La Poste Groupe results for the first half of 2022
La Poste Groupe continued with the deployment of its strategy and consolidated its results, which recorded the first effects of an adverse macroeconomic context.
“The first half of 2022 marks the last step in the creation of the large public financial group. Thanks to the success of the simplified public tender offer initiated by La Banque Postale in May 2022, followed by a squeeze-out procedure, CNP Assurances became a wholly owned subsidiary of La Banque Postale, which thus consolidated its position as a leading European bancassurer.
During this period, La Poste also announced a massive investment plan to modernise its network and accelerate its digital transformation. Faced with the climate emergency, La Poste Groupe continued to accelerate its mobilisation on its greenhouse gas emissions to align all of its activities with the Paris Agreement (1.5°C) with a view to be Net Zero before 2050. La Poste announced an ambitious low-carbon transport policy mobilising €600 million in investments. And Geopost/DPDgroup submitted a target of zero net emissions by 2040 to the Science-Based Targets initiative (SBTi).
La Poste Groupe’s half-year results presented today show a trend of consolidation, thanks to the daily commitment of La Poste’s employees and the relevance of the strategic choices it has made with the support of its shareholders, Caisse des Dépôts et Consignations and the French State. These results include the first effects of an adverse macroeconomic context marked by the increase in raw material prices, the return of inflation and of rising interest rates, while e-commerce is normalising following the lifting of restrictions related to the health crisis in many countries.” Philippe Wahl Chairman and CEO of the group La Poste
Copyright : Romuald Meigneux
Performance of the Group
Revenue¹: €17.5bn, i.e. +3.7% and +1.4% at constant scope and exchange rates vs 30/06/2021
€0.4bn, vs €1.1bn at 30/06/2021
€1.5bn excluding impairment of Mail and DPD Russia assets, i.e. +€369m vs 30/06/2021
Net profit Group share:
€0.9bn, vs €0.5bn at 30/06/2021
€0.8bn excluding impairment of Mail and DPD Russia assets and capitalisation of the deferred tax assets³, i.e. +€295m vs 30/06/2021
Free cash flow⁴ : +€1.1bn
vs +€55m at 30/06/2021
including an exceptional dividend of €1,256m paid by La Banque Postale
Equity: €18.6bn⁵vs €20.9bn at 31/12/2021
Net debt⁴ : €10.3bn vs €10.2bn at 31/12/2021
Net debt / Adjusted EBITDA⁴⁶: 2.4 vs 3.6 at 31/12/2021
(1): Includes the group’s operating income from industrial and commercial activities and the net banking income of La Banque Postale (including the net income from CNP Assurances’ activities).
(2): The operating profit (group and business units) is presented after the share of the net profit of jointly controlled entities.
(3): Related to the increase to 100% of the share capital of CNP Assurances by La Banque Postale.
(4): Definition presented in Appendix 2 of the press release.
(5): Impacted by interest rate effects on the reserves of La Banque Postale and CNP Assurances
(6): Over a rolling 12-month period, including exceptional dividend paid by La Banque Postale
Key highlights of the first half of 2022
- La Banque Postale holds all of the share capital and voting rights of CNP Assurances following its simplified takeover bid, followed by a squeeze-out procedure¹,
- Finalisation of the sale of the equity holdings in Ostrum AM and AEW Europe to Natixis Investment Managers and extension of the industrial partnerships in asset management with Groupe BPCE until the end of 2030,
- acceleration of the development of BPE, which became Louvre Banque Privée,
- Rationalisation of CNP Assurances' Italian operations with the signing of a memorandum of understanding to become a 100% shareholder in CNP Vita Assicura S.p.a,
- Acquisition by CNP Assurances from CDC Habitat of 85% of an SCI owning 7,600 housing units with affordable rents and high environmental quality
In e-commerce: eShopWorld (eSW), world leader in “direct sales” e-commerce and a wholly owned subsidiary of Asendia², announced the acquisition of the Scalefast platform, an American start-up providing global e-commerce solutions,
In express: increase in the share capital of Aramex (+3%), thus increasing GeoPost/DPDgroup’s stake to 28%,
In local logistics: under the LOG’ISSIMO brand, launch of a new range of customised logistics solutions targeting companies and local authorities,
In real estate: acquisition of the company Multiburo (100%), a long-standing player in business and coworking centres;
(1): Simplified takeover bid from 2 to 31 May at the price of €20.90 per CNP Assurances share (ex-dividend of €1), followed by a squeeze-out procedure.
(2): The shareholders of the Asendia JV are La Poste Groupe (60%) and Swiss Post (40%).