Investor presentation
May 2015
DIRECTION DE LA1COMMUNICATION
Disclaimer
• 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.
PAGE 2
Agenda
Key credit highlights
page 4
Group presentation
page 6 - 12
 Strong ties with the State
 A major multi-business services Group
pages 6 - 9
pages 10 - 12
Business review
page 13 - 22
Financial data
page 24 - 35
 Key figures FY 2014
 Financial credit profile
Outlook
PAGE 3
pages 23 - 31
pages 32 - 34
page 35 - 38
Key credit highlights
DIRECTION DE LA4COMMUNICATION
Le Groupe La Poste’s fundamental strengths
Stable long-standing shareholding structure
(by law), critical role for the French State
Successful execution of
large-scale modernization
to date
Low business risk profile
thanks to an unprecedented
diversification model and a
balanced activities portfolio
Major market-leading
businesses with unique assets
and positions
Strong credit profile
Solid balance sheet along with
active debt management:
reduced debt leverage
PAGE 5
Group presentation
Strong ties with the State
A major multi-business services Group
DIRECTION DE LA6COMMUNICATION
A historical relationship with the French State,
continuously reaffirmed
1990’s
1990
Acts/
Decrees
2005
2006
2007
2010’s
2008
2009
2010
2011
Société
Anonyme*
EPIC
Postal Act
Creation of ARCEP
Operator
of Vital
Importance
Public
service
missions
In law
In business
Involvement of State
Status
2000’s
2012
2013
2015
2016
2017
Capital increase
subscribed
by State & CDC
Postal Act
4 missions
reaffirmed
in law
La Poste, designated provider of the Universal
Service for 15 years as from 1 January 2011
Public service contract 2013-2017
Public service contract 2008-2012
+ specific agreements covering each mission
Creation of
La Banque
Postale
Participation
in French plan
de relance
Boosting
Entering
the local social home
authorities ownership
programs
financing
market
* 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
PAGE 7
2014
4 public service missions entrusted to La Poste
beyond EU obligations
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)
Compensation
Specific
agreement
Universal postal
service
No additional
agreement
Regional planning
and development
Press transport
and delivery
Banking
accessibility
Local postal coverage agreement,
Schwartz Agreements
the latest for
2009-2015,
2014-2016 signed Jan 2014
new agreement under way

Compensation fund
not activated

€170m in 2014*

€150m in 2014*
French Law 2 July 1990
Specific decrees for
compensation

€242m in 2014*
*Compensation is provided under different mechanisms (tax exemption, public subsidy…).
EU compatible compensation schemes

Compensation fund provided
by the EU Directive
PAGE 8

Compatible

Compatible
“they only partially offset the net costs
of the public service tasks”

Compatible
“It does not exceed the net cost for
discharging public service obligation”
Market perception critically close
to that of the French State
Credit ratings
AA / A-1+ / Negative
AA / F1+ / Stable
Market perception
%
6
5
A / A-1 / Stable
Rating affirmed in
October 2014
PAGE 9
A+ / F1 / Stable
AA-/F1+/Stable
affirmed in September
2014
Lowered by one notch
in December 2014
following France’s
rating downgrade
(PSE methodology)
4
3
2
1
0
La Poste bond 06/2023
French OAT 04/23
Group presentation
Strong ties with the State
A major multi-business services Group
DIRECTION DE LA10COMMUNICATION
A major multi-business services Group
with a unique diversification profile
€22,163m
€719m
Revenue 2014
Market
Organization
/Brands
% Group
revenue
Services-Mail-Parcels
2
GeoPost
50.2%
Mail
Parcels
Logistics
La Banque Postale
25.5%
Services
Retail
banking
International
Mail and Parcel market,
mainly in France
4
3
21.9%
La Poste Network
servicing all business units
A French key employer
257,891 employees
5
Insurance
Asset
management
Retail banking
in France
European CEP market
Digital Services
2.2%
*
1
EBIT 2014
Relational performance
Operational efficiency
E-services
Strong international presence
PAGE 11
* 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
A multi-business model compared to
the great majority of European postal operators
Revenue
split in %
Revenue
abroad
Revenue
2014
*
€22 bn
€8 bn
€57 bn
€28 bn
17.9%
15%
69%
~0%
25
2
27
50
9
Network of
retail outlets
22
17
28
48
14
FY 2013-2014
72
2,222
13,000
13,310
44%
partnerships
30%
partnerships
100%
partnerships
0%
partnerships
Specific models
mail
parcel
express/logistics
banking/insurance
17%
39%
17
0
Network of
Post Office Ltd
(separated from
Group in 2012)
100
2,550
100%
partnerships
Postal-centered models
Sales 2014, revenue split 2013 (2014 not available yet)
PAGE 12
€4 bn
82
83
17,104
Multi-business models
€12 bn
bus
Business review
1
Services-Mail-Parcels
5
Digital
Services
La Poste
Network
DIRECTION DE LA13COMMUNICATION
2
4
3
GeoPost
La Banque
Postale
Services-Mail-Parcels
1
5
Unique door-to-door everyday services
2
4
3
Key strengths
Business & revenue split
Revenue
Volumes
 Ability to address the growing and untapped
local & in-home services market (trust, daily
Cross-border
 13bn addressed mail
 9bn unaddressed mail
 ~270 million parcels
€11.4bn
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 elogistics platforms
Market positioning*
Mail
Parcels
Logistics
Cross-border
#1 addressed mail
#1 unaddressed mail
#1 BtoC parcels
#1 e-logistics
#1 press delivery
#1 export mail
Top 3 Europe
Market drivers
 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
PAGE 14
* Source: ARCEP for mail, internal for parcels, market publications (Logistique magazine) for logistics, IPC market audit and internal sources for cross-border
Services-Mail-Parcels
1
Strategy: Strong levers
for performance improvement
5
2
4
3
Volume
Defend the
postal core
business
• 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
Price
• Counterbalance volume decline with price measures: new 20152018 universal service price-cap with ARCEP:


+7% increase for mail as of 1 January 2015
+1% increase for parcels as of 1 January 2015
• Make the most of expertise in local and in-home delivery
Develop new services
• A 100% connected network of postmen by end 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
PAGE 15
GeoPost
1
A leading express parcels
road network in Europe
5
2
4
3
Key strengths
Business & revenue split
Revenue
Volumes
30%
BtoC
€4.9bn
 Leading positions in France & Europe, strong
domestic presence & accountability of local teams
865m
77%
outside France
2001
 The road expert in Europe for <31.5kg parcels
with an interconnected network  benefitting from
the shift from air to ground-based delivery
70%
BtoB
15 years of
external growth
2014
Market positions on the CEP market*
#2 UK
Fastest growing operator
#2 Germany
#1 Ireland
 Hybrid BtoB/BtoC network  ability to address ecommerce growth driving BtoC volumes (+65%
volumes since 2011)
 Innovative differentiating services
From transportation to services
#1 Russia
Over 16,000
Pick-up & Drop-off
network in Europe
#1 France
#1 PUDO network
2nd largest
parcel delivery
network (DTDC)
#1 Spain
#1 Poland
GeoPost presence
Partners
#1 Turkey
PAGE 16
* CEP: Courier-Parcels-Express - Source: Internal market shares study on 2013 data
Pro-active, realtime rescheduling
options: Predict
GeoPost
1
5
2
4
3
Strategy: a hybrid BtoB/BtoC growth strategy
through service innovation and expansion
Product
• Competitive, pan European, tailor made, flexible solutions
• Accelerate the move in the B2C market (started in 2008)
Enhance
existing offer
Network
• Strengthen European network
• Better interconnect Europe & Russia (new platforms)
• Further expand value-added and innovative solutions
Innovate and expand in
new markets

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
Pursue profitable growth
PAGE 17
• Maximize first-time delivery success rate
• Control ongoing expenses aimed at supporting the growth in demand
La Banque Postale
1
5
A unique player in retail banking
2
4
3
Key strengths
Business & revenue split
Retail banking is core
Retail Banking*
94.2%
 Safe and sound business model with predominance of
resilient and stable retail banking activities
 Extensive distribution network
Asset management 2.6%
Insurance 3.1%
€5.7bn
 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:
(in €bn)
* Included €714m of financial savings commissions on asset management
and life insurance
Regulated
savings
centralised
CDC
Market positions(1)
Loans to
customers
#1 network
#5 asset management
#6 NBI
PAGE 18
HTM portfolio
Short term assets
/central bank
AFS portfolio
Other assets
(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%
213
213
Regulated
savings
centralised
CDC
Customer
deposits
(excluding
regulated
savings)
Customer
deposits
€163bn
Short term liabilities
Other liabilities
Equity & hybrids
La Banque Postale
1
Strategy: growing
efficiently and profitably
5
2
4
3
• Accelerate equipment of all customers
92%
Market (excl. LBP) internal equipment rate
LBP internal equipment rate
79%
Step up development
12%
Payment card
3%
o.w. High-end
payment card
19% 13%
18% 16%
14% 12%
Home savings
plan
Life insurance
Personal
insurance (excl.
Health)
18%
5%
Home loans
17%
4%
Consumer loans
• €1bn investment in IT by 2020 to serve strong commercial ambitions
and develop an multichannel model for customers
• Roll out 1,000 dedicated advisors for high-net worth customers by
2020 on the territory
Conquer attractive
segments
• 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
• Optimized equity provided by recurrent results and support of La Poste
Improve efficiency
• Cost control: efficiency plan in Financial centers, support functions cost
rationalization
PAGE 19
Source : OPERBAC 2012, % of « primary bank » customers equipped in said bank
*Professionals
La Poste Network
1
5
2
4
3
A high-quality network
supporting commercial development
The densest physical network in France
96.6% of French population
at less than 5km of a postal outlet
Commercial activity of La Poste Network
2014
18%
26%
of ColiPoste revenue
of Mail revenue
of Chronopost revenue
97%
100%
17,104
of La Poste Mobile sales
of net collection
for individuals
retail outlets
82%
of property loans
Strategy
 Optimize postal presence (develop all forms of
partnerhsips)
 Develop banking dimension in main post offices
− pursue banking revenue development: crossselling & up-selling
− develop synergies and strengthen common
culture (training 70,000 employees through the
new common school )
 Control costs
PAGE 20
9%
68%
of consumer loans
Launched in 2011
1.15 million
clients
A successful offer
• Value-added offers
182m€
in revenue*
• Renewed packages
* JV La Poste (51%) & SFR (49%), not included in Group revenue following application of IFRS
11 as of 1/1/2014
Digital Services
1
A dedicated business unit
created in 2014
5
2
4
3
Business & Revenue split
Relational
performance
E-services
Key strengths
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:
€539m
Operational
efficiency
#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
a A new A
growth
driverof
for
Le Groupe La Poste
wide range
services
 Grow L@Poste en ligne (monetize audience, develop hybrid/digital offers)
Boost revenue
Support innovation
and research
 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)
Lever internal transformation
PAGE 21
*BtoA: Business to Administrations
 Develop digital culture and practices
 Integrate the new devices as work tools
A strong commitment to CSR
Key HR management policy
Focus on professional development
and training
 8 employees out of 10 trained in 2014
 Training expenditure: 3.5% of payroll
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
Active social dialogue
 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
PAGE 22
Reduce the environmental
impact (transports, buildings)
 Invest in sustainable mobility: the 1st electric
vehicle fleet worldwide
 Build low energy consumption/high
environmental quality facilities, signing green
leases
 Set photovoltaic installations
Financial data
Key figures FY 2014
Financial credit profile
DIRECTION DE LA23COMMUNICATION
Consolidated P&L
In €m
Revenue
Operating profit
after share of net profit from companies
under joint control
2013
2014
in %
Pro forma(1)
21,715
∆
22,163
+2.1%
+0.9% at constant scope
and exchange rates
778
719
-7.6%
-9.9% at constant scope
and exchange rates
Operating margin
3.6%
3.2%
-0.4pt
Financial result
-222
-198
-10.9%
Income tax
-125
-182
+45.1%
Share in profits of equity
associates
215
200
-7.1%
Net profit Group share
624
513
-17.7%
PAGE 24
1) 2013 pro forma data : 2013 published data restated for IFRS 10 and 11 impacts
Improved by €24m
Mainly from CNP
Assurances
1
Services-Mail-Parcels:
a controlled EBIT decline
5
2
4
3
Revenue(1) in €m
An active innovation policy
Parcels
Mail
Subsidiaries
• New services
-1.8%
11,599
• Value-added Parcels solutions
515
1,574
+7
-446
236
83
-84
11,395
501
EBIT(1) in €m
1,566
-23.2%
546
9,510
-5.8%
addressed
mail
+3% as at 1
January
2014
9,328
41
101
404
2013
Pro forma
Volumes/mix
Mail
Price
Mail
Volumes/
Services, Contribution 2014
price/mix Parcels international, Press &
other
moratorium(2)
2013
PAGE 25
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
419
8
109
302
2014
1
5
2
4
3
GeoPost: an ongoing strong development,
driven by volumes and acquisitions
Revenue(1) in €m
Volumes(1) in million
865
+13.3%
+8.4% at constant scope and exchange rates
781
BtoB
4,921
26
-49
France
210
~20%
393
4,342
2013
2013
Pro forma
Volume/mix
inc working
days
Price
Scope and
change
316
Other
PAGE 26
1) 2013 proforma data: 2013 published data restated for IFRS 10 & 11 impacts and new segment information
2014
Outside
France
~80%
(1) in
€m
REX
+4.2%
Tigers and Seur
in 2013,
Worldnet,
Siodemka, and
Seur in 2014
~30%
2014
EBIT
Volumes +9%
organic o.w. :
• +19% UK
• +14% Spain
• +11% France
BtoC
~70%
2013
329
excl. provision linked
to inquiry of
Competition Authority
284
EBITpublished
2014
1
La Banque Postale boosted by
client equipment and loans
5
2
4
3
Good dynamics in client equipment
Stock of packages (in 000)
Stock of insurance policies (in 000)(1)
+4.7%
6,190
2013
+10.1%
6,478
3,601
3,964
2014
2013
2014
Progression in Outstandings
Savings / Sight deposits outstanding (€bn)
Credit outstanding (€bn)(2)
+0.8%
297
162
+12.0%
299
163
Balance sheet savings
60
58
4
40
135
136
2013
2014
PAGE 27
1) Contingency, personal risk, health; 2) Growth excl. Sofiap +9.3%
Financial savings
20
65
7
54
58
2013
2014
0
Legal entities
Individuals
1
5
2
4
3
La Banque Postale: steady rise in NBI and
profitability significantly up
Net banking income in €m
Cost of risk(3) (CoR) in €m
+4.0%
154
at constant change and scope,
excl. home savings provision(1)
5,771
34
14
21
5,551
0.25%
132
163
0.23%
5,673
2013
186
CoR/Outstanding(4)
2014
Gross Operating profit & EBIT(5)
84.7%
82.7%
880
154
726
2013
recurring(2)
Retail
banking
Insurance
2014
Asset
Scope
(2)
recurring
management
2014
Home
published
savings
data
provision
2013
Op. ratio
1,005
GOP
163
CoR
842
EBIT
2014
PAGE 28
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
1
5
2
4
3
Digital Services: a new business unit, servicing
development and internal transformation
Revenue in €m
EBIT in €m
-1.7%
549
2013
•
539
2014
Check and desktop
publishing
activities down,
compensated by
new services (eservices platforms,
Media Data Live(1)
offering)
Nota
Billings to other business units
not accounted for
in revenue and EBIT
PAGE 29
1) Multichannel retargeting
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
Nota
Redesign and new functionalities
in 2014 of two main portals
Cash generation underpinned
by a selective investment policy
2014 figures - In €m
+1,030
-844
+26
Cash flow from
operating activities
CAPEX(2)
(1)
-324
Interests and
dividends
+94
Asset
disposals(3)
181
External growth(4)
and others
-200
Increase in
Net debt
844
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
PAGE 30
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
Balance sheet highlights
Net debt(1) / Equity(1)(2)
High value real estate
1.36
~€4bn in 2014
1.08
0.67
2009
2010
Equity(1)(2)
(in €m)
2011
0.46
2012
0.44
0.44
2013
2014
Net debt(1)
(in €m)
Largest item
on the Group balance sheet
One of the largest
real estate portfolio after the State
•
11,662 buildings / facilities
•
6.8 million m², 59.5% directly owned
High-quality,
highly diversified assets
From small post offices
to very large facilities
PAGE 31
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
Financial data
Key figures FY 2014
Financial credit profile
DIRECTION DE LA32COMMUNICATION
A low risk capital structure given
currency, maturity & interest profile
Strong footprint on the bond market
4%
€7.005bn
gross debt
Smooth redemption profile
with no refinancing wall
Mainly euro-denominated
bonds
€m
Maturity
1000 1000 1000
744
600
500
2015
2016
2017 2018
800
2019
2021
2023
2024
Jul. 2017
Jun. 2023
Jul. 2019
Nov. 2021
Feb. 2018
Feb. 2016
Nov. 2024
Dec. 2016
Issue date
Euro Bonds
Jul. 2002
Jun. 2003
Jul. 2004
Nov. 2006
Feb. 2008
Feb. 2009
Nov. 2012
GBP Bonds
Dec. 2000
100% foreign
currency hedge
Amount
(€m)
600
1,000
800
1,000
500
500
1,000
Predictability & stability
of interest expense
€5.656bn
Foreign currencydenominated debt
issues are
systematically hedged
using currency swaps
nominal value of
bond debt
Average maturity
5.9y
Cost of debt**
2.88%
% Fixed-rate*
~95%
244
PAGE 33
(*) 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
Liquid, secure and diversified liquidity position
Significant committed & undrawn resources
Strong liquidity
Secure investment policy
Secure investment in:
Credit risk controlled by
a system of limits, of
which:
 Interest-bearing accounts,
term deposits and ≥ A2/P2
short-term debt securities
€2.999bn
Cash & other
asset items
 Maximum nominal
amount not to exceed
 Debt-matching investments
rated ≥ A-/A3
 Maximum loss limit
Significant liquidity sources
Long-term
Syndicated loan €650m
+ bilateral line with
BNPP €75m
€725m
2018
PAGE 34
Short-term
Bilateral line
with LBP
€200m
2019
Overdraft facility
with LBP
French commercial
paper
€300m
€1.5bn
Renewed tacitly
annually
~ €200m
drawn
European
commercial paper
€500m
Undrawn
Outlook
DIRECTION DE LA35COMMUNICATION
La Poste 2020: Conquering the future
A new strategic plan to 2020
to restore sustainable cash generation
through priority action drivers
Development
Performance
Synergies
Capture new markets
Control
expenses
Strengthen cooperation
between business units
Develop through a pro-active
selective acquisitions and
partnerships policy
Sign a social pact
Focus on 5 high-priority
shared projects
Accelerate the development
of existing business
activities
Ensure and modernize public service missions
PAGE 36
La Poste 2020 Financial business plan
€25bn
€1.9bn
Revenue 2020
Operating profit 2020
~+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
€6bn CAPEX
over the period
Up to ~€2bn selective acquisitions
over the period
Global level of net debt unchanged - Improved gearing
PAGE 37
La Poste 2020 Financial business plan
Digital
Services
La Banque
Postale
GeoPost
ServicesMailParcels
Revenue
Operating profit
 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
PAGE 38
€65m
Contact details
DIRECTION DE LA39COMMUNICATION
Contact details
Yves Brassart
CFO
Executive VP of Le Groupe La Poste
[email protected]
+33 (0)1 55 44 16 56
Yasmina Galle
Head of Investor Relations and
Financial Communication
[email protected]
+33 (0)1 55 44 17 02
Eric Bosdonnat
Head of Financial Operations and Treasury
[email protected]
+33 (0)1 55 44 17 05
PAGE 40
Financial information available
on http://legroupe.laposte.fr/en/Finance
IR Contact
[email protected]
PAGE 41
Appendices
DIRECTION DE LA42COMMUNICATION
A 100% public ownership company by law
Supportive, stable and long term
shareholders
Board of Directors of 21 Members
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%
Chairman & CEO
Nominated
by decree
User representative
Regional authority representative
Nomination
proposed by
Government
State representatives and/or CDC
CDC representatives
73.68%
26.32%
Employee representatives
a €2.7 bn capital increase
over 2011-2013
€1.05bn
April 2011
PAGE 43
€1.05bn
April 2012
€600m
April 2013
Assisting with
no voting right
Government
commissioner
+
Head of the State's
Economic and Financial
Verification Mission
Additional missions
entrusted by the State
Requested by the EU
on a 5d/week basis
4 public service missions with requirements
above peers and above the EU Directive

6 days / week
Universal
postal service
1. Letter mail <2kg
2. Parcels < 20kg



5 days / week
6 days / week
5 days / week
1. Letter mail <2kg
2. Parcels < 20kg
1. Letter mail <2kg
2. Addressed
parcels < 20kg
1. Single letters and
printed material <2kg
2. Parcels < 10kg

5 days / week
1. Letter mail <2kg
2. Parcels < 10kg
3. Press
*

6 days / week
1. Letters <2kg
2. Parcels < 20kg
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
Press transport
& delivery
Banking
mission
Regional
planning and
development





Banking accessibility




*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
PAGE 44








Universal service

La Banque Postale
1
5
A pure retail bank in France
2
4
3
Active customers,
in millions**
Number of
outlets, in 000***
L/D ratio*
Common Equity
Tier 1 phased-in
NBI Retail banking
France, in €bn
5.3
10.0
10.8
75%
12.7%
108%****
(+1,2%)
10.5%
6.8
(-1,0%)
98%
8.3
10.9%
(-1,1%)
121%
13.2
11.9%
7.1
(+0.7%)
Caisses
D’Epargne
19.1
109%*****
12.8%
13.6
Caisses
Régionales
PAGE 45
*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
(-3,4%)
A proven capacity to address challenges,
with a clear business strategy
…in an environment that
became fully competitive and
growingly digital
Beyond 2014: conquest
and development at the
customer’s service
« La Poste 2020:
Conquering the
Future »
x
Spearheading the company’s
major modernization projects…
« Ambition 2015 »
« Performance
& Trust »
« Performance &
Convergence »
•
Organization by business line
•
Increased accountability of
operational managers
•
Creation of La Banque Postale
2003-2007
PAGE 46
•
Preparing for market liberalization
•
Being more customer-centric
(client commitments)
2008
•
La Poste becomes a
public limited company
•
Major investment
program, both selffinanced and through a
€2.7bn capital increase
•
Committing strongly to
CSR
2010
•
Conquer and develop
•
A more cooperative
organization
2014