In 2022 Mail, Parcel & Distribution segment revenues came to €3.7bn, down 1.2% y/y (-1.0% y/y to €1.0bn in Q4-22), showing a strong resilience compared to €3.6bn of FY-17.
Mail revenues in 2022 were down 0.8% y/y to €2.1bn (-1.3% y/y to €556m in Q4-22), with volumes on higher margin products such as integrated services up (+6% y/y), compensating for a decline in lower margin items such as unrecorded mail (-10.2% y/y). In 2022, there was a 23.2% decrease in mail revenues compared to FY-17 levels of €2.7bn, attributable to the secular decline in mail volumes.
Mail volumes for the period were equal to 2.4bn items, decreasing by 4.7% y/y (-9.2% y/y to 608m in Q4-22), with average prices up (+3.9%) in the year and increasing by 8.2% in the last quarter of the year, mitigating the impact of lower volumes.
FY-22 parcel revenues were broadly stable (-0.5% y/y) to €1.4bn, with a positive performance in Q4-22 (+5,0% y/y to €404m) supported by increasing volumes.
Parcel revenues doubled versus 2017, offsetting mail revenue decline.
B2C volumes for the period were equal to 180m items, increasing by 0.5% y/y (+.5% y/y to 55m in Q4-22), with parcel tariffs up 3.1% (+0.8% y/y in Q4-22). B2B volumes were down 13.3% y/y to 36m items (-14.9% y/y to 10m items in Q4-22), and C2X volumes down 16.4% y/y to 5.0m items (-6.0% y/y to 1.5m items in Q4-22).
In FY-22 Postini delivered 71 million parcels, down 12.2% y/y.
Segment EBIT down in 2022 to -€326m from -€301m (down to -€481m from -€280m in Q4-22) due to one-off EBIT adjustments.
GUIDANCE – 2023 Financial Targets
Mail, Parcel & Distribution revenues are expected to remain stable at €3.6bn vs. FY-22 of €3.65bn, of which:
• Parcel & logistics revenues: €1.4bn vs. FY-22 of €1.40bn, embedding positive business trends.
• Mail revenues: €2.0bn vs. FY-22 of €2.07bn, with volume decline mitigated by repricing.
• EBIT: expected at -€0.1bn and embedding -€0.1bn planned early retirement charges
Source: Poste Italiane