Poste Italiane will present a new strategy in July which could include a European stockflotation later this year and a strategic partnership in the logistics sector, according to senior
executives. The comments came as the 100% state-owned Italian postal group announced a rise inprofits for 2005.Massimo Sarmi, the company’s chief executive, told reporters at a news conference that PosteItaliane is working on preparations for a flotation by the end of 2006. Financial director ClaudioSforza added that talks had already been held with the outgoing Italian government without anydecisions having been made, but the post office was now awaiting the arrival of the new government.Sarmi commented: “We are waiting for the new minister and then we will start to talk about aflotation, most likely as part of the development plan that will be presented in July.”
A flotation might not only be on the Italian stock exchange but possibly also on a Europeanexchange such as London, he said. The flotations of TPG (now TNT) and Deutsche Post were referencemodels for the Italian post office, Sarmi noted. Poste Italiane was taking its “final steps”towards the financial markets after achieving four consecutive years of improving financial resultsand higher profits, he added.
Sarmi also said that as part of its strategic development plan, Poste Italiane was evaluating “possible international alliances in the logistics sector” with leading operators in order to expandits express and logistics activities.
In 2005, Poste Italiane increased its net profit by 19.4% to €349 million on turnover up 13.6%to €16 billion. Operating profits improved by 23.2% to €1 billion, and pre-tax profits rose to €974million. All businesses grew strongly, in particular financial services, and Poste Italiane was nowone of the most profitable postal operators, Sarmi commented. The courier, express, parcels andlogistics businesses, representing 10% of turnover, had also made a positive contribution to theresults.
