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DIRECTION DE LA COMMUNICATION 1
Investor presentation
May 2015
• This document has been prepared by La Poste solely for use for general investor presentations. This document is not to be reproduced by any person, nor be distributed to any person other than its original recipient. La Poste takes no responsibility for the use of these materials by any person.
• This document does not constitute or form part of any solicitation, offer or invitation to purchase or subscribe for any Notes.
• The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the La Poste, or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
• Certain statements in this document are forward-looking, including statements concerning La Poste’s plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends La Poste anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. La Poste does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Such forward-looking statements speak only as of the date on which they are made. Any opinions expressed in this document are subject to change without notice and La Poste does not undertake any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
Disclaimer
PAGE 2
Key credit highlights
Group presentation
Business review
Financial data
Agenda
PAGE 3
Strong ties with the State A major multi-business services Group
page 4
page 6 - 12
Key figures FY 2014 Financial credit profile
page 13 - 22
page 24 - 35
pages 6 - 9 pages 10 - 12
pages 23 - 31 pages 32 - 34
Outlook page 35 - 38
DIRECTION DE LA COMMUNICATION 4
Key credit highlights
Le Groupe La Poste’s fundamental strengths
Successful execution of large-scale modernization
to date
Solid balance sheet along with active debt management: reduced debt leverage
Stable long-standing shareholding structure
(by law), critical role for the French State
Major market-leading businesses with unique assets
and positions
Low business risk profile thanks to an unprecedented diversification model and a balanced activities portfolio
Strong credit profile
PAGE 5
DIRECTION DE LA COMMUNICATION 6
Group presentation
Strong ties with the State
A major multi-business services Group
In
vo
lvem
en
t o
f S
tate
2000’s 2010’s
A historical relationship with the French State, continuously reaffirmed
1990’s
2010 2011
Status
In law
Entering the local
authorities financing market
Participation in French plan
de relance
Capital increase subscribed
by State & CDC
2012 2005
Creation of La Banque
Postale
EPIC
2013 2017 1990
Boosting social home ownership programs
PAGE 7
In b
usin
ess
2006
Public
serv
ice
mis
sio
ns
2007 2008 2009 2014
Public service contract 2013-2017
2015 2016
Société Anonyme*
Public service contract 2008-2012
Acts
/ D
ecre
es
Postal Act Creation of ARCEP
+ specific agreements covering each mission
Operator of Vital
Importance
Postal Act 4 missions reaffirmed
in law
La Poste, designated provider of the Universal Service for 15 years as from 1 January 2011
* Article 1 of Act 2010-123 of 9 February 2010 The share capital shall be held by the State & by other public sector legal entities except for the portion that may be held under employee shareholding arrangements
4 public service missions entrusted to La Poste beyond EU obligations
PAGE 8
4 public service missions governed by law and by specific agreements
Missions historically enshrined in French Law (Law 20 May 2005 supplemented 9 Feb. 2010, transposing EU Directive for universal postal service)
Missions governed by a public service contract (the latest for the period 2013-2017 signed 1 July 2013)
Compatible Compatible Compatible
“they only partially offset the net costs of the public service tasks”
“It does not exceed the net cost for discharging public service obligation”
EU compatible compensation schemes
Compensation fund provided by the EU Directive
Universal postal service
Press transport and delivery
Banking accessibility
Regional planning and development
No additional agreement
Schwartz Agreements 2009-2015,
new agreement under way
Local postal coverage agreement, the latest for
2014-2016 signed Jan 2014
French Law 2 July 1990
Specific decrees for compensation
€170m in 2014*
€242m in 2014* €150m in 2014*
Compensation fund not activated
Specific
agre
em
ent
Com
pen-
sation
*Compensation is provided under different mechanisms (tax exemption, public subsidy…).
Market perception critically close
to that of the French State
Credit ratings
PAGE 9
0
1
2
3
4
5
6
La Poste bond 06/2023French OAT 04/23
%
Market perception
AA / A-1+ / Negative AA / F1+ / Stable
A / A-1 / Stable A+ / F1 / Stable
Rating affirmed in October 2014
AA-/F1+/Stable affirmed in September 2014 Lowered by one notch in December 2014 following France’s rating downgrade (PSE methodology)
DIRECTION DE LA COMMUNICATION 10
Group presentation
Strong ties with the State
A major multi-business services Group
A major multi-business services Group with a unique diversification profile
La Poste Network
servicing all business units
GeoPost La Banque Postale
Services-Mail-Parcels
Mail and Parcel market, mainly in France
European CEP market
Digital Services
Retail banking in France
* JV co-owned by La Poste (51%) and SFR (49%), not included in Group revenue following application of IFRS 11 as of 1/1/2014
*
50.2% 21.9% 25.5%
Mark
et
%
Gro
up
revenue
Org
aniz
ation
/Bra
nds
2.2%
Logistics International
Services
Retail banking
Insurance Asset
management
Parcels
Relational performance Operational efficiency E-services
PAGE 11
€22,163m Revenue 2014
€719m EBIT 2014
A French key employer 257,891 employees
Strong international presence
1 2 3
4 5
Revenue
2014
€8 bn €22 bn €4 bn €12 bn
Revenue
abro
ad
17.9% 69% 15% 17% ~0% 39%
Multi-business models Specific models Postal-centered models
A multi-business model compared to the great majority of European postal operators
PAGE 12
€28 bn €57 bn
FY 2013-2014
Revenue
split
in %
5022
252
48
149
27 28
72
17
83 82
17
100
Netw
ork
of
reta
il o
utlets
17,104
44% partnerships
2,222
30% partnerships
13,000
100% partnerships
0 Network of
Post Office Ltd (separated from Group in 2012)
2,550
100% partnerships
mail parcel express/logistics banking/insurance
Sales 2014, revenue split 2013 (2014 not available yet)
*
13,310
0% partnerships
bus
DIRECTION DE LA COMMUNICATION 13
Business review
GeoPost
Digital
Services
Services-Mail-Parcels
La Poste
Network
1
2
3 4
5
La Banque
Postale
#1 addressed mail
#1 unaddressed mail
Unique door-to-door everyday services
Business & revenue split
5
1
2
3 4
Market positioning*
Key strengths
€11.4bn
PAGE 14
Cross-border
Revenue Volumes
13bn addressed mail
9bn unaddressed mail
~270 million parcels
Ability to address the growing and untapped
local & in-home services market (trust, daily
contact with individuals and corporates)
Optimized state-of-the-art industrial
and logistical network (€3.4bn investment over
2003-2010)
Expertise in order preparation in 20 e-
logistics platforms
Parcels
Logistics
Cross-border
#1 BtoC parcels
#1 e-logistics #1 press delivery
#1 export mail Top 3 Europe
Services-Mail-Parcels
* Source: ARCEP for mail, internal for parcels, market publications (Logistique magazine) for logistics, IPC market audit and internal sources for cross-border
Digitisation impact on (addressed) mail volumes:
2012: -5.9% 2013: -5.5% 2014: -5.8%
Growing e-commerce driving the Parcels market:
2007-2013: +22% (CAGR French e-commerce) 2013: 8.8% of online sales in French total
retail sales
Market drivers
Strategy: Strong levers for performance improvement
Develop new services
Defend the postal core business
Volume • A premium communication media, offering best-in class services
(print formats combined with the most advanced digital technologies)
• Simplified range: mail-parcel continuum as of 1 January 2015
• Make the most of expertise in local and in-home delivery
• A 100% connected network of postmen by end 2015
• Counterbalance volume decline with price measures: new 2015-2018 universal service price-cap with ARCEP:
+7% increase for mail as of 1 January 2015
+1% increase for parcels as of 1 January 2015
• Build upon the logistics network (e-logistics)
• Strengthen positions in cross-border / international
Focus on performance • Adapt the number of facilities to mail volume decline
• Process improvements
• HR optimization
Price
PAGE 15
Services-Mail-Parcels
5
1
2
3 4
A leading express parcels road network in Europe
Business & revenue split
Market positions on the CEP market*
Key strengths
The road expert in Europe for <31.5kg parcels with an interconnected network benefitting from the shift from air to ground-based delivery
Leading positions in France & Europe, strong domestic presence & accountability of local teams
Hybrid BtoB/BtoC network ability to address e-commerce growth driving BtoC volumes (+65% volumes since 2011)
Innovative differentiating services
Volumes
PAGE 16
77% outside France
€4.9bn
Revenue
70% BtoB
865m
GeoPost
5
1
2
3 4
30% BtoC
* CEP: Courier-Parcels-Express - Source: Internal market shares study on 2013 data
#1 Russia
Partners
GeoPost presence
#2 UK Fastest growing operator
#1 Poland
#1 France #1 PUDO network
#1 Spain
#1 Ireland #2 Germany
Pro-active, real-time rescheduling options: Predict
Over 16,000 Pick-up & Drop-off network in Europe
From transportation to services
2001 2014 15 years of
external growth
#1 Turkey
2nd largest parcel delivery network (DTDC)
• Further expand value-added and innovative solutions
Roll-out the most extended and homogenous PUDO network: PickUp 13 countries and 22,000 points in 2015
Pro-active, rescheduling and real time services: 1-hour definite delivery in 20 countries before summer 2015
• Expand geographically in EurAsia, Central Asia and Far East
• Gain progressively a broader intercontinental dimension
Strategy: a hybrid BtoB/BtoC growth strategy through service innovation and expansion
Innovate and expand in new markets
Enhance existing offer
Network
Pursue profitable growth
PAGE 17
• Competitive, pan European, tailor made, flexible solutions
• Accelerate the move in the B2C market (started in 2008) Product
GeoPost
• Strengthen European network
• Better interconnect Europe & Russia (new platforms)
• Maximize first-time delivery success rate
• Control ongoing expenses aimed at supporting the growth in demand
5
1
2
3 4
A unique player in retail banking
Business & revenue split
€5.7bn
Insurance 3.1%
Asset management 2.6%
Retail Banking* 94.2%
Key strengths
Retail banking is core
#1 network #5 asset management
#6 NBI
PAGE 18
Market positions(1)
Safe and sound business model with predominance of resilient and stable retail banking activities
Extensive distribution network
Strong liquidity position with a Loan/Deposit ratio of 75%
Strong level of capitalization with sound solvency ratios: 12.7% CET1(2)
Quality of assets confirmed by the ECB’s AQR
Unique balance sheet:
La Banque Postale
* Included €714m of financial savings commissions on asset management and life insurance
213 213
Regulated savings
centralised CDC
Loans to customers
Customer deposits (excluding regulated savings)
Equity & hybrids Other assets
HTM portfolio
Short term assets /central bank
Short term liabilities
AFS portfolio Other liabilities
Regulated savings centralised CDC
5
1
2
3 4
(1) Sources: French retail banks registration documents , bfinance annual study on asset management
(2) Phased-in ratio including Danish compromise for insurance. The fully loaded ratio is estimated at 14%
(in €bn)
Customer deposits €163bn
Step up development
Strategy: growing efficiently and profitably
Improve efficiency
Conquer attractive segments
• Roll out 1,000 dedicated advisors for high-net worth customers by 2020 on the territory
• Deploy a dedicated commercial line for Pros* (1,000 advisors by 2020)
• Become the reference player in public sector financing
• Drive development on major corporate / institutional accounts
• Accelerate equipment of all customers
• €1bn investment in IT by 2020 to serve strong commercial ambitions and develop an multichannel model for customers
• Optimized equity provided by recurrent results and support of La Poste
• Cost control: efficiency plan in Financial centers, support functions cost rationalization
PAGE 19
La Banque Postale
*Professionals
5
1
2
3 4
92%
12% 19% 18% 14% 18% 17%
79%
3% 13% 16% 12%
5% 4%
Payment card o.w. High-end
payment card
Home savings
plan
Life insurance Personal
insurance (excl.
Health)
Home loans Consumer loans
Market (excl. LBP) internal equipment rate
LBP internal equipment rate
Source : OPERBAC 2012, % of « primary bank » customers equipped in said bank
17,104
retail outlets
The densest physical network in France
PAGE 20
A high-quality network supporting commercial development
96.6% of French population at less than 5km of a postal outlet
Commercial activity of La Poste Network 2014
18%
of Mail revenue
97%
of La Poste Mobile sales
26%
of ColiPoste revenue
100%
of net collection for individuals
82%
of property loans
68%
of consumer loans
of Chronopost revenue
9%
Launched in 2011
1.15 million clients
182m€ in revenue*
A successful offer
• Value-added offers
• Renewed packages
* JV La Poste (51%) & SFR (49%), not included in Group revenue following application of IFRS 11 as of 1/1/2014
La Poste Network
5
1
2
3 4
Strategy
Optimize postal presence (develop all forms of partnerhsips)
Develop banking dimension in main post offices − pursue banking revenue development: cross-
selling & up-selling − develop synergies and strengthen common
culture (training 70,000 employees through the new common school )
Control costs
A dedicated business unit created in 2014
Business & Revenue split
A wide range of services
PAGE 21
Digital Services
Key strengths
a A new growth driver for Le Groupe La Poste
Relational performance
Operational efficiency
E-services
€539m
Billings to other business
units not accounted
for in 2014 revenue
Strong audience: 13.6m unique visitors on 4 main
portals, 3.4m webmail users, 1.4 million Digiposte e-vaults
Large customer base: 80% of CAC 40 companies are
Docapost customers
Renowned expertise in online com: #5 communication Group in France (Mediapost Com), Top 10 advertising online agency (Adverline)
Deep customer knowledge: #1 data base in France
with 36 million addresses
5
1
2
3 4
*BtoA: Business to Administrations
Boost revenue
Support innovation and research
Lever internal transformation
Grow L@Poste en ligne (monetize audience, develop hybrid/digital offers)
Develop new business around online services platforms (cloud)
Develop customer knowledge through Big Data
Launch connected objects (presentation of the Digital Hub
at Las Vegas CES in January 2015)
Develop digital culture and practices
Integrate the new devices as work tools
PAGE 22
Key HR management policy
Active social dialogue
8 employees out of 10 trained in 2014
Training expenditure: 3.5% of payroll
2014: 8 national agreements including one unanimous on social housing
2015: 3 national agreements (Feb), part of the strategic plan (unprecedented majority signing)
Commitment to diversity and equal opportunities
89% of owned properties accessible to people with reduced mobility
50.6% women in Group staff
Invest in sustainable mobility: the 1st electric
vehicle fleet worldwide
Build low energy consumption/high
environmental quality facilities, signing green
leases
Set photovoltaic installations
Develop responsible offers
Eco-socio-designed products :
e.g. Green Letter , , Home support
services for the elderly (Cohesio), etc.
Integral Carbon neutrality
Promote the circular economy
Reduce the environmental impact (transports, buildings)
A strong commitment to CSR
Focus on professional development and training
DIRECTION DE LA COMMUNICATION 23
Financial data
Key figures FY 2014
Financial credit profile
Consolidated P&L
Revenue
Operating profit after share of net profit from companies under joint control
Operating margin
Financial result
Income tax
Share in profits of equity associates
Net profit Group share
21,715 22,163 +2.1% +0.9% at constant scope
and exchange rates
2014 ∆
in %
2013
Pro forma(1)
778 719 -7.6%
3.6% 3.2% -0.4pt
624 513 -17.7%
-222 -198 -10.9%
-125 -182 +45.1%
215 200 -7.1%
In €m
1) 2013 pro forma data : 2013 published data restated for IFRS 10 and 11 impacts
-9.9% at constant scope
and exchange rates
PAGE 24
Mainly from CNP Assurances
Improved by €24m
Revenue(1) in €m An active innovation policy
EBIT(1) in €m
Services-Mail-Parcels: a controlled EBIT decline
404 302
101
109
41
8
546
419
2013 2014
Mail Parcels Subsidiaries
-1.8%
2013 Pro forma
2014
-5.8% addressed
11,599
11,395
9,510 9,328
1,574
1,566
515
501
-23.2%
Volumes/mix Mail
Volumes/ price/mix Parcels
-446
236
+7 83 -84
+3% as at 1 January 2014
• New services
• Value-added Parcels solutions
1) 2013 pro forma data: 2013 published data restated for IFRS 10 & 11 impacts and new segment information; (2) removal of the moratorium compensation on press tariffs
Contribution Press &
moratorium(2)
Services, international,
other
Price Mail
PAGE 25
5
1
2
3 4
Revenue(1) in €m Volumes(1) in million
EBIT (1) in €m
GeoPost: an ongoing strong development, driven by volumes and acquisitions
2014 Price Volume/mix inc working
days
Scope and change
+13.3%
4,342
4,921
2013 2014
316 329
284
REX excl. provision linked to inquiry of Competition Authority
EBITpublished
+8.4% at constant scope and exchange rates
2013 2014 393
-49 210
+4.2% Volumes +9% organic o.w. : • +19% UK • +14% Spain • +11% France
Tigers and Seur
in 2013, Worldnet,
Siodemka, and Seur in 2014
781
865
1) 2013 proforma data: 2013 published data restated for IFRS 10 & 11 impacts and new segment information
2013 Pro forma
Other
26
Outside France
~80%
France ~20%
BtoB ~70%
BtoC ~30%
PAGE 26
5
1
2
3 4
135 136
162 163
297 299
2013 2014
Good dynamics in client equipment
Progression in Outstandings
La Banque Postale boosted by client equipment and loans
6,190 6,478
2013 2014
3,601 3,964
2013 2014
Stock of packages (in 000) Stock of insurance policies (in 000)(1)
+0.8% +12.0%
Savings / Sight deposits outstanding (€bn) Credit outstanding (€bn)(2)
54 58
4 7
58 65
0
20
40
60
2013 2014
Balance sheet savings
Financial savings
Legal entities
Individuals
+4.7% +10.1%
1) Contingency, personal risk, health; 2) Growth excl. Sofiap +9.3%
PAGE 27
5
1
2
3 4
726 842
154 163
880 1,005
2013 2014
Net banking income in €m Cost of risk(3) (CoR) in €m
Gross Operating profit & EBIT(5)
La Banque Postale: steady rise in NBI and profitability significantly up
Home savings
provision
Asset management
Retail banking
Insurance
5,551
5,673
+4.0%
at constant change and scope, excl. home savings provision(1)
154 163
2013 2014
0.25% 0.23%
CoR/Outstanding(4)
1) At constant scope and exchange rate and excl. home savings provision; (2) Excluding savings provision; (3) Excluding scope effects (BPE, Sofiap), CoR is up by +€5m ; (4) CoR relative to the credit business (i.e. excl. Insurance and toll) ; (5) Excl. scope, EBIT is up by €106m
5,771
2014 published
data
2014 recurring(2)
GOP
EBIT
CoR
84.7%
82.7% Op. ratio
2013 recurring(2)
186
21
14 132 34
Scope
PAGE 28
5
1
2
3 4
Revenue in €m EBIT in €m
Digital Services: a new business unit, servicing development and internal transformation
2013 2014
549 539
-1.7%
• Intrinsic EBIT slightly negative tempered by one-offs (~ -€50m, o.w. costs for restructuring linked to ending the cheque processing and digitization business)
• Published EBIT of -€62m
Check and desktop publishing
activities down, compensated by new services (e-
services platforms, Media Data Live(1)
offering)
Billings to other business units not accounted for in revenue and EBIT
1) Multichannel retargeting
PAGE 29
Nota
Redesign and new functionalities in 2014 of two main portals
Nota
5
1
2
3 4
Cash generation underpinned by a selective investment policy
PAGE 30
+1,030
Cash flow from operating activities (1)
CAPEX(2)
-844
-324
Interests and dividends
Asset disposals(3)
Increase in Net debt
External growth(4) and others
+94 181
-200
2014 figures - In €m
+26
1) CFO excluding banking, including dividends from equity associates ; (2) Gross Capex excl. Banking (€844m) net from vehicle disposals (€26m) ; (3) Excluding vehicle disposals; (4) Including acquisition of financial assets
Services-Mail-Parcels: IT
GeoPost: logistic network (new hubs and depots), IT
Network: modernization/layout of network
Real Estate: modernization and maintenance
Digital Services: IT
Support & Structures: Vehicles, including electric
844
Balance sheet highlights
Equity(1)(2) Net debt(1)
1) 2013 proforma data : published data restated for IFRS 10 and 11 impacts. Does not take into account the banking activity for which the concept is not relevant; 2) Group share
PAGE 31
Net debt(1) / Equity(1)(2)
One of the largest real estate portfolio after the State
~€4bn in 2014
Largest item on the Group balance sheet
High value real estate
High-quality, highly diversified assets
• 11,662 buildings / facilities
• 6.8 million m², 59.5% directly owned
From small post offices to very large facilities
1.361.08
0.670.46 0.44 0.44
2009 2010 2011 2012 2013 2014
(in €m)
(in €m)
DIRECTION DE LA COMMUNICATION 32
Financial data
Key figures FY 2014
Financial credit profile
Strong footprint on the bond market
A low risk capital structure given currency, maturity & interest profile
Maturity Issue date Amount
(€m)
Euro Bonds
Jul. 2017 Jul. 2002 600
Jun. 2023 Jun. 2003 1,000
Jul. 2019 Jul. 2004 800
Nov. 2021 Nov. 2006 1,000
Feb. 2018 Feb. 2008 500
Feb. 2016 Feb. 2009 500
Nov. 2024 Nov. 2012 1,000
GBP Bonds
Dec. 2016 Dec. 2000 244
(*) Considering debt-matching investments as fixed-rate. Fixed rate as at 31/12/2014 ; (**) Cost of debt at 4 years 2014-2017 as at 31/12/2014
PAGE 33
€7.005bn gross debt
Mainly euro-denominated bonds
Smooth redemption profile with no refinancing wall
744
600
500
800
1000
2015 2017 2019 2021 2023
1000 1000
Predictability & stability of interest expense
100% foreign currency hedge
€5.656bn nominal value of
bond debt
5.9y Average maturity
~95%
Cost of debt** 2.88%
% Fixed-rate*
Foreign currency-denominated debt
issues are systematically hedged using currency swaps
4%
€m
2024 2018 2016
Liquid, secure and diversified liquidity position Significant committed & undrawn resources
€2.999bn
Strong liquidity
Cash & other asset items
€725m €200m
Bilateral line with LBP
2018 2019
€300m
Overdraft facility with LBP
Renewed tacitly annually
French commercial paper
€1.5bn €500m
European commercial paper
Significant liquidity sources
Syndicated loan €650m + bilateral line with
BNPP €75m
PAGE 34
Long-term Short-term
Secure investment policy
Secure investment in:
Interest-bearing accounts, term deposits and ≥ A2/P2 short-term debt securities
Debt-matching investments rated ≥ A-/A3
Credit risk controlled by a system of limits, of which:
Maximum nominal amount not to exceed
Maximum loss limit
~ €200m drawn
Undrawn
DIRECTION DE LA COMMUNICATION 35
Outlook
Performance Development
La Poste 2020: Conquering the future
A new strategic plan to 2020 to restore sustainable cash generation
PAGE 36
through priority action drivers
Accelerate the development of existing business
activities
Capture new markets
Develop through a pro-active selective acquisitions and
partnerships policy
Synergies
Control expenses
Sign a social pact
Ensure and modernize public service missions
Strengthen cooperation between business units
Focus on 5 high-priority shared projects
La Poste 2020 Financial business plan
PAGE 37
~+2.2% organic growth per year
• Impact of declining mail volumes and low interest rates
• Strengthen development
• Adapt costs to business evolution • Specific effort on head offices and support functions
€25bn €1.9bn Revenue 2020 Operating profit 2020
€6bn CAPEX over the period
Up to ~€2bn selective acquisitions over the period
Global level of net debt unchanged - Improved gearing
PAGE 38
Serv
ices-
Mail-
Parc
els
G
eoPost
La B
anque
Posta
le
Dig
ital
Serv
ices
Limited decline in revenue Mail volumes down -6% to -7% a year
~€400m
Strong growth in revenue to ~7bn Volumes up ~7% per year
~€540m
Average 3.3% growth in revenue per year to €7bn
~€1.5bn
€1bn in revenue 2020 including acquisitions
€65m
La Poste 2020 Financial business plan
Revenue Operating profit
DIRECTION DE LA COMMUNICATION 39
Contact details
Contact details
Yasmina Galle Head of Investor Relations and Financial Communication
PAGE 40
Yves Brassart CFO Executive VP of Le Groupe La Poste
Eric Bosdonnat Head of Financial Operations and Treasury
[email protected] +33 (0)1 55 44 17 02
[email protected] +33 (0)1 55 44 16 56
[email protected] +33 (0)1 55 44 17 05
IR Contact [email protected]
Financial information available on http://legroupe.laposte.fr/en/Finance
PAGE 41
DIRECTION DE LA COMMUNICATION 42
Appendices
A 100% public ownership company by law
Supportive, stable and long term shareholders
Article 1 of Act 2010-123 of 9 February 2010
The share capital shall be held by the State & by other public sector legal entities except for the portion that may be held under employee shareholding arrangements
100%
26.32%
€1.05bn April 2011
€1.05bn April 2012
€600m April 2013
a €2.7 bn capital increase over 2011-2013
PAGE 43
Employee representatives
User representative
CDC representatives
Chairman & CEO
Nominated by decree
Nomination proposed by Government and/or CDC
Regional authority representative
State representatives
Board of Directors of 21 Members
Government commissioner
+
Head of the State's Economic and Financial
Verification Mission
Assisting with no voting right
73.68%
4 public service missions with requirements above peers and above the EU Directive
Universal postal service
Press transport & delivery
Banking mission
Regional planning and development
6 days / week
1. Letter mail <2kg 2. Parcels < 20kg
6 days / week
1. Letter mail <2kg 2. Addressed parcels < 20kg
5 days / week
1. Letter mail <2kg 2. Parcels < 20kg
5 days / week
1. Single letters and printed material <2kg 2. Parcels < 10kg
5 days / week
1. Letter mail <2kg 2. Parcels < 10kg 3. Press
1. Letters <2kg 2. Parcels < 20kg
*Mail <50g still under monopoly. Swiss Post doesn’t fall within the scope of the UE Directive although it has a specific mandate (« desserte de base »), specific obligations and a universal service close to that of the EU
Universal service Banking accessibility
*
PAGE 44
6 days / week
Req
ueste
d b
y t
he E
U
on
a 5
d/
week b
asis
Ad
dit
ion
al
mis
sio
ns
en
tru
ste
d b
y t
he S
tate
Principle of subsidiarity: each Member State adopts the measures necessary to ensure that the universal service includes the minimum facilities described in European Directive => thus differences in the number of delivery days or perimeter of service
Active customers, in millions**
A pure retail bank in France
PAGE 45
Number of outlets, in 000***
NBI Retail banking France, in €bn
L/D ratio* Common Equity Tier 1 phased-in
*2014 –Annual reports of French banks ** Retail customers in France. Estimated from penetration rates in current accounts competitors (OPERBAC LBP 2012) *** Branches in France **** Estimated ***** L/D ratio of Credit Agricole SA
75%
108%****
98%
109%*****
121%
10.0 12.7%
10.5%
10.9%
12.8%
11.9%
10.8
19.1
13.2
6.8
8.3
13.6
7.1
(-1,0%)
(-1,1%)
(+0.7%)
(-3,4%) Caisses
Régionales
Caisses
D’Epargne
5.3
(+1,2%)
5
1
2
3 4
La Banque Postale
x
A proven capacity to address challenges, with a clear business strategy
2003-2007
« Performance & Convergence »
« Performance & Trust »
« Ambition 2015 »
« La Poste 2020: Conquering the
Future »
2008 2010 2014
• Preparing for market liberalization
• Being more customer-centric (client commitments)
• Organization by business line
• Increased accountability of operational managers
• Creation of La Banque Postale
Spearheading the company’s major modernization projects…
…in an environment that became fully competitive and
growingly digital
• La Poste becomes a public limited company
• Major investment program, both self-financed and through a €2.7bn capital increase
• Committing strongly to CSR
Beyond 2014: conquest and development at the
customer’s service
• Conquer and develop
• A more cooperative organization
PAGE 46
