Poste italiane

Poste italiane
listed Società per Azioni
Traded as BIT: PST
Industry
Headquarters 190 viale Europa, Rome, Italy
Key people
  • Bianca Maria Farina (Chairwoman)
  • Matteo Del Fante (CEO)
Services
  • Postal Services
  • Financial Services
  • Insurance Services
Revenue Increase €30.739 billion (2015[1])
Increase €880.008 million (2015[1])
Profit Increase €552.0 million (2015[1])
Total assets Increase €175.836 billion (2015[1])
Total equity Increase €9.658 billion (2015[1])
Owner
Number of employees
 142,268 (2014 average[1])
Parent Italian Ministry of Economy and Finance (MEF)
Divisions BancoPosta[1]
Subsidiaries
Capital ratio 14.65% (CET1, BancoPosta division only)[1]
Website Official website
Footnotes / references
in consolidated balance sheet excluding minority interests

Poste italiane SpA is an Italian postal services provider. It was partially privatized by selling 35% of its shares to the public.

Besides providing core postal services, Gruppo Poste Italiane offers integrated products, such as postal savings, communication, logistics and financial services in Italy.

Gruppo Poste italiane subsidiaries include: SDA Express Courier which provides express mail and package delivery; Postecom managing Internet services; BancoPosta Fondi offering life insurance and investment solutions, Postel offering hybrid electronic mail and document processing, and PosteMobile, a mobile virtual network operator.

History

1862-1990

National law n. 604 of 5 May 1862 n. 604, the so-called postal reform, created a national, centralized organization for postal services within the newly formed kingdom of Italy, which encompassed several pre-existing countries with their separate postal systems. Subsequently, with the Royal Decree 5973 of 10 March 1889, the Directorate General of Posts and Telegraphs was separated from the Ministry of Public Works and thus transformed into the Ministry of Posts and Telegraphs, in charge of providing Italy with a network of offices to forward and receive mail and telegrams, to make and receive telephone calls, and to carry out financial transactions and asset management. It also for a time worked as branch offices for the nascent electric services.

In 1917 the service giro was founded (since 2000 commonly known as BancoPosta), and branches of the Italian Posts and Telegraphs ("PT") were also opened outside of Italy.

In 1924, during the Fascist period, the Ministry of Posts and Telegraphs was renamed Ministry of Communications and became an important center of power, partly due to its ability to control citizens. The service network was expanded with the acquisition and implementation of new logistics facilities. New buildings in the Functionalist style were built in major cities.

With the development of telephony and radio, the ministry incorporated the State Company for Telephone Services (ASST) and the nascent EIAR (which would become RAI later and run both public radio and television).

1990-2000

In the early 1990s Italian public administration and postal service were deemed irrecoverable from the perspectives of efficiency and profitability. The budget deficit was endemic as the increase in personnel costs, which in 1986 absorbed about 93% (including 16% for pensions) of then current revenue. Productivity per employee from 1970 to 1985 was reduced by 24% at the expense of the quality of services provided by generating a deficit situation even more critical.

In 1994 in Germany about 80% of mail was delivered within the day after dispatch, while in Italy the comparable statistic was less than 20%. (In 1989 the average time for mail delivery was 8.5 days).

The obvious gap in the quality of Italian postal services compared to the rest of Europe tried embankment with an intervention of reform under Decree-Law n . 487 of 1 December 1993, converted by Law no. 71 of 29 January 1994 led to a transformation of the Italian Post Office by an independent company to a public business, by providing an additional step in SpA by 1996 (implemented after 28 February 1998). The transformation process was assumed in the management of the Italian Post Office the adoption of the principle of production efficiency, the recovery of the quality of services and the economic and financial recovery.

This led to the gradual reduction of the deficit of 4,500 billion lire in 1993, through policies to reduce production costs (80% of which was due to staff), an increase in revenues from the sale of services to the PA, a reordering of the tariff system, reaching in 2001 a net profit.

In February 1998 the Ministry of the Treasury ( The Prodi I Cabinet ) appointed Corrado Passera, CEO of the newly formed Italian Poste SpA. The business plan of Corrado Passera 1998 to 2002 created a cutting staff of 22,000 units. On the other hand, according to some trade union leaders, there has been a casualization of contracts for new recruits, cases of widespread harassment and resignation to the super- workload, because of an excess of staff cuts that would have pushed miss even proportions of the workforce necessary.

From the point of view, the Solidarity Fund has been in long-term savings on labor costs as well as lowering the average age of the staff. For 10 years, a state fee and a deduction in payroll for new employees have funded the last two years of missing contribution to the early retirement of thousands of employees. The transaction, at no cost to the company, has replaced these outputs with staff under 24 years old with three-year contracts of apprenticeship.

2000-2010

In 2000, a 20% stake in the share capital of the company Bartolini was acquired by the Italian Post Office through its subsidiary, SDA Express Courier, resulting in the formation of the Consortium, Logistics and Parcels between the three companies for the sorting of parcels throughout the country. This agreement was also the subject of a challenge by the rival companies in court, but it ended in favor of the consortium.

Poste Italiane has also adopted a system of control rooms that can monitor in real time the post office, the logistics network and security of digital communications and transactions, an area in which he also works with governing bodies national, international agencies and universities and research centers . Of particular importance have acquired in these years of the financial products and services, first of all the Postepay prepaid card. Introduced in late 2003, Postepay achieved early success, especially among the young, conquering and maintaining first position at European level among pre-paid cards .

2010-present

In 2011 Poste italiane acquired UniCredit MedioCredito Centrale for €136 million.[2]

On 16 May 2014 the Italian government approved the sale of stakes of up to 40 percent in Poste Italiane.[3]

The company is going to close 455 office in 2015 due low profit,[4] it was a decision taken by the CEO of Poste Italiane Spa, Francesco Caio. There will be a total amount of 13000 postal office in Italy in 2015. Ministry of Economy and Finance (Italy) that now owns 64.696% of Poste Italiane Spa, shared about 35% to Borsa Italiana. On 25 May 2016, a further 35% stake was transferred to Cassa Depositi e Prestiti (CDP) from the ministry, making the minority shareholders of the national investment bank, had an equity stake in Poste italiane, but also diluting the voting rights in CDP.[5]

Financial services

One of the main business of the company was BancoPosta, a division within Poste italiane S.p.A., which provided postal savings services. Poste Vita and Poste Assicura were the companies to provide insurance services.

The bank division, known as BancoPosta ring-fenced capital reserve, (BancoPosta FRC) in the balance sheet, had total assets of €56,969,835,924 as at 31 December 2014. If BancoPosta was a separate company, it would make the bank ranked as the 10th largest bank by total assets. Cariparma, which ranked as the 10th in the research of Ricerche e Studi (a subsidiary of Mediobanca), had a total assets of €50,296,831,000 as at 31 December 2014, despite the list also omitted some bank before Cariparma.[6]

Critics

The actual CEO of Poste Italiane Spa, Francesco Caio, has been criticized due its high salary, he earn 1 million € per year, compared to the poor company results.[7]

See also

References

  1. 1 2 3 4 5 6 7 8 9 "2014 Annual Report" (PDF). Poste italiane. 21 September 2015. Retrieved 13 March 2016.
  2. ↑ "comunicato" [Press Release] (PDF) (in Italian). Poste italiane. 1 August 2011. Retrieved 12 March 2016.
  3. ↑ UPDATE 1-Italy approves sale plans for post office, air traffic control
  4. ↑ http://www.forexinfo.it/Poste-Italiane-il-piano-di
  5. ↑ "Capital increase of Cdp through transfer by the Ministry of Economy and Finance of a holding of 35% of the share capital of Poste Italiane". Cassa Depositi e Prestiti. 25 May 2016. Retrieved 30 May 2016.
  6. ↑ "LE PRINCIPALI BANCHE ITALIANE" (PDF) (in Italian). Ricerche e Studi. 10 November 2015. Retrieved 21 February 2016.
  7. ↑ http://www.huffingtonpost.it/2015/04/22/poste-francesco-caio-stipendio_n_7115336.html
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