insurance contracts | 5,661 | 8,033 |
| (Income)/Expense and other non-cash components | (2,095) | (4,119) |
| Cash generated by/(used for) financial assets/liabilities attributable to financial activities, payments, cards and acquiring and insurance | 121 | (1,498) |
| Net cash flow from /(for) operating activities | 2,901 | 1,414 |
| - of which related party transactions | (841) | 4,420 |
| Investing activities: |
|
|
| Property, plant and equipment | (498) | (373) |
| Investment property | (1) | - |
| Intangible assets | (467) | (473) |
| Investments | (27) | (50) |
| Other financial assets | (6) | (17) |
| Investments in consolidated companies net of cash acquired | - | (95) |
| Disposals: |
|
|
| Property, plant and equipment, investment property, intangible assets and assets held for sale | 9 | 13 |
| Investments | - | - |
| Other financial assets | 1 | 1 |
| Investments in consolidated companies net of cash acquired and changes in scope | 3 | - |
| Net cash flow from /(for) investing activities | (986) | (994) |
| - of which related party transactions | (20) | (14) |
| Proceeds from/(Repayments of) long-term borrowings | 566 | 126 |
| (Increase)/decrease in loans and receivables | - | - |
| Increase/(decrease) in short-term borrowings | (803) | (380) |
| (Purchase)/sale of treasury shares | (23) | (34) |
| Dividends paid | (1,165) | (883) |
| Equity instruments - perpetual hybrid bonds | (21) | (21) |
| Net cash flow from/(for) financing activities and shareholder transactions | (1,446) | (1,192) |
| - of which related party transactions | (733) | (564) |
| Effect of exchange rate differences on cash and cash equivalents | 0 | - |
| Net increase/(decrease) in cash | 469 | (772) |
| Cash and cash equivalents at end of year | 4,680 | 4,211 |
| Restricted cash and cash equivalents at end of year | (2,693) | (2,576) |
| Unrestricted cash and cash equivalents at end of year | 1,987 | 1,635 |